| A Jeweler’s Biggest Problem January 13th, 2015 by Bill Boyajian |
Some say it’s the economy, some say the government, some say technology, and others say diamond margins. But the biggest problem jewelers face is too much of their precious (and scarce) capital tied up in underperforming merchandise. Simply put, dead inventory is a drain on cash flow and leads to a lack of liquidity. And it’s true for both retailers and suppliers. A jeweler’s inventory is not his or her retirement plan. It’s a jeweler’s “stock in trade.” The merchandise purchased must give a good return on investment, must represent the store, and must fit the target audience. I like what David Geller says about jewelry merchandise: “Successful jewelers handle inventory as if it were a block of melting ice.” Maybe the biggest problem of all is not recognizing the problem, and not having a plan to remedy it. The first rule of effective change is recognition, but the second rule is to do something about it. The latter – execution – may be what is needed the most. Tags: Advice, Business, Business Development, Business Tips, Crisis Management, Customer Service, Determination, Developing Leaders, Dreams, Drive, Knowledge, Leadership, Leadership Excellence, Leadership Problems, Leadership Skills, Reality, Reputation, Responsibility, Sales, The Mind of a Leader, Vision, Wisdom |
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“I needed help orchestrating a succession plan for our business. I had heard that Bill Boyajian specialized in assisting owners to transition their business to the next generation. He knows how to bridge the generation gap and deliver what each needs to hear. I would recommend Bill to any business owner who needs advice on succession planning from a trusted outside professional.”
–Charles Denaburg,
Managing Partner,
Levy’s Fine Jewelry
Birmingham, AL
"Our family needed some guidance on business transition and succession planning. We asked Bill Boyajian to help us because we knew we could trust him to tell us what we needed to hear. Bill became a valuable resource for our company and our entire family. He has the ability to meet each of us where we’re at and it has served us very well."
–Ceylon Leitzel
Leitzel Fine Jewelry
Hershey & Myerstown, PA
“We needed a plan to transition our business to a non-family member and we asked Bill Boyajian to help us. His experience in the area has really paid off, but we didn’t expect the added value of putting us together with a financial planner who helped organize our retirement needs. We now have the fundamentals to transition our business successfully, and we have Bill to thank for it.”
–Ernie & Debbie Cummings
Kizer-Cummings Jewelers
Lawrence, KS
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