A Jeweler’s Biggest Problem

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.

People Who Make You Crazy

We all have them.  We can’t avoid them.  Some people just make you nuts.  Hopefully, it’s not someone you live with…..

How do you handle people who get under your skin, who always seem to push your buttons?  Here’s a simple, three-step process that will help:

1. Recognize that some people try to drag you down to their level of maturity.  When they accomplish their goal, you are at their mercy.  And mercy isn’t their strong suit.  You will lose the battle when you’re stuck in their territory.  Rule #1: Don’t fall into the trap of being dragged down to a less professional level of maturity.
2. Politely end a conversation that is getting out of hand.  This will likely make your “crazy-maker” nuts because you will be regaining control.  Control is what the person wants.  Control is what you have to maintain.  Rule #2: Politely end an encounter that is getting out of control, and you will in turn gain control.
3. Be willing to re-engage when the person is willing to deal with you at your level of maturity.  When they come back to you with a sound mind, you are now able to have a rational, intelligent conversation that is under control, and that keeps you on your level of professionalism and maturity.  Rule #3: Re-engage when the person who gets under your skin realizes he or she isn’t going to win the battle.

I can’t guarantee this formula will work every time, or that you’ll never be bothered by people who make you crazy.  But I am sure that it can help.

Here’s to not going nuts!

 
Here are a few Business & Life Tips to think about…..

Business Tips:

• Dead inventory cripples any business and keeps owners from access to capital that is essential for re-ordering fast-sellers.
• Your brand is a promise, what people are willing to pay extra for. Don’t let them down or you’ll risk losing that premium.
• Instead of continuing to do what you’ve always done, consider a new, innovative approach to growing your business.

Life Tips:

• The value of being mature in life is that you have experience to share with others that can save them time, energy, and money.
• People who live in the past tend to dwell on their negative experiences, which holds them back from accomplishing things today.
• When you think things can’t get much worse, you’re usually right. They often get better. So hang in there. Don’t give up.

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