Market and Business Watch

I was traveling extensively in March, both domestically and internationally. Here are seven things to pay close attention to during the remainder of 2012.

1. Business at the important Basel Fair was deemed by most as “OK.” While China and India have slowed a bit in recent months, don’t discount the market power of these two emerging economies.
2. If you are still in a funk over the “Great Recession,” get over it fast. If you are still doing what you’ve always done in the past, you are falling behind. It’s time to take some measured risk in your business.
3. Those I consult and coach are challenged as much by human resource issues as any other business issue. It’s time to take action with those on your team who just can’t get with the program. Don’t wait on this.
4. I was just at the Worldmart* E Conference in Panyu, China. Keep an eye on Worldmart*E. Learn more about it and stay abreast of what is happening in the manufacturing centers.
5. Contrary to what you might read, America is not dead. It catches a cold from time to time, but is a steady, durable market. The better jewelers are doing well. They just aren’t bragging about it.
6. The Internet and Social Media are changing the way business is done, so why not embrace technology as an asset to your business, not as a fear factor.
7. If you’re a retail jeweler who survived the last few years by buying gold and selling down to silver, it’s time to start selling up, and quickly. You will drive your business into the ground if you don’t.

Here are a few business and life tips to think about:

Business Tips

• If you sell a product or provide a service, keep it consistent. Nothing warrants repeat business like something people can depend on.
• When hiring a leader, look for honesty, intelligence and drive. Without the first trait, the last two could destroy you.
• The beauty of leading is to subtly point out salient issues that others might be missing in a project or planning process.
• If you facilitate a small group, encourage discussion, get everyone involved, keep people on track, and control a dominator.
• Learn to project your voice clearly and confidently in any speech or demonstration. Make eye contact, be concise, and be convincing.

Life Tips

• Try for small successes first. Build on positives. Eliminate negative thinking. Success begets more and larger successes. Just do it.
• Give your children the freedom to dream so they can find their passion. They won’t spend their lives working, but rather, living.
• Learn to give back to something you believe in. It could be social, civic, humanitarian, religious, whatever. Just give back.
• What we do is much more important than what we say. In fact, it’s really the only thing that matters.
• Consider leaving your children only enough money to allow them to be comfortable and secure, not enough for them to do nothing.

Tags: Advice, Business, Business Development, Business Tips, Developing Leaders, Humility, Leaders, Leadership Excellence, Leadership Skills, Learning, Management, Reality, Responsibility, Success, The Mind of a Leader