Last updateWed, 27 May 2020 11pm

David Brown

Are all customers created equal?

No, I haven’t been reading George Orwell’s Animal Farm (“All animals are equal, but some are more equal than others”), and yes, you should treat every customer as if they are worth gold to you. But you haven’t enough hours in the day for everybody and everything you have to do. Recognizing what, and whom, are most important can let you concentrate on the minority of customers who give you the majority of your sales.

The role of repairs

It is an old retail saying that when the economy slows down repairs increase. And it makes sense that consumers would repair if they don’t have the cash flow to replace. Over the last few years sales have been healthy and the tendency to focus on repairs has decreased, however this is ignoring the benefit that an active repair business can contribute to your overall sales performance.

What risk does your business face?

Being in business is all about managing risk. It’s the reason why many prefer the relative safety of a paycheck, but as most business owners will tell you, the reward can be worth the risk. The freedom to choose your working lifestyle is a big part of the appeal of self employment, as is the potential to control the return you can get from owning and operating your own business.

The trends that will affect retail over the coming few years

There is no doubt the retail game has undergone some massive changes in the last few years and the pace of change will only continue to grow as technological developments continue and customers demand more and more. Recently I took some time to do a little research online in this area and discovered a few different opinions on what the future trends of retail will be. I have summarized the ones I agree with below, adding in my own beliefs on what retailers can expect to see over the next couple of years.

Protecting your business for the future

It’s very easy to get caught up in the day-to-day running and drama of your business. Often it can feel as though you spend all your time fire fighting and never get the chance to look at the bigger picture. Yet long term strategizing is what differentiates the average business from the good ones. All the best managers take time to focus on the future of their business - to protect it from the ever changing business environment in which they must operate. Those who don’t will suffer. (Anyone remember Kodak?)

Your diamond business - The Edge Retail Academy discusses 3 focal points

EdgeHow does your percentage of diamond sales compare to where it used to be? Jewelers need to focus on their primary point of difference - the ability to sell diamond product. This is an area where there is relatively little competition from non jewelry retailers compared to other product lines such as silver and watches. Furthermore this area offers a high average sale and good profit margins when executed correctly.