Knowledge of your strengths and weaknesses is important in any economy, but in the current downturn it can be the difference between advertising your product or advertising your “going out of business” sale.
The 2009 Jewelers of America Cost of Doing Business Report proves this point. The Report found that despite the fact that jewelers of all size and type saw declines in 2008, those who controlled costs were able to lessen the impact of the downturn. On average, high-profit firms grew by 3.1%, while their low-profit counterparts were down -12.6%.
David Peters, Jewelers of America’s resident education and management expert, says using the Report can help jewelry retailers see how their business compares to industry averages, so you have the tools you need to shore up strengths and eliminate weaknesses.
Use the 2009 CODBS Report for strategic planning and benchmarking, and you will be able to:
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Capitalize on opportunities and emerging trends
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Take defensive steps quickly
- Bring together all of your store’s resources and direct them toward shared goals such as growth, profit, productivity and service
- Prioritize short-term and long-term company goals
- Make better use of resources
Take The Tip:
Click here to order the 2009 Jewelers of America Cost of Doing Business Report. It is $24.95 for members, and $150 for non-members.
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