Comparing your store’s financial performance to industry averages and/or standards can have a profound impact on your business. Jewelers of America’s Cost of Doing Business Report, published each summer, helps you find out where your store measures up across multiple operating-performance areas. That knowledge is a powerful tool, since even small adjustments can lead to better profits.
Jewelers of America is currently conducting its 2011 Cost of Doing Business survey, make sure you participate to benefit from the benchmarking analysis it reveals (Take the survey now! or learn about its benefits).
When you take the survey online, you’ll get an immediate calculation of your financial data and operating ratios. David Peters, Jewelers of America’s resident education and management expert, says that once you have this information you can increase profitability by:
- Focusing inventory on best sellers and dropping slow moving items or lines.
Buying or making unique items not found elsewhere.
- Training your staff to sell quality rather than price.
- Leveraging technology (such as email and electronic newsletters) and using it as an alternative selling channel, as well as an advertising and marketing tool.
Take The Tip:
Take Part in the 2011 Cost of Doing Business survey, to start improving your store performance, in key areas like those mentioned above. Visit www.jasurvey2011.com to complete the survey by May 31st, and you’ll receive an immediate calculation of your financial ratios and a copy of the renowned benchmarking tool the Jewelers of America Cost of Doing Business Report – both invaluable to analyzing your business performance. Plus, new this year, your copy of the Cost of Doing Business Report will be customized to include your individual data alongside those of industry averages.