With Jewelers of America's annual Cost of Doing Business Survey currently underway, we've been posting quick tips from previous Cost of Doing Business Reports on our Facebook and Twitter feeds to show the insightful retail jewelry benchmarking data it reveals. Follow us so you don't miss out -- we've included some highlights after the break!
When you participate in the survey, you receive a copy of the Jewelers of America Cost of Doing Business Report ($150 value) -- which has been an invaluable industry benchmarking resource for 20+ years.
It's quick and easy -- Most of the key measures of financial performance in our 2011 Cost of Doing Business Survey are based on the two primary financial statements: the Profit-and-Loss statement and the balance sheet. Take the survey today!
Too many jewelers simply toss their annual profit-and-loss statement into a pile to read one day. Go and find your P&L statement now. Read over the numbers; try to understand your business. When you participate in our 2011 Cost of Doing Business Survey, you'll receive a customized Report that compares your numbers to industry averages. Make sure you participate to benefit from the benchmarking analysis it reveals.
What You Can Discover
- Profits vs Sales:
High-profit jewelers often had lower sales per store, but their profits were well above average. How do your store's sales compare to your competition? Find out by participating in the 2011 Cost of Doing Business survey.
- Bigger Doesn’t Mean Better:
The Cost of Doing Business Report found that high-profit retail jewelers on average had smaller stores than their low-profit counterparts: 1,775 sq. ft. compared to 2,200 sq. ft. Find out if your store is effectively using its floorspace!
- More Effective Management:
In 2009, high-profit firms experienced -.9% sales growth on average. However, the flat sales growth of high-profit firms looks favorable when compared to the 7.8% sales decline reported by low-profit firms.
The Report will also reveal where you could better control costs. For exampl, 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%.