It’s never fun to talk about tough times and the actions we must take during those times – but it is necessary. In the last 30 plus years, I had the opportunity to see both good and bad times while working for others and later in my own store. Perhaps I can share some comforting and quality info that would help others.
When times are tough the first thing most jewelers tend to do is cut back on marketing. This would be akin to stopping the transfusion of blood to an anemic patient. It doesn’t make sense to turn off the engine that drives your business, which is marketing. Here lies an opportunity for you to gain market share!
If cash flow is tight, contact your suppliers and let them know. Burying your head in the sand will only make things worse. Your suppliers have skin in the game for you to be successful and usually they’ll be willing to work with you. Keep a bullet in your pocket, cash in the bank account – never drain the account to zero!!!
While talking to suppliers, see if they’re willing to swap old merchandise for new pieces that might be easier to sell. Consider selling old merchandise to dealers who’ll pay more than scrap pricing, they’re out there! You can always scrap merchandise or repurpose it to free up funds.
If you decide to temporarily close or are forced to do so due to mandated closings, consider doing online events such as a Facebook Live sales to sell items to clients while they’re sitting at home with their smartphone or computer. People are looking for “retail therapy”, don’t let Amazon be the one to give it to them.
Consider updating shopping carts and making your store’s website more user friendly especially from a mobile viewpoint. This may be the time in which we start to see people shop your online store more than ever.
Lastly, prepare for another wave of gold and silver buying. Your clients – especially blue collar workers – will be needing funds and this might be the time to help them out by buying their old, unwanted items – a win/win for both of you!
We’re all in this together and I’m here to help you find creative solutions to help you attain the success you deserve.