Participating jewelers will receive a free customized benchmarking analysis report
(NEW YORK) – Jewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, has opened its annual Cost of Doing Business survey, at ww.profitplanninggroup.com/jewel and is asking retailers to take the survey by August 15. Retailers’ participation in the survey is essential as it informs the Jewelers of AmericaCost of Doing Business Report, an important industry report and benchmarking tool – the only one of its kind. Retailers who complete the survey receive a customized Performance Analysis Report and will be entered into a weekly drawing to win $500 in cash.
Along with the Performance Analysis Report, survey participants will receive a free copy (a $199.95 value) of the 2015 Jewelers of AmericaCost of Doing BusinessReport, with survey results and industry data trends, when it is published.
“Financial Benchmarking is the most important thing we have done at Nelson Coleman Jewelers in the past 10 years,” says Nelson Coleman Jewelers Owner Chris Nelson. “Incorporating Financial Benchmarking into our planning, decision making, and everyday management has helped us learn how to manage our business ‘by the numbers.’ Comparing our performance to the best in the business in all of the important financial categories has provided us the overview, information, perspective, and framework for identifying areas for improvement and business priorities to take our business to the next level.”
“If you want to increase the profit in your business, you need to take part in this project,” says Al Bates, chairman of Profit Planning Group, the company that compiles the Cost of Doing Business Report for Jewelers of America. “If you take part, you get a critique of your business that tells you where you are strong or where you are weak and what you need to do to improve your profit.”
“Participating in the Cost of Doing Business Survey”, receiving our aggregated number report along with the confidential report with our business numbers… We believe in this stuff,” added Chris Coleman.
For convenience, there are three ways to complete the confidential survey: online, via an Excel document or a printable PDF. All of these options can be completed by the jeweler, their accountant or financial planner. Retail jewelers should visit www.profitplanninggroup.com/jewel to participate.