How to Succeed in Business

July 1999

Managing:The Future

How to Succeed in Business

Gear up for the future with this quick list of essential business advice for jewelers as we enter the 21st century

BY LIZ CHATELAIN
MVI Marketing Ltd.

  • We are all in retail. Whether you are a retailer, manufacturer, wholesaler or designer, if retail does badly, we all go down together.
  • Discuss merchandise only in terms of retail selling prices so you see it with the same eyes as the consumer.
  • If you compete only on price, move over. Fifty other companies are nipping at your heels. They are all just as limited as you.
  • Employees hardly ever leave solely because of money. People want respect, responsibility and to be part of a lofty goal. Most of all, they want to know their employers care about them and their families.
  • If you don't know what your "Unique Selling Proposition" is, you need marketing help ASAP.
  • Survey your customers often. Always use the results to better your company from the top down.
  • Be family-oriented in your store. Shopping at a mall or center takes time away from the family, and no one has enough time.
  • In the next millennium, your competition is not only another retail store. It's also the computer sitting on someone's desk.
  • If you own the company, make sure you're not licking the envelope. Your job is vision, opportunity development and leadership only. Stop micromanaging the rest.
  • Business is moving at the speed of a mouse click. Staying educated and aware of trends is crucial. Subscribe to at least one information-technology magazine and three business magazines monthly. Read them as soon as they arrive. Copy the articles of most importance to you, then circulate the magazines to your staff so they stay educated and trend-conscious too. This will reduce the pressure you put on yourself by seeing a pile of unread magazines.

Liz Chatelain is president of MVI Marketing Ltd., the Market Intelligence Company exclusively for the jewelry, gemstone and watch industries. MVI Marketing, Beverly Hills, CA; (800) 421-9339.



Copyright © 1999 by Bond Communications.


 

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