As a business owner, you know how important it is to keep your customers happy and increase your capital. In fact, a large part of your job is thinking about how to grow your jewelry business. The jewelry industry is competitive and ever-changing. If you want to be as effective as possible in this demanding and dynamic market, you need to find ways to improve efficiency in your jewelry business.
Why? Because efficient businesses can increase productivity, reduce costs, and deliver on customer service (i.e., keep your customers happy and increase your capital)... but where to start? Try these tips on for size:
Adopt On-Demand Production
Having a large inventory of pieces can actually be to your detriment in some cases. On-demand production is one of the best ways to improve efficiency in your jewelry business. A large inventory can be costly and comes with a higher risk for monetary loss. If you are basing your inventory on real-time demand you will avoid losing money on your back-stock of product in the event that it does not sell. This also applies to curated rather than manufactured jewelry. This leads perfectly into the next important tip that you will want to take into consideration.
Create a Buzz
If you want to understand how to grow your jewelry business, you can look to successful business models that create a major buzz around their labels. Limited supplies often cause consumers to seek out your product actively. When items are on trend and the supply is limited, your product increases in value and becomes highly sought after.
For a prime example of how creating a buzz around your products can lead to widespread success, look no further than media personality and businesswoman, Kylie Jenner. Jenner is extremely talented when it comes to influencing the market. You may not have her reputation and fame behind you, but there is a lot to learn from Jenner when it comes to increasing demand by limiting supply.
Communicate More Effectively
One of the most important ways to improve efficiency in your jewelry business is to improve communication within your company or organization. Communication is absolutely paramount when it comes to running an effective business. Clear and concise messaging will bring your business to the level you need to be at to reach the heights you desire.
We all know what happens when communication within an organization is not working, right? Confusion, inefficiency and discontent are the inevitable results of poor communication in a business. Poor communication passes through the chains of your business and ultimately reaches the customer in some way. Whether it be decreased quality, poor marketing or an outright inability to get what they want from your business.
The customer experience you are striving for leaves no room for poor communication in your organization. As you grow your business you will need to prioritize communication in your company. Staff need to be educated and highly informed about the jewelry your company sells and they need to be on the same page as you are.
Everyone on your team should embody the goals and morals of your company. You and your staff and colleagues should present as unified and tight knit. Your goal should be to empower workers on every level of your company and ensure that all employees are equipped with the most up-to-date information to succeed in their individual roles, and in turn help your company succeed.
Productive employees are essential if you want to have a successful business today. During these difficult times, no business can afford to carry an employee not working to their fullest capacity.
Not only do you need your employees to work harder, but you also need them to work smarter. Every employee likes to think they are giving 100%. The key is to keep them interested in the business, so they can feel good about themselves and want to keep on giving.
Boredom is what leads people to slackness. Making the workplace more interesting helps your employees grow, both professionally and personally. We all have our roles in what we do, but sometimes rotating responsibilities amongst the staff could get your employees excited and help them build up their own self esteem. Confidence leads to greater productivity in the workplace.
If you have a salesperson who is only working directly with clients, they may find that contributing to social media one day a week gives them a different perspective on what happens behind the scenes. It could also help the person in charge of social media see things in a different way. The same goes with the social media person being on the sales floor. Seeing the jewelry business in a different light, and maybe posting things in a different way once they understand what clients are really looking for, can spark the kind of creativity that adds to your business' bottom line.
Every store has its own unique culture. Products and services are extremely important, but so is the workplace environment you create. The importance of team building, relationships, and sharing information can go a long way towards improving productivity.
Providing employees with clear definitions of what their duties are helps them to be more efficient and effective. While employees definitely want to be rewarded financially, and monetary rewards can temporarily increase productivity, gratitude and respect are worth so much more. Informed and happy employees are the best employees.
I am a passionate small business owner, and something I try to do regularly is to put myself in my employees' shoes. I often ask myself if my employees have everything they need to be as efficient as possible. Whatever you think might be missing or lacking, find it, fulfill it, and you will never have to worry about having employee efficiency again.
Update Your Technology
Outdated systems greatly hinder your ability to thrive in this industry. With all the tools available, and plenty of expertise available in the form of consultants and online tutorials, there is no excuse to have systems that don’t meet your needs and turn clients off from patronizing your business.
The first thing you need to do is identify your needs. Next, start researching the tools available. You do not need to spend a lot of money, but some products are better than others - and that is often reflected in the price point. You can look for integrated systems that perform more than one function, such as time management and payroll services.
Choose a Reliable Supplier
One of the best ways to improve efficiency in your jewelry business is to partner with top quality, transparent suppliers who operate with integrity. Contact K. Rosengart for your loose stone and diamond melee supply needs, and consider our other services, such as design, polishing, cutting, and finishing. We meet your high expectations so you can in turn meet your customers’.
K. Rosengart has been proud to serve jewelers and business owners for more than 25 years. We are committed to delivering the finest quality with each and every order, as well as to providing you with all the information and knowledge you need to grow your jewelry business effectively and efficiently. Give us a call today at 212-355-5025.