[Jewelry making - Article 00096] - [Orchid] 20 items on your 2006 To do list

[David Geller]

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    To Do List For 2006 

    1. Plan two days of which the store is closed in January to address
    business issues just for the store itself. 

    2. Plan to take inventory within first 2 weeks of January on one of
    the 2 days. Have marking pen or small dots to denote tags as you
    count items over 16 months. Mark them for future inventory reduction
    sale as you count. 

    3. Inventory findings and loose gems too. If they have been costed
    off already, don't count them. 

    4. Take a camera (hopefully digital) and photograph all fixtures
    inside the store in case of fire or other natural disaster. Have some
    one do this on the day of taking inventory. 2 birds with 1 stone.
    Save photos anyway you can. If on disc, open with program, edit with
    TEXT and type what it is and approximate value and today's date.
    Print a copy but also make 2 discs. One for home or safety deposit
    box. 

    5. On another day off, clean the store. 

    a. Take out displays from case, Windex the inside of the class. Brush
    or clean floor displays and also ring, bracelet & neck displays. 

    b. Take out items from shelves and wipe down. Throw out broken boxes
    and such. 

    c. Call a window cleaning service to come in and clean inside and
    outside of windows. 

    d. Sweep or vacuum ceiling air vents. Replace light bulbs, clean
    backs of bulb holders. Replace marginal bulbs. Change a.c. filters. 

    e. Have jewelers completely empty benches, place all gold dust in a
    can for sending to refiner. Melt all of those old heads and rolled
    out stock pieces the jeweler says "But I'll use it". It's money not
    doing anything. Send sweeps and dust for credit. Save the credit for 2
    reasons: 

        i. Use as credits for buying findings rather than paying cash. 

        ii. Stock up on some wire and sizing stock. 

    f. Jewelers should wash and clean their bench, wipe down light bulbs.
    Clean out drawers. Replace worn out files and such, re-order
    supplies. 

    g. Buy small plastic boxes at organizer store. Finally label and
    place all findings into boxes for easy to see visibility. Label with
    stock number, vendor, date and cost. 

    h. Clean out polish room. Vacuum and sweep all floors. 

    i. All other desks should be cleaned, take out drawers, toss out
    items you know you won't touch. Wipe down desks with furniture
    polish. Re-arrange neatly. 

    j. Clean out the frig. 

    6. Run reports in January and finally become proficient in knowing
    your numbers, what sells and what's profitable. If you don't have a
    Jewelry Point of Sale Program, order it this month. Most all will
    give you terms if you need it. Put it off no longer! become a REAL
    entrepreneur. Real entrepreneurs use the correct tools and this is a
    must. Ever seens jeweler without a torch? Sign up for a "QuickBooks
    for Jewelers" workshop: JewelerProfit.com 

    7. Re-order items that had a turn of 1.75 or greater that sold in
    2005 that hasn't been re-ordered yet. Watch for trends that are
    fading but also look at new trends. 

    8. Items that have been inventoried and are over 2 years and older,
    if you have discounted them in the past without success, take apart
    for the gold sweeps box and save melee for repairs and custom. 

    9. Plan for an Inventory Reduction sale in January, plan now for the
    marketing and direct mail to your customer list. All tags you marked
    are on sale, 25% to 70% depending upon age. 

    10. Contact charities and see what of these remaining items can be
    given to charity or sold at auction, retrieving cost. 

    11. Employee reveiws in January or as applicable for performance and
    salary reviews. Good time to consider adding a hefty commission plan
    for the sales staff. 

    12. Develope sales goals for the: 

    a. Store itself, month by month. 

    b. The owner, month by month, 

    c. Sales staff, individually, month by month. 

    13. Plan out your marketing/advertising budget and what you plan to
    actually do by month for 2006. Plan to spend 8% of sales. Spend the
    8% divided up per month based upon the percentage sales are for each
    month. 

    14. Read up on and start using an "Open to Buy" plan for inventory.
    When used properly it will do for cash flow in your store what an
    advertising budget does for increased traffic. 

    15. Using QuickBooks, plan out your budget for 2006 and run reports
    comparing your Profit & Loss against your budget and do this each
    month. The only thing it will do for you is put money in the
    checkbook. 6 weeks cashflow analysis will help you also. 

    16. Raise repair prices. It's only normal that if a car goes up 10%
    in price, so should the parts. Gold is no different. 

    17. Farm out payroll services rather than doing it yourself. Will
    free up more time, could cost less although that's not the main
    purpose. easier to do, if that person is out or on vacation then
    anyone can do payroll. 

    18. Install a retirement plan if you don't already have one, for
    everyone. Also look into a section 125 Cafeteria plan for out of
    pocket expenses that become "pre-tax". Like eyeglasses, childcare and
    non deductible medical expenses. 

    19. Plan out vacation schedules now for 2006 on a main calendar.
    Block out now the busiest days and seasons. Have a "Vacation Request
    Form" available, first come first serve. Plan out in advance your own
    vacation. Plan out one day of the week that you will leave early.
    Maybe Wednesdays at 2:45pm. Relax, read, be with family members or
    just use it at home to plan and implement ideas for your store. 

    20. Go to seminars and workshops to make you a better entrepreneur
    and store owner. Plan to go to a Harry Friedman "Retail Store
    Management Bootcamp" for 3 days. TheFriedmanGroup.com. 

David Geller

JewelerProfit, Inc.
510 Sutters Point
Atlanta, GA. 30328
(404) 255-9565 Voice
(404) 252-9835 Fax
david AT JewelerProfit.com

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