NOW'S THE TIME

July 2024

Now's the Time to Hire a Consultant: Fueling Your Jewelry Business for the Future

Megan Crabtree

It may feel odd to hear jewelry and innovation used in the same sentence. While the world of jewelry retail is steeped in tradition, it’s a fast-paced industry demanding constant innovation. Ignoring adaptation could leave your business struggling to meet bottom lines. The secret weapon to staying ahead of the curve and unlocking exponential growth? An outside perspective.

SEEING BEYOND THE STOREFRONT:

Running a successful jewelry business often means getting comfortable within the familiar rhythm of your day-to-day operations. However, this comfort can sometimes create blind spots. A consultant brings a fresh set of eyes, allowing you to see your business from a new angle. They can identify missed opportunities, outdated practices, and areas ripe for improvement – all things that might remain hidden from a perspective accustomed to the “way things have always been done.”

EXPERIENCE IS YOUR ALLY:

The ideal consultant isn’t just an outsider, but one with experience on both sides of the jewelry industry. Having walked in your shoes (as a retailer) and those of your suppliers (wholesalers), they possess a wealth of knowledge. They’ve seen a variety of Point-of-Sale systems, display techniques, staff training methods, and marketing strategies implemented by various businesses. Additionally, they’ve witnessed common pitfalls you can avoid thanks to their experience. Imagine the time and money saved by learning from the mistakes of others!

VISION REALIZED, NOT JUST ENVISIONED:

As a leader, your vision is the driving force behind your business. However, translating that vision intoactionable steps and ensuring consistent execution across all departments can be a daunting task. Hiring a consultant allows you to delegate the project management. Whether it’s building standardized operating procedures to streamline data entry, order placement, and staff training, or embarking on a more ambitious project like launching a signature jewelry line – a consultant can manage the day-to-day execution, freeing you to focus on the bigger picture. Look for a consultant who focuses on tracking results, not just developing ideas. You need someone who can look at historical data and translate it into a strategy with actionable steps.

STRATEGIC PARTNERSHIP, NOT A SOLO ACT:

Building a thriving jewelry business requires a collaborative effort from various departments. Whether it’s launching a new product line, revamping your Point-of-Sale system, or organizing customer events – these initiatives demand cross-departmental coordination. A consultant acts as the conductor of this orchestra, ensuring each department plays their part seamlessly. Their meticulous attention to detail ensures all the intricate elements come together to create a successful outcome. If you’ve ever found yourself asking, “How can I replicate myself to drive this project?”, hiring a consultant is the answer.

By partnering with a skilled consultant, you gain access to invaluable strategic insights. Their experience across diverse businesses provides a wealth of knowledge about industry trends, best practices, and potential roadblocks. Together, opportunities and weaknesses, explore untapped opportunities, and navigate challenges with a new perspective. With this strategic partnership, your jewelry business will be well-equipped to adapt and thrive in the ever-evolving world of jewelry retail.