Video replay: The Secrets of Success and Succession

01 Jul 2021

The June NAJ Live featured a well-attended presentation by JBN facilitator, Michael Donaldson, followed by a Q&A between Helen Dimmick, NAJ Retail Ambassador, and Michael.

The 'Secrets of Success and Succession’ presentation by Michael Donaldson covered ten steps a jewellery business can take to maximise its growth.

Watch the video replay

Here are the 10 steps for business success, in inverse order:

10 Plan the plan

“If you don’t know where you're going you might end up some place else” - Yoggi Berra

9 Do digital

Many jewellery businesses who went all in on digital have had their most profitable year in 2020. Digital is here to stay, the sooner you embrace it, the better.

8 Appointments are here to stay

Lockdown rules have embedded this consumer behaviour and it’s proving to be a very profitable source of income.

7 Share your story

Consumers seem to be drawn to jewellers who share their story and who are clear on their mission.

6 Experience is more important than ever before

Building on the story mentioned in step 7, design the whole buying experience to be aligned with your message and brand feel. Create an experience that customers would recommend to their friends.

5 Diversify the business model

Think about your customer’s experience with jewellery as a whole and identify areas where you can provide additional or complementary products and services to help diversify your business model.

4 Seize the opportunity

Some business owners used the lockdown time to refurbish their stores or even get new locations ready to open.

3 Engage

Consistently engage with your stakeholders, suppliers, customers and staff. Also try to stay relevant by engaging with the wider market.

2 Spend time ON the business

Spend more time on it than in it. Every Retailer has the same numbers of hours in the day – ON what do you spend your hours?

1 Stop wishing and Just Do It

I wish I joined the JBN group 10 years ago when I was told about it, as they say if what I know that I didn’t then, I would have been a lot better off. The knowledge and information that comes from the group is priceless, and I must say how nice everyone is.

So, if you are thinking about it don’t think join!

Wayne Myers FIPG - JBN member since March 2021

For more in-depth commentaries on these steps, as well as Donaldson's keys to succession, watch the replay above. 

As Facilitator of NAJ's network for Independent retail jewellers, much of Michael's is helping businesses to benchmark commercial performance, offer Q&As and issuing relevant news and updates (as well as other benefits).

The JET Business Network (JBN) enables retailers to benchmark their business against other jewellery businesses, absorb new ideas, embrace new technologies, develop their strategic thinking and ultimately accelerate their business growth.

In a sentence, the JBN helps you make money, and saves you money!

Find out more about JET Business Network

 

What are NAJ Lives?

The NAJ Live is a simple format of presentations from industry experts, introduced and questioned by a knowledgeable guest host. 

When’s the next NAJ Live?

Digital NAJ Lives with bubbles take place on the last Thursday of the month, starting at 10am until 11.30am. Members can register as many employees to view and replay the webinars as they see fit.

The next NAJ Live event 'Sustainability in action: 6 steps you can take in the next 6 months' will take place at 10am on Thursday 29th July.

Register Now

 

Source: The National Association of Jewellers