7 Steps to increase profitability of your jewelry business, is an attempt to helps jewelers in understanding entire business cycle from the point of view of most acceptable and most proven rules / steps or methods of conducting business by which it can be taken to greater heights as per the mission or desire of the businessman.
I still remember the seminar halls of various exhibitions at Chennai, Bangalore as well as Cochin where I have delivered seminars on this subject and hundreds of jewelers have provided their feedback in past seven years about how this information have helped them in transforming their business.
I am releasing this version for the greater interest of jewelry fraternity on this site, so that more and more jewelry businessman can take advantage of the same.
As per my customary practice, let me start this article with a small story:
There were three fish in a lake. Their names were
- DHIRGA DRISHTY (visionary who sees far into future),
- SAMAY SPHURTI (timely idea generator – who is a situational businessman), and
- MANDA BUDHHI (slow thinker – the lazy or inactive businessman).
The lake used to overflow in rainy seasons. Where as in summer water used be at lower levels. Once during rainy season, DHIRGA DRISHTY was swimming at surface level and she listened to discussions of people around lake. They were discussing that during next summer when water level is low; they would come with a net and do the fishing so that most of the fishes can be pickup in the net.
DHIRGA DRISHTY immediately went to the two friends and told them about the incidence. She also suggested that since currently the lake is overflowing we can swim on the surface and switch over to another lake where there is a safe location to hide. But her friends laughed at her, and said you are thinking too far. Let the summer come then we shall see. DHIRGA DRISHTY was not ready to wait so she went alone to another lake, found out a safer place to hide.
The summer came, the water levels were low and suddenly one day the fishermen came with a big net in which they caught both SAMAY SPHURTI and MANDA BUDHHI in their nets. SAMAY SPHURTI immediately realized and remembered the words of DIRGA DRISHTY, so she acted as if she is dead. A fisherman looked at her and said, oh it’s a dead fish, so he threw her back in the lake. She understood the situation and in the next rainy season, when there was an overflow she also went to a safer place.
MANDA BUDHHI, tried to jump out of net and in her such actions caught the attention of the fisherman. They thought oh this is a fat and active fish so let us first use this for our food!
So what do we learn from the story????
Most of the business owners assume that –
- Past practices are sufficient for present and future
- Present trends will continue
- Future is uncertain and dangerous
The fact is –
- New practices, new methods, new products and new approaches are essential for sustainable progress
- Present trend will end and one must prepare for the worst and make an effort for best. What will occur is a differently better future.
- Future is not only full of dangers but also full of opportunities. One has to look for hidden opportunities and utilize them to build
It is very usual to become complacent about our business after few years when it runs well over a period of time. Most of the business people start thinking that now the situation is going to remain same or shall become better. Ideally, a visionary businessman should continuously keep listening to the voices of change happening around him and keep thinking about future changes with open mind.
Let us study, how important is this from the point of view of jewelry business in next part of article.