Among the titles are Best Newcomer, Transformation Award, Sales Growth Award, Most Improved, and the Store of the Year Award.
Every member of Retail Edge’s Business Coaching program will be entered into the awards, with finalists to be announced on 24 July. Malcolm Scrymgeour explained the value of coaching by drawing a comparison with sports like tennis, where individual excellence is rarely achieved without the support of a strong team working behind the scenes.
“Very simply, the best players have a huge advantage, coaches. A coach is someone who holds a business owner accountable, challenges, guides, and suggests, often bringing a different perspective to a problem,” he told Jeweller.
“They have different ideas; they analyse performance and help set goals and plans to achieve those goals. Business is no different, and nor is the business of jewellery.
“Jewellery store owners are virtually the same as tennis players - glamorous lifestyle and the colossal incomes aside - in that they are experts at what they do. Being an expert at jewellery doesn’t automatically qualify you to be an expert at running a business.”
Scrymgeour stated that, over the past year, customers participating in the coaching program have seen an average improvement of 4 per cent in sales, equivalent to $116,000 in real terms.
“Every jeweller has a different situation, and the definition of success is different for everyone. We have one retailer who operated three stores, and closed two,” he explained.
“That may sound like a ‘disaster’ to some people; however, this jeweller has changed from working seven days a week to five and is now operating at a profit instead of a loss.
“In this example, the change in the business has unfolded over just 18 months, and that’s something we’re very proud of. We’ve helped the owner live a better life, and it’s about more than just business; it’s personal.”
The International Jewellery Fair is scheduled for 23-25 August at the International Convention and Exhibition Centre in Sydney’s Darling Harbour.
Retail Edge recently reported a substantial increase in diamond jewellery sales among independent retailers in April. For more information, visit retailedgeconsultants.com.au.
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