ColumnistsJun 28, 2022
The PR Adviser: Why Should Someone Buy From You?ColumnistsJul 05, 2022
Navigating the Headwinds: Is Your Business Ready?
Columnist Peter Smith shares a prediction for the year ahead as the jewelry industry faces a possible slowdown.
Peter Smith is an industry consultant, speaker, sales trainer, and author. He can be reached via email at TheRetailSmiths@gmail.com.
On a trip to London a few years ago, I found myself in a long line at Heathrow Airport, waiting to be processed through U.K. immigration.
If you’ve ever been one of the many who, just moments earlier, deplaned after flying through the night, and across time zones, you may recall the experience as having a certain zombie-like quality to it.
There are herds of exhausted people, moving in unison, mostly quiet, longing for a bed, or at least a breath of fresh air.
After what seemed like an interminable wait, my attention was drawn to one of the immigration officers. He was clearly having difficulty making himself understood to the woman standing in front of him, and his growing agitation was becoming ever more noticeable.
If, as reported in UCLA Professor Emeritus Albert Mehrabian’s famous study on communication, body language is 55 percent of what is communicated, the officer was operating at about 80 percent – and it was all pissed off.
That is, until he recovered his verbals, and he took them, as per Spinal Tap—for those of you old enough to remember —to 11.
The exhausted woman, who had been unable to hear what the officer was saying, was now being berated for having the audacity to show up for a holiday in England without being proficient in the native tongue.
I often think about that airport experience when I see companies that appear to lack a clear sense of direction.
Having defaulted to a lane, or two, or three, they deal with disappointment by going faster in the direction (or lack thereof) they were already headed. They take the immigration officer’s approach and scream their ambiguity even louder.
Inc. magazine asked leaders of 600 companies to estimate the number of their employees who could name their company’s top three priorities. While the leaders predicted that 64 percent would be able to identify the top three priorities, a mere 2 percent were able to do so.
That kind of disconnect is not unusual, and it is even more telling when it is the companies’ own personnel who are confused about who and what their company is trying to be.
How are customers supposed to know? What about prospective new customers? Good luck with that.
The first and most important responsibility of a leader is to set the course for the business. That requires more than hollow sloganeering and bumper stickers.
It starts with being brutally honest about the current circumstances; that includes products, people, processes, investments made or not made, deployment of resources, etc.
It is much easier to make meaningless statements about what you want your business to be than to actually articulate, in blisteringly simple terms, what the business is about, and what it aspires to be, and then set about the task of charting the course with real work, concrete actions, and an honest appraisal of what it will take to get there.
Related stories will be right here …
If you’ve ever been one of the many who, just moments earlier, deplaned after flying through the night, and across time zones, you may recall the experience as having a certain zombie-like quality to it.
There are herds of exhausted people, moving in unison, mostly quiet, longing for a bed, or at least a breath of fresh air.
After what seemed like an interminable wait, my attention was drawn to one of the immigration officers. He was clearly having difficulty making himself understood to the woman standing in front of him, and his growing agitation was becoming ever more noticeable.
If, as reported in UCLA Professor Emeritus Albert Mehrabian’s famous study on communication, body language is 55 percent of what is communicated, the officer was operating at about 80 percent – and it was all pissed off.
That is, until he recovered his verbals, and he took them, as per Spinal Tap—for those of you old enough to remember —to 11.
The exhausted woman, who had been unable to hear what the officer was saying, was now being berated for having the audacity to show up for a holiday in England without being proficient in the native tongue.
I often think about that airport experience when I see companies that appear to lack a clear sense of direction.
Having defaulted to a lane, or two, or three, they deal with disappointment by going faster in the direction (or lack thereof) they were already headed. They take the immigration officer’s approach and scream their ambiguity even louder.
Inc. magazine asked leaders of 600 companies to estimate the number of their employees who could name their company’s top three priorities. While the leaders predicted that 64 percent would be able to identify the top three priorities, a mere 2 percent were able to do so.
That kind of disconnect is not unusual, and it is even more telling when it is the companies’ own personnel who are confused about who and what their company is trying to be.
How are customers supposed to know? What about prospective new customers? Good luck with that.
The first and most important responsibility of a leader is to set the course for the business. That requires more than hollow sloganeering and bumper stickers.
It starts with being brutally honest about the current circumstances; that includes products, people, processes, investments made or not made, deployment of resources, etc.
It is much easier to make meaningless statements about what you want your business to be than to actually articulate, in blisteringly simple terms, what the business is about, and what it aspires to be, and then set about the task of charting the course with real work, concrete actions, and an honest appraisal of what it will take to get there.
We have ridden the crest of the COVID economy for more than two years. That was then, and this is now.
The task ahead will be infinitely more challenging, and we may not all be quite as smart as we seemed to be when business was flying.
It is hardly prophetic to suggest that we will see a decline in business this year as an industry.
That is not just because the circumstances are beginning to change, due to inflation, diamond supply and pricing, and the broader economy opening up, etc. There’s little doubt those conditions will impact the industry negatively.
The real difference, however, is that the circumstances of the past couple of years were just so deliciously good for our industry. We may never again see that positive confluence of events providing such strong winds at our backs.
Despite the anticipated decline for our industry this year, I am certain that not all companies will retreat from their 2020/2021 performance.
Some companies will “outrun the bear” by executing brilliantly and making important investments, be it in technology, people, expansion, or renovations.
They will obsess over their customers, exceed expectations everywhere they can, use data to help run their business, and create experiences that separate them from the masses.
For some, unfortunately, they’ll blame circumstances beyond their control, make excuses for poor performance, and do a lot of finger pointing.
They may even shout a little louder.
More on Columnists
The Latest
EditorsOct 24, 2024
From a Witch to Wednesday: The Best Jewelry to Wear With Your Halloween CostumeFor her annual Halloween story, Associate Editor Lenore Fedow pairs fine jewelry with classic and contemporary Halloween costumes.
FinancialsOct 24, 2024
Kering’s Jewelry Brands ‘More Resilient’ Than Other Luxury Goods in Q3 Sales fell 15 percent for the luxury conglomerate in the third quarter, led by a 26 percent drop in sales for flagship brand Gucci.
Events & AwardsOct 24, 2024
JA New York Fall Show Announces Education LineupThe education offerings include a diamond cutting demonstration, a session with JVC President Sara Yood, and a seminar on AI.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
MajorsOct 24, 2024
Phillip Gavriel Releases 2024-2025 Catalog The book features new styles and revived favorites.
Weekly QuizOct 24, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingOct 23, 2024
De Beers, Signet Lean Into Finding ‘The One’ in New Natural Diamond Campaign Aimed at a generation that emphasizes self-care and mental health, “Worth the Wait” breaks new ground in the world of diamond advertising.
EditorsOct 23, 2024
The Modern Bride’s Approach to Wedding-Day JewelryEditor Lauren McLemore immersed herself in New York Bridal Fashion Week to better understand the role fine jewelry plays on the big day.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
Lab-GrownOct 23, 2024
Q&A: Constance Polamalu on Selling Natural and Lab-Grown DiamondsThe jeweler shared her change of heart on lab-grown diamonds and why she keeps them separate from natural diamonds in her business ventures.
IndependentsOct 23, 2024
Jade Trau Sails OverseasThe New York-based brand is expanding outside of the U.S., with a pop-up shop in London and plans to distribute internationally.
CollectionsOct 23, 2024
See Scott West Jewelry’s ‘Kryptonite’ and ‘Joker’ RingsThey’re available through a retailer that sells luxury products inspired by the lifestyle of Batman’s billionaire civilian persona.
WatchesOct 23, 2024
How to Get a Timex Watch for $1The watchmaker is selling 1,000 “Waterbury” watches for $1 each in celebration of its 170th anniversary.
SourcingOct 23, 2024
GemFair Buys 10,000th DiamondLaunched by De Beers in 2018, the program aims to develop a responsible sourcing model for the artisanal/small-scale diamond mining sector.
CollectionsOct 23, 2024
Robinson Pelham Releases New Jewels Just in Time for the Holidays The new “Ouche” collection brings sculptural designs to the brand, while the expanded “Daystar” collection brings a rainbow of colors.
AuctionsOct 22, 2024
Phillips to Auction Rare 18-Carat Burmese Ruby The auction house said the gemstone could fetch up to $5.5 million at next month’s sale.
Events & AwardsOct 22, 2024
WJA Foundation Names First Winner of Hedda Schupak Scholarship Journalist Priya Raj plans to use the scholarship funds to further her media qualifications and amplify marginalized communities.
MajorsOct 22, 2024
WNBA Champions New York Liberty Take Home Tiffany & Co. TrophyIt marks the first championship win in the team’s 28-year history.
IndependentsOct 22, 2024
Sissy’s Log Cabin To Open Seventh StoreThe Arkansas-based jeweler’s first store in the state’s northwest region is set to open next year.
SourcingOct 21, 2024
De Beers to List Single Country of Origin for Some of Its Diamonds It will start with rough diamonds that are larger than 1.25 carats and later expand to rough diamonds that are above 1 carat.
CollectionsOct 21, 2024
Pandora Turns Things Upside Down in New ‘Stranger Things’ CollectionThe capsule collection is inspired by friendship and connection, with a nod to ‘80s fashion.
AuctionsOct 18, 2024
Piece of the Week: Babe Paley’s Clip-Brooch NecklaceThe New York socialite’s elegant, transformable piece from the 1960s is headed to auction later this month.
Recorded WebinarsOct 18, 2024
Watch: 2 Experts on the Challenges of Appraising Lab-Grown DiamondsTexas jeweler Susan Eisen and NAJA’s Gail Brett Levine discuss how lab-grown diamonds have altered the landscape for jewelry appraisers.
CrimeOct 18, 2024
The End of an Era: John Kennedy Reflects On 32 Years at JSA On the verge of retirement, Kennedy recounts the most stressful stretch of his time at JSA and reveals what he’ll miss about the industry.
MajorsOct 17, 2024
Retailer Hall of Fame 2024: Gina DrososSignet Jewelers CEO Gina Drosos’ secrets to success are listening to her team and leaning on data to make decisions.
AuctionsOct 17, 2024
Shirley Bassey’s ‘Baignoire’ Breaks Auction Record Part of the Welsh singer’s extensive jewelry collection, the bathtub-shaped Cartier watch went for nearly $72,000 at Sotheby’s Paris.
GradingOct 17, 2024
Renowned Gemologist and Author Alan Hodgkinson Dies at 87 He dedicated his life to researching, writing, and speaking about gemstones in the hope he could inspire others to share his passion.
Policies & IssuesOct 17, 2024
Ethical Gem Fair Returns to BrooklynThe event is slated for Oct. 17-19.
