ColumnistsJan 04, 2023
The Smart Lab: These Will Be the Big Digital Marketing Trends in 2023 ColumnistsJan 10, 2023
Squirrel Spotting: A Blueprint for Building Sales Plans for the New Year
Columnist Peter Smith outlines the questions business owners need to ask themselves regardless of how aggressive their 2023 sales goals are.
Peter Smith is an industry consultant, speaker, sales trainer, and author. He can be reached via email at TheRetailSmiths@gmail.com.
‘Tis the season when many leaders wrestle with the great unknown. Or, to put it another way, the sales plan for the new year.
That the task this year comes after two years of a COVID economy that began with all of us holding our collective breath in March/April 2020 before enjoying an 18-month ride like no other in the history of our industry makes this year’s version even more compelling.
Whether you are a large or small company, a retailer or supplier, the process of formulating a sales plan can be as complex as anything you will do throughout the year, or as simple as randomly throwing a dart and accepting whatever number comes up as long as it’s more than last year.
As absurd as the latter statement might seem, the construction of a sales plan is not always as considered and/or logical as you might think.
Some organizations spend the minimum amount of time preparing the plan. Others deliver seemingly elaborate presentations to key stakeholders that are nothing more than blind shots at the dartboard to quickly get through a process often seen as a necessary evil.
Other companies put the time and effort into really understanding their business.
They dissect the previous year and identify opportunities for improvement. They look at relationship-building, their people, their processes, their product offerings, their new customer acquisition initiatives, their key-account development opportunities, their technology and data capacity, their online and social media commerce, etc.
In short, they examine everything that might positively or negatively influence the sales results of the new year.
Any or all of the aforementioned elements can be factors as long as the plan for addressing them is both tangible and realistic. For instance, “do a better job on product development to improve sales” is neither strategic nor actionable.
If you want to look at product development as an opportunity for growth, you need to utilize data to understand.
Ask yourself the following.
• What works or does not work with your current offerings?
• What price points have holes that should be addressed?
• What gaps exist in your current inventory?
• How do your current products align with your aspiration as a business?
• Where are you not getting traction with current inventory?
• What is the plan to liquidate existing inventory to free up dollars?
• How will your changes affect existing relationships?
If you believe you need more new customers—who doesn’t?—which strategy will you employ to make that happen and drive sales growth?
Ask yourself the following.
• Have you identified your target customers?
• How will you communicate to those target customers?
• What is your message and why should prospective customers care?
• What resources will you deploy to make that goal realistic?
• Will you need to add people to that task?
• Are you budgeting accordingly?
By all accounts, real growth beyond a certain point cannot come if you are going back to the same base of customers again and again. Yet, seemingly smart people continue to talk about acquiring new customers without honestly addressing the costs and challenges of doing so.
Related stories will be right here …
That the task this year comes after two years of a COVID economy that began with all of us holding our collective breath in March/April 2020 before enjoying an 18-month ride like no other in the history of our industry makes this year’s version even more compelling.
Whether you are a large or small company, a retailer or supplier, the process of formulating a sales plan can be as complex as anything you will do throughout the year, or as simple as randomly throwing a dart and accepting whatever number comes up as long as it’s more than last year.
As absurd as the latter statement might seem, the construction of a sales plan is not always as considered and/or logical as you might think.
Some organizations spend the minimum amount of time preparing the plan. Others deliver seemingly elaborate presentations to key stakeholders that are nothing more than blind shots at the dartboard to quickly get through a process often seen as a necessary evil.
Other companies put the time and effort into really understanding their business.
They dissect the previous year and identify opportunities for improvement. They look at relationship-building, their people, their processes, their product offerings, their new customer acquisition initiatives, their key-account development opportunities, their technology and data capacity, their online and social media commerce, etc.
In short, they examine everything that might positively or negatively influence the sales results of the new year.
Any or all of the aforementioned elements can be factors as long as the plan for addressing them is both tangible and realistic. For instance, “do a better job on product development to improve sales” is neither strategic nor actionable.
If you want to look at product development as an opportunity for growth, you need to utilize data to understand.
Ask yourself the following.
• What works or does not work with your current offerings?
• What price points have holes that should be addressed?
• What gaps exist in your current inventory?
• How do your current products align with your aspiration as a business?
• Where are you not getting traction with current inventory?
• What is the plan to liquidate existing inventory to free up dollars?
• How will your changes affect existing relationships?
If you believe you need more new customers—who doesn’t?—which strategy will you employ to make that happen and drive sales growth?
Ask yourself the following.
• Have you identified your target customers?
• How will you communicate to those target customers?
• What is your message and why should prospective customers care?
• What resources will you deploy to make that goal realistic?
• Will you need to add people to that task?
• Are you budgeting accordingly?
By all accounts, real growth beyond a certain point cannot come if you are going back to the same base of customers again and again. Yet, seemingly smart people continue to talk about acquiring new customers without honestly addressing the costs and challenges of doing so.
There are myriad elements to building a sales plan and some will be more relevant for one business versus another.
However, no matter what areas you elect to focus on in building your plan, it is essential to examine all of the key ingredients that might have an impact and understand why and how they should unfold.
If, for example, you are looking at small, incremental increases over the previous year, a full review of your performance across key indicators might include the following.
• Business from current customers, minus aberrations that won’t happen again. In retail, that might include significant purchases from important one-off or major milestone occasions. On the supplier side, it could mean one-time inventory buildups for your biggest customers, or additional retail doors added from the previous year that won’t repeat.
• Look closely at notable personnel additions or subtractions and how they might impact your plan.
• Look at customers lost or added that might impact your plan.
• Review process innovations that could positively influence your ability to better service your clients.
• Look at any technology improvements that promise quicker replenishment of bestsellers, or faster turnaround of special and custom orders.
In effect, any reasonable and tangible change that might positively or negatively impact your business should be factored into building your plan.
As for the more aggressive, game-changing plan—where are you targeting significant growth?
In many respects, that bigger aspiration is almost less complex than the limited growth of the previous model. I confess to being personally drawn to the bigger plan for many reasons.
The scale alone often serves as a catalyst and helps galvanize attention in a way that smaller incremental increases just don’t do.
And the process of deconstructing the business down from the much bigger number to best understand what is needed by month, by customer, by product category, by new customer acquisition, by expansion and/or company acquisition, by personnel additions, etc., is a whole lot of fun.
Embracing the big plan is not for the faint of heart. It demands a clarion call to the whole organization and a real commitment to resource allocation.
It also demands real courage as the risks of failure are greater. Naturally, the upside is also considerable.
It is my view that you can lay down that bigger marker whether you are a $1 million business, a $5 million business, or a $50 million business. The principles of starting with the end and reverse-engineering the business remains the same, regardless of the size of the goal.
Whether you choose to build your plan off the previous year, with small percentage increases, or to establish a goal that really shakes the tree has much to do with the temperament of each business leader.
Either can work as long as you honestly and openly do the hard work, address the realities of the business from a micro and a macro perspective, and prepare to walk your talk.
Happy New Year!
More on Columnists
The Latest
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
MajorsApr 17, 2026
QVC Group Files for Chapter 11 BankruptcyThe retailer reported an 8 percent decline in annual sales as it struggles under the weight of billions of dollars of debt.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
Weekly QuizApr 16, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
IndependentsApr 16, 2026
Edge Retail Academy Updates Leadership TeamAs demand for jewelry retail coaching grows, the company has established a dedicated business coaching leadership team.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
MajorsApr 16, 2026
Stuller’s Latest Mountings Catalog Is Out NowThe “Mountings 2026-2027” catalog showcases Stuller’s largest and most diverse assortment to date with more than 400 new mounting styles.
PodcastsApr 15, 2026
Episode 4: The Natural Diamond DilemmaSally Morrison and Mark Klein discuss De Beers’ first beacon in 16 years and the mistake the industry made with lab-grown diamonds.
MajorsApr 15, 2026
Spark Creations’ Randy McKenzie Dies at 72 McKenzie spent 45 years with Spark Creations and is remembered for being kind, dedicated, and hardworking.
WatchesApr 15, 2026
These Are the New Rolex Watches for 2026Rolex focused exclusively on the Oyster Perpetual this year, as the model is celebrating its 100th anniversary.
FinancialsApr 15, 2026
Kering’s Jewelry Shines in Q1, Gucci’s Struggle ContinuesThe luxury giant discussed the Middle East conflict and its transformation plans, hinting at a stronger jewelry presence in North America.
SourcingApr 15, 2026
Diamond Club West Coast Names 2026 BoardKalpesh Jhaveri was re-elected as president for a third year.
TechnologyApr 15, 2026
This Jewelry Brand’s Video Series Is Up for a Webby Award“Diamond Divas,” a social media reality series by Shahla Karimi Jewelry, is nominated in the “Best Social: Fashion & Beauty” category.
SourcingApr 14, 2026
De Beers Expands ‘Desert Diamonds’ Beacon Into BridalThe campaign seeks to reignite desire for natural diamond engagement rings by highlighting the “distinct character” of warm-toned diamonds.
FinancialsApr 14, 2026
LVMH’s Q1 Sales Sink 6% Amid Middle East ConflictPlus, how Saks Global’s bankruptcy affected the luxury giant’s first quarter.
SourcingApr 14, 2026
International Jade Summit to Return to MontereyPresented by Mason-Kay Jade, the summit, in its second year, will again be held during the Monterey Bay Jade Festival.
Events & AwardsApr 14, 2026
CBG Releases Details for Las Vegas ShowThe group has announced its lineup of speakers and a new “Rising Stars” pavilion.
CollectionsApr 13, 2026
Uniform Object’s New Jewelry Collection Centers on the ‘Carbon Form’The “Carbon Form” collection explores the contrast between high and low materials, using rubber cord alongside 18-karat gold and gemstones.
Events & AwardsApr 13, 2026
JA Accepting 2026 Impact Initiative ApplicationsThe program provides essential funding to organizations for projects that enhance the jewelry industry.
Events & AwardsApr 13, 2026
Couture Announces New Show in MiamiThe jewelry trade show is launching its first open-to-the-public event in Coconut Grove this November.
CrimeApr 13, 2026
JSA Offers Reward in Oregon Jewelry Store Armed RobberyJSA is seeking information about the gunpoint robbery of a Kay Jewelers location in Oregon’s Washington Square Mall.
WatchesApr 10, 2026
These Watches Have Increased in Value the Most Since 2018, Says Chrono24The top-performing watch models may be surprising, with Rolex and several popular pandemic-era picks notably absent from the top 20.
CollectionsApr 10, 2026
Ophelia Eve’s Toggle Pendant Holds Your SecretsThe “Scroll” toggle pendant, our Piece of the Week, opens to reveal a hidden message, mantra, or love letter written on washi paper.
MajorsApr 09, 2026
Tiffany & Co. Promotes Nathalie Verdeille to SVP, Chief Artistic OfficerIn her newly expanded role, she will continue to oversee the jewelry category, as well as watches, home, and accessories.
WatchesApr 09, 2026
Jacob & Co. Rolls Out Its Sequel to ‘The Godfather’ Musical Watch“The Godfather II” watch plays two melodies from the mob film’s score, “The Godfather’s Waltz” and “The Godfather Love Theme.”
