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
AuctionsSep 10, 2026
Massive Matched Pair of Paraíba Tourmalines Head to Sotheby’sThe “Kat Florence Luminas” will be offered together as one lot and could fetch up to $637,000.
SourcingSep 10, 2026
AGTA Announces 4 Newly Elected DirectorsFour directors were elected to the AGTA board and will serve three-year terms beginning in February.
AuctionsSep 10, 2026
Former Sotheby’s, Christie’s Exec Appointed CEO of Julien’s Auctions Ken Citron joins the celebrity memorabilia-focused auction house ahead of its first week-long series of events in Abu Dhabi.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
FinancialsSep 09, 2026
Signet Jewelers to ‘Double Down’ on Blue Nile Amid Strong SalesThe jewelry retailer said it sees opportunity at higher price points, particularly in natural diamonds for bridal and fashion.
Weekly QuizSep 03, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsSep 09, 2026
Sarah Leonard Fine Jewelers Closes After Nearly 80 YearsThe Los Angeles-based, family-owned jeweler was founded by Lenny and Sunny Friedman in 1946.
SourcingSep 09, 2026
Fura Gems Notes ‘Remarkable’ Interest in Larger Rubies at Latest SaleThe auction, held in Bangkok, was 96 percent sold by lot, with nearly 411,000 carats of Mozambiquan rubies sold.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
MajorsSep 09, 2026
Stuller’s Latest Catalog Includes Its New Demi-Fine CollectionFine Jewelry 2027-2028 has more than 900 new styles, including silver, gold-filled, gold-plated sterling silver, and vermeil jewelry.
Policies & IssuesSep 09, 2026
8 Key Changes the FTC Made to the Jewelry Guides: A Refresher Learn more about the new terms for lab-grown diamonds and composite gemstones, and the major changes in store for precious metals jewelry.
IndependentsSep 08, 2026
Ricky Bromberg, Longtime President of Bromberg & Co., Dies at 67 Bromberg is remembered as a Southern gentleman who always wore a suit and tie and treated others with kindness.
TrendsSep 08, 2026
Amanda’s Style File: A Hot Take on September’s Birthstone With high durability and a wide range of colors to choose from, sapphires may be the ultimate birthstone, Gizzi claims.
MajorsSep 08, 2026
Former Tiffany & Co. Exec Joins Exemplar Luxury GroupGretchen Koback Pursel is the new chief people officer at the company formerly known as Saks Global.
IndependentsSep 04, 2026
Orloff Jewelers Will Soon Unveil a Bigger, Better LocationThe California jeweler is renovating its store in Fresno, with plans to show off the new space in December.
CollectionsSep 04, 2026
Chelsea Gabrielle Transforms Pilates Reformer Springs Into Ring A lifelong practitioner of Pilates, Gabrielle looked to the springs’ tension and suspension when creating this ring, our Piece of the Week.
Events & AwardsSep 04, 2026
JCK Industry Fund Accepting 2027 ApplicationsThe deadline to apply is Nov. 13.
AuctionsSep 04, 2026
Christie's Names New Global Head of WatchesThe auction house has promoted Remi Guillemin, formerly its head of watches for the Americas and EMEA, to the role.
EditorsSep 03, 2026
Q&A: Simon G.’s CEO on Why He Won’t Use AI for Jewelry DesignZaven Ghanimian discussed the value of human craftsmanship and where the implementation of artificial intelligence does work.
Events & AwardsSep 03, 2026
Here Are the First Recipients of Nina Pugliese Memorial Scholarship Jewelers of America also revealed the recipients of the Seymour & Evelyn Holtzman Bench Scholarship and its own scholarship programs.
WatchesSep 03, 2026
Robert Pattinson Joins Jaeger-LeCoultre as Brand AmbassadorThe British actor, known for his roles in “Twilight” and “The Odyssey,” will star in a campaign for the Master Control Chronometre.
CollectionsSep 03, 2026
Sydney Evan Celebrates 25 Years With 4 New CollectionsThe “Confetti Disco,” “Champagne Cheers,” “Tuxedo,” and “Classic Punk” jewelry collections each capture a distinct spirit of celebration.
CrimeSep 02, 2026
CA Jeweler Gets 5 Years in ‘Phantom Rolex’ Ponzi SchemeNelson Holdo of Newport Beach pleaded guilty to multiple counts of felony grand theft and writing bad checks and was sentenced Monday.
AuctionsSep 02, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s “significant” collection of cat jewelry and other objects is going up for auction.
MajorsSep 02, 2026
Messika Names Former Omega Exec as New President, CEO of AmericasArnaud Michon, the former Omega USA President, will now lead Messika’s Americas region during its international development.
Events & AwardsSep 02, 2026
Emerald’s New Owner Introduces ‘Glitter in the Grove’The branding references the back-to-back jewelry shows that new parent company Forge will host in Miami's Coconut Grove this November.
AuctionsSep 01, 2026
UK Woman Uncovers Rare Patek Philippe Watch in Mom’s Jewelry BoxThe stainless steel Patek Philippe “Calatrava” watch from the 1930s sold for nearly $80,000 at a recent Hansons Cornwall auction.
MajorsSep 01, 2026
Kering Names New Pomellato, DoDo CEOsFormer Pomellato CEO Sabina Belli has been named president of Kering Italia amid a shakeup of Kering's new Jewelry division.
