Columnists

Squirrel Spotting: A Blueprint for Building Sales Plans for the New Year

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.

2022_Peter Smith.jpg
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 … 

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!
Peter Smithis an industry consultant, speaker, and sales trainer, and author of 3 books on sales. Reach him at TheRetailSmiths@gmail.com.

The Latest

Vigil for slain Wheat Ridge, Colorado jeweler Peter Damian Arguello
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado Jeweler

Peter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.

Lisa Bridge
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge Jeweler

The retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.

Bethenny Frankel
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience Show

The Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Nora Kühner fashion design consulting trend forecast colors 2027
EditorsAug 11, 2025
The Colors Expected to Be On-Trend in a Couple Years

Associate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.

Weekly QuizAug 08, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Brilliant Earth Jolie Mosaics engagement ring
FinancialsAug 08, 2025
Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales Rise

The company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.

Jewellers for Hope charity event
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of Fundraising

The organization has raised more than $1.3 million for charity since its inception.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Rahaminov Diamonds Emerald-Cut Diamond Bezel Bangle
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel Bangle

The brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.

Black and white photo of Tony Bennett near a microphone
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony Bennett

The first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.

Sapphire page in Chatham’s “Ultimate Lab-Grown Catalog”
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown Gemstones

The catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.

Rembrandt Blue Jay, Hummingbird, Cardinal Bird Charms
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird Charms

The company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.

Shipping containers on a ship
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says

An additional 25 percent tariff has been added to the previously announced 25 percent.

Claire’s storefront
MajorsAug 06, 2025
Claire’s Files for Chapter 11 Bankruptcy Again

The jewelry and accessories retailer plans to close 18 stores as part of the proceedings.

Smith & Son Jewelers storefront Springfield Massachusetts
IndependentsAug 06, 2025
Smith & Son Jewelers to Close 107-Year-Old Location

Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.

Zahn-Z Beluga Spout Grey Spinel Ring and Beluga Spout Mandarin Garnet Ring
CollectionsAug 06, 2025
Zahn-Z Swims With Whales in ‘Beluga’ Collection

Designer Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.

Paola De Luca presenting Trendbook 2026+ at Vicenzaoro
TrendsAug 06, 2025
Paola De Luca to Release Trendbook 2027+

She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.

Omar Roy mugshot
CrimeAug 05, 2025
Report: Suspect Arrested in 1992 Murder of Miami Jeweler

Omar Roy, 72, was arrested in connection with the murder of jeweler Dionisio Carlos Valladares.

Mignon Faget Beyond Katrina Pendant and Beyond Katrina Pin
CollectionsAug 05, 2025
Mignon Faget Commemorates 20th Anniversary of Hurricane Katrina

The New Orleans-based brand’s “Beyond Katrina” jewels honor the communities affected by the storm.

Jewelers of America Logo
Events & AwardsAug 05, 2025
JA Announces Seymour & Evelyn Holtzman Bench Scholarship Winners

The organization has awarded a total of $42,000 through its scholarship programs this year.

2026 Gem Awards logo
Events & AwardsAug 04, 2025
Gem Awards, David Yurman Introduce $50K Grant for Emerging Designers

The winner of the inaugural David Yurman Gem Awards Grant will be announced live at the 2026 Gem Awards gala.

Marlo Laz peridot and diamond Alexandra earrings
TrendsAug 04, 2025
Amanda’s Style File: August’s Bright Baubles

As summer winds down, celebrate the sunny disposition of the month’s birthstones: peridot and spinel.

Surveillance image of Watch King robbery suspect
CrimeAug 04, 2025
‘The Watch King’ Assaulted, Robbed in Queens

Moshe Haimoff, a social media personality and 47th Street retailer, was robbed of $559,000 worth of jewelry by men in construction outfits.

Xavier Dibbrell
MajorsAug 04, 2025
Borsheims Welcomes New Assistant Facilities Manager

Xavier Dibbrell brings more than a decade of experience to the role.

Signet Jewelers logo
MajorsAug 01, 2025
Helzberg President Julie Yoakum Moves Over to Signet Jewelers

The addition of Yoakum, who will lead Kay and Peoples, was one of three executive appointments Signet announced Thursday.

Mike Alexander
MajorsAug 01, 2025
Jewelers Mutual Names Mike Alexander as President

The insurance company’s previous president and CEO, Scott Murphy, has split his role and will continue as CEO.

 Gemfields rough rubies
SourcingAug 01, 2025
Gemfields’ Auction Revenue Drops 50% in H1

The nearly six-month pause of operations at its Kagem emerald mine earlier this year impacted the miner’s first-half results.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy