TrendsJun 02, 2023
Take a Peek at Couture’s Newest Design Talents This year’s Design Atelier is full of gems.
IndependentsSep 17, 2019
Squirrel Spotting: To Make Change, You Must Do the Damn Work
Sit down with your team and outline what’s needed to succeed while being honest about potential pitfalls, Peter Smith writes.
Peter Smith is president of Memoire and author of two books, “Hiring Squirrels,” and “Sell Something.” Connect with Smith on LinkedIn or at dublinsmith@yahoo.com.
I’ve been in the jewelry business since the year Elvis Presley exited stage left for the last time. It was a sad day in my life; not the jewelry business part, but the Elvis dying part.
In the decades since, I’ve seen a lot of changes in our business and if I were to create an Elvis playlist for the experience, it might include “In the Ghetto” (that bloody recession), “Suspicious Minds” (insert your own “next-great-thing” here) and “If I Can Dream” (the positivity and optimism that is essential to be successful).
The latter—which yours truly once sang fully robed on a stage with the Las Vegas Mass Choir, a major life highlight—could be the theme song for the myriad reinventions we experience in the course of our lives, personally and professionally.
Aspiring to new projects—an alternate channel of distribution, a great sales team, a new store, a new marketing campaign or product strategy—is easier said than done.
What I’ve witnessed in more situations than I care to remember is lots of groupthink around the idea of doing something really different without ever really putting the mechanism and resources in place to make it happen.
It’s as if talking about the initiative alone was enough to make it happen.
I once worked for a company that wanted to develop an alternate channel of distribution for their products. Given the construct of their business, one could posit that doing so was not just a good idea but, in fact, ought to have been an absolute imperative, enough to galvanize the entire organization.
Nonetheless, the company’s unwillingness to recognize and deploy the essential resources, coupled with a culture that challenged any deviation from long-standing norms, undermined and ultimately suffocated the aspiration.
Of course, the company continued to hire and fire people in a well-intentioned, but otherwise- fruitless, effort to transition their model, but the results remained the same and will forever remain the same until the company honestly and openly addresses the vicious cycle of changing faces while playing the same predictable game.
If you need a reinvention, do it. If that’s not what you want, quit pretending you do and spare your team the myriad false starts.
Here’s a novel concept: If your business aspires to effect meaningful change, do the damn work.
Get the right people in a room and white-board the goals and the steps needed to be successful.
Be honest about the challenges, be they resources, people, financial, operational or, as can so often be the case, cultural.
While you’re at it, insist your team lists all of the known impediments to successful implementation. Demand that each person in the room volunteers at least one reason why the plan might fail and be honest about that possibility.
In fact, write a header on the white board that reads: “Twelve months from now we will have failed because … ” and prioritize the reasons why that might happen.
Create a hierarchy of impediments, and demand honest and open debate about the reasons why it could happen.
In “Thinking Fast and Slow,” Nobel Prize-winning psychologist Daniel Kahneman wrote: “When forecasting the outcome of risky projects, executives too easily fall victim to the planning fallacy. In its grip, they make decisions based on delusional optimism rather than on rational weighting of gains, losses and possibilities.
“They overestimate benefits and underestimate costs. They spin scenarios of success while overlooking the potential for mistakes and miscalculations. As a result, they pursue initiatives that are unlikely to come in on budget or on time or to deliver the expected returns—or even to be completed.”
If your business aspires to big change, if you feel that the status quo is killing the energy of your company, be bold and break the cycle. Do it by challenging your own conventions and, in some cases, even your own culture. If need be, take a sledgehammer to it.
No great change ever came from playing it safe.
Be honest, be bold and be committed. If you need a reinvention, do it. If that’s not what you want, quit pretending you do and spare your team the myriad false starts.
I’ll leave you with one last Elvis reference.
One of the first songs I fell in love with as a young lad was called “Follow That Dream.” It was buried on one of Elvis’ low-budget albums, which were usually filled with movie throwaways.
I loved the high-octane energy and simplicity of the song. It had no pretense or deep messages. It simply implored you to get up and get going, to follow your dream.
It’s as good a message as any to help chart your course.
Thank you. Thank you very much.
Peter Smith is president of Memoire and author of two books, “Hiring Squirrels: 12 Essential Interview Questions to Uncover Great Retail Sales Talent,” and “Sell Something: Principles and Perspectives for Engaged Retail Salespeople.” Both books are available in print or Kindle at Amazon.com. Connect with Smith on LinkedIn or at dublinsmith@yahoo.com.
More on Independents
The Latest
CollectionsJun 02, 2023
Piece of the Week: Saboo Fine Jewels’ Emerald EarringsThey’re a testament to the power of excellent design.
TrendsJun 01, 2023
See 50+ Jewels Debuting at Couture in Las VegasThe industry’s most influential contemporary designers are showcasing their latest jewelry designs.
Brought to you by
The Next Step for GIA Diamond ReportsThe most trusted diamond report, available in print or the GIA App.
Lab-GrownJun 01, 2023
35-Carat Lab-Grown Diamond Going on Display in VegasCreated by Maitri Lab-Grown Diamonds and graded by IGI, it’s slightly bigger than the record-setting lab-grown diamond GIA just examined.
Weekly QuizJun 02, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
MajorsJun 01, 2023
Bottom Line Marketing Announces Restructured Leadership, New Service OfferingsThe marketing agency has integrated its first C-suite.
Events & AwardsJun 01, 2023
Meet JCK’s 2023 Keynote SpeakerThe jewelry trade show also will debut educational content centered around social media.
Brought to you by
Beyond Borders: Crucial Factors in Colored Stone Origin DeterminationNavigate origin determination with Continuing Education seminars offered by the GIA Alumni Collective™.
TrendsMay 31, 2023
Here’s a Sneak Peek of New Jewelry to Check Out at JCKLuxury kicks off today, with the full show in swing on Friday.
CollectionsMay 31, 2023
Verragio’s Debut Fine Jewelry Collections Honor Company HeritageOne of the three new collections was inspired by the legend of a woman who traded her mansion to Cartier for two strands of natural pearls.
MajorsMay 31, 2023
Signet Jewelers Names New Head of Investor RelationsRob Ballew will be tasked with communicating the jewelry giant’s plans and financial performance to investors.
MajorsMay 31, 2023
Jewelers Mutual Launches App for Retailers, Introduces New BrokerageWith the app, customers receive a 15-day insurance offer on new purchases while their coverage needs are being evaluated.
Lab-GrownMay 30, 2023
Lightbox Is Testing Out a Trendy Concept Shop in BrooklynIt is in House of Showfields, a bazaar-style retail space in the borough’s Williamsburg neighborhood.
Events & AwardsMay 30, 2023
These Are the Can’t-Miss JCK Talks Education SessionsFrom consumer trends to retail technology, these are the JCK Talks sessions that should be on attendees’ radar.
AuctionsMay 30, 2023
Sotheby’s to Auction Mellon Family JewelrySignature pieces from Cartier and David Webb will appear in the June jewelry auction.
Events & AwardsMay 30, 2023
24 Karat Club of Southern California Recognizes 3 HonoreesThey will be celebrated at the annual dinner dance and gala in the fall.
GradingMay 26, 2023
State of the Diamond Industry: AI and the Future of Diamond GradingGemologists have long used machines in diamond grading but technology has made it possible for them to “learn” how to do it on their own.
Recorded WebinarsMay 26, 2023
Watch: Diamond Cut Quality: The Final Frontier Part 2Supplier Spotlight Sponsored by IGI
Recorded WebinarsMay 26, 2023
Natural and Lab-Grown Diamonds: What It’s Like to Sell Both Watch retailers Jeffery Bolling and Bobby Bengivengo discuss employee training, customer education and the sticky subject of future value.
FinancialsMay 26, 2023
Movado Sales Slip in Q1 Amid Inflation Woes, Tough CompsThe company has plans to revamp the Movado brand and offer less expensive watches this year.
AuctionsMay 26, 2023
Piece of the Week: A Bulgari Sapphire and Diamond NecklaceSet with a 118-carat unheated Sri Lankan sapphire, it just sold for $3.4 million at Phillips jewelry auction in Hong Kong.
Supplier BulletinMay 25, 2023
RAE Fine Jewelry Collection Debuting at JCK Luxury 2023Sponsored by Noam Carver
TechnologyMay 25, 2023
State of Retail: Why Jewelers Need to Invest in Cybersecurity NowAs cybercrime incidents threaten the industry, jewelers need to know what they’re up against and the best ways to protect their businesses.
SourcingMay 25, 2023
David Yurman Unveils Quartz Exhibition at AMNH The Yurman Family Crystalline Pass is inside the museum’s brand-new Richard Gilder Center.
MajorsMay 25, 2023
Stanley Zale Joins Hill & Co. as Principal Consultant Zale has more than 40 years’ experience in the diamond industry, including 17 years as Stuller’s VP of diamonds and gemstones procurement.
Events & AwardsMay 24, 2023
New To-Dos in Las Vegas During Jewelry Market Week 2023The Strip is full of new restaurant and entertainment offerings.
TrendsMay 24, 2023
State of Design: The Jewelry Design Trends to Know NowNational Jeweler’s senior editor covering fashion, trends, and design highlights the latest looks in the market.
