Who is more qualified to dispense advice on surviving tough economies than Bill Boyajian, former GIA head and current managing director of the World Jewelry Center? The industry veteran, who has more than 30 years in the jewelry business under his belt, talked to jewelers on Saturday morning in his keynote address “Leading Your Business Through Challenging Times.”
Boyajian gave six specific suggestions for retailers to keep their businesses on the right track, despite the downturn: face reality, be willing to change, make the right moves, have the right team in place, don’t limit yourself or your business, and don’t forget the magic. “Passion draws people like a magnet,” he said.
Boyajian encouraged retailers to prepare for when the economy turns around, suggesting that tough times are opportunities in disguise. “You choose to see things differently,” he said, advising jewelers to embrace change because progress is sure to follow.
He also advised looking at every line item and scrutinizing where cuts should be made. “There’s a catharsis that goes on during a recession,” he said. He recommended that jewelers focus on what they can do right. “What gets measured gets done,” he said.
He also said retailers’ No. 1 hindrance to growth is a self-limiting mindset.