Taking Your Business to the Next Level

What's the secret of taking a business to the next level of success? That's what JCK recently asked hundreds of U.S. jewelers. We found that one in five has intentionally expanded the business—by entering a new market niche, boosting sales, adding another store, etc.—over the past two years. The information they shared falls into two categories: knowing when it's time to grow and knowing how to grow. Here's what they told us: WHEN TO GROW Changes in business. If sales have been falling off for a while, it's time for a change. One Midwest jeweler, for instance, admitted to "flat sales performance for four years [due to] relying too much on too few clients"—definitely a red flag. On the other hand, if sales keep rising and customer traffic is strong, think about the next level of business, say successful jewelers. Three consecutive years of 15%-plus annual sales growth, for exa
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