I have Coached 350+ jewellery retailers personally, and 2500 + jewellers have attended my seminars and we have trained more than 15,000 sales staff. Besides my 10+ years at Tanishq in roles like Head of Training, Merchandising and Sales.
After carefully observing them, here’s what I have found out the skills the successful retailers have mastered.
- Start at an young age: Being part of the family, business is always a common family discussion and young children are expected to go to school and “sit” in the family stores in the evening. Holidays means, more time at the store.
- Hard Work: Whether they are 1st or 2nd or 3rd generation, they work very hard indeed. Their work really starts on a Friday evening and peaks on a Sunday evening. This is in contrast to most “professionals” whose work ends on Friday evening for a “great week end”.
- Basic education: Most young jewellers are either 12th Pass or at best a basic Commerce degree. In fact, elders take pride in what they have achieved, inspite of very little formal education.
You can click on below link to read Part 2 & Part 3
My own experience is that family run businesses are very efficient at “consumer facing interactions” even while “the consumer is very comfortable” with interacting with the “family”. Such consumers often have long standing relationships of generations, have similar lineage/ culture/ speak the same language/ are from the same community or religion etc. especially in industries like jewellery retailing.
Having worked with over 350+ family run businesses of all sizes from S, M, L, XL, XXL to XXXXL, my experience is they can grow even better with some “outside support” in areas like merchandising ( it is no longer about kgs but rotations and ROI), marketing ( rare to see family businesses willing to invest in consistent brand building) and finally in looking at employees as assets rather than as a cost.
If you are a family run business, where you do think, you are in this journey and what is your dream for 2020 ?
“Upgrading Jewellers ” Shivaram