After carefully observing the jewellers, here’s what I have found out as the 3 more obsessions the successful retailers have mastered.
7. Growth: The successful one have out grown the “sarafa” market and established themselves in the new growth markets of the town/city but also into nearby towns and cities with multiple stores. Many have built systems and processes by trial and errors and are efficiently managed businesses.
8. Change in outlook: With the 2nd / 3rd generation now, beginning to take charge, many with Indian or foreign education, more “efficient” ways of running the business is coming into play, including investments in brand building, systems and process improvements, etc
9. Willing to hire Consultants: While even 5 to 6 years back, there was a reluctance to invite Consultants like me to help them and support them. Going by the huge number of incoming enquiries I am now getting for “training”, it is clear, they have seen brands like Tanishq, Kalyan, Malabar and even regional chains expand and grow and want to experience those growths themselves.
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, net profit and ROI), consistent brand building is seen as a cost rather than as an investment, 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 the year ahead?
“Upgrading Jewellers ” Shivaram