Rachel Parkin
If it’s not working for you, it’s working against you!
Wedding – All in all, a positive start to this month. Whether you love royalty or not, you
Compound interest! W
e’ve defi nitely been spoilt lately. A stream of sunny weather, bank holidays and of course, the Royal
have to admit that we managed to pull off a spectacular event, watched by millions and it did seem to cheer everyone up. T ere’s something about weddings that make you temporarily forget everything else and get caught up in the moment. T e really interesting part is how people
act diff erently because they feel diff erently. Feelings aren’t supposed to be a big part of business. It’s supposedly about logical thought and proven formulas. But in reality, how we feel is a big determining factor in how we behave.
Of course sunny weather and bank
holidays aren’t good news for all retailers but on the whole good weather brings out shoppers. Good weather makes you want to go outside, have picnics and buy the new seasons fashions whether they be barbeques, candle holders or maxi dresses. I don’t want to focus on retail gloom
[we are by default a nation of cynical moaners] so since you can get that anywhere, I’m going to focus on the positive. Firstly, the economic recovery is
continuing. While a 0.5% increase in GDP isn’t exactly an excuse to crack open the champagne, at least it’s a sign that the double-dip recession that was in the news, isn’t actually happening. Secondly, the good weather, which makes us feel better and when we feel good, spending goes up. T irdly, there’s no sign of an interest
rate rise in the near future, with all the other increases going on – that’s got to be good news for everyone’s disposable income.
If all else fails we can all take comfort
The more positive
associations you have, the more
leverage and momentum you create.
from the fact that even the mighty Tesco isn’t immune to the battles on the high street. T ey just reported a tiny growth of 0.4% in general merchandise, clothing and electrical, which ‘refl ects the challenging environment’. Finally, online retail is still growing – ASOS for example saw its sales rocket 70% in the fi rst quarter of this year, so defi nitely not all bad news for all retailers. All of these things are happening on
a national level, but what can you do to keep that frisson of excitement about your business? Firstly, keep your eyes open for ‘game
changers’. What’s a game changer I hear you chorus? – Well, a game changer is a single, usually simple, shift in what you’re doing that changes everything for you. If you look back over your business [and those of just about everyone else too] you’ll see that the rise from zero to hero isn’t particularly steady, usually it’s a lurch followed by a bump, followed by some slow progress followed by another lurch forward – in car terms it’s like a square wheels progress... So if you abandon the idea that success isn’t supposed to be a smooth transition, it makes complete sense that one or two signifi cant shifts in thinking, operations or people can change everything for you.
It could be the Internet, maybe a
website? It could be local press, a celebrity endorsement, a eureka moment of invention, a new sales person? Maybe a business course that challenges you to see new possibilities for your business or new possible avenues for sales... Whatever it is for you it can take everything to the next level – and the next level is where life gets interesting again. Finally, don’t forget the compound
eff ect – Albert Einstein the brilliant scientist and Nobel Prize winner, called this the most amazing phenomenon of the universe! T e law of compound interest!
Most of us are familiar with this law
relating to money, but you can apply it to any area of your life or your business. Because you can be sure that if compound interest is not working for you, it’s working against you. T is phenomenon is really not just about fi nancial institutions, but about business, health and relationships, nothing is immune. Every day we make hundreds of
choices – What to wear, what to eat, who to employ, how to market ourselves, where to advertise? Each choice in itself is a small thing, and either positive or negative, but taken together over a period of time they propel you to either where you want to be [or where you don’t], either in a positive or a negative direction. While we often don’t see the bigger picture, being too bound up in our own little dramas, making as many positive decisions a day as you can is only going to help you and your business move forward. T e more positive associations you have,
the more leverage and momentum you create. If you’ve ever spent your evenings adding your shop details to a gazillion Internet search engines, then you’ll know exactly what I’m talking about!
Rachel Parkin is managing director of jewellery wholesaler Balagan. She also runs independent gift shop Reba in Peterborough and contemporary jeweler Pandora’s box in Cambridge. Email:
rachel@balagan.co.uk Rachel suggests that you might like to look at the following Retail Rehab website as it’s a free resource for retailers! Web:
www.retailrehab.co.uk
jewellery
Page 33
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60