FY 2017 is here!
Once the Christmas rush and the initial flurry of a new year has passed, we find ourselves in May staring down the barrel of a new financial year. This is the perfect time to take pause and reflect on your efforts that have been a success, and plan to avoid those that were not. We often get caught up in the actual ‘running’ of a business. Putting aside time to really consider and plan can put you in good stead for the upcoming twelve months.
Here are my top tips and lessons to prepare for FY1:
1. Determine your unique selling point
Get to know it and expand on it. It’s tempting to try and move into adjacent categories for quick wins but your core competency holds the key. Hone your focus and elevate it. For example, AGS|PJW is the industry’s leading fabricated alloy brand, supported by Australia’s only independent London Bullion Market Association (LBMA) accredited brand, ABC Refinery. We invest in research and development to continually improve our core products and stay at the industry forefront.
2. Bad stock never sells
Clean out, refine and start fresh. After Mothers Day, do a deep clean and really evaluate what you have. Our industry is lucky to have a product that can be recycled by refining to recoup some losses - just make sure you use an accredited refinery to ensure you get the return that you’re entitled to.
3. You have to be in it to win it
Participation in trade-shows, supporting youth initiates such as Worldskills, TAFE, The Tenmore Girls exhibition or the Young Jewellers Group are incredible initiatives, bringing attention and exposure to our industry. Pallion heavily sponsors and supports these events to safeguard our industry’s future. Everyone who benefits from the precious metals or jewellery industry should and does have a way to contribute back. We are stronger together than apart.
4. Listen to your customers
Remember – the foundation of every business is its customers. To that end, Palloys continually expands the 'My Dream Ring' catalogue (both in printed and digital versions) drawing on customer feedback. In-house setting, coloured stones, product expansion and the advanced additions of two-way chat on our automated on line quoting system gives jewellers what they want, faster.
5. Educate quality
Australian jewellers hold a unique position by being able to offer their clients the benefits of an investment quality material (ie, gold and diamonds), in the form of an emotional statement (i.e., jewellery). Much of the general public is uneducated as to what 'quality' in jewellery actually means. Educate them and reap the benefits.
Chief Executive Officer
Pallion (ABC Bullion, ABC Refinery, Palloys, AGS│PJW, A&E Metals, Regentco, Goldenage International & Custodian Vaults)