Big decisions are easier to navigate when you have experienced people who can challenge your thinking, expose blind spots, and offer a different point of view.
Running a retail jewelry business can be surprisingly lonely.
You might have a team around you, vendors calling every day and customers walking through your doors, but when you have a difficult decision to make, who do you actually talk to?
Should you take on that new product range? How do you deal with an employee who isn't performing? Is your advertising actually working? Should you renovate the store? Raise prices? Open another location? Move more of your business online?
Too often, the person making all those decisions is also the only person thinking about them.
And that's where you can put yourself at a disadvantage.
One Brain Has Its Limits
You're good at what you do. You wouldn't have succeeded as a retail jeweler otherwise. You know your customers. You understand your products. You know your numbers, your competitors and the day-to-day realities of your business. But familiarity can also create blind spots.
When you've been staring at the same problem for days, you can become convinced there are only two possible solutions. Someone else can look at exactly the same problem for five minutes and come up with a third option you hadn't considered.
That's the real power of having other people to call on. It's not necessarily about finding someone who knows more than you. It's about finding people who think differently from you.
Imagine Having a Team of Brains on Call
Think about the decisions you make during a typical month.
Now imagine having a small group of experienced mentors or a business coach you could call on, experts who have dealt with these decisions time and time again.
You might discover that one person solved a similar staffing problem six months ago. Another has already tested the advertising strategy you're considering. Someone else knows a product line you haven't come across.
Another might tell you that the seemingly brilliant idea you're considering is actually a complete waste of money because they've seen it tried before.
That's incredibly valuable. You aren't just getting advice from one person. You're getting access to other people's experiences without having to pay the ultimate price of making all the mistakes yourself.
You Need People Who Will Challenge You
You don't want a group of people who simply tell you that every idea you have is brilliant. You want people who are prepared to challenge you.
If you say, "I'm thinking about spending $30,000 renovating the store," you want someone to ask, "Why?" If you say, "I think we need to discount this product," you want someone to ask, "Have you looked at whether the problem is actually the price?"
If you're frustrated with an employee, you want someone who can say, "Are you sure the employee is the problem, or have you given them unclear expectations?"
The right mix of experienced perspectives becomes a valuable sounding board. It gives you somewhere to test an idea before you spend the money, send the email or make the decision.
One of the dangers of owning your own business is that you can become surrounded by people who rarely challenge your thinking. Your employees may not feel comfortable telling you that your idea isn't great. Your family may not understand the jewelry retail environment well enough to offer useful advice. Your accountant can help with the numbers, but probably isn't the person you want to discuss your latest merchandising idea with.
The Right Sounding Board Doesn't Have to Be Complicated
The good news is that you don't need a massive network. The right people can make an enormous difference.
You don't have to physically meet every week and you don't need complicated structures. You simply need access to people who have dealt with similar situations before.
Suddenly, you've got several real-world experiences to consider. That's the advantage of bringing several experienced perspectives to the same problem.
You Still Make the Final Decision
As a jewelry retail store owner, you're probably used to being the person who has to make the final decision. That's not going to change. But being the decision-maker doesn't mean you have to be the only thinker.
The next time you're wrestling with a problem, don't immediately close the office door and try to solve it yourself. Reach out to a trusted advisor, mentor, coach or peer for perspective.
You may not take their advice, and you don't have to. But you might see the problem differently.
And sometimes that's all you need.
Looking for a Trusted Sounding Board for Your Business?
Business Coaching from Edge Retail Academy gives retail jewelers access to experienced coaches who can help challenge assumptions, bring a different perspective to important decisions, and keep priorities moving forward. Every coaching engagement is built around your store, your goals, and the areas where you need support most.
By Becka Johnson Kibby (originally published by INSTORE)
Becka Johnson Kibby is CEO of Edge Retail Academy, a business coaching and data intelligence firm dedicated to advancing the jewelry industry. With decades of hands-on industry and coaching experience and powered by Edge Pulse, its $4B+ proprietary data platform, Edge Retail Academy delivers real-time insights and customized strategies that drive growth in sales, inventory, profitability, recruiting, team performance, and long-term planning.