Define your ‘why’ in your jewelry business
Whenever I work to help people find focus or clarity in their businesses, it is almost always helpful to step back and ask “what is your why?”
As in – why do you want to increase your profit, why do you make the work that you do, why do you need to forecast sales and expenses?
And your answers can vary:
Why profit more? Because profit is how you pay yourself.
Why make the work that you do? Artistic satisfaction.
Why project your sales and expenses? So that you can plan for your ebbs and flows.
Why have branding at all? So that you can stand out to the right buyers and the right consumers.
Why work all night building and editing a database of your materials and jewelry? So that in the future, your business runs in a way that is more manageable
Why plan at all for your business? Isn’t the future unknowable?
Ah, that’s the bigger question.
Chaos is a given in a small business. Heck, chaos is a given in the world. Planning is what gives you a “home” to return to – a place to give comfort and expansion to your ideas.
Planning and systems mean that you can scramble less and have more headspace to devote to new work.
Planning and systems mean that you will also have plans for when you need to pivot.
Planning also means that you have back up plans, for when your Plan A turns into Plan B through Z. You’ll be prepared, feel confident, and have a sense of calm.
OK but how am I supposed to plan my business? And why again?
For nearly seven years I taught the financial side of business planning to new and start-up entrepreneurs, and the question of not just how to plan for your business finances but WHY plan for your business finances came up a lot.
There is no Nostradamus when it comes to planning for your business sales. There is some guesswork, but even the guesswork is based on a combination of looking at your past history, looking at the indicators of what’s going well and what isn’t and make choices based on the data of your business.
Mostly though, planning ahead for your money means that you’ll be ten times more nimble when something changes. A plan means that you’ll have back up sources in case your gemstone supplier is too busy to send you stones, a plan means that you’ll have multiple resources for when your caster is overbooked, or for when your metal supplier’s website is down for maintenance.
Planning for the money side of your business
Planning for money means that you’ll have the scaffolding you need to support your business. This kind of planning keeps you centered and gives you the space to manage what you CAN manage in your business.
Planning for something going well – a new launch goes better than you expected, a trade show results in 10 new accounts. This is the best news, and also means that you’ll need the time to fill all of your orders and maybe even hire someone.
Planning for something going less well – a slow show, a decline in wholesale orders. Planning ahead means that you’ll have back ups for your cash flow to weather this dip in sales.
Having that scaffolding, having that planning at your back means that you’ll be in a strong position to reinvest in yourself and your business. Having that scaffolding means you’ll be in a position to pivot to a new plan with greater ease.
Picture yourself feeling more centered and more secure in operating your business – let’s work together this year to make your business your source of confidence and profit.
Business planning and advising – Zooming in on the details of your business needs and zooming out to view the big picture to keep you on your favorite path in your work. These plans incorporate all of the facets of your jewelry business and bring them together to create a concrete map to help you get to your goals.
Book a discovery call to see how we can work together this year.
“I felt fully supported along the way and was able to reach out for support in between our scheduled meetings if needed. Sharon is personable, a clear communicator and has a wealth of knowledge to share.”
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