Sandra J. Paluzzi
The Bead Peddler®

It's so easy to get caught up in the day to day running of your business that you forget to manage it.  But managing your business is necessary for it to grow or even maintain itself over time.  Schedule the time no matter how busy you are. 

What is involved in managing your business?  A lot. 

First of all, make sure your books are in order.  You have to have a clear picture of your expenses and income.  Then you can manage your expenses.  Cutting down expenses is the easiest way to increase profits.  Look at every cent you put out.  Is there a cheaper way to ship?  Can you consolidate phone lines?  Is there a vendor out there with better prices on your goods?  There is fat in most budgets.

Just as there is fat in budgets, there is also fat in most people's use of time.  Look at ways to streamline your tasks.  Keeping your files and inventory in order will pay off in time saved over and over again.  If you spend time procrastinating, think of ways to get beyond that.  Reward yourself for starting the task NOW instead of later.  You're going to do it sooner or later, might as well be sooner.

Also look deep inside yourself and admit where you are weak in business skills.  Take classes, read books or enlist a mentor to help you with those areas.  It's time well spent.

Next there is your product line.  You have to stay on top of market trends.  Last year's jewelry may not sell this year.  You always want your jewelry to look fresh.  This doesn't mean your old inventory is worthless.  Some people don't follow trends.  Also, sometimes just buying a new color bead and mixing it with those you have on hand can create a fashion forward piece.  QVC and HSN always have the latest and greatest.  Watch their jewelry shows, look at fashion magazines and browse what's in the boutiques and high end jewelry shops. 

Finally, take a good, hard look at your marketing effots.  Are certain shows not paying off?  Cut them out and try new shows.  Even if all of your marketing efforts are successful, keep an eye out for ways to expand your sales.  You should be looking at new ways to market to existing customers and venues.  You should also look for ways to expand to new customers and venues.

By keeping an eye on your resources, keeping your inventory fresh and continuing to look for sales growth, you will find your business is not only more successful, but also more enjoyable.

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