May 6, 2020 @ 7:37 PM
I sent out an email March 17th on my thoughts of handling customers jewelry during this pandemic.
I have since received some very good suggestions by you, jewelers on doing a better job and want to share these with you. Also, I found some places for you to order hand sanitizer/face masks and alcohol.
The best and easiest solution to start is an item you can hardly find: Clorox Disinfecting Wipes.
Being they are so difficult to find and we need even better cleaning solutions we’ll go this route:
I had recommended some cleaning solutions for the front counter:
- UV cleaning machine
I want to make some changes.
I recently received a very detailed emailed from a jeweler named Annie who was ......
April 23, 2020 @ 5:14 PM
How to enter the EDIL and PPL loan money into QuickBooks when you receive it from the treasury department
March 30, 2020 @ 6:55 PM
The Small Business Owners Guide to the CARES Act
March 30, 2020
This is to help jewelers find important information during this tough time in America. The title just above above a link to an 11 page document on the relief package and what you get. For a government (SBA) document it's actually very easy to read and I will summarize here below.
Again the link to the 11 page SBA document can be opened by clicking this line
APRIL 1st, 2020 Updated:
Received this as an easy to understand documentation on the payroll Protection program (PPL) Click this line to open PDF file.
This is what I believe to be the application plus documentation to give your bank after Friday April 3rd.
>>>>I asked my CPA and when ......
March 17, 2020 @ 9:30 PM
How to keep the pace with sales after the virus stuff is over
Although I haven’t polled stores about how business is doing right now, I had a poll to my jewelers and on Facebook asking are stores going to close and 80% said they’d stay open (as of Monday March 16th.)
Of course this could change but for people I spoke to business was slow. To be expected, people are quarantined at home. Only the brave go out.
Whether you are still open or closed and work from home you need to continue advertising and marketing. Your marketing needs to be:
- Describe if you’re open exactly what you are doing to keep customer’s and staff safe.
- Proactive to think about buying jewelry, having repairs done and .........
March 17, 2020 @ 9:26 PM
Can your jewelry store survive a downturn in sales now?
Kind of a “slam in the face” headline isn’t it? Don’t tell me you haven’t laid awake at night thinking about what the Corona Virus will do to your jewelry business.
Your sales for a period of time will for surely decrease. Are you prepared to make it to the other side? How about your employees who you keep talking about as “we are family here”?
There are two questions really, simple questions.
- Do you have enough cash to take you through the lower traffic time?
- How will your business run on the other side?
I’m not yelling “the sky is falling” as America always rebounds. As a 71-year-old I’ve seen many ......
February 22, 2020 @ 7:51 PM
How to handle abandoned jewelry repairs
Every store has repairs (jewelry and watch) that have not and will not be picked up. The repair ticket you have that says “after 6 months unclaimed repairs will be ours” will not hold up in court. “Forgetaboutit”.
Each state has a law how to handle things being repaired and what to do with them if abandoned and it’s not what you think, nor will it be easy for you to get a straight answer.
Typically, your state Attorney General’s Office knows the laws but you’ll still find getting an intelligent answer difficult. If you google:
“abandoned repairs, ‘my state name’” you come up with a huge list and you’ll see more often than .........
April 3, 2018 @ 9:20 AM
Letter to my CPA
“If I made that much money, where the heck is it?”
After getting the tax return back from the CPA, this is the usual question. Jewelers often tell me they aren’t making any money when in fact most I help do make a profit in the store.
Making a profit and having money are two completely different things.
Let’s just talk jewelry sales. If you sell $500,000 and get keystone your gross profit is $250,000.
If expenses are $200,000 then your net profit is $50,000 which is 10% of sales. AWESOME!
“But I have no money!”
Easy. Look at how much inventory you have. At keystone the amount ...
February 20, 2018 @ 11:16 PM
October 4, 2017 @ 2:49 PM
Inside of the Brain of David Geller
Inside of the Brain of David Geller
You may price your repairs and such differently but I’d like to share with you how I think.
NEW 3mm wide half shank
There are two numbers in play here: Materials and labor.
Our price book is based upon a 3 time markup on everything. A narrow half shank that is for a size 6.5 to 7 that is 3mm wide and 1.5mm thick sells for $244.00
How did I get that price?
As a bench jeweler I would cut my own sizing stock, not buy the shank. I figured the weight at 1.13 pennyweights. As I ......