(PRESS RELEASE) SEATTLE, WA - Profit Soup, a provider of financial benchmarking and education services, announced the launch of Jeweler’s Benchmark, a confidential online financial benchmarking platform for the retail jewelry industry. The service provides up-to-date insights on financial trends for retail jewelers.
Buyer’s Intelligence Group (BIG) has teamed up with Profit Soup as its exclusive marketing partner for the new service.
“The decision to collaborate with Barbara Nuss and Profit Soup to spread the word about Jeweler’s Benchmark was an easy one,” said Abe Sherman, CEO of BIG. “Our companies share a common mission to help clients improve profit and cash flow. We’re both driven to empower people to make brilliant business decisions by understanding the story their data tells them. BIG focuses on the merchandising side, and Profit Soup focuses on financial statements. It takes both to really see the big picture. I see firsthand, every day, that retailers who know their numbers and have a sound regimen for financial reviews outperform those who don’t.”
Jeweler’s Benchmark gives owners and decision-makers a confidential resource for assessing their sales, costs, profits and cash flow. The online portal allows subscribing jewelers to quickly upload monthly figures and instantly see dashboards comparing their recent performance to industry averages. Gross margin, labor costs, advertising, occupancy, GMROI and inventory turns are just a few of the metrics users can graphically trend and compare.
Denise Sober, buyer and financial analyst for Occasion's Fine Jewelers, Midland, TX, calls it a game-changer.
"Jeweler's Benchmark has quickly become one of the most important tools for our business," she said. "While knowing and analyzing traditional balance sheet and financial statements is vital to a healthy business, Jeweler's Benchmark brings the information to life. I can visually see my revenue, expenses and KPIs tracked across time. Most importantly, I can easily compare my data against other jewelers to quickly find opportunities to improve my business!"
When asked why she developed Jeweler’s Benchmark, Nuss said, "Clients asked for it! The industry lost a significant source for financial insights last year when Jewelers of America announced the end of their benchmarking program. The best in the business want a resource to assess whether they’re achieving all that they could.”
Jewelers enrolling by April 15 enjoy special grand opening pricing of $150 per month for the first store (25 percent off the suggested retail price for the service). To learn more, call Nuss at Profit Soup, 206-282-3888, or watch a video demonstrating the features of Jeweler's Benchmark at www.jewelersbenchmark.com.
The Wilkerson Way
See how one jeweler's inventory sale turned unsold merchandise into cold, hard cash.