What's the difference between stores that have a good bit of money and less debt and those that have little money and a lot of debt?

Working as a consultant in the jewelry industry for the last 15 years, I visit stores in person and connect all the time with businesses online. I have the opportunity to view their inner workings, business details, financials, etc. and I can tell you that successful stores share some common best practices.
Notice the title of this article: I said "have money," not "make money." What's the difference? Plenty. Most jewelers make money, although many have very little of it in their chequing accounts. Many years ago, I read a statistic that stated that well over 55% of companies who declared bankruptcy had a profitable profit and loss statement.

Here's my list of what I've seen in the trenches, not in order of importance.

David Geller | Jeweler Profit
16-Year Polygon Member