Awards & Engraving

April '19

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A&E APRIL 2019 • a-e-mag.com 45 Sales & Marketing A FEW MORE FINANCIAL HATS Here are a few more hats you also wear. Advertising on a budget and being effective with results is significant in making our business successful. However, advertising can be expensive and often doesn't show immediate results. You have to choose a way to let the buying public know what you have and how your busi- ness is different. To be effective with your advertising, you first need to know the prospects in your area. Every segment of business you seek has different ways in which you can connect with the buyers — it is up to you to do your homework and know where to advertise to attract these clients. Advertising can be expensive with or without results, and if you are a young busi- ness you might want to make several sales calls before you do any expensive adver- tising. Get to know your audience before you leap into advertising on a larger level. Tip: It is important to let the buying public know what you do and how you do it, but you must work within a budget and make it pay dividends to promote your business. You might think about vol- unteering to write small articles in trade publications, or with your local chamber of commerce, or area news outlets to let the public know about you. Our designs and ideas can be captured in catalogs and the written media of dif- ferent options you may offer that the com- petition doesn't have available. Whatever you choose to be your plan for advertising, keep in mind you might have to make a change — be ready to do so quickly. Don't make long-range advertising plans unless you know they work for you, otherwise it might cost you dearly. Your product line most likely offers items that are common to the industry, and these are normally not the core of profit within your business. When you sell what everyone else in your industry does, it is a matter who sells the same thing for less. It becomes a price war, and no one really wins. Tip: Your business needs something dif- ferent in order to attract and keep the atten- tion of the new as well as repeat buyer. These items that are different may depend on that segment of business you seek to attract. It might take more than just one item. Your business and personal credit are vital to keeping your engine running in the right direction. In the beginning of your business, it can be difficult to make everything work financially. However, there are many opportunities for buying in bulk or buying a deal when it is available if your credit is good. One of the greatest setbacks for start-up businesses is the lack of atten- tion they place on good credit. It is also important to you personally. You can buy things to improve your business if you haven't budgeted for them with credit. Or if you haven't paid your bills on time then you want the necessary credit available. The proper use of credit can be one of the most useful tools in your arsenal to conduct business. However, the abuse of credit can wreck your business. It is important at the beginning of your business that one person should be doing the buying of product and parts in order to control your expenses. Someone respon- sible needs to understand and control the process of obligating the business to short- and long-term commitments. Tip: Remembering to think about your purchases and how quickly you will turn your inventory can be a great boost to your success. But the one thing you must do is pay your bills on time and maintain your credit rating. Here again might be a good time (at the beginning of your business) to talk with your banker and accountant. Keep in mind that both of these advisors want you to succeed because their business depends on your success. Some will tell you to work with just-in- time inventory. This is where you receive an order on Monday that is due on Friday. So you order your parts or product, and they arrive on Tuesday or Wednesday. Then you try to personalize them and ship them by Wednesday or Thursday hoping they are only two ship days or less away. If you are going to compete in our industry, then you eventually need to Milwaukee, WI May 17-18, 2019 Irving, TX March 28-30, 2019 TRAINING in the HALL Wensco Sign Supply ............115 GSG .....................................111 Hirsch Solutions Inc .............225 JDS Industries Inc ...............127 PDS Equipment ...................237 Stratojet USA .......................445 GSG .....................................111 Hirsch Solutions Inc .............225 Please visit THENBMSHOW.com for more information. Training Stop Training Stop Hands-On

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