Awards & Engraving

January '17

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36 a-e-mag.com • A&E JANUARY 2017 revenue pool. Provided that you have indeed maximized the pool, then it is time to redirect and determine the direction of the new core. Redirecting the core of your business assumes growth, and in conjunction with this there are five choices that you need to make. First off, you can do nothing. If you choose this option, then your core remains essentially the same and you are confident that things will turn around for you eventually. You need to hope that you are right about this, as it is a dangerous tactic. More traditional ways of actu- ally stimulating growth are to grow the business organically, grow it externally, to vacate the path that you are on com- pletely, or stay the course but minimize costs. The latter two will help you grow your profit side of the business but not contribute to its revenue path. The bottom line is that to really grow a business, you must decide if it is best to do it organically (from the inside, using mostly existing operational overheads), or externally (implementing new strate- gies that did not originally exist in the business.) Whichever path you choose involves proper planning and cost anal- ysis. It is dangerous to make choices on speculation and incur costs for growth programs that may or may not work out. Choose your path wisely, consult with others around you, but once you have chosen your intended direction, attack it with everything you have. The basic message here is that in today's business world, standing pat and assuming that things are always going to be the same is not a given. At the same time, it is not time to "sell out" com- pletely with regard to the way you have conducted your business over the years. Make sure you are aware of opportunities that exist outside of your comfort zone, and with a proper plan of attack, go after them. Channeled properly, the rewards can be great. Resist the temptation to be over-zealous as the repercussions may come back counterproductively. Eric Priceman is President of Victory, division of Planter Inc. in Chicago, Illinois. In his over three decades in the awards and engraving industry, he has traveled extensively, both domestically and internationally, visiting cus- tomers and suppliers. He is happy to share his unique perspectives of the industry, both past and present. Please feel free to contact Eric by email at ericp@buyvictory.com or by phone at 773-637-7777 ext. 228. revenue pool. Provided that you have indeed maximized the pool, then it is time to redirect and determine the direction of the new core. Redirecting the core of your business assumes growth, and in conjunction with this there are five choices that you need to make. First off, you can do nothing. If you choose this option, then your core remains essentially the same and you are confident that things will turn around for you eventually. You need to hope that you are right about this, as it is a dangerous tactic. More traditional ways of actu- ally stimulating growth are to grow the business organically, grow it externally, to vacate the path that you are on com- pletely, or stay the course but minimize costs. The latter two will help you grow your profit side of the business but not contribute to its revenue path. The bottom line is that to really grow a business, you must decide if it is best to do it organically (from the inside, using mostly existing operational overheads), or externally (implementing new strate- gies that did not originally exist in the business.) Whichever path you choose involves proper planning and cost anal- ysis. It is dangerous to make choices on speculation and incur costs for growth programs that may or may not work out. Choose your path wisely, consult with others around you, but once you have chosen your intended direction, attack it with everything you have. The basic message here is that in today's business world, standing pat and assuming that things are always going to be the same is not a given. At the same time, it is not time to "sell out" com- pletely with regard to the way you have conducted your business over the years. Make sure you are aware of opportunities that exist outside of your comfort zone, and with a proper plan of attack, go after them. Channeled properly, the rewards can be great. Resist the temptation to be over-zealous as the repercussions may come back counterproductively. Eric Priceman is President of Victory, division of Planter Inc. in Chicago, Illinois. In his over three decades in the awards and engraving industry, he has traveled extensively, both domestically and internationally, visiting cus- tomers and suppliers. He is happy to share his unique perspectives of the industry, both past and present. Please feel free to contact Eric by email at ericp@buyvictory.com or by phone at 773-637-7777 ext. 228. THE WORLD MARKETPLACE OF TROPHIES & AWARDS Sales & Marketing A&E Have a service or product to sell? For A&E Marketplace advertising inquiries, call 800.669.0424

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