Nailed It!

HO! HO! HO! Making a list and checking it twice?

This year is in the books-good, bad and the ugly! Time to reflect on successes and strategies that fell short. Before we succumb to the Holiday festivities let’s also review that budget that we meticulously prepared several months ago. The playing field has changed for many-no point in going to war with an outdated plan and weapons!

Let’s make a list:

• Check our assumptions - revenue, operating costs, margin expectations, product mix…realistic, achievable goals are useful. Exceeding our sales goals may bring on another set of challenges. I’ll take those any day.
• Marketing – do we need to rethink our target markets and sales campaigns or are we okay.
• Revisit material costs – you may get a pleasant surprise. Check your large purchase items. If you are having to adjust your pricing in the market, they might be adjusting too…don’t get me wrong, we all need strong vendors, but everyone is doing a little belt tightening.
• Accounts receivable – stay close to those moving across your aging. Send or fax them a “velvet punch” to let them know when they have entered your “discomfort zone” and request a date when you expect payment. I’m sorry, but they know they owe the money, disputes are the exception. Address them earlier, a kinder, gentler approach will make you the bank…and it only gets worse into the winter and this economy.
• Statements – twice a month serves as a gentle reminder and problems surface quicker like lost invoices, etc. Why wait another 30 days to discover a glitch. You will experience a bounce in your cash flow.
• Stay Visible – those impressions, subliminal or otherwise, are selling your product or services – of course we think signs, banners, decals and vehicle graphics are affordable and effective. Just let us know if we can help! Still time to order those signs for this tax year expenses.

If you are a small business you may find some upside to these times in a Business Week article published in late October. Go to http://www.businessweek.com/print/smallbiz/content/oct2008/sb20081020_489867.htm

Best Wishes for a Safe, Joyous Holiday and a Prosperous New Year!

Tags: accounts receivable, bank, Business, business week article, cash, day marketing, Decals, economy, holiday festivities, invoices, margin, market, marketing, material costs, money, payment, product, purchase, revenue, sales goals, target markets, vehicle graphics

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