"Satisfaction lies in the effort, not in the attainment. It is full effort that becomes the full victory."

-- Mahatma Gandhi, Statesman

by Jami Petersen

The economy is in turmoil, businesses are suffering and consumers are timid about spending their money. It's a scary time for everyone, but there are several fundamental practices that good business owners should implement. Dennis Conforto shares his advice for making good choices in tough times.  

Jami Petersen
newsletters@a-z.com

Sakura

Glaze® glossy 3D ink leaves a raised ink line for writing you can feel.

Use on non-porous, clean and smooth surfaces such as coated paper, acetate, vellum, plastic, glass and metal.

Perfect for adding depth and texture, using as a resist, creating stained glass and cloisonné effects, and adding bright color and shine.

Contact your wholesaler for details.

www.sakuraofamerica.com

Press Releases

News you can use about the latest media coverage of hot trends, noteworthy events and dynamic industry leaders. Learn more about the current headlines in arts and crafts by clicking on the title of each article segment.
 

Woman Entrepreneur Declared Finalist in Provincial Awards. The Women Business Owners of Manitoba (WBOM) are proud to announce, Kelly Hunter, owner of Gone Scrappin’ In Bloom, has been declared among 23 Finalists in the 2010 Manitoba Woman Entrepreneur of the Year Awards! This annual gala event puts the spotlight on the successes and achievements of women entrepreneurs in Manitoba. The dinner, to be MC’d by Maralee Caruso of CTV, will take place at the Fairmont Winnipeg on Thursday, May 20th. The finalists’ names are public, however the winners are not revealed until the evening itself.

Wooky Entertainment

Target New Consumers:

Teenagers with the Paris Hilton Creativity Collection. This new line is for teens from 10 years old and older who are interested by scrapbooking. Following the latest trends and fashion, the Paris Hilton Creativity Collection is adapted for teen girls of 2010!

Visit us online: http://pariscreativity.com/
For more information : info@wookyentertainment.com

by Dennis A. Conforto, A-Z Media Group, Inc.

There is no question about it, the economy is nothing short of a mess right now, and it truly affects all of us in ways we have yet to fully understand. As bad as our economy is, the rest of the world is even worse. However, there are lots of lessons we can learn from looking at our economy. Number one being that its not good policy for a country to spend beyond its means, just like its not good for a company to spend beyond its means.

What can a business do right now to be proactive when current revenues are not matching expenses? Here are some ideas for you to consider:
1. One of the biggest single expenses is inventory
• Heavily discount all products that as been in stock more than 90 days. Dead or dying inventory is like cancer to a business and must be removed quickly or it will be the death of your business.
• Reorder fresh inventory monthly and ONLY order four weeks of supply or less to keep your inventory turn rate high and protect your cash flow.
• Show comparison pricing; consumers want to know that you are working hard to give them value - so prove it with comparison pricing.
2. Promote, promote, promote in lean times!
• When times are tough you need to promote more, which doesn’t mean you spend more - it means you promote more.
• Larger discounts are required in lean times and sales events must be shorter, like one day or a weekend only. Month long events are not sustainable in terms of sales performance.
• Email your customers and make sure you work hard getting every email address you can, as it is the least expensive way to promote.
• Insure your store looks like it is having a sale… You cannot have enough sale signs and discount tags, whatever you think might work in terms of signage, double it.
3. Cut costs and expect and demand more everywhere!
• Push to change the pricing downward in every single relationship you have. As your revenues go down, your expenses must go down at the same rate.
• Don’t be afraid to ask to change your lower the lease on your retail or warehouse space. The real estate owners don’t want you to fail and for them, something is better than nothing.
• Don’t be fearful of driving costs downward from your suppliers, on the other hand you need to be fair so make sure you are doing more volume with less vendors rather than less volume with more vendors. Right now it’s a time to pay less and get more. You will get it if you partner with them, not just buy from them.

In good times and in lean times the rules of business are always the same, managing inventory, aggressively promoting and keeping expenses in line with revenues. These three areas are something you need to be overly insistent about

I have noticed that those who thrive in business always pay less and get more. They are the masters of partnerships because while they get more, they also give more. They don’t demand to pay less simply to pay less but rather they pay less to give more.

No question everyone right now is being hammered in the market place - housing prices have dropped, IRA’s, 401k’s and retirement funds have also dropped. In a free enterprise system, spending depends on the economy. The better we feel the more we spend, and of course the worse we feel the less we spend.

Much of how your consumers react will depend on how you act as a retailer or a supplier. While it is important to react to the realities of the market place, it is also important how we react. So get back to the basics of good business, keep it simple, keep it lean, promote often, give more to get more and take care of your consumers. Move your inventory faster than you have ever moved it before. Then you will have earned the right to have a business that can withstand the perfect storm. And that is what being business SMART is all about!

If you would like to comment directly to Dennis about this article or have him address a subject matter in future articles feel free to email him directly at dconforto@a-z.com.

The Memory Tradeshow

The Memory Tradeshow is the premiere market for scrapbooking and related products, family history and digital imaging.

It is the most important gathering of this industry regionally, and it’s attracting executives from all sectors: manufacturers, retailers, distributors, suppliers, sales reps, designers and press. The show’s goal is to provide the highest ROI show within the industry with a greater focus on the business of the memory industry, education and best business practices.

Learn more and save >>

Travel the world or enjoy your own back yard, either way, you can tell your story with Journey, new from me & my BIG ideas®. Inspired by vintage ephemera and photos but designed with a modern flair of finishes such as UV spot coating, foil and transparencies.

The new combination of products in this line has something for every traveler. Along with the beautiful paper pads and paper die-cuts, you will find new elements such as coordinating decorative tape, 36-piece black & white embellishment packs and even a matchbook kit of “Embellishments on the Go”. Among the new favorites is the travel scrap notebook and the 15-piece transparency packs. Mambi will never let their dedicated fans down either as this line continues to add their ever-so-popular soft spoken™, page kits, rhinestones and so much more. A must see!