CO-OP Advertising

When you are selling products that you didn't manufacture yourself, co-op advertising can be an effective and cost-saving tool. Many of the large and well known product manufacturers are willing to provide cost-sharing or reimbursement programs for promoting their brands. Such programs are used in most media; such as print ads, radio, TV, billboards and even phonebooks. In some cases the supplier will even help in some of the advertising production costs.

The co-op funds or refunds can be returned to you in several different ways, such as a check rebate, credit ti your account or additional products added to your orders. The manufacturer becomes your partner because they have a vested interest in seeing you do well and increase sales. They usually don't make their willingness to participate in co-op advertising so you have to ask them if you want to do it. They may surprise you and be ready or have a plan in place. So it never hurts to ask and if even one out of five is willing you're still ahead of the game.

More on CO-OP advertising in chapter 4 of Barry's book, "90 Days to Success as a Small Business Owner" available everywhere

Your Speaking Close

Most of us will give a speech or presentation to a meeting group, class or even a large audience from time to time. You will want the people to whom you are speaking to remember your main points when they leave. The closing part of your speech is what they will remember most along with the stories you have told. Many people speaking, get so wrapped up in the body of their presentation they have to rush the close so they finish on time.

One way to be sure that you complete your close is to rehearse it, fine tune it and rehearse it again. Then when you have it just right, time it to the last second so you know exactly how long it will take. Then you will know when to start to close your speech by watching the time left. Even if you have to omit some of the body of your speech, start your close on time so that you will get it all in and remembered. If asked when they leave what they remember most it should be what you said in your closing statements.

Barry is a speaker, international author and 20X entrepreneur. www.idealetter.com

Why You Need to Raise Prices

For a variety of reasons, you may find that you can no longer make a fair profit at the current prices you have. Here are some of those reasons that will justify increasing your prices.

 *Increased manufacturing costs
 *Higher payroll & employee costs
 *Desire to increase profit margins
 *Rent or tax increase
 *Raw material costs increased
 *Higher cost for employee benefits
 *Increased staff for better service
 *New marketing & sales costs
 *New equipment that you must purchase
 *Unexpected disaster recovery
 *Product upgrades and enhancements
 *Higer shipping or delivery costs

More on pricing strategies in chapter 9 of the book "90 Days to Success as a Small Business Owner" available in bookstores and online retailers.

Make a Business Wish List

If you own or manage a business there are always things or services that you want & need but are not in the budget right now. Try making a list of those things in order of importance and the approx. cost for each one. Post that list in your office and where you will see it often. As money becomes available check the for what you can afford at the time. Things like a new copy machine, landscaping, furniture, laser printers, file cabinets, etc. Add to the list whenever you think of something new that will apply.

Have a second list for employees wish list where they can request things that will make their job experience better and more productive. They will have something to work for and enjoy adding to the list as ideas come up. Things like a new microwave or TV for the break room, pizza party on Friday, fan in the production area, day off for Christmas shopping, sales goal bonus, etc. They will have fun adding to the list and be happy when they actually receive what the asked for.

Barry is a business coach the works by the hour (no contracts) www.idealetter.com

Network For Local Sales Leads

If you are looking for a networking group to get leads and sales for your business, forget BNI (way overpriced, difficult rules and rude to guests). I'm not fond of BNI because most of the dues go far away and the local group gets very little to work with. Plus you must pay every meeting for food. Another better group that's much less expensive and more friendly is Colorado Springs Business Partners. It meets only twice a month for one hour and there's a free mini breakfast buffet every meeting.  http://coloradospringsbusinesspartners.com/

Networking Groups In Colorado Springs | Colorado Springs Business Partners

coloradospringsbusinesspartners.com

Are you looking for more business - personally referred to you??? Check out COLORADO SPRINGS BUSINESS PARTNERS…….one of the premier Networking Groups

Business is NOW !

If you own or manage a business of any size you must use your ideas and take calculated risks any time and all the time. People have said to me that "I hate to waste the money on something new without knowing if it will work." Well you will never find out either unless you test and try it. Did Sam Walton, Steve Jobs, Bill Gates and many others sit around and let their ideas go unused and wasted. They forged ahead and made changes along the way to their great success, and you can too.

How many times have you heard someone say when a new big idea has success in the marketplace, "Hey, I thought of that first", but they did nothing with it. They sat around until someone used a similiar idea, took the risk and became a huge success. New business ideas are TODAY not tomorrow, next week or next year, NOW. You must have the courage, tenacity and perseverence to test and develop your new ideas right away. Then we will all read about you success in the news!

Barry is a business coach and speaker... www.idealetter.com

Want to Try a Loss Leader?

If you decide you want to attempt a loss leader strategy (selling at or below your cost), contact your big suppliers to negotiate a deal for lower cost on a bigger order. Explain your plan to them and they should be able to help you with some lower cost. You may be able to get them to deliver some items on consignment, just for this promotion. Don't hesitate to also ask for some of their attractive displays to use for this sale.

You probably won't be able to use items that will spoil or have expiration dates, in case you don't sell them all quickly. Also, you shouldn't use the same product or service as a loss-leader too often or your regular price will mean nothing. We have a large furniture store chain in Colorado that always has some sale going on that reduces most prices; who would ever buy at the regular price tag? Test and offer different items (but not all) to see which ones draw the largest shopping crowd and then use those only twice a year.

Be Their Associate Buyer

You may have heard the adage, "Don't sell them, help the buy" and it is wise advice. Do you customers but several items in specific categories but you can only supply some of those items? Why not take over their entire ordering function in that category. You can keep records of prices, inventory and order frequency on your computer and give them monthly reports.

Provide a complete order-management service, which you can do easily and inexpensively in your own office. You can even set up a file or site with a password so only they can get in and view their reports at any time. You can do this free or charge a small service fee for this convenience that they might not be able to get elsewhere. It will be difficult for these customers to discontinue your service without a painful transition.

Barry is a speaker, business author and business coach (by-the-hour only as needed). www.idealetter.com

Persistent Direct Mail

If you are mailing to your prospect or customer list and forgetting about it, this is not the correct approach. You will need to mail every quarter or at least 3 times a year to the same audience for the best results. With the new USPS "Every Door Direct" there is a savings on postage if you are targeting consumers or a specific business district. People may not need or want what you have to sell the first two times they receive your mail offer but the third time they may be in the market to buy.

I've mailed to the same companies for several years and I always get someone who calls and says, "I've been looking for products like yours, where have you been?" I just throw my hands up in the air, smile and get on with the sale. Afterward I check my lists again to see who I have not mailed for a while and get busy with another mailing. Direct mail is still an economical way to reach potential
customers and make your offer quickly. It may sound old-fashioned but it still works!

More on Direct Mail in chapter 6 of Barry Thomsen's book, "30 Days to Success as a Small Business Owner" available everywhere.

How to Get Creative Ideas

 *Be aware of things going on around you 24/7/365
 *Ask employees for their opinions & suggestions
 *Observe big companies in your industry for changes
 *Read or scan business publications & newspapers
 *Read or scan trade publications & magazines
 *Monitor your competitors by visiting their store or website
 *Watch for changing trends & fads in your industry
 *Ask customers what new products/services they want
 *Attend at least 50% of your industry trade shows
 *Read business books & CD's for ideas
 *Ask a lot of questions
 *Watch TV commercials (YES!) for business ideas
 *Read the direct mail you get for business offers
 *Watch demograohic changes in you target market
 *Attend Chamber & networking meetings
 *Steal & use ideas from other industries
 *Listen instead of talking and learn all you can

Unusual August Holidays

Here are some real but unknown holidays in August that you can use in your business for fun and profit.

 2-National Freindship Day
 3-National Watermelon Day
 4-National Sisters Day
 5-Picnic Day
 6-National Fresh Breath day
 10-Garage Sale Day
 11-National Kool-Aid Day
 13-National Left-Handed day
 15-National Relaxation Day
 16-Joke day
 17-Pencil Day
 19-National Aviation Day
 20-National Radio day
 20-Our Moon's Birthday
 21-Crazy Day
 24-Strange Music Day
 25-Kiss and Make Up Day
 29-More Herbs & Less Salt day
 31-National Box Car Day