B2B InfoWorld

Fundamental Concepts of Accounting

bkauf57 — Mon, 27 Jun 2011 03:36:33 +0000

All accounting information, whether for decision support or for accountability purposes, relies on the same foundation, the collection and processing of financial data. This process starts with five fundamental concepts; the accounting entity, going concern, accounting period, transactions and the accounting equation.

Accounting data is collected for an accounting entity – the economic unit for which financial reports will be prepared. The entity is accounted for separately from its owner or other accounting entities within the same organization. An accounting entity need not be the same as a legal entity. For example, a department within a company or a university may well be an accounting entity, but only the company, or the university is the legal entity – able to enter contracts and take legal action in its own right.

Accounting entities are generally assumed to have indefinite life – that is, they will exist for the foreseeable future, unless there is clear evidence to the contrary. A few entities have specific lives – Olympic Games organizing companies and entertainment concert tour companies are examples. Some other entities may run into serious financial difficulties that threaten their continuing existence. However, most entities are assumed to be going concerns and, as we will see, their financial statements reflect this key assumption.

Because of the going concern nature of accounting entities and the need to report to both management and external parties at regular intervals, a further concept is adopted – that of the accounting period. This divides the indefinite life of the entity into finite reporting periods – appropriate to the use to be made of the financial reports. The most common periods are monthly for management (internal) purposes and annually (or six monthly) for generally purpose (external) reporting.

Each accounting entity undertakes some form of economic activity. These activities give rise to accounting transactions – economic events that effect the financial position of the business and that can be reliably measured. Common examples of accounting transactions are sale for cash or on credit, purchase for cash or credit, bank loans, amounts owing to suppliers, funds provided by owners. Generally, events are not recognized as accounting transactions until they are substantially completed. For example, orders placed by customers are incomplete until goods or services are provided. Such orders are not recognized as transactions, although they represent important decisions. When an accounting entity begins operations, its transactions are recorded on source documents – such as invoices, receipts, checks, and bank statements. From there, the transactions are entered in the financial records of the entity – according the certain procedures that ensures that the records are accurate.

Transactions are recorded according to their impact on the accounting equation, which represents the financial position of the entity. At the very beginning of a business, the entity receives funds (capita) from its owner and may borrow further funds (loans) from outsiders. The entity now has an asset (cash) but owes this amount in total to its funders: as owners’ equity and liabilities. In the fundamental accounting equation, this is expressed as: Assets = Liabilities + Owners’ equity.

Arfan Ul Haq is an Asian author. He writes economics articles about various topics of economics and accounting such as accounting equation.

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10 Ways to Send 10% Fewer E-mail Messages

bkauf57 — Thu, 17 Mar 2011 04:01:22 +0000

Information Overload Awareness Day is fast approaching. Yes. We all struggle with the barrage of information that we receive and is available to us daily. And one of the ever growing sources of that information is e-mail.

Consider the world productivity impact if everyone sent 10% fewer e-mails than their average — every day from this day forward. Not sure what that number is? Simple. Just go into your Sent Mail over the last few days and check how many messages you sent. Take 10% and that will become your goal.

Here are 10 ways for you to send 10% fewer e-mail messages:

1. Avoid using Reply All. You can just about guarantee that when using Reply All, someone receiving the message didn’t need to see it. Go the extra mile and select recipients.

2. Copy fewer people. Resist the temptation to add Suzie or Sam just because they “might” need to see the information. Copy only the people who are in critical need of the information.

3. Stop using BCC. Blind copies are secretive. They are often used to “rat out” others. They create clutter and emotion, and usually generate more e-mail traffic.

4. Call a meeting. When the subject needs true dialogue and brainstorming, call a teleconference or a meeting. Don’t try to resolve a complicated issue with the group via multiple e-mail messages.

5. Use the electronic calendar. Large numbers of e-mail messages are wasted with people trying to find a time to meet. Use the electronic calendar feature to seek free times, and to schedule meetings.

6. Avoid one-word responses. No, we don’t need to see “Thank you.” Or “Great.” Or “Okay.” Please add no value while adding clutter.

7. Honor the two round rule. Once e-mail messages go back and forth two or more times, pick up the telephone or call a meeting. The issue most likely won’t get resolved with another e-mail message.

8. Resist forwarding. Someone sends you a link, a joke, or other interesting information? You don’t need to send it on to someone else to substantiate its value. Enjoying and deleting is okay.

9. Angry or emotional? Don’t even think of sending that e-mail message — it will generate exponential and unhealthy return messages.

10. Pick up the phone. There are some messages that can be returned and finalized with a quick phone call. Consider the overall time of the issue or transaction, and decide which means is the most effective — e-mail, phone, visit, ignore.

Put these 10 tips into action and watch your productivity increase.

Marsha Egan, CPCU, PCC is CEO of InboxDetox.com a division of The Egan Group, Inc., a Reading, PA based professional coaching firm. She is a certified workplace productivity coach and professional speaker, and can be reached at marsha@marshaegan.com or visit http://www.inboxdetox.com

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How To Escape The Trap of Interpersonal Conflict: The Symptom That Looks Like a Problem

bkauf57 — Mon, 14 Mar 2011 04:33:40 +0000

Introduction

Jack and Harry just don’t get on”. “Mary can’t work with Ellen”. “Joe’s really difficult to work with” These statements and dozens like them are heard frequently in workplaces of all shapes and sizes. We initiate “counselling”, “conflict resolution” or “team building” sessions. Some improvement occurs. Are we solving a problem or just massaging a symptom?

There’s No Need For Employees To Like Each Other

That statement is virtual heresy in some places. But it’s true. What employees need to do is agree about goals and roles: what they’re trying to achieve as a group and each individual’s role in that. Most interpersonal conflict is role and goal based. People get on remarkably well when they’re part of a successful team.

What Lead Do You Give?

Does you management style create conflict? Do you play favourites? Do you unwittingly set employees against each other by encouraging destructive competition between them. Do you publicly criticize or demean employees? If you’re harshly critical of employees expect them to be harshly critical of each other.

Start With the Group or Team

When two or more people are involved in achieving a goal you have a team. The goals of the team override the goals of the individuals who comprise it. You simply cannot work out what the individual needs to achieve or even do – individual roles and goals – unless the team goals are crystal clear. Start by gaining agreement about the overall goals of the team.

One of the commonest people management errors of the last 60 years has been placing individual roles and goals ahead of team goals.

Negotiating Team Roles

Once you work out team goals, help team members negotiate their roles in achieving the team goals “If you’ll do that, I’ll do this” approach is a good way to start. At the same time help team members develop conflict resolution methods within that role and goal framework. Effective teams resolve their own conflicts. If you’re being called in to do so, all members of the team have a problem.

Systems And System Management

All you need now if for team members to develop systems to enable agreed roles and goals, both team and individual, to be achieved. It also helps to give the team the responsibility for modifying individual roles and goals to better achieve team goals. Good systems lubricate the workings of effective teams.

Conclusion

Focus on roles and goals. Stress team effectiveness. You’ll automatically eliminate most interpersonal conflict. You see, interpersonal conflict is mostly the result of role and goal conflict. If you have agreement about roles and goals and interpersonal conflict still persists, send for the professional therapist.

If you’ve enjoyed this article, you’ll probably also enjoy my FREE, 20 page Special Report, “49 Practical Tips For Reducing Employee Apathy, Aggravation and Resistance in Your Business”. If you’d like a copy go to http://managingemployeeperformance.com/ and it’s yours to download FREE. I work with managers in small-medium business to help improve on job staff performance without using training.

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23 Inexpensive and Motivational Ways to Get The Best Out Of Your Small Business Team

bkauf57 — Wed, 09 Mar 2011 05:49:10 +0000

When you are running a small business keeping your team consistently up beat and excited about their work will seriously boost your profits. The bottom line is that people who feel part of a team that makes a difference put extra effort into their job. Add into that the feeling of being valued and appreciated by the small business owner and you’ve got a winning recipe for business success. We’ve put together a list of 23 proven, inexpensive and motivational ideas that can help you to get the best out of your team:

1. Get them on your page. Share your dreams and ambitions for your business and get them excited about your vision.

2. Give them the gift of time. Do you know anyone who doesn’t say “I don’t have enough time”? When your team do a great job or hit a goal give them some ‘surprise’ free time. Send them home an hour earlier or let them come in an hour later. Give them an extended lunch break to do their weekly shopping. Give them a car wash voucher and the time off to do it.

3. Find out what makes them tick and get to know them better by taking them for lunch or coffee.

4. Send a bunch of flowers or small gift as a ‘thank you’ to their partner when they’ve gone above and beyond the call of duty for you.

5. Take them with you to a trade or industry show.

6. Put their photos and information on your web site.

7. Give them time off for important family events like school sports or special meetings.

8. Hold annual ‘Oscars’ in your business.

9. Talk to them every day – (sounds bizarre, but you’d be surprised how many small business owners don’t do it.)

10. Get together with your team in January and make New Year Resolutions. Celebrate each goal as you achieve it.

11. Ring a bell when you hit a goal or target.

12. Hold a weekly meeting where everyone, including you, gives a summary of what they accomplished in the previous week and what plan to accomplish during the next week.

13. Hold an annual employee appreciation day.

14.Have a suggestion box and review it monthly with your team for feedback.

15. Use ‘We’ and ‘Us’, never ‘I’ and ‘Me’.

16. Make their jobs as interesting as possible. Find out what they particularly like doing and include it in their job description if possible.

17. Give them a challenge. Learning a new aspect of their job, mentoring a new employee, representing your business at a networking event, doing a competitive analysis.

18. There’s no ‘I’ in team. Encourage participation and open communication

19. Make the best of your work environment. Go back to basics with plants, framed pictures on the walls, good lighting and ventilation, unworn and clean carpets, fully functioning tools and equipment, a suitable break area, un-chipped crockery and glasses.

20. Create a motivational ‘Raving Fan Customer’ area with letters and testimonials that everyone can see.

21. Buy in a buffet lunch once a month on a Friday.

22. Give everyone business cards, even if they don’t deal directly with customers.

23. Choose a team charity and give everyone some company off to support it.

You’ll be amazed at how you can improve team morale and performance using simple, fun and low cost ideas. Try including them into your enterprise. You’ll find that, like many other small business owners, the simple activities often make the biggest difference. Use then to make exceptional team performance a reality in your small business.

Mike Newman is a noted business turnaround expert, entrepreneur and business coach. His wife, Trish is an award winning, international business leader. Together they offer no nonsense, practical advice to small business owners. Their website offers business coaching services, marketing tips, resources and success strategies for small business.

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Tips To Coordinate A Successful Joint Venture

bkauf57 — Thu, 03 Mar 2011 04:15:44 +0000

Joint ventures provide some of the best value for your marketing dollar today. By riding the coattails of a larger company, or combining resources with a business similar in size to your own, you can exponentially increase your customer base and your bottom line.

The success of your joint venture begins at the outset with the establishment of your very first JV partnership. We have tips to help you coordinate a successful joint venture right from your first contact with a prospective partner.

The Screening Process

The right JV partners will set the stage for a successful joint venture overall. To ensure you find the best possible partners for your arrangement, consider the following:

- The nature of the partner’s business and how well it relates to your own

- The reputation and history of the partner’s business

- The overall purpose and goals of the other business for the joint venture

- The ability to work well with and trust the partnering business

- The benefits both businesses will stand to gain from the joint venture

The more carefully you screen your potential JV partners, the more likely you will be to embark on a successful joint venture.

The Legal Process

Once you find a prospective partner that meets your pre-screening qualifications, it is time to deal with the legal aspect of the joint venture process. No matter how comfortable you feel with your JV partner, you want to have your full agreement put into writing and signed by both parties. Potential issues to address in your JV contract include:

- Management issues – who will manage what

- Availability and allocation of common resources

- Mutual gains and how they will be disbursed

- Accounting principles for the joint venture

- Taxes and potential deductions

- Specific business plan, including purpose and goals

There are a couple of options for drawing up a JV contract. First, look for templates online that have been specifically designed for this purpose. Second, hire the services of an attorney that specializes in business issues like joint ventures to handle the legal part of the process for you.

The Partnership Process

After the relationship is in full swing, there are a few factors to keep in mind to ensure your joint venture continues to motor along smoothly:

- Strive for regular communication between partners to assess the arrangement and make necessary changes

- Keep your word to your partner in all business endeavors, so a circle of trust is built within the joint venture

- Set a timeline to reassess your partnership and determine whether to continue the joint venture or disband in favor of other potential arrangements

- Aggressively market your joint venture, using all possible Internet options, to ensure the partnership brings you the best return

Joint ventures are a popular method of growing a business today, but many companies are still shying away from the concept for fear of getting roped into an ineffective arrangement. With these tips in mind, you can rest assured your joint venture will be as successful and harmonious as possible.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability. To discover more Joint Venture Marketing Strategies join his
free report on Joint Venture Marketing.

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Sales And Marketing Tips For Your Small Business – Sell The Sizzle!

bkauf57 — Fri, 25 Feb 2011 05:51:51 +0000

Did you ever buy a drill because you felt a strong desire to own a drill? Somehow, I doubt it. Chances are what you really needed was a hole. Or, more precisely, what you really needed was something to help you make lots of holes in lots of different surfaces. What you didn’t want to do is buy a drill just for the sake of owning the drill. Your customers feel exactly the same way about your products and services. They buy them for the result that they can provide them with.

Prospects and customers buy products and services to get an advantage; an advantage for themselves or maybe the company they are working for. The advantage may come in many different ways. Perhaps they want it to make them feel more attractive; perhaps some areas of their work or life will be made easier or more convenient; maybe the purchase will bring beauty or pleasure into their lives or give them greater personal status or prestige.

These days your prospects and customers are inundated with marketing and sales messages about all sorts of products and services wherever they go and the choices open to them are greater than ever before. But, whatever they are looking for, there’s something they all have in common – what they want to know is what benefit they will gain – that age old query that’s never far from most people’s lips: “What’s In it For Me?”?’ question. And your sales and marketing hits maximum effectiveness when it answers that question.

Now before you start saying “Tell me something I don’t know” take a look around you at the number of companies out there that don’t give the answer. All they do is list feature after feature in their sales messages. Then take a look at the professionals who know how to hit the spot.

How does Apple sell its technology products? Not by focusing on microchips, batteries or CPUs. They provide stylish, electrifying, inspiring, up to the minute technology that you know you’ve just got to own and be seen to own.

Slumberland doesn’t sell you a boring mattress but 8 hours of refreshing sleep and the sweetest of dreams in blissful comfort, which leaves you revived and full of energy to be your best the next day.

Successful sales and marketing cuts straight to the WIFM (What’s In It For Me?) factor by clearly illustrating and emphasising the benefits of the product or service. It was in 1936 when US salesman Elmer Wheeler said “It’s the sizzle that sells the steak, not the cow, although the cow is mighty important!”

Since that time “Sell the sizzle not the steak” has become one of the world’s favourite marketing mantras. Make it a favorite for you and your business too!

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Utilization of the Time-Value of Accounts Receivable

bkauf57 — Tue, 22 Feb 2011 07:20:26 +0000

In order to take advantage of the time value of accounts receivable when a company is having cash flow difficulties, one must know that a smaller amount of money today is worth more than the full amount tomorrow. This is particularly true when accounts payable are due. It is also true when a company can leverage the money to pay suppliers who offer early-pay incentives such as a percentage of discount when the amount is paid before it is actually due.

Some companies having cash flow difficulties offer early-pay incentives in order to stimulate cash flow. The problem with early-pay incentives is it is only an incentive and not always something a company can count on for sure. Wouldn’t it be wonderful to be able to squeeze out money from accounts receivable before the end of the thirty-day cycle?

Invoice factoring is a way of doing just that. A factor usually advances about eighty-percent of an invoice within twenty-four to forty-eight hours from when a company submits an invoice. The factor becomes the creditor to the business clients and pays the reserve minus a discount once the invoice has been paid. It is similar to the way a business gets paid for credit card invoices.

While factoring is more expensive than conventional bank loans, it also has certain advantages. The business is not limited to a certain amount as per a loan. The amount available through factoring automatically grows as the business grows. Thus, there is no need to apply for a larger line of credit.

Also, factoring does not adversely effect the balance sheet. Factoring is the sale of an invoice rather than a loan. Also, a factor is only interested in securing the amount factored by being in a first collateral position only over the accounts receivable. If the company has conventional loans, it is often possible to get the loan institution to subordinate to the factor allowing the factor to be in the first collateral position .

Factoring, accounts receivable funding, receivables-based financing and invoice factoring are terms used synonymously. Factoring is an alternative source of financing. Thus, it should be considered time-sensitive and transitional. Factoring should only be used until being able to qualify for conventional sources of finance.

Factoring is one of the oldest forms of financing. It has been a source in one form or another for more than 4,000 years. Credit card financing is a involved in the basic principals of factoring. One of the differences is factoring is only done business to business or business to government. Another difference is credit card companies pay the business in one installment whereas a factor pays in two installments.

In some cases, companies can benefit from factoring even though they don’t have the best of credit. When underwriting factoring, the factor focuses on the creditworthiness of the company’s clients rather than the company’s credit history. Through analyzing the company’s aging accounts receivable and accounts payable, underwriters can usually determine if factoring a viable source of financing positive cash flow.

When a company owes back taxes, it is also possible to factor invoices. In that case, there can be a lien subordination with the Internal Revenue Service. In some cases, factors will work with a company even when considering bankruptcy. However, only a Chapter 11 is considered for financing by factors.

It is possible to factor outstanding invoices on the initial funding. Thereafter, only new invoices are eligible for an advance. Normally, the initial funding takes about ten business days. The discount fee is dependent upon the amount of volume and risk determined by underwriters. However, this is an amount agreed upon in a written agreement before a company decides whether to factor or not. After the initial funding, an advance is paid within twenty-four to forty-eight hours from when an invoice is submitted.

Another way of funding companies doing a lot of credit card transactions is through loans based on the amount of credit card transactions the previous six months. Payment of the loan is based on a percentage of future credit card transactions. That allows the business flexibility by not requiring a set amount but rather a floating amount based on future volume. Thus, if the company has a slow week, it will pay less that week. Conversely, when the company has a larger volume of credit card invoices, it will pay more. But the percentage stays the same. Again, this is agreed upon before the funding takes place.

Russell Wardle is president of Corporate Capital Source. His company provides nationwide commercial financing, factoring and equipment leasing. Contact him at 801.676.0579. Also visit at:http://pages.cashflowpro.com/corporatecapitalsource.com/receivablesfunding.html

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New Business Start Up: Who Am I Kidding?

bkauf57 — Tue, 01 Feb 2011 03:10:14 +0000

Good for you. You’ve finally decided to start up a business. Starting up a business is an exciting time when you’re filled with energy and enthusiasm.

Congratulations! Now come the inevitable questions and doubts.

+ Do I have enough cash to start up my business? + Should I get a loan right now? + Am I qualified for this business?

These are the three powerful questions most new business owner asks. If you’re asking them right now, you don’t have to let them stop you from moving forward. Instead, address these challenges head-on by implementing the following crucial start-up solutions.

1. Do I have enough money to start up my business?

As a small business coach, I see new business owners fail at dealing with this question more than any other. And with good reason. They just don’t know how much it will cost to start up or how long it will be before their new business starts making money.

Problem: One of the reasons this is so difficult to calculate is because starting up a home-based business will have different start-up requirements than opening, for example, a cupcake store.

Solution: No matter what type of business you’re starting, these are the most common start-up business expenses that both home-based and store-based businesses need to calculate:

+ Equipment – Every start-up has some equipment needs. Make sure you compute these for up to five years.

+ Space – Whether you use your home or an office, you need business space. Even if you have a home business office, be sure to factor in an increase in phone, Internet, and utility bills.

+ Marketing – Be sure to take into account additional cell phone time, business cards, advertising, flyers, printer ink, web hosting, and paper.

+ Networking – Make sure you factor in the cost of joining and attending local and regional networking events for the next five years.

+ Transportation – Will there be a change in your transportation or traveling needs? More gas, less gas? New vehicle?

+ Filing fees – Will your business identity be a DBA, LLC, NPO, or Corporation? Does your new business call for local, state, or national licenses? In any event, you’ll have filing fees.

+ Banking – You’ll need to have a business account at a bank if you want to accept checks and credit card payments under your new business name. Don’t run your new business through your personal account.

+ Credit Card Processing – Merchant accounts, using PayPal, and even credit card swipe machines all cost money.

+ Continuing Education – What classes, training, and books do you need over the next five years to make you and your business successful?

+ Professional Services – You’ll need a CPA to get your books set up properly, an attorney to draft your contracts, and a business coach to help see you through the start-up process. Don’t skimp here.

2. Should I get a loan right now?

Whatever you do, don’t take out a loan to get your new business started up unless you have a guaranteed client or customer base to start with. Why? Because a loan is debt. And to start out your business with debt spells disaster, unless you have clients and customers waiting in the wings.

Problem: During our current recession economy, I’ve seen far too many businesses go belly-up because people relied on loans and other soft monies to start up, only to blow through that money without giving a thought to securing a client base beforehand.

Solution: Make sure you have a client and customer base in place first, before you start up. Then, calculate your start-up expenses, plus five years, based on your guaranteed sales. This way, your start-up expenses will be manageable and you won’t need a loan!

3. Am I qualified for this business?

One of the things I counsel my clients against is starting up a new business that is more than two degrees different from anything else they’ve done before in their life or career. That’s because if you extend beyond three degrees it is likely that you’ll end up feeling overwhelmed with all that you’ll need to learn and do just to get up-to-speed.

Problem: You like helping people and running errands, so you want to start your own concierge business. It might surprise you to hear, though, that that may not be a close enough match to bridge easily. Certainly, being a “people person” is critical. However, you also need to know the surrounding area in which you work and all of the amenities offered. Are you good at multi-tasking? How good are your listening and communication skills? Do you have any experience owning a business or managing people? You also may need to be certified in certain areas, such as travel and hospitality.

Solution: One of the challenges of starting up a new business is making sure you have enough existing skills and experience in place to make a good fit for your new business. In this day and age you must be qualified, in the now!

Starting up a business is an exciting time when you’re filled with energy, enthusiasm, and high hopes. There are also some common temptations to watch out for during this time, including failing to properly calculate start-up costs, depending on a loan to start up, and taking on more than you’re qualified to handle. The good news is you can deal with these challenges simply and easily by implementing these crucial start-up solutions. If you do, you’ll bypass the three catastrophic mistakes most new business owners make and get off to a flying start.

Dr. Susan L. Reid is a small business expert and business catalyst for entrepreneurial women starting up businesses. She is the author of “Discovering Your Inner Samurai: The Entrepreneurial Woman’s Journey to Business Success.” Download now a free copy of “Turn Your Business Dreams Into Reality Toolkit,” which includes a PDF chapter of her book.

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5 Critical Mistakes You’re Making That Limit Your Business Success

bkauf57 — Fri, 07 Jan 2011 06:30:59 +0000

Before I hear another small business owner tell me that they can’t manage their time and it’s frustrating and ulcer- producing, let me spread a ray of hope here: it’s not time you’ve got to manage; it’s yourself – your actions and decisions – through the flow of time.

That means self-awareness is an important part of success with time. Here are 5 ways that self-awareness is an important success marker for effective use of time:

1. Be aware of your energy patterns and when, during the day, you tend to be more alert, creative and productive. When you know that, you can schedule necessary tasks according to the degree of complexity they may have.

2. Know yourself with respect to your priorities. When you know that, it’s easier to establish how much time – and how soon – any individual project needs to be fairly handled, according to its priority to you.

3. Also – know yourself regarding any hidden reasons you may have for procrastinating on projects. Are there any anxieties around planned tasks causing you to delay their implementation? What association do you have with a particular project – like whether it’s a big risk or departure from your usual business process – that adds a dose of hesitation to executing the plan?

4. And know yourself with respect to your willingness to push your own priorities to the bottom of a to-do list in exchange for your agreement to take on someone else’s project. The more you do this, the more you’re likely to both subjugate your priorities to others’ AND wear down your personal batteries of productivity and advancement. Not good.

5. Finally, consider if your own need to control is preventing you from effective delegation – a huge opportunity because so much of what takes up our time doesn’t need to be done by us at all. Did you read that? It doesn’t all have to get done by you – just those things that no one else is capable of doing and that category may be smaller than you’ve been willing to acknowledge. The more you believe ‘only I can do this right’ the more likely nothing you do will get done completely and with your full creative powers on tap.

What all this means is the more you try to book yourself solid with appointments, plans and massive to-do lists, the more frazzled, frustrated you become and the less productive you are. How’s that for irony?

Know thyself and act accordingly – you’re a better judge of what needs to get down and how to do it with passion and purpose than any time management book, course or guru. Pay attention to your gut (as soon as it calms down) – it’ll give you a better scheduling device and resources for completion than you may have been willing to acknowledge.

Get a free report with 14 ways to make more money, enjoy your business and love your life here. Andrea Feinberg, M.B.A., Certified Prof’l Behavioral Analyst & Cert. Strategic Business Leadership Coach is the business owner’s coach. Andrea helps small business owners unwrap from the daily grind and focus on their business tomorrows; the result: more money & free time to enjoy it all.

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Exhibitions and Their Importance in your Marketing Strategy

bkauf57 — Thu, 23 Dec 2010 07:32:41 +0000

Using of trade shows and exhibitions as part of your marketing strategy, in order to promote your products, services or raise the profile of your business is a well proven approach. These effective shows are rewarding and provide an incredibly direct method of consumer marketing and contact throughout various market segments and aspects of the economy today. There are actually quite a few important steps involved in effective marketing through trade shows and exhibitions that exist today.

Attending a trade show is truly not just as simple as showing up with a booth and waiting for consumers to approach. It is actually much more of a complex web of planning and goal setting that allows for any trade show attendance to be a success. As such, there truly are incredible means and methods that exist which allow for an incredible appeal to trade show marketing success.

One of the first steps in this process is to maintain and periodically test the show equipment and booth. These are the very first things that will draw people in to want to visit the booth and see what it is one is offering at that particular shoe. If anything is out of place or needs to be prepared, these should be done well in advance to any show. It can be tempting to buy one of the many budget stands available on the web but you must be aware that they have low prices for a reason. Although the quality of these stands, predominately manufactured in China, has improved over time, the service that you will get will not. Often the systems are sold as self-assembly, delivery costs are inflated and added on as are artworking charges and disk checking charges.

Also, one should be proactive in planning for an upcoming show. This often includes letting current prospects and consumers know that you will be attending as well as perhaps even a direct mailer letting potential consumers know of your attendance. This is also the perfect opportunity to let them know of any new products and services available through your business.

A very fundamental aspect of effective marketing through trade shows is the morale and attitude of your sales team. Ensure they are geared up and ready to go and address any issues immediately. They must have a fresh and optimistic face during this process.

Any organization should understand what the end goal is prior to attending . What is the rate of investment for the show and how it could be attained are crucial in planning this number . Everyone that is attending should be aware of this and able to assist in meeting the goal.

Finally, effective marketing through trade shows also means knowing what the consumers there want to see. Make sure the booth being used is updated and relevant to that show in order for it to be a success. This makes consumers engaged and often wish to purchase the product that is being offered and sold.

For a full range of exhibition products and services, popup bannerstands, portable displays and exhibition panels.

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