Promotional Products Distributors: Time for Back to Basics

In times of slower sales, it’s time to take a thorough and significant look at every aspect of your business. Yes, peer into every nook and cranny of each and every one of your business practices. Discover ways to become more efficient, more effective and even more progressive.

So what types of “practices” should be analyzed? Below is just a short list of items to consider evaluating to make sure you are being thorough and efficient. You might also discover areas in which additional training is warranted to either learn a new skill or buff up on a new skill for either you or an employee.

Your Back to Basics Checklist:

• Is your showroom cleaned out with fresh, new product? Are displayed items labeled properly with vendor information for easy reference? Is your showroom neat, organized and pleasing to your clients’ eyes?

• Is your sample closet clean and organized with all discontinued items discarded?

• Are all catalogs properly filed in a systematic, easily retrievable fashion?

• Are fliers systematically organized? Are you using these materials to provide the best benefit to your distributorship and clients?

• Do you have a procedure for accounts receivables? Does that procedure need to be updated? Is your collection process being utilized? How do you handle new-client set-up to prevent collection problems?

• Examine your accounts payable. Have you created supplier relations to help with pricing and terms? How are suppliers chosen? Do you need to revisit negotiations with current suppliers?

• Are you creating internally or receiving financial statements from your accountant routinely and timely? Are you reviewing the statements and using the information in them to evaluate, plan and make business adjustments?

• Are you creating and evaluating sales reports routinely and timely?

• Is your bookkeeping system up-to-date?

• Do you have an efficient and effective order-tracking system? Does it need to be updated?

• Do you have an updated promo kit to use on sales calls?

• Is there any industry training that you could take advantage of to update your skills or acquire new ones?

• Evaluate your staff. Are they all trained thoroughly? Do you need to add staff? Do you need to lay off any staff? Are there any contract employees you could obtain to increase sales without increasing overhead?

• Evaluate your sales and marketing system. Does it need to be updated?

• Take a look at your Web site. Is it fresh and up-to-date? Are you using keywords to attract your niche market?

• Review your RFP (request for proposal) process. Does it need to be updated?

• Evaluate your advertising. Is it effective? Do you need to make changes?

This is just a starter list of all the nooks and crannies to examine while you have some time and energy. Turn the economic downturn into something positive by leveraging your time and talents to position your distributorship to thrive as the economy recovers. In the months to come, customers will be knocking at your door looking for promotional products. Why not take this time to capture the opportunity to launch your business to the next level in professionalism, efficiency, effectiveness, edginess, success, profitability, quality, creativity and superior management? It is my belief that those who use this time creatively and effectively are not only the survivors but also those that will thrive in the years to come.

Kay Kotan is a success coach serving the promotional products industry. Is your business running as smoothly and efficiently as possible? Not sure? Click here for a free online assessment to determine how effectively you are managing your distributorship.