Promo Marketing

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Coach

Selling Smarter

By Rosalie Marcus

About Rosalie

Speaker, author and sales coach Rosalie Marcus, The Promo Biz Coach provides proven tools, tips and strategies for selling smarter, working less and making more!
 

Mike's Blog

Michael Cornnell
Sales Channel Conflict: How a Furniture Wholesaler Resolved the Issue of Selling Direct
May 20, 2013

An importer in an industry similar to ours comes to a decision on this risky, make-or-break-your-business issue....



Not So Technically Speaking

Dale Denham
The High Cost of a Low Training Budget
May 16, 2013

If you train your staff, there's a risk they'll leave; if you don't, there's a risk they'll stay.
...



Jeff's Rant

Jeff Solomon, MAS
Why...?
May 16, 2013

Why... be connected? I've often talked about my love of trade shows and the value of business relationships, which are...



Promotional Fashionista

Colleen McKenna
How to Celebrate National Bike Month
May 15, 2013

May is National Bike Month. Here are five bike-friendly products and apparel to purvey for the next two weeks....



Be Dazzled

Elise Hacking Carr
The Amazing Fashion: 3 Gatsby-inspired Looks
May 14, 2013

The Great Gatsby finally opened over the weekend. Does the unbridled glamour of 1920s-inspired fashion translate to the promotional products...



Beyond Words

Rebecca Kollmann, MAS+
A Blog of a Different Color
May 13, 2013

When we communicate with others—through a presentation, through graphics or through text in an article—the use of color can truly...



Embellished

Kyle Richardson
Call For Sources: Michigan Suppliers and Distributors
May 10, 2013

Do you work in Michigan, or do you sell into the restaurant industry? I want to hear from you....



Kiwi's Coaching Corner

Paul  Kiewiet
Think Like Your Client
May 9, 2013

Getting out of the commodity game requires hard work, thoughtful work and requires learning new skills and work habits. You...



Be Bold, Be Different, Be Memorable

Rick Greene, MAS
The Fearsome Green Profit Margin
May 7, 2013

Or "Detective Fiction, Sales and the Art of Listening."...



The Hot Button

Mary Ellen Nichols, MAS
Have You Cleaned Out Your Teenager's Gym Bag Lately?
May 1, 2013

Performance clothing has changed over the past 10 years: silkier, stretchier, more mesh, even less stinky in some cases. So...



Big Picture Promo

Matt Kaspari, CAS
The Shift to Empowerment Marketing
Apr 25, 2013

Empowering is the act of giving away your power to those around you so you can elevate the group as...



Friday Sales-thought of the Week!

Dale Limes, MAS
Reverse Engineer Your Sales Success
Mar 18, 2013

Steven Covey reminds us that when setting goals ... "Start with the end in mind." That is to visualize the...



Editor's Notes

Nichole Stella
The Perfect Match
Mar 5, 2013

The Super Bowl has also become the Ad Bowl, where brands duke it out to see who has the funniest,...



Compliance Chat

D E Fenton
When a Picture Says a Thousand Words: Bangladesh
Nov 30, 2012

It takes a single negative image to undo even the most successful campaigns in the eyes of your customers—and many...



My Two Cents

Rick Brenner
CPSC General Counsel Clarifies Distributor Responsibilities for Children's Apparel
Oct 8, 2012

There aren't many distributors who would describe themselves as manufacturers. But under CPSIA, the majority of promotional products distributors—at least...



The Sales Challenge

Bill Farquharson
Think and Succeed
May 29, 2012

What would happen if you woke up in the morning and your first thought was, "I am never going to...



Creating More Purposeful Sales Conversations

Lisa Leitch, CSP, MAS
Under 100 Days to Achieve 2011 Goals
Oct 20, 2011

It's hard to believe, but there are fewer than 100 days left to achieve 2011 goals! Are you on track...



Industry Voices

Guest Contributor
In a Recession, Dress Up To Cheer Up
Jan 20, 2010

A few weeks ago, I had dinner with Executive Apparel's president and its director of product development in Orlando, Florida....



How to Keep the Cash Flowing in Your Promotional Products Business

 

In these uncertain economic times cash flow is more important than ever. Whether you're a self-employed promotional products sales professional or working for a larger promotional products distributorship, you'll want to be aware of key drivers of cash flow. Good cash flow directly impacts your income.

Today's blog post will give you 9 proven strategies to get paid faster:

  1. Be aware. Good cash flow starts with awareness. Be pro-active. Know your cash position at all times. Print weekly and monthly profit and loss statements. Know your bank balance, what you owe and what is owed to you. Once you know where your company stands, take steps to speed up cash flow by the following the tips below.
  2. Clearly communicate credit terms. Let all new accounts know your terms of sale before you process their orders. Check with their accounts payable department to find out what their normal turn-around time is for paying invoices.
  3. Get a deposit. These days getting a deposit (that covers your cost of goods) on all orders makes sense. Many clients will readily give you a deposit if you just take the time to ask. Make it a habit to ask all new accounts for a deposit when the order is placed.
  4. Make it easy to pay. Accept all major credit cards and PayPal. When clients have the option of using their credit card, especially those cards that have a rewards program connected with them, you'll have an easier time collecting. Make all your clients aware that you have many payment options.
  5. Give a small discount for early payment. Many of our suppliers do this. Offering a one percent discount for paying within 10 days may speed up payment.
  6. Check credit references. Do this for all new accounts and periodically check on existing accounts. A little investigative work goes a long way in knowing who you should be extending credit.
  7. Stay on top of past-due accounts. Regularly send statements. Your clients are busy, and your invoice may have "fallen through the cracks." A friendly reminder may get the check in the mail. Follow up at least weekly on past due accounts.
  8. Make friends with the people in accounts payable. A small promotional gift, a friendly phone call and a polite manner can go a long way in speeding up your payment.
  9. Reward them. Send a letter thanking all your accounts that pay within a certain time frame. Let your accounts know they can use you as a credit reference. Consider occasionally offering a free setup or next-quantity pricing as a thank-you for early payment.

I would like to hear from you. What have you tried to speed up cash flow? Have you used any of these strategies? What has worked in your promotional products business? Please comment below.

Looking for more ideas to quickly and easily increase your promotional products business? Get a free Skyrocket Your Spring Sales audio download with non-stop ideas to increase your promotional sales, plus supplier discounts and my new special report "10 Big Mistakes Promotional Professionals Make and How to Avoid Them and Double Your Sales," at www.promobizcoach.com. Contact Rosalie at Rosalie@promobizcoach.com.

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