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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!
 

Kiwi's Coaching Corner

Paul  Kiewiet
When Will It Happen? (Ask “When” Three Times) Part 5 of “Get Curious About Your Business”
Aug 14, 2014

Time. It’s here and it’s gone. There are lots of clichés about time and there ain’t no time like the...



Not So Technically Speaking

Dale Denham
5 Problems With Promotional Supplier Videos
Aug 12, 2014

Dear promotional product supplier: That video you made has a great soundtrack. The special effects? Nice touch. I even like...



Beyond Words

Rebecca Kollmann, MAS+
Connecting—Not a New Concept
Aug 11, 2014

We’ve all seen ways to buy and sell—from brick-and-mortar to online shopping; from receiving letters to being deluged with email....



Compliance Chat

Jeff Jacobs
Truth in Product Labels—This One Will Kill You
Aug 8, 2014

Proper labeling of promotional products is a big deal. While sourcing, the proper risk assessment of any product must include...



Jeff's Rant

Jeff Solomon, MAS
What’s Happening with Trade Shows?
Aug 7, 2014

Full disclosure here—and I’ve said this before—I love trade shows. There is no better way for distributors to connect with...



Million Dollar Mindset with Greg Muzzillo

Greg Muzzillo
Live the Charged Life
Aug 4, 2014

Are you caged, comfortable or charged? I believe that if you understand what phase of life you are in—caged, comfortable...



Quick Thoughts by Cliff Quicksell, MAS

Cliff Quicksell, MAS
Accountability Begins with You
Aug 1, 2014

Accountability—the very mention conjures up feelings and thoughts of stress, being under a microscope or micro-managed. Accountability is imperative to...



Embellished

Kyle Richardson
The Best Laid Plans
Jul 11, 2014

Why it's always smart to keep a planner with your schedule and important documents, and why it's never smart to...



Promotional Fashionista

Colleen McKenna
5 Soccer Promotions for After the World Cup
Jul 1, 2014

Studies show that Americans prefer soccer to NASCAR. Here are five items to sell to soccer fans....



Mike's Blog

Michael Cornnell
Interview with Jason Black, CEO of Top Distributor Boundless Network
May 19, 2014

Ranking #19 on the Top 50 List, Black shares his thoughts on the future of the industry and what has...



Be Bold, Be Different, Be Memorable

Rick Greene, MAS
Source Your Inner Iron Man
Jun 11, 2014

Be a hero. Look for opportunities to swoop in and save the day. Source your inner Thor or Wonder Woman....



The Hot Button

Mary Ellen Sokalski, MAS
"How It's Made" Can Make You More
Jun 11, 2014

The show "How Its Made" is celebrating its 22nd season on television. How can we be a hit, season after season,...



Be Dazzled

Elise Hacking Carr
Got Control Issues?
May 14, 2014

Does chaos define you? How you respond to certain situations says a lot about your character. Here are five quotes...



Guest Blogs

Guest Contributor
The Anatomy of Emotional Marketing
Apr 11, 2014

You've probably heard the old adage: "It's the thought that counts." This could not be any truer, especially in business. When...



Big Picture Promo

Matt Kaspari, CAS
Meeting Clients Where They Are
Oct 24, 2013

Promotional marketing is at its best when it empowers a client’s brand, meets his or her objectives and fits within...



My Two Cents

Rick Brenner
For Promotional Product Sales, Protect Your Client's Brand
Jun 3, 2013

Whether you are selling to a global brand like Nike or to your local YMCA, no single asset is more...



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,...



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...



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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