How Inventory Turnover Affects Business Profit

Inventory turnover and business  profits

It is a commonly acknowledged fact that by reducing the time that it takes to turn over the inventory for your business, you can increase the earning potential and profit as well.

The business is considered to have turned over its inventory when it has replaced 100% of the original inventory. Important factor to be considered when maintaining your inventory and business stock is calculating the needs time.

The needs time is calculated by adding the count cycle plus order cycle plus delivery cycle.

The count cycle is the time after which you decide to count your inventory. Order cycle it is the time that it takes you to finish the counting, process the paperwork and place the order with the supplier. The delivery cycle is the time that it takes for the fresh inventory to reach your business. So considering an example where you count your inventory every six weeks and it takes you one week to finish counting and placing the order, your count and order cycle are six and one week respectively.

If it takes further three weeks for the inventory to reach your business, the delivery cycle is three weeks. Adding these three figures you get a total cycle of 10 weeks which is your needs period. Assuming that you sell 10 units every week, you will need to order fresh inventory by multiplying 10 into 10 which comes to 100 weeks in advance so as not to fall short in the middle of the sales.

You need 10 weeks worth of inventory from the first day of the count cycle to sustain business until fresh merchandise arrives.

Now most businesses believe that if they can manage to turn over their inventory faster, they can enhance their profits. Presuming that the demand exists for the business product.

Turning over the inventory quicker means that you sell more business merchandise. This automatically means that your business makes more profit. You can improve your inventory turnover by doing a few things yourself and working in a more streamlined manner with your distributors. For example, you can begin to count inventory every three weeks rather than every six. You could work with your distributors and suppliers to find more efficient ways of shipping merchandise to your business to reduce the time it takes for the delivery cycle.

If you can achieve both these things and cut both these time periods by half, you could increase your inventory turnover by doubling it and therefore doubling the business sales as well.

Another way to look at the inventory turnover is by measuring sales per square foot. This method is not just helpful in calculating your inventory turnover but also in calculating the cost of storing and maintaining your inventory.

You take the average retail value of the inventory and divide it by the number of square feet devoted to a product. This gives you the average sales per square foot. You will be able to calculate how many sales per square foot per year you need to break even with the cost of running the business. You should calculate your sales per square foot once a month to make sure that all calculations are according to your expectations.

Knowing the cost of inventory per square foot also helps you measure the cost of storing the stock in the godown and warehouses. This lets you control the amount of inventory you want to stalk by reducing excess inventory.

What Is Inventory Tracking – How Is It Done

what is inventory tracking

In order to implement inventory control and to manage your inventory in one way or the other, you need to have some sort of an inventory tracking system in place. An inventory tracking system helps you keep track of what has been sold, how much merchandise is in stock and how much you need to order and when.

And inventory tracking system comes in various sizes, forms and expense. But at the end of the day a good inventory tracking system helps you manage your stock and inventory effectively and lets you know several key driving factors for effective inventory management such as recognizing the fast-moving items, how much to reorder, when to reorder, amount of backup stock required, sales trends and more.

By using any one of the popular inventory software or by by devising a manual method such as tagging you can set up your own inventory checking system to keep track of your stock. However, it is most common for inventory tracking system to be set up with the guidance of an account.

An inventory tracking system can be simple manual system that uses a tag which is removed from the product at the time of sale, to the moderately sophisticated tracking system which uses a desktop tracking software such as Inflow, or a more sophisticated point-of-sale POS tracking system plugged other processes like with barcode tracking, credit card processing, cash register etc.

The kind of inventory system that you use for your business will largely depend on the scope and size of your business. Business of all shapes and sizes use entry tracking. From a one-man business to multinational businesses all use or rather should use some form of inventory tracking. A home-based business can devise a simple method of inventory tracking using tags, stickers and labels. The midrange business can implement automated tracking systems by using various software and even a POS point-of-sale system in integration with credit card machines, cash registers, a good tracking etc. A larger scale business can go in for technologies like magnetic tagging.

The scope of inventory tracking software is also very diverse. You get simple desktop software is which can be used on any personal computer to high-tech and complicated software that do a lot more like analyzing sales data, maintaining sales history, calculating taxes, generating special reports for sales per hour, creating multiple formats for invoices, accounting statements and generating the end gas reconciliation worksheets and inventory management reports.

The simplest example of of inventory tracking can be taken where a business uses the tag system to produce a monthly chart showing sales according to product line, brand and style. At the top of the chart the various products line are listed and from the left margin of various brand names and different styles. At the intersecting space in the table the number of items of each category are listed, that is, in what style and color the product was sold and whether there was any discount or a volume sale consideration given, along with any other relevant information.

Dollar control tracking systems show the cost and gross profit margin on individual inventory items. The basic method of the control begins at the cash register with the sales receipts listing the product, quantity sold and the price. You can compare sales receipts with margin on each item. Once again you can use software programs to track inventory by type, cost, volume and profit such as Inflow, www.Inflowinventory.com, AdvancePro, www.advanceware.net and Inventory Tracker for Manufacturing/Distribution, www.trackersystems.com.

Unit control systems use methods ranging from physically examining shelves to using sophisticated bin tickets and stickers get with each type of product that lists a stock number, a description, maximum and minimum quantity stopped, cost [in code], selling price and any other information that needs to be included. Bin tickets respond to an office file cards that list the stock number, selling price, cost, number of items to a case, supply source and alternative source, order dates, quantities and delivery time.

Retailers make physical inventory checks daily, weekly or as often as required by the business. Sometimes businesses assign one employee the responsibility for keeping track of a group of items. Bigger businesses hire stock personnel to organize and count stock.

Why Inventory Keeping Is Very Important

You will be surprised to learn how important inventory control is actually in the running of the business. Many entrepreneurs make the mistake of undermining the importance of maintaining and taking complete control of the inventory.

One simple way to look at it is this. What is a business without inventory? The answer is quite simply nothing. Without inventory you have nothing to sell and nothing to earn a profit on.

By analyzing, controlling, managing and understanding elementary, you can understand which are the fast-moving products and which ones on your maximum profit. 

It would be a grievous mistake to treat called categories of product that your business is as similar. They are always fast-moving products which generate a lot of profits as compared to other slower moving ones.

In fact the majority of the businesses realize that 80% of their revenue comes from 20% of the products. 

This is to say that you are in a business that deals with a variety of goods, products in different shapes and sizes, designs or any other kind of variation.

The products that generate the maximum profit do not necessarily have to be the ones that are the most highly priced. Sometimes also hotselling that smaller products with a less profit margin they overtake the more expensive business products.

Some experts go as far as to say that the business can typically increase their profits by 20% to 50% are implementing good inventory control.

Inventory control does not simply mean counting breathtaking physical control, managing it, keeping track of what is selling and what needs to be added and even locking it up quizzically, restricting access and treating it as one of the most valuable assets of a business. After all the inventory of your business product is the real cash value of your business sales.

Many entrepreneurs are hesitant to implement inventory control on their business because they lack the proper knowledge about how to do it. 

In order to track their inventory you need a system in place which is either manual, automated and software driven

Mostly, your business accountant can help you in doing this. A manual system or one that uses software and other more technological approaches such as barcode tagging, magnetic tagging all serve the purpose equally well as long as it meets your business scale and need and allows you to control your stock and inventory effectively.

Remember if your business hinges on, purchasing and reselling products, not having good management on your stock and inventory could mean that you end up purchasing larger quantities of items that you should not. 

It may also mean that you end up maintaining a higher or lower amount of inventory either of which can cost you business money and profit.

How Inventory and Stock Affect Cash Flow

affect of inventory on cash flow

Relationship between Inventory and Cash Flow Control

As we have briefly mentioned in the previous post, your stock and inventory has a direct effect on cash flow of your business.

You will be well aware of the fact that the cash flow is an essential factor that any business depends on for running smoothly. Any problem with the cash flow and suddenly a business starts having many different problems. Cash flow problems quickly translate into more serious problems for the business. Which is why problems in the cash flow is considered to be one of the foremost and important signs that the business might be in trouble. Problems in the cash flow can predict future problems for the business.

If you buy excess inventory, you are locking up a larger chunk of your business capital.

This money stays blocked and unavailable to other running expenses and departments of the business till the stock is not sold. If you keep excess inventory on a regular basis, the cash flow problem can quickly compound and become serious.

We have also mentioned the 18–20 rule when it comes to maintaining stock. Most successful businesses know that over 70% of the project is likely to come from just 20% of the products.

Most of the experts agree on this. It would be a mistake to treat all your business products in a similar fashion. It is a better idea to categorize them in different categories of turnover rate. An inexperienced entrepreneur may have the instinct of giving more importance to the more expensive items in the inventory. However, the more expensive product in your business catalog may not necessarily be the most profit-making one. It is common for product with a lower dollar value and a lower profit margin to affect the business profit bottom line more than the expensive products, simply because the turnover is high and the product is a fast moving one, meaning to say, simply, that it sells more.

If you can segregate inventory according to turnover rate, you can allocate more resources to the products that generate more profit whereas keeping balance outlook on the other categories.

Most of the businesses follow this approach where they concentrate on higher turn over products more and maintain an even keel on others.

It is also advisable to maintain your inventory in such a manner that you keep a smaller number of items in stock for a short period of time rather than a larger number of items for longer period of time.

In order to achieve this you may consider ordering smaller quantities of stock but more frequently.

How To Find Suppliers At Trade Shows

suppliers at a business trade show

Find Businesses To Buy Inventory from In Trade Shows

Trade shows are growing in popularity for businesses to showcase themselves. It is a common and popular place and time for businesses to find suppliers.

Almost all major cities have trade shows where local businesses and even from outside, depending on the scale of the trade show, take part. In fact, one of the USPs of trade shows usually is to get businesses from outside town and city to come and take part because such participation provides impetus to the local businesses and industries.

Hence, it is an excellent opportunity to find all the relevant businesses who have the potential of becoming a suppliers in one place and at one time.

Most active businesses are constantly looking for suppliers and buying products from different ones all year round. However, most successful businesses also visit tradeshows.

The trade shows help a business on discovering some cost-effective and new options for business products. A tradeshow is also an excellent place to go to if you’re considering starting a small business and need an idea or some inspiration. Because of the sheer variety of different businesses showing off their wares, you stand a good chance of finding a business product or concept of your own interest. Finding something in your personal interest to start a business is an extremely important factor because it helps you stay motivated and committed to working hard.

Seasoned buyers and retailers come with a prepared list of what they want to buy as well as the quantities of merchandise they require.

If they happen to come across a retailer who can service their business product need, they can talk the exact figures and numbers then and there.

A trade show in a city might cater to all retailers and businesses or might be business specific.

You can contact your local Chamber of Commerce or convention and visitors Bureau for upcoming shows in your city and state. You can also get a list of upcoming trade shows in your industry’s trade publication.

Trade shows are great opportunity to show off your products and business to the public, consumers as well as potential suppliers. It also presents you with the opportunity to evaluate your competition. They can be a great place to develop networking which will serve your business in the future when you need to expand or diversify.

To find a trade show in your area, visit the trade show news, www.tsnn.com which is an online directory of more than 17,500 trade shows and conferences.

Before you go to a trade show in search of inventory suppliers, do your homework.

The trade show learning Center, www.fastsigns.com/tradeshow-center.html, provides a whole lot of information, sign design tips and checklists to help you prepare.

What Is the Right Amount Of Inventory to Maintain

how much inventory to keep

How Much Inventory and Stock Is Enough

In order to understand how much intensity should keep, you need to understand your own business and its requirements. Needless to say, at any given point of time you should have enough inventory to couple your normal sales pattern. There will be times in the year, such as around the holiday season, when the department on the inventory will be much greater as the seeds for many businesses shoot up manyfold.

Having the right amount of inventory ensures that the business and the sales happen smoothly. If you get out of stock, it causes your business or loss on many fronts.

Not only will you not be able to make the sales, you may have to buy emergency inventory at a higher cost. Also, if the inventory includes raw materials and spare parts required to run your business, while you are waiting for fresh stock, your employees will be getting paid to do nothing. And when you finally have the inventory, you will probably need to pay their employees and workers overtime to make up for lost time and pending backorders. Pending back offers are usually expensive for any business.

The most important trick in maintaining the right amount of inventory is probably to know your leadtime. The time is the amount of time that the inventory and stock takes to arrive to your business after the date that you ordered it. Let’s say that you sell 20 units of week. And the time which is the time between your data folder and the date of arrival of fresh inventory in stock is 3 weeks. This means that you need to order fresh inventory and stock before your inventory falls below 20 into 3 which equals to 60 units.

Another thing to keep in mind is a safety margin which provides for unexpected delays and problems in delivery of fresh business stock.

Keeping just the right amount of inventory is important because overstocking also costs you money.

And in some cases, overstocking on inventory and stock is risky as well for products whose demand and price can fluctuate in the future. Inventory control becomes that much more important when dealing in a business that calls for speculation of demand and supply.

Less inventory will of course mean that you run out of stock before time and lose sales, buy expensive emergency stock, pay overtime to complete back orders and other similar losses to your business.

The one problem in determining the right amount of inventory for business start up is that you do not have a proven basis for deciding the amount of sales that you are going to have.

For business startup, the amount of inventory to begin with and to maintain initially is based on the projections in the business plan.

It is surprising how many things concerning the business come back to making an effective business plan. As we have spoken earlier about it, we would just like to point out once more that making a business plan can be an extremely important step that you take to determine the success of the business. To read more about how to make a business plan go to our business plan section.

Excess Inventory Can Cost Your Business Money and Profit

Avoiding excess inventory is just as important as running short of stock in the middle of sales.

We have already outlined the shortcomings and drawbacks of not having enough inventory and stock such as loss of sales, having to purchase additional stock at increased value, increased business running cost him finishing pending backorders etc. 

However, businesses also need to be careful about having inventory and stock that is more than the giving business need. At the end of today, maintaining excess inventory may prove to be a loss to the business in the following ways.

  • Keeping inventory takes space and maintenance. If you buy in excess of one particular product, you might be taking up space that could be used for storing other business products that are equally or more profitable.
  • The more inventory you keep, the more insurance you will have to take for the business stock. This calls for additional expenditure and may reduce the cash flow which is essential for the smooth and profitable running of any business.
  • Seasonal businesses need to be more careful. Clothing stores, accessories, holiday and gift products specially need to be careful about not buying more stock than required. If the demand happens to decline, it may leave you with unwanted items that you then might have to sell at discounted cost just get rid of it. This reduces your profit margin and may even entail a loss for the business. Of course products that have a long longevity, shelflife and the long-term demand are more safe from fragile and whimsical sales pattern in the future. For these businesses, it might make sense to purchase inventory in bulk and in advance for the next several months if you happen to be getting the stock at a bargain price.
  • Carrying excess inventory puts additional burden on the business resources because it costs money in extra overhead, debt service on loans to purchase the stock, additional personal property tax on unsold inventory and increased insurance costs.

Experts claim that by effectively managing inventory and stock a business can increase its profit by 20 to 50%, and expert also estimates that the cost of maintaining inventory is 20 to 30% of the original inventory cost.

Apart from having an effective inventory tracking system, it is also advisable to take physical count of your inventory on a daily basis for even once a week. You do not necessarily have to count everything all at once but counting just a few items will help you keep a tab on the inventory and see if it matches the records. This will help you catch the problem with your stock and inventory lighten the beginning rather than having to suffer the consequences later.

If you do find yourself with excess inventory, one of your 1st instincts may be to sell it at a discount just get rid of it. 

To not be in a hurry to do this because whatever discount you get means that much less profit for your business. That is like adding insult to injury. While you may be able to get rid of the excess stock, you have not only suffered larger costs in purchasing and maintaining the excess inventory, you have effectively reduced the profit margin of your business as well.

Although you just might have to use discounted sales to reduce your stock, you must 1st explore more avenues to sell as well. Perhaps, there is another retailer or another market where you can load off your excess stock. It may even be possible to to return some of the stock to the distributor or wholesaler. Some wholesalers and distributors agree to this when they have other similar markets and retail business to supply. They know that by taking back your excess stock, they can easily shifted and sell it to another business who needs it.

When you find yourself in excess inventory, many inexperienced business owners become overcautious and end up ordering less than what the business requires in the future. 

We have already outlined the disadvantages of having less than required stock and inventory. What you really need to do is make your system of stock keeping and inventory control more effective and streamlined. You need to have a system that you and your business can work with.

For example, if you are a one-person business, you might need fairly simple software program that helps you keep track of what is being sold. If you have manpower to in dedicate, you can take to physical counting of the inventory once a week. More sophisticated and larger businesses can resort to barcode tracking and magnetic tagging.

How To Design A Great Business Signage

how to make a business sign

Out of all the business image elements spoken about in this section, such as business stationery and business cards, creating and designing business signage is probably best handled by going to the professional fabricator or a designer.

We will explain why in a bit.

A good business sign serves many purpose. For businesses that depend upon walk-in traffic and consumers, the visibility of business as well as a large part of the trade could depend upon the effectiveness of the business signage. This is the reason why businesses like restaurants and retailers pay special attention to creating attractive and highly visible business signs. It is also one of the reasons why a well-designed business logo is so important.

Once more, the business logo will form and elemental part of the business signage just like it did with your business stationery and your business card.

That is one of the reasons for using a professional designer to design your business logo. 1st of all, while designing the business logo, a professional is in a position to tell you if the same kind of design can be easily implemented on a larger signage and whether it will look just as effective as it does on smaller print like letter heads and business cards. He could also give you valuable advice about the colors to use to make it more effective and attractive.

The next reason to use a professional is because the options available to you when it comes to creating a business sign are many.

You can use elements like both, metal, plastic, neon, fabric and even so many new amalgamated elements that can thoroughly confuse you. As if these choices were not enough, there are various processes by which each element can be made to look different such as using paint, polish, colors etc. you will also need to be informed about the price difference in different materials before you can make a decision of the kind of business signage you want to make. Other options for business signage include a freestanding sign, a wall sign, a projecting sign or a roof sign.

When it comes to making a business sign, you will almost definitely have to approach a business designer or a manufacturer.

A fabricator can help you make your this was signed without having to use the services of the design if you have an exact idea in mind that you can stomach it clearly to the fabricator. However, there could be elemental problems with the design which the manufacturer either may not be in the position to point out to you all simply won’t do it because that is not his job or area of expertise.

You could learn too late that you have made a serious flaw in the design of your business when it comes to putting it up. It is a very good idea to consult the business sign designing professional because he can tell you things like what should be the size of the sign for it to be visible from a certain distance.

A designing professional can also advise you on various other matters such as the zoning regulations governing business signage.

Certain areas have restrictions on the kind of business science that can be put up. For example, certain shopping areas and markets may not allow brightly lit neon signs we put up. You will need clear and concise advice regarding which material to use in making the business sign as well has other factors such as the durability of the signed in your weather conditions.

A good designer will be able to tell when the fabricators are cutting corners and doing sub-quality work. A designer was also probably take the responsibility of implementing his design work with the fabricator so you don’t have to and be present when the sign has to be put up to ensure that the installation goes smoothly.

The cost of making a business sign will depend greatly on what options you choose from. As we have already mentioned, these are plenty.

While many people tried to cut costs in making the business sign by going straight to the manufacture of, we do advise using a professional because it will help you make a better decision in the long run.

Even though you will have to pay designing charges and fees in addition to the fabrication cost, you will be able to get the job done in a more organized managed and have a better guarantee that the business signed that is made will be suitable to your business purpose.

8 Tips For Making Effective Business Stationary

how to design business stationery

  1. Business stationery also has to be designed to create and reflect the image and quality of your business. In a way, the importance of your business stationery and the image that it can raise depends on how much exposure your business gets through doing things like sending promotional letters to existing as well as potential customers, corresponding with other businesses on professional matters, sending out press releases, writing requests and applications on your letterhead etc.
    The stationary of the business also speaks of the image and the business product itself.
     
  2. The business logo is an elemental part of the stationary. The stationary also contains valid and pertinent information about the business such as business name, personal name, designation, business address, phone and fax number, e-mail and website address.
     
  3. There are plenty of options to choose from. You have the choice in the kind of people that you use from handmade paper to textured kind. He would also have a choice in the grade of paper that you use which essentially means the smoothness and the thickness of the sheets.
    For someone who is environmentally conscious and wants to reduce the carbon footprint of the business, recycled paper is an extremely good option. Not only is it a greener way to conduct business but also speaks to your consumer and tell them that your business is the socially and environmentally responsible one as well.
    Small things like this can convey that you and your business take your social responsibility seriously as well. You will also have a choice in the color of the paper that you use. Of course, since writing on office stationery is mostly done in colors like blue, black and green, you are bound to use light colored paper such as cream or white.
     
  4. The same design elements such as the texture of the paper, colorful paper, the font etc. can be implemented in the design of your e-mail. It should also be noted that for many contemporary business, the business stationery that is used for sending out letters, newsletter to customers, promotional letters to clients and other businesses has been widely replaced by the use of the Internet media. Emails are used in stead of mailing letters.
     
  5. Business stationery, documents, logo, business image needs to complement each other. Your business card should seems like an extension of your business stationery. Both these things should not be starkly different. They should use, and design elements such as the same kind of font and colors. That makes them more identifiable to your business.
     
  6. Whenever you send out your business stationery, to other businesses, clients or customers, attach a business card as well. These people may not have your business stationery always at hand but can quickly and easily file away a business card for a quick reference to your contact information when required.
     
  7. The business stationery has the potential to create a strong impression about your business to other people. It can also be a long-lasting impression and a constant reminder if you are sending out repetitive letters and postal mail to the people related to your business.
     
  8. Do not clutter up your business stationery. Keep it simple and keep it to the point. If the nature of your business demands creativity and even funky designs, go ahead and implement the same.
    But make sure that the essential information and the message of the business is always clear. Make it easy for consumers and clients to respond to your letters, applications and promotional material by keeping your contact information such as your phone number, fax number and e-mail and website address clear.

How To Design A Great Business Card

how to design a business card

Business cards are perhaps the commonest way of exchanging business information. Almost all businesses have a business card. But as you must have noticed, there is a huge difference in the design and quality of business cards. Some people pay more attention to what their business cards series about the business than others. We want to emphasise the importance of a good business card that is cleverly designed and speaks clearly about your business.

The idea of the business card is not just to communicate information about your business in the most basic manner but to also reflect the nature, quality and image of your business.

Since a business card is small in size, expressing all this in a limited space takes a bit of thinking and creativity.

Once you have decided upon your business logo, it is of course going to be an important part of your business card design and element.

It is commonly believed by experts and even us that a business card creates a primary impressions of a business on the consumer.

What your business card says is equally important to the rest of the elements that you put in to designing the image and look of your business.

Just in the manner that you present yourself by dressing up in a certain way and taking care of your grooming and look, a business card represents the same identity for your business.

Once again, as was the case when designing a business logo, going to a professional to design a business card is recommended unless you have a clear and concise idea of what you want your business card to look like.

Even then, you might not be aware of the various options that are available to you in order to create a business card that is just right. For example, there is a lot of options when it comes to choosing the colors, paper type, fonts and even the kind of painting look that you want on a business card. For example, you can either simply print the information on your business card or you can have it embossed.

If you do intend to start out with the basic idea of a business card yourself, you should use your common sense and keep the overall image and integrity of the business in mind.

For example, if your business is up for creative artist, you can use a lot of freedom in the design and the colors you use. On the other hand, if you run a financial consulting service, you probably want your business card to be austere, plain, classy and printed on rich people. You probably also want to use businesslike printing colors such as gray and black or a navy blue.

In order to get started it is fairly simple to come across various business card design ideas on the Internet. In fact you can use the existing business card templates in the software that you already have on your computer such as Microsoft Word and Microsoft Excel.

You can also visit a printing press who prints business card and he will be able to show you many examples of the work that he has already done. If you see something that you exactly want or with a few minor changes, you could be able to side sweep the entire cost of working with the business card designer.

When designing a business card yourself, keep the following things in mind.

  • Remember that the business logo forms a primary and elemental part of the business card.
  • Keep it simple and to not try to cram too much information on your business card.
  • It should be easy to read, not cluttered and have clean and clear information.
  • Include all pertinent and essential information about your business such as name, business name, personal name, title, address, phone and fax number, e-mail address and website address. These are usually sufficient information to put on a business card.
  • The rest of the impression is created by the designing of the card, colors used, business logo as well as things like the shape of the card and the quality of the paper used.

9 Tips For Designing A Great Business Card

how to design a great business card

These are some of the common options, tips and tricks you can use to design a business card.

  1. Use a four-inch by 7 inch card that looks like a mini brochure. Not only does this allow you to include more information but also get creative with the cards designed by including other elements such as photographs. 

  2. You can also consider the pre-punched business card to fit in a Rolex if your business relies on a lot of phone contact.
     
  3. You may try out a business card that is shaped differently than a traditional business card. Although these can be more expensive to make, they might have in adequately and clearly reflecting the nature of the business. For example, the kids party planners business card shaped like a balloon or a birthday cake.
     
  4. Consider your options when it comes to using the kind of paper. 
    There are more options available now than they were sometime back. 
    Everything from textured paper to handmade paper can make a difference to the look of your card. Also, the thickness, and the color of the paper make a huge difference to the overall look and impression of your business card. 
    However, be very careful when choosing colored paper because it can affect the look and impression of the business card drastically. When using colored paper instead of the lighter colored papers such as white and cream, ensure that the readability of the business card is not compromised.
     
  5. Experiment with different kind of printing. There are techniques such as thermography which creates raised, shiny print and add interest to a business card. Different kinds of rendering of information on the business cards such as embossing and engraving is also possible which creates a very different patient impression.
     
  6. Do not get too enthusiastic and use a myriad of colors on a business card. Try to keep it simple and stick to 2 to 3 colors maximum.
     
  7. Always give people more than one business card so they always have extra ones to give to others.
     
  8. Attach and include your business card in all business correspondence.
     
  9. When carrying a business card do so in a convenient and smart business card holder so that they are always neat and clean.

Maintaining the Exterior Surroundings of Office Space

maintaining office exterior

Just like you are going to take care of the way the interior of your office and working space looks, the exterior may be just as important to create the right impression on the consumer as well as to boost the morale of employees. Make sure that the exterior of your office area is free of things like weeds, trash, broken sidewalks, tattered awnings, dirty windows, deck plans, overflowing trash bins section. All the signs of disrepair may give customers the impression that your business is not a very responsible one.

Walk out of your office and take a careful look at the areas that surround the office. If your office is located in your home, try and ensure that the entry and exit that your employees and your customers will be using is clean, and if need be, read and to reflect the business and. Take a close look at the parking lot, sidewalks, Windows, outside lighting and landscaping as well as the condition of the building itself. Usually there is nothing that I could paint job, and a thorough cleaning procedure will not improve tremendously.

Just by having an attractive exterior can boost your business and feeling of wellness in both your employees and your consumers. Make sure that it is attractive and appealing to not only the customers but to you and your employees as well.

Small Business Idea – Furniture Repair

Furniture repair business

Start a Small Business in Furniture Repair

Description of Job

• Repair broken pieces of furniture. • Make minor fixes to torn upholstery.

The Need and Demand for this Business

Things break, and upholstery tears, but a major piece of furniture, a valued heir- loom, or merely a favorite couch may be worth repairing to save the cost of buy- ing a new piece.

Challenges Faced by the Furniture Repair Business

The two principal challenges are deciding whether a broken piece of furniture can be repaired and whether the repair makes economic sense. If the total cost of removal of the item, labor, parts, and return of the piece is appreciably less than the price of a new one, you have business to perform.

Be especially careful if you are working on an heirloom or antique; don’t accept a job you are not capable of doing properly, and don’t accept liability for an item of extraordinary value.

What You Should Know Before You Start This Business

You’ll need to have basic repair skills and access to dependable specialists for jobs such as welding broken frames, cutting a custom piece of wood or metal, and reupholstering. In a way, this job could be compared to being a contractor on a house: Much of the work consists of assembling a team of capable subcontractors.

Some jobs can be done in the homes of clients; assemble a mobile workshop for house calls. Otherwise, you will need a truck or require that the client arrange for pickup and delivery.

How to Get Started with a Furniture Repair Business

Advertise your availability at community centers, home and houseware stores, and antique stores.

Up-front Expenses

You’ll need a set of basic tools. You can rent many specialized devices or sub- contract out unusual tasks. Other expenses include promotion and advertising.

How Much to Charge For this Service

Charge an hourly rate plus the cost of materials; give your clients an estimate of the number of hours a job should require and notify them if the price will change markedly.

Legal and Insurance Issues

Special notes: In dealing with your client’s property, seek to limit your liability for damage or loss to the actual replacement value of items in your possession. You should protect yourself against claims for sentimental value or loss of use.

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