More merchandise is sold as a result of in-store presentation than all other forms of marketing and advertising. Does your store need visual excitement? Are your products presented to give them the best ...
Practical tips to help you manage your business
By Rob Ivers
Owning and managing any business is challenging; running a successful graphics business in today’s market is a formidable task. U.S. and world economies continue to struggle during a normal, cyclical market correction. Things will get better again, but, alas, they’ll also get worse. Add to that the commoditized state of our particular industry, and you begin to realize the importance of strategic business planning and management.
I’m no management expert, but I know some companies are doing very well, even now, whereas others struggle or close their doors for good. I have a few ideas, some anecdotes and suggestions that may help.
Half fail in five years
Shortly after I launched my business, Inc. Magazine was introduced. It targeted small businesses, which they described as those with one to 100 employees. I was at the bottom of that range, but you have to start somewhere. Because I didn’t have much business yet, I had plenty of time to read. One article stated that 50% of small businesses fail in the first five years. I wasn’t worried.
Time passed, and, with lots of hard work, many mistakes and a little luck, I survived to that five-year mark. In fact, my shop prospered. Over several more years, I added customers and employees – and, of course, the accompanying headaches and growing pains. The eighth and ninth years (1986 and 1987) were fantastic; I landed a really large contract to do 2,500 Bigfoot Cruisers, a Ford street version of the Bigfoot monster truck. The project went well, and, afterwards, I had more than $50,000 dollars in the bank after taxes. I thought I was pretty hot stuff.