Wednesday, September 06, 2006

Trade Shows and Vendor Financing

Each day, All sends me its "Ten-second tip of the day for business success". Today's tip of the day was how to prepare for a trade show and was pretty good.

If you are going to exhibit at a trade show, make sure you sweat the details before you arrive. Select the right people to staff your booth. Conduct preshow meetings to identify goals and objectives. Agree on guidelines for interacting with visitors and qualifying customers. Place company literature and giveaways at the back of your booth so interested attendees will have to come inside to get them.

One more thing I would add to the list - financing!

If you're selling machinery or equipment, be prepared to offer vendor financing options. Vendor financing may provide you not only with a competitive advantage, but may result in faster selling cycles, improved cash flow and the ability to open up new markets.

If you're selling any product that may involve offering open credit terms, remember to act like a factor! There's no law that says you have to give open credit terms or the same credit terms to all customers. Don't forget to take into consideration the margin you'll make on the sale and the likelihood that your customer will pay you when the invoice is due.

Good luck at the trade show!

Please feel free to contact me with questions or ideas for future articles!

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