Tag: manufacturers

Product Sourcing for your Small Business

Posted by Winflow – June 21, 2011

For a new business owner, product sourcing can be a difficult task. There is a lot to consider when deciding to purchase from wholesalers and the wrong decision could mean profit-loss for your small business. Consider the following when sourcing products for your small business:

  • What are you going to sell? You should already have some idea of this if you’re opening a small business but now is the time to determine what product brand will do the best in your target market. Do some market research to determine the best product options for your small business.
  • What type of supplier are you going to use? There are a number of different types of suppliers available. Choose one that fits your business the best. Options include:
    • Distributors. Distributors often carry a variety of products purchased from manufacturers. Prices are slightly higher than buying direct but the minimum order requirement is very low.
    • Manufacturers. Choosing to go with a manufacturer means you are buying direct but there is usually a high minimum order.
    • Liquidators. Liquidators can provide products for up to 75 percent off the wholesale value. The downside is, once a product is sold out they usually don’t get anymore.
    • Drop shippers. Drop shipping is ideal for an online business. They ship orders directly to the customer and you don’t have to worry about storage  costs.
    • Importers. Importers are for shipping products from other companies.
  • Do your research. Know the supplier’s policies on damages, returns and back-orders. Talk to suppliers if you have questions and be aware of scams out there.
  • Contact the vendor and place your order!

For your small business needs, contact the Winflow Financial Group.

Supply Chain Start-Up and Management

Posted by Winflow – June 9, 2011

A supply chain is a series of companies who co-ordinate their activities to deliver goods and services to consumers and gain an advantage over the competition. Being part of a supply chain involves working with:

  • Retailers
  • Manufacturers
  • Transporters
  • Distributors
  • Suppliers
  • Storage Facilities

Managing a supply chain involves overseeing materials and finances as they move from supplier eventually making their way down to the consumer. A supply chain manager has three main duties to oversee:

  • Supplying raw materials to manufacturers.
  • Converting raw materials into finished products through manufacturers.
  • Ensuring the products reach the company through your network of distributors.

Supply chain managers are also responsible for finding the most optimal methods of transporting and distributing their inventory. To ensure an optimal supply chain make sure to:

  • Minimize transportation costs as much as possible. This will save you and your consumers more money down the road.
  • Ensure quick deliveries. Plan out the fastest routes for your drivers ahead of time.
  • Use the right type of transportation. There are many different methods of transportation to utilize when distributing inventory. Choose one that best suits your economical and inventory needs.
  • Move merchandise in the proper quantities. Moving too much or too little inventory will just end up costing you money.

For more information on supply chain management read this Canada Business page.

For advice on your small business needs, call the Winflow Financial Group at 1.800.956.6897.

Starting a Wholesale Business

Posted by Winflow – June 9, 2011

Running a wholesale business can make you a substantial amount of profit compared to running a retail store. This is because you are not making sales a dollar at a time, instead you are supplying inventory to retailers who typically need orders that costs thousands. If you’re considering opening a wholesale business, keep the following in mind:

  • You don’t need a lot of capital to start a wholesale business.
  • You can stock inventory or drop ship it directly to the customers. Drop shipping is when you send the inventory from the vendor to the customer. You avoid paying overhead fees for storing merchandise.
  • Understanding consumer trends is an important aspect of running a wholesale business.

Once you have decided to open a wholesale business, there are a few things you need to get in order. Be sure to set up the following before opening your business:

  • Find manufacturers. Vendors can largely be found online.
  • Find retailers through ads and direct contact. Participate in social media and consider contacting E-Bay or other online stores.
  • Figure out payment terms. Take a look at the competition’s payment terms and see if you can provide stock for less.

If you need help launching your wholesale business contact the Winflow Financial Group today. We can assist you in financing, investment

Business to Business (B2B) Marketing

Posted by Winflow – June 7, 2011

Business to business (B2B) interaction is when your company works together with other businesses and other wholesale buyers to provide specialized product lines, expand your markets and deal with manufacturers. With the recession, B2B marketing is less effective because there are less customers. To make the most out of your B2B marketing during times of financial crisis, consider the following:

  • Optimize your landing pages. Your landing page is where the customer first enters your website. A good landing page can prompt customers to continue exploring your site which can lead to sales. A poorly optimized landing page can increase your bounce rate sending your business further down Google searches.
  • Integrate your marketing and sales teams. The Internet causes buyers to begin interacting with your marketing campaigns before they ever speak to a sales representative. By streamlining these teams you may be able to create a single revenue pipeline.
  • Focus on building relationships with customers you already know. Finding new customers costs more money than keeping the old ones happy. During a recession, remember to market to returning customers over new ones.

For more tips on B2B marketing, read this article.

If you would like to learn how B2B marketing can help your business, call 1.800.956.6897. Our consultants at the Winflow Financial Group will determine how to best increase your marketing and sales.