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There Are Always Challenges; Plan, Adapt, Create, Persevere! |
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Written by Administrator
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Wednesday, 15 April 2009 19:42 |
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Two friends started a printing company with start-up capital provided by a family member and a home equity loan. The partners decided not to pay themselves until cash flow was positive. Business grew briskly as a result of lots of direct mail advertising; however, cash flow remained negative and available cash was quickly becoming depleted. This is when one of the partners went to the company's bank to negotiate a loan. The banker laughed out loud at the request, stating, "you must be crazy to think that ANY bank would lend funds to a six month old business!" Did the company fail? It came close. Instead, the partners created a comprehensive business plan and generated a list of the fourteen banks in the local area. They were able to make presentations to each one of the banks. Ultimately, they became quite adept at making compelling presentations. Finally, one of the banks decided to give them sizable line of credit secured by accounts receivable and other assets. Over the next three years the bank increased the line to by a factor of 10 times! Good business plans, compelling presentations and unwavering adaptation to the conditions at hand worked for these entrepreneurs. (This company was one of the Blodgett Ventures partner's first businesses, and this experience created a lasting lesson about creating a good business plan and presenting it to lenders.) |
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Last Updated ( Wednesday, 13 May 2009 16:56 )
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Marketing - What Gets You To The Top May Not Keep You There. |
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Written by Administrator
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Wednesday, 15 April 2009 19:40 |
Many companies have great products or services but lack effective marketing, promotion and sales. Having a “better mouse trap” does not automatically cause customers to beat a path to your door. Financial difficulties can often be traced to ineffective sales and marketing programs. One such case was a company that had dominated its markets for several decades, but had grown complacent. Only a small amount was budgeted for marketing efforts. However, because sales were level to slightly growing, they weren't aware that their market share had slipped drastically.The base of potential customers had grown substantially but the company continued to do business with only about 15% of its market. Blodgett Ventures consultants recognized this dilemma and devised a marketing program to successfully recapture lost business and restore the company to its fair share of market. Every company must have strong Sales, Marketing, Advertising, Publicity, Promotion, Trade Show and Web Site strategies, and these must evolve with the changing landscape of their markets. |
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Last Updated ( Wednesday, 13 May 2009 17:46 )
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Attracting, Screening and Retaining Competent Staff |
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Written by Administrator
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Wednesday, 15 April 2009 19:35 |
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One client has relied on Blodgett Ventures partners for over 28 years. Venture has staffed this company with with over twenty key marketing, financial, engineering, manufacturing, division management, sales, administration and distribution people. Using proven recruitment strategies, along with screening and rating systems, Blodgett Ventures is able to select people whose goals, personalities and career objectives fit with those of the companies. According to the company owner, "I can sleep well knowing that BV can always find the best available talent for my team." Blodgett Ventures does this with a system for screening and rating candidates based upon many aspects such as education, skills, experiences, personality, goals and fit factors. BV has worked with all sizes of companies, at all stages of growth; they also help businesses find seasoned talent for boards of directors and advisors. People make the plans and people work the plans. You can attribute all business success to people, and you can do the same for most failure to succeed. Just as important as the owners and leaders, key people in all departments and functions at all stages of the company’s growth can be the firm’s most vital asset. BV creates workable, effective organizational structures, realistic position descriptions, individual and departmental goals and objectives and then staffs those structures and plans with the best available talent. If that talent is not available in-house, we help you outsource it. |
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Last Updated ( Wednesday, 13 May 2009 17:06 )
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Thanks for visiting BV. We're all about Growing YOUR Business. You'll find lots of stories on start up, growth and management, so stick around , browse, and enjoy! - JB
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