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Aug 2013 - Vol 8, Issue 8
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I can't believe that it is August already! By all accounts it has been a busy year for everyone, but that means that 2014 is almost upon us - at least in business planning terms. Why would I bring this up now? Because I know how long it takes to strategize, plan, budget, and execute a successful business plan.

The survey folks have been at it again. We have reprised the R&S Software Survey and discovered that a majority of rental companies could be in the market for updated rental management software in the next two years! It is ready for your FREE download.

TOMORROW! Tuesday Aug 13 is my free 
InfoComm webinar on how to deal with RFP's. Learn how to stop wasting time on unqualified prospects.

This month's video is about accepting Credit Card payments. You would be surprised how often this is a major topic in the owner's suite. There are plenty of videos on my Youtube page. Check them out.

Thanks for Reading,

   
Tom Stimson
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BEST PRACTICES VIDEO
 
I run into a lot of business owners that resent the fees they have to pay for accepting credit cards as payment. I guess that if you have let your margins shrink to the point that 2 or 3% is more important than cash flow, then perhaps there is a bigger problem lurking somewhere. Since customers today expect to have the convenience (and points) of credit cards, perhaps it is time to plan for it instead of try to prevent it.

The big issue for most sellers is the terms customer that takes 90 days to pay and then whips out the credit card further reducing the value of the deal for the seller. This is not a credit card problem - this is a terms and conditions problem. The net price of the invoice has to cover late payment fees.

On the other hand, the cash price of an invoice must be easy to pay by credit card. Today's consumers are used to completing transactions online. Do you have a way for them to do that? Watch my video and learn to appreciate what credit cards and their owners can do for you.


Embrace Credit Card Payments
Embrace Credit Card Payments


Each Best Practices video will be added to my YouTube page and as inspiration permits, you may see additional video blogs from time to time. I hope you find the content helpful. -Tom
 
WEBINAR

TAKES PLACE TOMORROW! TUESDAY AUG 13 

Register now for this InfoComm Webinar: Don't Be A Commodity - Dealing with RFP's, which takes place Tuesday Aug 13 at 1:00 pm EDT. Presenter: Tom Stimson MBA CTS, President of Stimson Group Tom Stimson is a Management Consultant specializing in the AV Industry. He has spent over thirty years in the Live Events world. Learn more and register here ...»



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ClosingThoughts CLOSING THOUGHTS

Here's a few scribbles from the margins: 

The Delusional Management Mantra: We give great customer service. Our people are our greatest asset. Our customers love us. Our biggest problem is our competition.

Discounts are Cost of Sales that salespeople choose to spend on your client instead of your company.

The more potential substitutions, the lower the value. Be Unique.

See you next month, Tom  

 
About Thomas R. Stimson, MBA, CTS
Stimson Portrait
Tom Stimson consults with organizations to improve their performance through strategic planning, process improvement, and team development. The Stimson Group provides coaching and tools to companies in the Audiovisual Industry that enable them to define and reach their strategic goals.

Whether you serve the Rental/Staging market, the Systems' Integration market, or or provide blended services - The Stimson Group provides unparalleled expertise, industry insight, and methodologies that drive operational efficiencies and increase profitability. 

For more information visit the website.