Monthly Archives: March 2017

Renting Business Equipment

As technology advances, there is more equipment released on a consistent basis than ever before aiming to help all sizes of businesses and organizations with their operations. The equipment available is more diverse than ever before, meaning businesses and organizations have more options regarding which equipment they choose. Additionally, modern equipment has found a way to be both more advanced and easier to use than the equipment of previous generations. Not only that, but business equipment has also become more specialized. Businesses looking for a computer with specific power and memory specifications, desks with a certain built-in ergonomic feature, machinery to perform a specific type of lift or a vehicle dependable enough to make a haul over a targeted range of miles will more likely than not be able to find the exact equipment they need.

Businesses Still Must Make Smart Financial Decisions

While the selection and capability of equipment has changed significantly in recent years, many businesses have not seen the same change in their bottom lines. For this reason, more and more businesses are investigating a third way between buying the latest equipment and continuing to do things the old fashioned way: leasing business equipment. In response to this trend, equipment companies are offering things like barcode equipment rentals and other equipment for trial periods. Here is a brief look at the benefits and drawbacks of renting business equipment.

barcode-rental

Benefits

The most obvious benefit to leasing business equipment as opposed to purchasing it is that it is the more cost effective option. Just how cost effective it is, though, may not be apparent from a simple side-by-side comparison of purchase price and rental price. Business owners should also consider the savings of time and stress that come with leasing equipment as opposed to owning it. There is often a significant opportunity cost that comes with owning equipment that is not fully considered before it is purchased. Another major benefit to leasing equipment is that a business is less affected by changing technology. While those who buy equipment might regret their purchase when a newer, more effective model is released, those who rented can simply rent the better version next time.

Drawbacks

Some drawbacks to rental equipment are also financial in nature. In many cases, there may be an investment potential to equipment purchases that are not there with rental equipment. This distinction is often mirrored in the debate about renting or purchasing a home. Also, many business owners simply fail to consider the implications of their leasing agreement; they may believe that they will have the ability to purchase the equipment outright at the end of the lease, only to find that this is either not an option or not financially feasible.

What To Consider

Regardless of what type of equipment a business is considering either purchasing or renting, there are a few major factors to consider beyond the personal financial situation of the business (often, the smart choice is the same for the business on a tight budget or a business flush with cash). For one, the length of time the equipment is expected to be needed should be considered. Also, the terms of the rental or purchase agreement must be analyzed thoroughly to avoid any potential unanticipated financial or legal problems in the future.

Trade Show Essentials

Trade shows are an exciting experience for businesses, especially new businesses still in their early stages of operation. Trade shows are an opportunity for fledgling businesses to develop their brand, generate leads, acquire new customers, make sales and generally grow their business. While the trade show experience can be exciting and full of optimism, it can also be a highly stressful event. The stress generated by trade shows is due to how critical they can be to the long term success of a business, particularly a small business that cannot afford many missteps in an increasingly competitive economy. One way to limit the stress involved in a trade show is for a business to have all of the equipment it needs well in advance of the day of the event. Having all of their ducks in a row can provide businesses with much needed peace of mind and free up valuable time and resources to focus on presentation. When it comes to trade show equipment, the actual products they intend to sell or props they intend to use in their service demonstrations are the first things that come to mind. There are many smaller items, however, that can contribute to the overall success of a trade show experience. Here is a look at the more subtle items that can help businesses leave a good impression with prospective customers and clients at a trade show.

Office Supplies

While more and more business is being done electronically, including networking and exchanging contact information, as well, there is still much to be said for having a stock of office supplies handy at a trade show. One never knows when a pair of scissors, extra writing utensils, a stapler or paper clips will make an unexpected difference in a customer interaction or in a last-second adjustment to presentation materials or informational handouts. Again, the peace of mind that comes with being prepared is often enough to have a significant, positive effect on a business owner’s overall trade show mindset.

Tech

Businesses in most industries are now expected to have at least some technological fluency. Demonstrating this tech savvy at a trade show can have a positive effect on a presentation and perception amongst other trade show attendees. One piece of tech equipment that comes in handy at a trade show is a digital camera. Of course, most smart phones are equipped with most of the features of a digital camera, but there is still a special quality involved in an actual camera. Not only can a camera film a company’s presentation, but it can also be used to take photos with customers and other attendees at the event. Both the presentation and the photos are potentially valuable, engaging content that can be posted to social media sites after the trade show. A tradeshow badge scanner is also a handy piece of equipment. Badge scanners can be used to scan the barcoded badges that many trade shows provide their attendees; their information is then stored, either by the scanner or by a software program it is synched to, for easy access after the trade show. Tradeshow badge scanners make the process of generating leads, tracking leads and following up after a trade show much more simple and efficient.

stand-alone-barcode-readers

Other Items To Consider

Things like speakers, cleaning products, tool kits and aromatherapy products are also good options for the trade show exhibitor who wants to be thoroughly prepared. It is important to think of the trade show within the context of an overall business plan. Any item that will streamline the process on the day of the trade show or the follow-up process in the aftermath of the trade show might be considered a necessity.

The Invention Of The Barcode

Some inventions are so subtle, ubiquitous and intricately woven into the fabric of our daily lives that they become difficult to notice at all. As a result, they are generally given short-shrift when it comes to larger, more obvious inventions. One such smaller invention that isn’t given its fair share of coverage is the barcode. One reason for this is that the barcode is difficult to classify. While it is obviously a concrete object, it can almost be considered more of a concept than an object. The barcode deserves recognition not only for its contribution to modern life, but for the advancements that it has inspired and made possible. By allowing physical objects to be quickly represented as data points, barcodes played a pivotal role in laying the groundwork for the ongoing data revolution that has found its way into nearly every industry in existence. For such an influential invention, very few people know very much about it and even fewer people are aware of its inventors and how it came to be invented. Here is a look at the history of that black-and-white-striped product companion, the barcode.

Inventors

The basic principle behind barcodes, the attachment of a corresponding symbol to a product so its sale and movement can be more easily tracked, was formulated in the 1930s. A group of students at Harvard Business School devised a system where shoppers looking at a catalogue would pick the products they wanted from the catalogue by punching a card from the catalogue. The punched cards could then be inserted into a card reader that produced a bill for the customer and could also update the inventory of the catalogue’s store. This rudimentary system laid the groundwork for the barcode process we are familiar with today. Two men named Bernard Silver and Norman Joseph Woodland are credited with inventing the actual bar code in 1948-1949 as graduate students.

Their Barcode

Silver and Woodland’s barcode shared many characteristics with the barcodes we know today: their invention was a pattern of white lines on a dark background that encoded information based on the layout of the lines. Though their invention was not as advanced as the barcodes of today, they made a truly significant advancement. Neither of the two men made much money on the invention. Silver died in 1962 before he had the opportunity to see the first commercial use of his barcode. In 1992, Woodland was recognized by President Bush with the National Medal of Technology.

Widespread Use

barcode-point-of-sale

Modern barcodes have come a long way from their earliest days. Today, barcode equipment and software is more advanced than ever before and applicable to more and more industries each day. It took awhile, however, for the barcode to become so popular. In the 1960s, when the barcode was first commercialized, it was implemented in grocery stores to speed up the checkout process. By the 1970s, products were beginning to be outfitted with UPC codes specifically for this purpose. Industrial applications of barcodes soon followed, and by the 1980s the U.S. military was mandating that each product sold to them needed to be barcoded. The barcode systems of today are so advanced and flexible that they are useful to more people than ever before. Many companies who sell barcode products offer barcode equipment and barcode software rentals to these companies on a trial basis. The history of the barcode indicates that it is an invention with staying power.

3 Common Inventory Mistakes

Most business owners are reluctant to incur many business expenses. This is understandable, as it is this trait of frugality that many successful entrepreneurs and managers consider to be one of the primary drivers of their success. There are several areas of a business, though, where informed and deliberate expenses are necessary for the long-term success of a business; excessive frugality in these areas can stifle the long-term growth of a business. One such area in which expenses can be good investments is inventory management. Despite the widely-accepted importance of inventory management, it is still neglected often by those in the business world. Worse yet, many businesses commit crucial errors when it comes to managing their inventory. The mistakes are made so commonly that business observers have been able to identify and even predict them with impressive accuracy. Here is a look at three common inventory management mistakes.

Staff

One common mistake made by businesses relative to their inventory management systems involves the staff and employees of the business who deal with inventory. Specifically, there is frequently a lack of training provided to these staff members. It is important for employers to remember that it is important to ensure that each staff member who deals with the inventory knows how to use the inventory management system, whether the inventory data is stored on local computers or via a cloud-based system. Frequently, there will be one employee who is proficient in the inventory management system; this employee will be used as a crutch and relied upon to shoulder the load of the data entry and management. When this person is unavailable for any reason, the efficiency of the inventory system can break down. Upgrading to a cloud-based system is the beginning of a solution to this problem, as they are becoming increasingly user-friendly.

Equipment

barcode-inventory-rentals

There have also been great strides made in the types of inventory management equipment available that can help make the process more efficient. A common mistake plaguing businesses with inventory is a lack of automation in the management process. Manual tracking, such as typing inventory data into Excel or another spreadsheet program, has gone the way of the dinosaur. Businesses can save time and money by implementing an automated software or cloud-based system that automatically keeps track of data. These can easily export the data into Excel or another spreadsheet program. There is also more advanced pieces of hardware available like barcode scanners that work in conjunction with the software system. Many providers of barcode equipment offer their products on a trial basis, so try out a rental inventory scanner if you feel your business may benefit from automating the inventory management process.

Supply/Demand

Inventory management issues are all related. Any inefficiency in the inventory management system, whether it stems from personnel, equipment or another facet of the process, ultimately leads to the biggest inventory problem—the wrong quantity. Too little or too much inventory can cause a problem for the business as a whole. This may be the result of a system inefficiency, or it may simply be the result of a strategic failure. It is important to maintain an accurate perception of demand for your inventory and be flexible and focused enough to make adjustments as needed. Supply and demand is the first thing you learn in economics class for a reason, and inventory is the living embodiment of the principle.

Trade Show Follow-Up Campaigns

Many businesses who display at trade shows neglect the process of following up afterwards. Perhaps a savvy salesperson at the business will have a knack for crafting successful, personalized follow-up emails to the prospects he or she is responsible for following up with. While it is true that a successful follow-up email will be more successful than a form email, it is not enough in and of itself to ensure a successful follow-up campaign. To derive maximum benefit from the investment of time and resources a trade show requires, it is vital that the follow-up email be sent in the context of an entire follow-up campaign; ideally, the follow-up campaign is given just as much priority as the trade show prep and presentation. Many would argue that the trade show follow-up should be given even more attention than the prep work and the live trade show experience. Following up with leads that you acquire at a trade show is even closer to the point-of-sale than the trade show itself. Here are some aspects to consider in crafting a successful trade show follow-up campaign.

Trade Show Equipment

stand-alone-barcode-readers

The preparation before the trade show, the actual trade show and the post-trade show follow ups with leads should not be thought of as individual projects; rather, they should be considered as a trade show system. Each part of the system is dependent on the others to work properly. The process of following up really begins before the trade show by making sure you have the right equipment. Many businesses exhibiting at trade shows use a tradeshow badge scanner to collect, store and transfer the contact information of the prospects they interact with at the show. These badge scanners are more advanced than ever before, and having all of the necessary data in one place streamlines the process of following up.

Follow Up Quickly

He who hesitates is lost. The early bird catches the worm. There are countless adages that support the strategy of following up, especially with the leads you accumulate at a trade show, as quickly as possible. The follow-up campaign should be ready to implement the moment the show is over; however, it is important not to sacrifice quality at the altar of speed. Once you transfer your leads from the trade show equipment into your company’s email system, it should only take a day or so to send out your follow-up correspondence. Many businesses mistakenly wait a few weeks, but when it comes to trade show prospects it is better to strike while the iron is hot.

Qualify Leads

The process of qualifying leads is ongoing. Perhaps you have a system of qualifying leads prior to sending out follow-up emails; however, it is important to remember that this qualification is fluid. Including several options in your follow-up email can help you further qualify leads based on the level of interest indicated by their response.

Customize Messaging

All messaging that is part of a follow-up campaign, including emails, phone calls and all other communication, should be customized to the lead. One trick to remember for effective customization is simply to be as specific as possible. Include the name of the specific show, the specific products/services you marketed at the show, the specific name and contact information of your representative at the show and a specific call to action.

Be Goal Oriented

Many people do everything right in the follow-up process without knowing why they are doing it. Long term, this can lead to frustration when things aren’t working out the way you planned. This potential frustration is the reason why it is so important to lay out the goals of your follow-up campaign beforehand. With specific goals, it is possible to apply metrics and A/B testing in order to pinpoint the strengths and weaknesses of your campaign and make the necessary adjustments.

Post-Trade Show Email Tips

A lot of time and energy goes into preparing and executing a successful trade show. In order to make sure you’re investing your valuable time and energy in such a way that provides a return on your investment in the form of business growth, it is important to remember to follow up with sales leads after a trade show. For many people, following up is an afterthought. They invest all of their trade show time and energy into the trade show itself, spending hours on prepping presentations and money on trade show equipment like displays and tradeshow scanners to track of the leads they accumulate. A failure to devote resources to following up after a trade show, however, can ruin the investment made in the trade show itself.

For example, what good is a tradeshow scanner if you don’t have a proper strategy to follow up with the leads it records and stores? It is necessary to make your trade show follow-up strategy a priority in order to maximize the show’s positive effects on your business. The crux of following up with leads after a trade show is an effective email. Everyone understands the importance of making a good first impression at a trade show; alternatively, here are a few tips that can get you thinking about how to craft those crucial emails to leads collected at a trade show.

trade-show-scanner

Personalize The Follow-Up Email

Many people send out a form follow-up email to all the leads they generate at a trade show; this is a tempting mistake. With so many leads, perhaps more than a business has ever had before; the possibility of contacting them all with a single click has a certain appeal. Casting a wide net like this, while it may seem efficient at the time, is a common mistake businesses make when it comes to following up after trade shows. The general rule with these emails is that you get out of each email what you put into it. The minimal effort required of a mass form letter yields minimal results. Think about it: your leads most likely saw many businesses with similar products and services to your own, especially if you displayed at an industry trade show. Your follow-up email, just like your trade show presentation, needs to stand out from the crowd. One way to do this is through personalization. There are many ways to personalize follow-up emails. Of course, one way is to include personal contact information that you received at the show related to the company name, the name of the representative you met with, their title, etc. Another way to personalize the email is to qualify the leads you receive by certain factors like company size, interest in your product, ordering timeline and others. This allows you to tailor your email to their specific needs, and increases the likelihood of a response.

Give Reminders

Another way to separate yourself from the pack through a follow-up email is by reminding the prospect what you went over at the trade show. Solipsism is the enemy of an effective post-trade show mindset. While you might think your business’s presentation, products and services are unforgettable, the reality is that there were many other businesses at the trade show thinking the same thing. Remember this and include some of the information you went over at the trade show, and maybe even some pictures of your products and your trade show set-up, in your follow-up email.

Be Specific

Your follow-up email should probably include a call to action. This call to action need not be a hard sell, but it needs to be specific and goal-oriented. Specificity means avoiding language like, “for more information.” Instead, include in your email a specific, actionable step the lead can take, such as watching a video. An email could include several possible actionable steps based on their interest level; these requests may also be personalized based on how you qualified/interacted with the prospect at the trade show. A follow-up email may seem simple, but a closer look reveals a complex skill that can be mastered for maximum business growth.

Barcodes In New Industries

Since their inception, barcodes have mostly been associated with the cashiers of the supermarket and retail industries. Nowadays, however, barcodes are finding themselves to be increasingly prevalent in and relevant to a larger and more diverse group of industries than ever before. There are several factors behind the rise of the barcode. For one, barcode technology has increased dramatically in recent years with the increased development and accessibility of three-dimensional barcodes and QR codes. Another reason for the more widespread use of barcodes is the incorporation of cloud-based platforms into more and more industries. The cloud-based platforms make it easier to transfer, store, work with and send the data that can be accumulated with barcodes and barcode scanners. In fact, the increasing ease of working with data could be considered the biggest development in the business world of the past decade; as a result, businesses are understandably placing more of a premium on collecting valuable data—barcodes and barcode scanners are still among the most effective ways businesses can do this. Exactly which industries are being affected by the rise of barcodes? There are too many to discuss in a short post; however, here is a list of a few industries that are now leaning on barcodes and the data they provide. If you own or are involved in a business in one of the following industries but do not yet incorporate barcodes into your practice, consider a barcode scanner rental from a reputable barcode equipment company.

Sports & Entertainment

Barcodes have been traditionally associated with transactions. In few industries are there more transactions, and a more diverse array of transactions, than in the sports, entertainment and events industry. Putting on a sports or entertainment event involves a lot of moving parts; prior to barcode data that could be effectively tracked, when a venue or organization had a problem with an event it was difficult to track down the source of the problem. Now, nearly every facet of a sports game or event is kept track of with barcodes, from concessions to security to technical equipment. When the game or event is over and the controlling organization doesn’t see the overall profit they expected, they can now rely on the data produced by barcodes and barcode scanners to identify the problem and implement a solution.

Healthcare

healthcare-barcode-scanner

Barcodes have always been associated with inventory tracking, and there is perhaps no industry where inventory tracking is as important as it is in healthcare. In the healthcare industry, the availability of equipment is a major contributing factor in the delivery of timely, effective treatment. Additionally, many healthcare facilities are facing an increasing number of patients that place a heavy burden on the capacity of the staff and facility. To remedy this, many healthcare facilities are providing patients with barcoded wristbands. Simply scanning the wristband ensures that healthcare practitioners and their powerful computers and data systems have access to all the information they need about the patient and their condition in order to provide the best care possible as quickly as possible.

Education

Education might seem like an unlikely field for barcodes to be used in. A closer look, though, reveals barcodes to be very useful for school. For many schools, their textbooks have been outfitted with barcodes for much longer than they have had the technology adequate to use them. More and more schools are making the technological investment in the software and hardware necessary to scan textbook barcodes and use automated systems to more cost-effectively track inventory. Beyond textbooks, as more schools provide students with computers and iPads, keeping track of assets is becoming more of a priority for those in the education sector.