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Thanks, and More Please?

Discussion in 'Picture Framing Business Issues' started by Rebecca, Sep 29, 2002.

  1. Rebecca

    Rebecca SGF, Supreme Grumble Framer

    I am really enjoying and learning from these threads. And I want to thank Bob, Pam, David, Betty et al for taking the time to elaborate on what probaby seem like pretty elementary ideas to them, but are very interesting and useful for many of the rest of us.

    I read somewhere that it usually takes 5 or 6 repetitions for new information to really sink in, so don't despair if we keep asking the same questions.

    Dave, you said you had consultants in to evaluate how your business was run and, though they didn't tell you anything new, they did help you view things in a different way. Could you, and anyone else who has had similar experiences, share? I'm begining to think that often it's these little readjustments in viewpoint that can have a big impact on business. Thanks.

    Rebecca
     
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  2. Emibub

    Emibub PFG, Picture Framing God

    I am with Rebecca on this one, I am a sponge, soaking all I can up. I Don't enter into the conversation much for fear of looking silly, but I am learning.
     
  3. David N Waldmann

    David N Waldmann SGF, Supreme Grumble Framer

    I'll give a fairly short answer and probably won't follow up, as I'm trying to get ready to go on vacation in a couple of days and am currently overloaded.

    First, it wasn't so much looking at things differently, though that may have happened a few times. It was more a matter of not realizing you already knew the answers.

    Our consultant must have thought we were carrying way too much inventory, but rather than say "you guys have too much inventory" he'd ask "how long does it usually take to get more of this in?", followed up by, "how fast do you use it?" and "do you get a discount for buying large quantities?" etc. Likewise on the finished goods side, "how long does it take to make this?", "how much do you sell?", etc.

    He never had to tell us we had too much inventory. He did give us some formulas to use based on the info we gave him, but they are really just a fine-tuning method.

    BTW, it's almost impossible to keep your inventory levels finely tuned - you're going to run out of things once in a while ;) However, from a cost standpoint, you should err on the short side than the long side - the costs just outweight the benefits (though if you rely on a lot of "I want it NOW" customers you may have to adjust it towards having too much).
     
  4. Rebecca

    Rebecca SGF, Supreme Grumble Framer

    Thanks David,

    That makes sense. I follow that credo in my personal life - never did see the sense in buying 6 months worth of toilet paper at Cosco! Ties up my money and takes up too much space [​IMG]

    Rebecca
     
  5. David N Waldmann

    David N Waldmann SGF, Supreme Grumble Framer

    Then again, that's not the kind of thing you want to run out of when the alternative may literally be sandpaper [​IMG] [​IMG] [​IMG]
     
  6. Dermot

    Dermot SGF, Supreme Grumble Framer

    Learning

    10% Books & Classroom
    20% Informal learning/Coaching/Mentoring.......ie. The Grumble
    70% On-the-Job Development Opportunities
     
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