Page 45 - GS150701
P. 45
Education
New Jersey, staying for a three-day
show – with the cost of travel, hotel,
booth space and two employees – was Having this fund available made the
going to cost us more than $10,000. decision to attend much easier. I'm certain
That's a significant amount of money
for almost any startup business, I wouldn't have gone to that show if it
especially if it's not funded by private
equity or venture capital firms. would have meant pulling the funds
from another part of the company's
Instead of being overly concerned still-thin budget.
about every dollar, I knew my
established waste money fund
contained $10,000. Having this fund
available made the decision to attend Face to face – boom!
much easier. I'm certain I wouldn't
have gone to that show if it would Another way I've used the waste money fund with good results is covering
have meant pulling the funds from travel expenses to see potential prospects. In this age of technology, Skype
another part of the company's still- meetings and video conferencing, it probably doesn't seem to you like there's
thin budget. much reason to travel across the country to have face-to-face meetings anymore.
Or – is there?
The $10,000 evaporated within those
three days with little to show for it. I'd argue, instead, that building a personal relationship of trust with a
I worked as hard as anyone possibly prospective new client is paramount to my success – and this only really
could, meeting every potential client happens by looking a potential client or vendor in the eye, face to face.
at the show and making sure they all
walked into my "luxurious" 10' x 10'
booth. (I could barely stand in front
of it without bumping into the other
exhibitors.)
Still, I called out to people who were
walking by instead of stopping by
and politely looking at my tri-fold
brochures. I also had a fish bowl to
attract business cards, complete with
a promotional offer for a Caribbean
cruise for a business card drawing at
the end of the show.
Following the conference, I continued
working. I made my follow-up calls,
sent out follow-up emails and – it
worked. I established some great
relationships from that one show.
Since then, that initial $10,000 has
grown exponentially, turning into
hundreds of thousands of dollars in
revenue over time.
The risk I took making this investment
paid off. That time. Many times, waste
money fund investments are a bust.
Still, when I look back over my career
and my use of that fund, I know it
has provided a significantly positive
return on my total investment.
45
New Jersey, staying for a three-day
show – with the cost of travel, hotel,
booth space and two employees – was Having this fund available made the
going to cost us more than $10,000. decision to attend much easier. I'm certain
That's a significant amount of money
for almost any startup business, I wouldn't have gone to that show if it
especially if it's not funded by private
equity or venture capital firms. would have meant pulling the funds
from another part of the company's
Instead of being overly concerned still-thin budget.
about every dollar, I knew my
established waste money fund
contained $10,000. Having this fund
available made the decision to attend Face to face – boom!
much easier. I'm certain I wouldn't
have gone to that show if it would Another way I've used the waste money fund with good results is covering
have meant pulling the funds from travel expenses to see potential prospects. In this age of technology, Skype
another part of the company's still- meetings and video conferencing, it probably doesn't seem to you like there's
thin budget. much reason to travel across the country to have face-to-face meetings anymore.
Or – is there?
The $10,000 evaporated within those
three days with little to show for it. I'd argue, instead, that building a personal relationship of trust with a
I worked as hard as anyone possibly prospective new client is paramount to my success – and this only really
could, meeting every potential client happens by looking a potential client or vendor in the eye, face to face.
at the show and making sure they all
walked into my "luxurious" 10' x 10'
booth. (I could barely stand in front
of it without bumping into the other
exhibitors.)
Still, I called out to people who were
walking by instead of stopping by
and politely looking at my tri-fold
brochures. I also had a fish bowl to
attract business cards, complete with
a promotional offer for a Caribbean
cruise for a business card drawing at
the end of the show.
Following the conference, I continued
working. I made my follow-up calls,
sent out follow-up emails and – it
worked. I established some great
relationships from that one show.
Since then, that initial $10,000 has
grown exponentially, turning into
hundreds of thousands of dollars in
revenue over time.
The risk I took making this investment
paid off. That time. Many times, waste
money fund investments are a bust.
Still, when I look back over my career
and my use of that fund, I know it
has provided a significantly positive
return on my total investment.
45
