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| NAW SmartBrief |
| June 23, 2008 |
Economic downtime spells trouble for Building Materials Holding
The housing and construction sectors have yet to see any relief, with shares of Building Materials Holding hitting a low last Thursday. The San Francisco-based distributor has seen its shares decrease 60% in the first six months of 2008. CNNMoney.com/Associated Press (6/19)
Midwest flood victims receive helping hand from distributors
Distributors are hard at work helping customers rebuild in the Midwest amid extensive water damage from recent floods. Sump pumps, hot water heaters and water softeners are in great demand. WinPump Co., a WinWholesale division in Cedar Rapids, Iowa, reported having sold as many as 400 pumps the week before last and has observed a growing demand for water heaters. Modern Distribution Management (6/18)
Checking your credit just got personal
Amid a softening economy, the credit-card industry is examining more than just a customer's credit score before approving an application and setting lending limits. Some major issuers, according to this article, are taking into account where prospective cardholders live and their profession, among other things. "We are being more targeted in managing risk prudently within appropriate customer segments," an American Express spokeswoman said. The Wall Street Journal (6/19)
Make employee recognition matter
Employee recognition programs that don't offer any recognition for years at a time are likely to cause dissension and high turnover. Workers should instead be rewarded with an approach that promotes informal and formal recognition on a day-to-day basis. Manage Smarter (6/19)
Readers share spreadsheet woes
Responding to a recent article detailing "Spreadsheet Worst Practices" readers of CFO.com offer up some of their own pet peeves, including receiving a spreadsheet from someone in a format not suitable for printing. Writes one reader: "I end up wasting countless hours to be able to print reports that are readable. Nearly every new college grad I hire has no idea how to actually create a spreadsheet that is ready to publish!" CFO.com (6/18)
Don't let fear stall the sales follow-up
Salespeople often don't follow up on sales calls because of fear. Follow-ups should, however, be made within 72 hours of the presentation, while the material is still fresh in the prospect's mind, and salespeople should avoid asking the prospect when they should call, unless they want to be told to wait a week. American City Business Journals (6/9)
Top five news stories selected by NAW SmartBrief readers in the past week.
Results based on number of times each story was clicked by readers.
Risks involved in buying a small business
Although buying a small business may not be as risky as starting one's own, there are still a number of hazards to consider. Those looking to buy small businesses should consider demographic and political changes, owner's discretionary income, proximity of competitors, sales taxes and existing reputation. Entrepreneur.com (6/18)
Soaring fuel costs prompt discounters to boost fares
After years of offering less expensive fares, discount airlines are boosting their fares to offset the sharp spike in fuel prices. Some business travelers say they will fly low-fare airlines because the carriers typically charge fewer fees. The New York Times (6/20) The New York Times (6/20)
American plans to begin testing in-flight Internet service
As early as next month, the Internet could be available at 35,000 feet when American Airlines begins testing a new service called Gogo on three long-haul routes. The data-only system -- it blocks any site that allows voice conversations -- is compatible with any Wi-Fi enabled laptop computer or cell phone. The service is priced at $9.95 for short trips, or $12.95 for flights longer than three hours. The Wall Street Journal (6/19)
Hertz NeverLost® GPS In-Car Navigation Satellite System
Next time you rent with Hertz, don't forget to include NeverLost®, the in-car navigational system. Mounted in your vehicle, this video console shows you exactly where you are, calculates your best route to any address you request and guides you with turn-by-turn commands. You'll never be lost again! To enroll in the NAW/Hertz Business Account Program, visit NAW's Web site.
Suit of armor: Six books to combat tough economy
These wholesale distribution-specific books will help you hold on to, or even increase, your profits during the economic downturn when times are tough. Together they provide the strategy to drive growth, the know-how to manage your finances, and the tools to better understand how sales, margins, inventory and expenses work together to make your business profitable. You save 30%.
Do you travel on discount airlines?
Yes -- I travel on them nearly exclusively.
Sometimes. I travel on whichever airline gets me where I need to go.
No -- I prefer a particular airline, which is not a discounted one.
I have not in the past, but I most likely will now as the prices increase.
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