Most of you know that I have started a new business and things have been going very well. I have been working on this for months now and thought a brainwave would increase the sales having a ripple effect to my pocket. Sometimes things don't quite pan out how you see them as you have overlooked certain things.
One of the biggest accounts I have is a wholesaler that covers the Johannesburg region and beyond. My brainwave or brain fart was to put them on consignment stock. This would enable them to grow at a faster rate as they wouldn't be cash strapped and would have stock on hand. They would pay for what they sold and it would just roll over to the following month. It has worked as their growth is showing 15 % already.
The reason why the ripple to the pocket hasn't happened as yet is that they are holding around 25% extra stock. Our margins are tight and all the ripples for the pocket are now sitting in stock in their warehouse. This is one reason why we are opening a new warehouse in Johannesburg so we will have their stock on hand as they need it. Having stock available on hand will just make more sense and will get us all paid how we were before I changed things.
The good thing is that the account has grown quite a bit so there has been some positives and the money owed is like a savings account now. Just shows that not every idea is a good idea.
Image source breitbart.com
Howdy sir cryptoandcoffee! well the overall plan is succeeding though, that growth they are having is exceptional isn't it, 15% sounds amazing and will eventually find it's way back to you in more profits. Great job sir.
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Running into the unforeseen just helps refine decisions for later. .... right?
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One hundred percent correct. It is not that serious, but could have been. Lucky they only had 25 % of extra stock and now it is being rectified. They can have a small float for essentials but that is it. We are in the process of opening a warehouse which will top them up as required so they will pay as per normal. They grew though so it helped both of us. The relationship is very strong and luckily we all get on very well. The aim was to help each other as much as possible and that is still the aim.
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Wow, that is very interesting! Glad to hear that things are growing even though there are some pains along the way. I am sure in time you will have everything running in great shape!
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You got a 29.04% upvote from @ocdb courtesy of @cryptoandcoffee! :)
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