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Archive for February 9th, 2010
Although the economy is beginning to show signs of recovery, businesses across the board are still looking for ways to vamp up their production and minimize overhead costs. While laying off workers and increasing employees’ workloads is a short-term fix, these methods will unfailingly lead to lower morale and, in turn, production in the long run. The key to sustained cost reduction is refining your company in ways that can remain implemented even after the economy recovers.
One of the best ways to do this is by buying in bulk and opting for generic brands. When it comes to office supplies, buying pens, paper and cheap checks in bulk online can save your company an enormous amount in the long run. Instead of cutting out your breakroom snacks, switch to less expensive generic products. This will allow you to reward your employees without blowing your budget.
How Build-a-Bear invented a bear market
(Fortune Small Business) — Cute sells: Stuffed animals are a $1.5 billion industry in the U.S. Commanding nearly a third of that market is Build-a-Bear Workshop, a St. Louis-based retailer that lets customers personalize plush teddies, bunnies and other fuzzy friends. Founder Maxine Clark got the idea for the company in the mid-1990s while toy shopping with a 10-year-old girl who suggested that she and Clark could make their own stuffed animals.
The first Build-a-Bear Workshop debuted in 1997 at the St. Louis Galleria. Since then about 400 additional stores have opened around the world, mainly in malls. Build-a-Bear’s 4,800 employees have sold more than 75 million toy animals to date. In 2004 the company went public. In 2008 revenues hit $468 million. Clark, 60, tells Fortune Small Business how she did it.
Before becoming an entrepreneur, I spent 19 years working in merchandise development, planning and research for May Department Stores. From 1992 to 1996 I served as president of Payless ShoeSource. Although I loved working for big companies, I was ready for a change; I wanted to have more fun. With any business size, and keeping cost down, we all are looking for cheap business checks, with quality paper.