FormalTimes.com > IFA Industry Newsletter Archives > 2009 Newsletter Archives

The busy month of May is now gone and as most proms now finish up and the traditional wedding month of June begins, how are your wedding bookings shaping up? We have great news in this issue about convention! A thought provoking article submitted by two industry professionals and MUCH more. … Read on and let us know your thoughts editor@formaltimes.com.

$69 Room Rate for Convention!

Reservations 800-635-7711

Yes, you read that right! The Hilton has lowered their already great room rate of $95 for convention to a new low for our group! No, it isn’t that we are not hurting and can’t get anyone to attend! Actually, we are coming along very well! Early reservations for attendees and exhibitors are actually ahead of last year! We simply continue to try and provide each formalwear business regardless of the size an opportunity come together at the VERY best price.

Everyone reserved in the International Formalwear Association’s room block will receive the $69 rate and an upgrade to a premium room. Your rate will be adjusted if you have already made reservations, and automatically applied if you make them soon.

Vegas is in a deep war for the consumer dollar and they are working hard to provide tourists and business travelers alike more value for that precious money. The lower rate came about due to internet competition. Instead of the Hilton saying the group was booked at the $95 rate and they could not change, Brian Glasgow of WT Glasgow who plans our event was able to procure the internet rate and get all of us deluxe rooms besides! For a group using event space this rate is beyond exceptional. Thank you to all who worked hard to pass this value along to the members. Make your reservations NOW!

Membership Renewal
Please be reminded all convention activities are included with your International Formalwear Association membership. Convention reservations can be mailed along with your renewal forms to:

International Formalwear Association
244 East Main Street
Galesburg, Illinois 61401

Please note: Update your files to reflect our current mailing address

Why Should You Attend?

Passion for what we do in all areas of our life is what keeps things interesting. Passion for this formal wear industry that provides you with the means to make a living is what keeps your livelihood interesting. In trying economic times it is easy to say you can not afford to invest hard earned money on a trip across the country. Can you afford not to?

I had the opportunity to renew my passion for what we do a few weeks back in talking to an owner about his operation. There is nothing like talking about something you love and renewing faith in how you choose to do it. I was able to talk coat style performance, vest colors, store layouts and retail items. How can you measure the knowledge gained by a simple conversation? What was I able to take away from that chance? I walked away with ideas about something as simple as a different way to hang shoes, let alone a renewed interest in what works well for his business that could do well in others. Idea sharing is what makes all of us better. When was the last time you had an opportunity to sit down and ask another operator how products were performing or about off season income possibilities, selling dresses, alterations, invitations, promotions, advertising successes etc etc etc? Your perfect opportunity is fast approaching. Our Expo in Vegas August 27 & 28 will soon be here.

The exciting opportunity to see all the new lines and learn about advancements in our industry goes beyond tangible product. Just sitting discussing the business with others who share in your trade is one of the most powerful incentives to attend. Networking was the number one response last year when polling attendees at the show. Funny that when I think about the amount of information shared over a couple of beers it makes me laugh and even more eager to talk to all the old friends and make lots of new ones. I hope you have a chance to experience this and find out what a group of people with a common bond can learn from each other. Maybe it’s time to take a vacation FOR your business not away from it. What do you have to add?

Make your convention plans now and join formal wear specialists from all over the world. The great new room rate makes the investment smaller and the potential gain even bigger. Come and join us, stay an extra day and see what others have to offer!

Facing the Challenges!
Submitted by Francisco Serrano & Wayne Griner

2009 thus far has represented one of the most challenging times for our industry, especially with the uncertainty of our economy, consumer confidence being at an all time low, and financial institutions wreaking havoc with our ability to borrow. Most owners are more involved today in their organization and are seeking ways to stimulate profits and reduce expenses wherever possible. Resonating with our deepest fears as entrepreneurs, we must look within our business to see what we can do to ensure that our livelihood survives and not feed yet another number to the stats reported monthly.

In true style of a formalwear specialist whom has been through downward trends and economic recessions, many companies have decided to be proactive. They are looking at ways to improve and capitalize on becoming more efficient resulting in more profits. Some of the issues considered were:

• How do we reduce our overall cost per unit?... Keeping in mind that a 5% reduction in overhead or cost of sales affects the bottom line as would an increase in revenue of 20%, operational methods and costs were scrutinized. As we identified inefficiencies as well as methods incongruent to production objectives, changes were implemented that drew positive results within this prom season.
• Does our inventory management and/or purchasing match our sales efforts?
• Should I have discussions with the current landlord to reduce rent or do I seek a less expensive lease since so many are available?
• Should I go after more wholesale business?
• What will it take to do our own cleaning and pressing?
• What staffing and payroll management opportunities exist within our stores and facilities?

Money is tight and competition is at its highest. You feel like doing something but not sure how or if it’s better to sit and wait it out. History has proven that businesses must adapt to their current market or the market will leave them behind. Therefore, the key is what you do with the information you have. So your next step will be to:

• Re-identify your business, its scope, its needs
• Your company’s mission statement should be affixed to every employee’s forehead and every action they take should be compliant to it.
• Verify your current market conditions including your competition
• Research what others did and how that affected their business
• Establish your long and short term goals, how you will track that they are being completed and how you will hold your managers and yourself accountable
• Establish a Strategic Business Plan that includes the above information as well as forecasts and budgets

Specifically for your stores and accounts we need to remember, "People perform according to what people inspect, not what they expect”. This means owners should visit the stores frequently and point out what can be done to improve business, such as:

• Develop ways to more accurately track future registrations and to better predict future revenues versus last year’s or this year’s budget
• Involve your managers in this process so they can react to downturns or weaker revenue trends for the months ahead
• Hold managers more accountable for the growth and profit of their store

Be proactive or be prepared to be inactive. Kind of scary but you’re not alone. All over the country and in every industry, we’re all facing this reality and can do something about it.

For more information, please contact “The Formalwear Consultants”
Wayne Griner, Griner Consulting, (404) 783-7561, wgriner2@cfl.rr.com
Francisco Serrano, Textile Automation Group, 888-324-7245, fserrano@tag-america.com

The priceless satisfied look on a couple of happy prom customers in Peoria IL! When they know where to find what they’re looking for, everyone wins! Did you know we have a new Expo exhibitor who would love to give you just that opportunity for your customers??? Coming Next issue: Who will be exhibiting at Expo 28 that could make your customers just as satisfied???