Consignment, Strategic Alliances, Open-Source CRM and Odoo

November 8, 2024 Creative Compilation Business Ecosystems Network, Faith Hope H,

Speakers AVA and Chip (Speakers are AI hosts.)

[00:00:00] Chip: All around entrepreneurs, get ready to unlock those superpowers. Today we’re diving into three, three game changing strategies for your small business, consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More, strategic growth, and the always [00:00:15] important collaboration. And guess what? We’ll be exploring how these strategies, how they can be supercharged, using open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM software.
[00:00:23] Chip: Think of it as like assembling your own justice league of business tools,
[00:00:27] AVA: that’s a fantastic analogy.
[00:00:29] Chip: I want to [00:00:30] start with this LinkedIn article by David Everett.
[00:00:32] AVA: Okay.
[00:00:32] Chip: It’s all about how to monetize strategic alliances.
[00:00:35] AVA: Interesting.
[00:00:36] Chip: And he really stresses this one question you need to ask before even starting a partnership.
[00:00:40] AVA: Okay. What’s that?
[00:00:41] Chip: He says, how will this Alliance benefit us [00:00:45] financially?
[00:00:45] AVA: Hmm. That’s a really good question.
[00:00:48] Chip: Right, like it seems obvious, but I feel like a lot of companies just jump into partnerships without thinking it through.
[00:00:52] AVA: Oh, absolutely. I see that all the time.
[00:00:54] Chip: So he lays out these four main benefits of strategic alliances, market expansion, [00:01:00] shared resources, risk mitigation, and gaining a competitive edge.
[00:01:03] AVA: Those are all really important.
[00:01:05] Chip: And he doesn’t just talk about it theoretically.
[00:01:07] AVA: Right.
[00:01:08] Chip: Remember that article we were looking at from Faster Capital about profit sharing?
[00:01:11] AVA: Uh, yeah. Was that the one about the car companies?
[00:01:14] Chip: Yes. Thanks. [00:01:15] Renault and Nissan.
[00:01:16] AVA: Oh, right. Right.
[00:01:17] Chip: They actually share profits and resources, which helps them save money, become more efficient and expand their markets.
[00:01:23] AVA: So it’s a win-win for both of them.
[00:01:25] Chip: Exactly.
[00:01:25] AVA: It just goes to show strategic alliances. They’re not just about feeling good. They [00:01:30] can really help you achieve those business goals.
[00:01:32] Chip: Especially in today’s market.
[00:01:33] AVA: Oh, absolutely.
[00:01:34] Chip: Like businesses really need to work together to handle all the changes and complexities.
[00:01:39] AVA: You got to play to each other’s strengths.
[00:01:41] Chip: So in his article, Everett lists out eight different [00:01:45] ways to monetize alliances.
[00:01:47] AVA: Okay, let’s hear them.
[00:01:48] Chip: He covers everything from joint product development and cross promotion to licensing IP and even forming joint ventures.
[00:01:56] AVA: Wow, that’s quite a list.
[00:01:58] Chip: That’s like a whole roadmap for [00:02:00] making the most of a partnership.
[00:02:01] AVA: Yeah, I like that.
[00:02:02] Chip: And what’s interesting is that Everett doesn’t just focus on revenue when he talks about monetization. Well,
[00:02:08] AVA: that’s interesting. He
[00:02:08] Chip: also talks a lot about becoming more efficient and saving money.
[00:02:13] AVA: Okay, so it’s not just about bringing in [00:02:15] more money. It’s also about spending less.
[00:02:17] Chip: Exactly.
[00:02:17] Chip: And there’s this one comment on his article by Ron
[00:02:21] AVA: Hoepzel.
[00:02:22] Chip: And he makes a good point about looking at the total financial benefits of an alliance.
[00:02:26] AVA: Oh, okay.
[00:02:28] Chip: So that includes saving [00:02:30] time and effort too.
[00:02:30] AVA: Okay, so it’s about the big picture, not just the immediate revenue.
[00:02:34] Chip: Exactly. Now you also sent me some stuff about platforms that support micro businesses and micro enterprises.
[00:02:40] Chip: Yes.
[00:02:41] AVA: Yeah, I think those are really important.
[00:02:43] Chip: Have you heard of the Business [00:02:45] Ecosystems Network?
[00:02:46] AVA: Is that the one they call Ben?
[00:02:47] Chip: Yeah, or BizTalk?
[00:02:49] AVA: Social. I’ve seen those names before.
[00:02:51] Chip: What do you know about them?
[00:02:52] AVA: Well, from what I’ve seen, they use kind of a hybrid approach.
[00:02:55] Chip: Okay.
[00:02:55] AVA: They combine digital networking with resource sharing and educational [00:03:00] opportunities.
[00:03:00] Chip: So it’s not just about connecting online.
[00:03:02] AVA: No, they do a lot more than that.
[00:03:04] Chip: Like what?
[00:03:05] AVA: Well BizTalk Social has these business listing pages and even like a marketplace where you can sell products and services. Yeah.
[00:03:12] Chip: Hmm. Interesting.
[00:03:13] AVA: And then they give you access to [00:03:15] tools, grants, expert advice.
[00:03:17] Chip: Oh, wow. So it’s very hands on.
[00:03:19] AVA: Yeah. They’re really focused Helping those smaller businesses, especially minority owned businesses.
[00:03:24] Chip: Now you’ve got that Coded Conversations podcast, right?
[00:03:27] AVA: Oh yeah, that one’s really cool. It uses AI [00:03:30] hosts to explain those complicated business concepts.
[00:03:33] Chip: I like that it makes it more accessible to everyone.
[00:03:35] AVA: Exactly. It’s all about democratizing that knowledge.
[00:03:38] Chip: Okay, so we’ve talked about strategic alliances. Now, let’s move on to this other model you sent me some stuff about. Uh
[00:03:43] AVA: huh.
[00:03:44] Chip: ConsignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More.
[00:03:44] AVA: [00:03:45] Okay, consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More.
[00:03:46] Chip: It seems like it’s becoming popular again.
[00:03:47] AVA: Oh yeah, especially with millennials.
[00:03:49] Chip: Like it’s a classic model that’s becoming relevant again.
[00:03:52] AVA: That’s right.
[00:03:52] Chip: So both Investopedia and Shopify define consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More as this arrangement where one [00:04:00] party, the consignor, gives their goods to another party, the consignee, to sell.
[00:04:04] AVA: Mm hmm. The
[00:04:04] Chip: consignee still owns the stuff until it’s sold.
[00:04:07] AVA: Right. And
[00:04:07] Chip: the consignee gets a cut of the sale.
[00:04:09] AVA: So it can be a win-win for both sides.
[00:04:11] Chip: Right. The consignee gets more exposure without having to pay [00:04:15] for a retail space.
[00:04:15] AVA: And the consignee, they get to diversify their inventory without spending a lot of money up front.
[00:04:21] Chip: Exactly. The inflow inventory article gives this simple example with an artist named Jane.
[00:04:26] AVA: Okay, what does Jane do?
[00:04:27] Chip: So she makes greeting cards and [00:04:30] posters, and she consigns them to a local shop.
[00:04:33] AVA: Okay.
[00:04:33] Chip: The shop sells them, takes a commission, and gives any unsold items back to Jane.
[00:04:39] AVA: Makes sense.
[00:04:40] Chip: But like any business model, there are pros and cons. Of course. Inflow inventory goes into [00:04:45] all those details.
[00:04:46] AVA: Okay. So what are some of the downsides for the consigner?
[00:04:49] Chip: Well, they might have to wait a while to get paid.
[00:04:51] AVA: That makes sense.
[00:04:52] Chip: And there’s always a chance their stuff won’t sell.
[00:04:55] AVA: Right.
[00:04:55] Chip: And for the consignee, they have to manage all that inventory, and they’re [00:05:00] responsible if anything gets damaged or stolen.
[00:05:02] AVA: So there’s definitely some risk involved.
[00:05:04] Chip: Yeah. And I was reading the comments on that article.
[00:05:06] AVA: Oh, yeah. What were people saying?
[00:05:08] Chip: A lot of people were asking about how to avoid misunderstandings.
[00:05:12] AVA: Yeah, that’s really important.
[00:05:13] Chip: Like, you need to [00:05:15] have a clear agreement between the consignor and consignee.
[00:05:18] AVA: Absolutely. Transparency is key.
[00:05:20] Chip: Then you sent me some information about these online platforms like Rebag and The RealReal.
[00:05:25] AVA: Oh yeah, those are interesting.
[00:05:26] AVA: They’re putting a modern spin on consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More.
[00:05:28] Chip: So Rebag is all about luxury [00:05:30] handbags.
[00:05:30] AVA: Mm hmm.
[00:05:31] Chip: And they let you buy and sell in a lot of different ways.
[00:05:33] AVA: Okay.
[00:05:34] Chip: And the real real, they focus on all kinds of authenticated luxury goods.
[00:05:40] AVA: So it’s consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More, but with a digital focus and a high end feel.
[00:05:44] Chip: [00:05:45] Exactly.
[00:05:45] Chip: It’s amazing how technology is changing these traditional models.
[00:05:49] AVA: Yeah, it really is.
[00:05:50] Chip: I saw this one comment on the inflow inventory article from someone named Chelsea Clark.
[00:05:55] AVA: Uh, what was she asking about?
[00:05:57] Chip: Well, she was wondering about consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More for made to order products.
[00:05:59] AVA: [00:06:00] Interesting.
[00:06:00] Chip: Like, she’s thinking of opening an online jewelry store where the pieces are only made after they’re ordered.
[00:06:05] AVA: Oh, that’s a unique situation.
[00:06:07] Chip: Yeah, the traditional consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More model might not work perfectly there.
[00:06:10] AVA: Right.
[00:06:11] Chip: But I think you can still apply the basic principles.
[00:06:13] AVA: Yeah, you just need a really [00:06:15] clear agreement.
[00:06:15] Chip: Exactly. You need to outline everyone’s responsibilities, payment terms, production timelines.
[00:06:19] AVA: Right, you gotta make sure everyone’s on the same page.
[00:06:22] Chip: Luckily, there are resources out there to help with that.
[00:06:24] AVA: Like what?
[00:06:25] Chip: Well, there are websites like Lorena, LegalZoom, and JotForm. [00:06:30]
[00:06:30] AVA: Oh, I’ve heard of those.
[00:06:32] Chip: They offer free templates for consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More agreements.
[00:06:34] AVA: That’s really helpful.
[00:06:35] Chip: So that can help both the consigner and the consignee know what to expect.
[00:06:38] AVA: Yeah, it can prevent a lot of headaches down the road.
[00:06:40] Chip: So, before we move on, I wanted to touch on this other concept you’ve been looking at.
[00:06:44] AVA: Okay, [00:06:45] what’s that?
[00:06:45] Chip: Business ecosystems.
[00:06:47] AVA: Ah, yes.
[00:06:48] Chip: I think it connects to what we’ve been talking about. I
[00:06:50] AVA: think so too.
[00:06:50] Chip: But honestly, I’m not entirely sure what it means in practice.
[00:06:53] AVA: Okay. Well, basically a business ecosystem. It’s like a network of all these different organizations.
[00:06:58] Chip: Okay.
[00:06:59] AVA: So that [00:07:00] includes suppliers, distributors, customers, even competitors.
[00:07:04] Chip: Wow. So it’s everyone involved.
[00:07:05] AVA: Yeah. And they all interact and evolve together.
[00:07:08] Chip: So it’s like a web of interconnected businesses.
[00:07:10] AVA: Exactly. They all depend on each other for success.
[00:07:13] Chip: Kind of like a natural [00:07:15] ecosystem.
[00:07:15] AVA: Exactly, like think about a forest.
[00:07:17] Chip: Yeah.
[00:07:17] AVA: All the different plants and animals, they depend on each other for survival.
[00:07:20] Chip: And they all compete for resources too.
[00:07:23] AVA: Right, so in a business ecosystem, companies can use these relationships to innovate, grow, and succeed together.
[00:07:29] Chip: So it’s about [00:07:30] collaboration and competition at the same time.
[00:07:31] AVA: Right, it’s a delicate balance.
[00:07:34] Chip: This is starting to make more sense now.
[00:07:35] AVA: Good, I’m glad to hear that.
[00:07:37] Chip: So would you say that platforms like Ben and BizTalk social are like facilitators within a [00:07:45] business ecosystem.
[00:07:46] AVA: I think that’s a great way to put it.
[00:07:47] Chip: They’re connecting all these micro businesses and giving them the resources to thrive.
[00:07:51] AVA: Exactly. They’re helping to create a healthy environment where everyone can succeed.
[00:07:55] Chip: Wow. This whole concept of business ecosystems is really fascinating.
[00:07:59] AVA: It is, isn’t it? [00:08:00]
[00:08:00] Chip: It’s like another layer of understanding how businesses work in today’s world.
[00:08:04] AVA: It’s about seeing the bigger picture.
[00:08:05] Chip: Okay. So we’ve talked about strategic alliances. Business ecosystems and consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More.
[00:08:11] AVA: That’s a lot of ground to cover.
[00:08:13] Chip: Maybe we should pause here and continue [00:08:15] this discussion in part two.
[00:08:16] AVA: I think that’s a good idea. We’ve covered a lot of information.
[00:08:18] Chip: We don’t want to overwhelm anyone.
[00:08:19] AVA: Let’s take a break, come back, refresh and dive into some more of your research.
[00:08:22] Chip: Sounds good to me.
[00:08:23] Chip: Hey everyone. You know, I love connecting with you all through these dives. And it got me thinking, how can we get [00:08:30] you more involved in Coded Conversations?
[00:08:33] AVA: Yeah. Like make it less of a one way street.
[00:08:35] Chip: Exactly. So we brainstormed and came up with some really cool ways for you to participate.
[00:08:40] AVA: And to share your thoughts and support the businesses that make our community thrive.
[00:08:43] Chip: Okay. So first up, [00:08:45] business shout outs. We all know how important small businesses are, right?
[00:08:49] AVA: Absolutely. They’re the backbone of our local economies.
[00:08:52] Chip: So Coded Conversations wants to shine a spotlight on them. We’re offering free shout outs to small businesses that love the show.
[00:08:58] AVA: Free advertising? Who doesn’t [00:09:00] love that?
[00:09:00] Chip: Right. It’s a win win. But to snag a shout out, gotta give us a little info. You know, just the basics. Your name and biz talk, social username, the name and location of your business, your website, and a short description. Like, what makes your [00:09:15] business special?
[00:09:15] AVA: Keep it snappy, like an elevator pitch.
[00:09:17] Chip: Totally. And here’s the most important part. Tell us why you love listening to Coded Conversations.
[00:09:23] AVA: I love that it adds a personal touch, right? It makes it more than just an ad read.
[00:09:27] Chip: Exactly. We want to share your story, your [00:09:30] passion for AI, and what resonates with you.
[00:09:32] AVA: It’s like building a connection between the business and the listeners.
[00:09:35] Chip: Right. Okay, so let’s say you’ve got your business all set up with a shout out, now you’re listening to the show, and BAM! Your brain is buzzing with [00:09:45] questions. What do you do?
[00:09:46] AVA: That’s where our Ask Us Anything segment comes in.
[00:09:48] Chip: Yes. This is your chance to pick our brains about literally anything related to AI, business, you name it.
[00:09:56] AVA: It’s like having a direct line to experts in the field.
[00:09:59] Chip: And it’s [00:10:00] super easy. Just head over to CodedConversations. com and you’ll see a button to record your question.
[00:10:05] AVA: Hit that button, speak your mind, and send it our way. Easy peasy.
[00:10:09] Chip: Our team will carefully listen to every single question.
[00:10:12] AVA: And we’ll choose the most intriguing ones to answer.
[00:10:14] Chip: We might [00:10:15] even feature your question in a future episode.
[00:10:17] AVA: Or, we might answer it directly on our website. Either way, we’ll let you know if your question is selected.
[00:10:23] Chip: It’s a great way to get those burning questions answered, and who knows, maybe you’ll inspire a whole new episode.
[00:10:28] AVA: I love it. And it gets me [00:10:30] thinking, what other creative ways could podcast listeners engage with their favorite shows?
[00:10:35] Chip: Yeah, it’s definitely something to think about. Like, are there ways to make it even more interactive? More of a two way conversation.
[00:10:42] AVA: Hmm, maybe live Q& As or polls [00:10:45] during episodes. Ooh,
[00:10:46] Chip: those are cool ideas. Maybe even listener submitted challenges or case studies.
[00:10:49] AVA: See, this is what I love about this. Always pushing the boundaries.
[00:10:52] Chip: Right, and who knows? Maybe some of your ideas will become reality. So if you’re ready to get involved, Head over to Coded Conversations. [00:11:00] com.
[00:11:00] AVA: That’s the place to be. Get your business shout out, submit your burning questions, and join the conversation.
[00:11:06] Chip: We can’t wait to hear from you and maybe even feature you in a future deep dive.
[00:11:10] Chip: Until then, keep those brains buzzing.
[00:11:13] AVA: And remember, the [00:11:15] future is coded by conversations.
[00:11:17] AVA: All right, let’s do it. Looks like we are ready to dive into how businesses can team up and make some serious cash.
[00:11:24] Chip: Yeah. And, uh, and,
[00:11:25] AVA: you know, consign is the perfect place to start.
[00:11:27] Chip: Yeah, definitely. Okay.
[00:11:28] Chip: So before we get ahead of [00:11:30] ourselves, let’s break it down.
[00:11:32] AVA: We’ve got a lot of great sources to draw on today. We’ve had articles on open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM. We’ve got documentation from OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More, insights from YouTube videos, and even, you know, some real world opinions from small business owners on Reddit.
[00:11:44] Chip: [00:11:45] I love that.
[00:11:45] Chip: Okay. So let’s start with, let’s unpack the first superpower. Let’s unpack consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More. Okay. I think this is one where I think a lot of small business owners might be a little hesitant.
[00:11:52] AVA: Yeah, for sure. Like
[00:11:53] Chip: what, what are the benefits and how does it actually work in practice?
[00:11:56] AVA: So consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More is all about minimizing risk [00:12:00] while maximizing opportunity.
[00:12:01] AVA: Right. So imagine you own a small clothing boutique, right? And you want to test out a new line of handcrafted jewelry. Okay. But you don’t want to, you don’t want to make the upfront investment to buy all the stock. Right? So with consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More, you [00:12:15] partner with the jewelry maker, showcase their pieces in your store, and you only pay them for what actually sells.
[00:12:21] Chip: So it’s like a try before you buy kind of situation, but for businesses.
[00:12:25] AVA: Exactly. I
[00:12:25] Chip: love that. You get to see if the product resonates with your customers, but you’re not tying up all your [00:12:30] capital and inventory that might not move.
[00:12:31] AVA: Exactly. Exactly. And the beauty of consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More is that It opens up like a world of possibilities, right?
[00:12:37] AVA: You can expand your product offerings. You attract new customers and you can even build these these really valuable partnerships with other [00:12:45] businesses.
[00:12:45] Chip: It’s so true. Now I know what you’re thinking you’re probably thinking, okay, keeping track of all those consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More agreements and all that inventory.
[00:12:53] Chip: That just sounds like a logistical nightmare.
[00:12:55] AVA: I know it sounds scary, right?
[00:12:56] Chip: But this is where the right tools come in, right? Yeah. We’ve been talking about open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More [00:13:00] CRM software. And it turns out. Platforms like
[00:13:03] AVA: OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More,
[00:13:04] Chip: they actually have specific features designed to make consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More management super easy.
[00:13:09] AVA: Exactly, exactly. So OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More allows you to create separate categories for [00:13:15] your consigned inventory, right? Yeah. It tracks ownership. down to the individual item, and it even generates detailed reports on sales and payments owed to your consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More partners.
[00:13:26] Chip: No more messy spreadsheets.
[00:13:27] AVA: No more messy spreadsheets.
[00:13:28] Chip: That’s incredible. So OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More is not [00:13:30] only, it’s not only helping you manage your customer relationships, but it’s also acting as this central hub for all of your consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More operations.
[00:13:38] AVA: Exactly. I mean, it’s like
[00:13:39] Chip: having a superhero sidekick who’s just like on top of it all.
[00:13:41] AVA: Absolutely. And here’s where it gets even more interesting, right?
[00:13:44] AVA: So [00:13:45] OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More. Inventory valuation system. It recognizes that you don’t actually own the consigned goods, right? So that means that those items, they aren’t counted towards your overall inventory value, which is really crucial for accurate accounting, you know, financial reporting.
[00:13:59] Chip: Okay. So I’m starting to [00:14:00] see the bigger picture here, right?
[00:14:01] Chip: ConsignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More isn’t just about testing new products. It’s also a very strategic way to manage your finances. Yeah. And make sure your business is running, lean and efficiently.
[00:14:10] AVA: Absolutely. But
[00:14:10] Chip: of course. Every superhero needs a powerful communication [00:14:15] system.
[00:14:15] AVA: Yes. And
[00:14:15] Chip: this is where open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM really shines.
[00:14:19] Chip: So let’s talk about that. Let’s talk about how open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM can help small businesses. Streamline their operations and really connect with their customers in a meaningful way. So [00:14:30] let’s break it down to the basics. What exactly is CRM? And why is open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More so, so advantageous, especially for small businesses that are just starting out?
[00:14:41] AVA: Okay, great question. So CRM stands for Customer Relationship Management. [00:14:45] And it’s all about building and nurturing those those vital relationships that really drive your business forward, right? So think of it as a system for organizing all of your interactions with your customers, right? From that initial contact to the sale to the ongoing support.
[00:14:59] Chip: [00:15:00] So instead of having all that customer information, like scattered across emails and spreadsheets and sticky notes, you know, and whatever else, everything is centralized in one platform.
[00:15:08] AVA: Exactly, exactly. And this is where open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM software really shines for small businesses, you know, [00:15:15] especially those on a tight budget.
[00:15:16] AVA: Yeah. Because open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More platforms, they’re often free. Or significantly cheaper, uh, than proprietary alternatives. Yeah,
[00:15:25] Chip: that’s a, that’s a huge advantage for entrepreneurs that are just starting out. Huge
[00:15:28] AVA: advantage.
[00:15:29] Chip: Um, [00:15:30] but isn’t open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More software, isn’t it usually more complicated to use?
[00:15:34] AVA: You know, not necessarily. There are open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM platforms that are specifically designed for ease of use, right? So, uh, take HubSpot for example. It’s known for its really user [00:15:45] friendly interface and very intuitive features. I love HubSpot. Yeah, it’s a great choice for beginners who just want to get up and running quickly.
[00:15:53] Chip: That’s reassuring to hear. Yeah. But what if, what if a small business owner wants, more customization options, [00:16:00] or they have very specific workflow needs.
[00:16:02] AVA: Right, right. So that’s, that’s where platforms, uh, like VTiger come in. Okay. VTiger offers ultimate customization for businesses that have, really unique requirements, right?
[00:16:13] AVA: So think of it as like a [00:16:15] superhero gadget that you can build and modify to suit your exact needs, right? You can create custom fields automate workflows, and you can even add Integrate with other business tools.
[00:16:24] Chip: Okay, so it’s kind of like you’re building your own bat cave, but for managing your customer relationships.
[00:16:29] AVA: [00:16:30] Exactly. I
[00:16:30] Chip: love that. And speaking of all in one solutions, we can’t forget about OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More.
[00:16:35] AVA: Yes.
[00:16:35] Chip: Which we mentioned earlier when we were talking about consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More management.
[00:16:38] AVA: Exactly.
[00:16:38] Chip: OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More is truly a powerhouse platform. It combines CRM with this whole suite of business tools, [00:16:45] you know, ERP, accounting, inventory management, you name it.
[00:16:48] AVA: It’s the Justice League.
[00:16:49] Chip: It’s like the Justice League of software. All under one roof.
[00:16:52] AVA: All under one roof. Exactly. So with OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More, small businesses can, they can manage every aspect of their operations from [00:17:00] this central hub. They can streamline their workflow, save time, and they can even gain these these really valuable insights.
[00:17:06] AVA: Insights into their business performance.
[00:17:09] Chip: It’s so powerful. Okay. So we’ve got consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More for testing new products for building strategic [00:17:15] partnerships. We’ve got open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM for managing customer relationships for streamlining operations. Now let’s talk about, let’s talk about the power of collaboration because even superheroes, even superheroes know they can’t do it all alone.
[00:17:26] AVA: That’s right. That’s right. Collaboration is all about leveraging the strengths [00:17:30] of others to achieve shared goals. Right? Uh, so for small businesses, this can mean partnering with other entrepreneurs joining forces with complimentary businesses or even just tapping into the expertise of your, your local community.
[00:17:42] Chip: It’s so true. Okay, so how can small [00:17:45] business owners actually use? use open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM to facilitate collaboration. Give us some real world examples.
[00:17:52] AVA: Okay, sure. So imagine you’ve got this local bakery and they want to partner with a nearby coffee shop. [00:18:00] Okay. Right. To do this, the special promotion, right?
[00:18:02] AVA: So they can use their open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM system to manage their communication, to share customer data with permission, of course. Yeah. And they can even track the success Of their joint marketing campaigns, right?
[00:18:12] Chip: I love that. And what’s even more [00:18:15] impressive is that platforms like Odo, they have these built in features.
[00:18:18] AVA: Yes.
[00:18:18] Chip: Specifically designed for collaboration. Remember that discuss module we mentioned earlier?
[00:18:22] AVA: Yes. Yes. So Odo’s discuss module allows businesses to create this dedicated [00:18:30] forum for communication with partners, vendors, collaborators, right? Think of it as like, uh, a virtual meeting space where you can share updates, brainstorm ideas, resolve issues and keep everyone on the same page.
[00:18:43] Chip: Okay. So we’ve got consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More for [00:18:45] testing new products and building those strategic partnerships. We’ve got open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM for managing customer relationships, streamlining those operations. Right. And then we’ve got collaboration, right. For leveraging the strength of. of others to achieve shared goals.
[00:18:57] Chip: But how do we bring all these superpowers together [00:19:00] to create like this truly unstoppable small business?
[00:19:03] AVA: Ooh, that’s the million dollar question, right? And that’s exactly what we’ll be exploring in the next part of our deep dive.
[00:19:08] Chip: Okay, can’t wait.
[00:19:09] AVA: We’re going to delve into real world examples of small businesses that are using these [00:19:15] strategies and tools to achieve incredible success.
[00:19:17] AVA: And we’ll share some practical tips on how you can implement these superpowers in your own business. So stay tuned.
[00:19:22] Chip: Okay, I can’t wait.
[00:19:23] AVA: Welcome back to our deep dive into small business superpowers. In the last part, we talked about consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More, [00:19:30] strategic growth, and collaboration. Now, let’s actually see these powers in action.
[00:19:35] AVA: You know, we’ll explore real world examples of small businesses that are using open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM to really level up their game.
[00:19:43] Chip: Yeah, I [00:19:45] love it. It’s time to like see how these tools are actually transforming businesses out there in the field. I’m particularly curious about, um, about V tiger CRM. I know they’ve got like a huge user base and they’re known for customization.
[00:19:59] Chip: But what is that? [00:20:00] What does that actually look like , for a small business owner? Like, what are they actually doing with it?
[00:20:04] AVA: Okay. So let’s say, um, you’re running a busy online store. You’re selling handmade crafts. You’ve got orders coming in. You’ve got customer inquiries to answer inventory to manage.
[00:20:13] AVA: It can get overwhelming,
[00:20:14] Chip: [00:20:15] right? Oh, absolutely. Especially when you’re wearing all the hats, you know, in those early stages of your business.
[00:20:18] AVA: Exactly. Exactly. So with VTiger, you can tailor the system to fit your unique workflow. Right. So imagine setting up automated emails that send personalized order [00:20:30] confirmations and shipping updates To your customers.
[00:20:32] AVA: Okay. Right. You can also create a custom fields to track specific details about each product like the materials used or the artisan who created it.
[00:20:41] Chip: So instead of like juggling multiple spreadsheets and apps, [00:20:45] everything is just streamlined right within VTiger.
[00:20:47] AVA: Exactly. And VTiger is a robust inventory management features.
[00:20:51] AVA: They can help you help you stay on top of your stock levels. You can you can set up alerts for low stock. You can generate purchase orders automatically, [00:21:00] and you can even track the movement of your inventory from, your workshop to the customer’s doorstep.
[00:21:05] Chip: Wow. I mean, that level of organization that can be a game changer for a small business.
[00:21:10] Chip: It really frees up so much time and. And mental energy to [00:21:15] focus on what you do best, which is, you know, creating amazing products and connecting with your customers.
[00:21:20] AVA: Absolutely. And speaking of connecting with customers V Tiger has some fantastic tools for managing those relationships, right? So you can track.
[00:21:28] AVA: Every interaction that you have with [00:21:30] your customers, uh, from email exchanges to phone calls to social media mentions. All within a single platform.
[00:21:39] Chip: It’s like you’ve got this superhero memory, right? For customer details. You can remember their preferences, their past [00:21:45] purchases, even their birthdays.
[00:21:46] AVA: Exactly, you got it. Now let’s shift gears a little bit. Okay. Let’s talk about OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More. We mentioned earlier that, it’s, it’s like the Justice League of software. It combines CRM with a whole suite of business tools.
[00:21:58] Chip: And I know from our research [00:22:00] that that OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More is really popular with small businesses that want this comprehensive all in one solution.
[00:22:07] AVA: Absolutely. In fact, we came across this Reddit thread where a small IT business owner was actually considering switching [00:22:15] from QuickBooks and Pandadoc to OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More.
[00:22:17] Chip: Interesting.
[00:22:18] AVA: And he was spending, get this, he was spending nearly 3, 000. Yeah. 10, 000 a year on those two platforms alone. Ouch.
[00:22:26] Chip: That’s, that’s a significant chunk of change for a small business. [00:22:30]
[00:22:30] AVA: It is. And OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More could potentially handle both of those functions, plus, plus so much more. Okay. For a fraction of the cost.
[00:22:35] Chip: I mean, but I imagine there are There are always concerns when switching to a new system, right? Especially one as robust as OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More.
[00:22:42] AVA: Of course. Of course. So this business owner in [00:22:45] the Reddit thread, he was worried about the learning curve and whether OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More could really handle all of his specific needs, especially when it came to inventory management, right? He needed to track serial numbers which his current accounting software didn’t do.
[00:22:56] Chip: Okay. Yeah. That’s, that’s a valid concern. Serial number [00:23:00] tracking is, is really. Crucial for businesses that are dealing with, you know, electronics or equipment or any kind of high value item.
[00:23:07] AVA: Absolutely, absolutely. But OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More has this proven track record with inventory management and they even [00:23:15] have some Specific tutorials and documentation on how to set up serial number tracking.
[00:23:19] AVA: Good, good. Uh, plus Odoo’s modular design. It allows businesses to start with the, kind of the basic features and gradually add more as they become more comfortable with the system.
[00:23:29] Chip: [00:23:30] Okay. So it’s, it’s kind of, it’s designed to, to grow with your business.
[00:23:33] AVA: Exactly. Exactly. And remember the open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More community there, they’re there to support you every step of the way.
[00:23:38] Chip: That’s so important.
[00:23:39] AVA: So in the Reddit thread several OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More users, they, they shared their positive experiences and [00:23:45] offered advice on how to make the transition, right? It’s like, it’s like having a team of mentors cheering you on.
[00:23:51] Chip: I love that. Yeah. Okay. So we’ve seen how VTiger can help a busy online store, manage their operations and their customer relationships.
[00:23:59] Chip: And We’ve [00:24:00] explored how OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More can save a small IT business money and streamline their workflows. Right. Now let’s dive into the world of SuiteCRM, which is known for its incredible community support.
[00:24:10] AVA: Yeah.
[00:24:10] Chip: And customizable workflows.
[00:24:12] AVA: So imagine a small non profit [00:24:15] organization.
[00:24:15] Chip: Okay.
[00:24:15] AVA: Right, and they’re struggling to manage their donor database and track donations effectively.
[00:24:20] Chip: Sounds like a perfect use case for SweetCRM.
[00:24:22] AVA: Absolutely, absolutely. Okay. So with SuiteCRM this non profit can tailor the system to fit their specific workflow, right?
[00:24:28] AVA: Okay. They can create custom [00:24:30] fields to track donor information, donation amounts even volunteer hours.
[00:24:33] Chip: So it’s not just about managing the donations. It’s about building those meaningful relationships
[00:24:40] AVA: with their
[00:24:40] Chip: supporters.
[00:24:41] AVA: Exactly. Sweet CRM allows them to [00:24:45] segment their donors based on various criteria like donation history or areas of interest.
[00:24:51] AVA: And. And this enables them to send a targeted communications, personalized, thank you messages and even automate their fundraising campaigns.
[00:24:59] Chip: [00:25:00] Wow. That, that level of personalization that can really make a difference in, in donor engagement and retention.
[00:25:05] AVA: It really can. It really can. And what’s even more impressive is the incredible community support behind SuiteCRM, right?
[00:25:12] AVA: So if this nonprofit ever runs into [00:25:15] any issues or has, you know, questions about the software, they can rely on this vibrant sweet CRM community for help.
[00:25:21] Chip: Yeah, there are
[00:25:22] AVA: forums, there’s documentation, and even professional support services available, right? So it’s like having this [00:25:30] global network of tech superheroes ready to
[00:25:32] Chip: assist
[00:25:32] AVA: ready to assist.
[00:25:33] AVA: Exactly.
[00:25:34] Chip: Okay. So we’ve got V tiger handling customer support inventory like a pro.
[00:25:38] AVA: Yeah.
[00:25:38] Chip: We’ve got OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More, streamlining operations and saving money.
[00:25:43] AVA: Right. Yeah. We’ve
[00:25:44] Chip: got [00:25:45] SuiteCRM empowering a nonprofit with this really personalized donor management.
[00:25:50] AVA: It’s amazing. I
[00:25:51] Chip: mean, it’s amazing to see these open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM platforms in action.
[00:25:55] AVA: It’s truly inspiring, to see how open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM is really leveling the [00:26:00] playing field for small businesses, right. Giving them access to these. These powerful tools that, that were once only available to large corporations.
[00:26:09] Chip: It’s amazing. And it’s not just about the software itself.
[00:26:11] Chip: It’s also about, the collaborative spirit that [00:26:15] comes with embracing open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More. It’s about sharing knowledge, supporting each other and building a community of entrepreneurs that are really passionate about, about making a difference.
[00:26:23] AVA: Absolutely. Now we’ve seen the amazing things that open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM can do but let’s be real.
[00:26:27] AVA: There are potential downsides to, [00:26:30] right? Of course. Every superhero has their kryptonite.
[00:26:32] Chip: Right, exactly. It’s important to acknowledge that, that open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM might not be like the perfect solution for every business. Right. There are some challenges and limitations to, to consider.
[00:26:43] Chip: For example one, common [00:26:45] concern Is the potential lack of official support.
[00:26:47] AVA: Yeah, that’s true. That’s true. Since you’re not paying, you know, a hefty subscription fee to a big software company, you might not have this dedicated support team to call if something goes wrong. [00:27:00] Right.
[00:27:00] AVA: However, the open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More community often fills that gap. Okay. There are forums, there’s documentation and even professional support services available from third party providers. Providers who, who specialize in open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM.
[00:27:13] Chip: So you might need to be a little [00:27:15] more resourceful and proactive when it comes to troubleshooting.
[00:27:18] AVA: Right.
[00:27:18] Chip: But it sounds like the support is out there if you know where to look.
[00:27:22] AVA: Absolutely. And many open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM platforms like OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More they offer paid support plans for businesses who need that extra [00:27:30] level of support.
[00:27:31] Chip: That makes sense. Okay. So support is it consideration but not necessarily a deal breaker.
[00:27:35] AVA: Right.
[00:27:36] Chip: What other challenges should small business owners be aware of?
[00:27:38] AVA: So another potential hurdle is the learning curve, right? Okay. Open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM software can be very powerful, [00:27:45] but it can also be complex.
[00:27:47] Chip: Yeah. Especially for those of us who aren’t like, Tech wizards.
[00:27:50] AVA: Exactly. Exactly. It might take some time and effort to learn how to use the software effectively and customize it to your specific needs, [00:28:00] right? So that’s why it’s, it’s really crucial to choose an open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM that aligns with your technical skills and resources, right? So, so if you’re a tech savvy entrepreneur, you know, you might relish the challenge of customizing vTiger to, to fit your unique workflows.
[00:28:14] AVA: Right. [00:28:15] But if you’re a beginner, you might prefer the user friendliness of HubSpot.
[00:28:19] Chip: It’s all about finding the right tool for the job and being realistic about your own capabilities, I think.
[00:28:24] AVA: Exactly. And don’t underestimate the importance of training and support, right?
[00:28:28] AVA: Yeah. A lot of open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM [00:28:30] providers offer online tutorials, documentation and even in person training sessions. Yes. To help you get up to speed quickly. Okay. And plus there’s always that, that supportive open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More community to turn to for help.
[00:28:42] Chip: Yeah. It’s a great resource.
[00:28:43] Chip: It
[00:28:44] AVA: is.
[00:28:44] Chip: It sounds [00:28:45] like the key to success with open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM is to be prepared. To be prepared to invest some time and effort into learning the system and building your support network.
[00:28:54] AVA: Absolutely, absolutely. And the payoff can be huge, right? Oh, yeah. So once, once you’ve mastered the [00:29:00] basics of your chosen platform, Yeah.
[00:29:02] AVA: You’ll have access to this really powerful tool that can help you streamline your operations, manage your customer relationships and ultimately, you Grow your business.
[00:29:11] Chip: Absolutely. Okay, so we’ve explored the pros and cons of open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM. We’ve [00:29:15] seen it in action. Yeah. You know, with real world examples and even addressed some potential challenges.
[00:29:20] Chip: Right. What’s next on our superhero training agenda?
[00:29:23] AVA: All right. So in the next part, we’re going to, we’re going deeper into this field fascinating world of consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More and how open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM can help you [00:29:30] master this superpower for risk free growth. We’re going to uncover the secrets of finding the right consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More partners managing consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More inventory efficiently and maximizing your profits.
[00:29:41] Chip: Okay.
[00:29:42] Chip: Hey everybody we’re doing something a little different.
[00:29:44] AVA: Yeah
[00:29:44] Chip: What we [00:29:45] thought would be cool is to actually go beyond just listening to Coded Conversations.
[00:29:49] AVA: Yeah, like what if you could actually be a part of the conversation?
[00:29:52] Chip: Right. So we’re going to look at how you could actually engage with the show, share your own experiences, and even get your questions answered.
[00:29:59] AVA: Because let’s be [00:30:00] honest, business and AI, they’re These are fields that are constantly evolving. It’s hard to stay ahead of the curve.
[00:30:06] Chip: Totally. And Coded Conversations really seems to get that. They’ve created some cool ways for their listeners to actually participate.
[00:30:12] AVA: And we found two that we think are [00:30:15] super valuable.
[00:30:15] AVA: The first is all about getting your business featured.
[00:30:19] Chip: Oh yeah. They actually encourage listeners to submit what they call a business shout out.
[00:30:23] AVA: And it’s not just a boring old ad read or anything.
[00:30:26] Chip: No, no. It’s way more engaging than that.
[00:30:28] AVA: You go to their [00:30:30] website, CodedConversations. com, and there’s a whole section where you can share your story.
[00:30:35] Chip: Like, what makes your business unique? What problems are you solving?
[00:30:38] AVA: Exactly. And why are you passionate about being part of the Coded Conversations community?
[00:30:42] Chip: And the best part is, they might actually feature [00:30:45] your business on an episode.
[00:30:46] AVA: Imagine that getting a shout out to their entire audience. Talk about exposure.
[00:30:51] Chip: Now, the second way to get involved is all about asking questions.
[00:30:54] AVA: Because let’s face it, we all have questions about business and AI.
[00:30:58] Chip: Especially with how quickly [00:31:00] things are changing.
[00:31:00] AVA: Absolutely. And what’s so cool is that Coded Conversations makes it super easy to ask.
[00:31:05] Chip: You don’t even have to write anything down?
[00:31:07] AVA: Nope. You just head over to CodedConversations. com and click on the leave us a message button.
[00:31:12] Chip: And you can literally record your question right there on the [00:31:15] site.
[00:31:15] AVA: It’s like having a direct line to the hosts and their expertise. Peace.
[00:31:19] Chip: And they actually take the time to listen to these questions.
[00:31:22] AVA: They might answer yours directly on the website, or even dedicate a whole segment of a future episode to it.
[00:31:28] Chip: So you could literally have your [00:31:30] question shaping the conversation.
[00:31:31] AVA: Think about that your question could spark insights for other listeners, or even lead to new discussions.
[00:31:37] Chip: It’s all about contributing to this collective knowledge pool around business and AI.
[00:31:42] AVA: And who knows, your question could end up helping [00:31:45] tons of other people, too.
[00:31:46] Chip: So what does this all mean for you? It means that CodedConversations. com isn’t just a place to listen.
[00:31:52] AVA: It’s a platform to share your story, ask your questions, and really become a part of a community.
[00:31:58] Chip: A community that’s actively shaping the [00:32:00] future of business.
[00:32:00] AVA: It really flips the script on traditional podcasting, you know.
[00:32:03] Chip: Totally. Instead of just passively listening. CodedConversations. You can actively engage and contribute.
[00:32:08] AVA: And tap into this incredible network of knowledge and expertise.
[00:32:12] Chip: It’s a win win for everyone involved.
[00:32:13] AVA: Absolutely. [00:32:15] So if you’re ready to dive deeper, head over to CodedConversations. com
[00:32:19] Chip: Who knows, maybe you’ll even hear your voice on the next episode.
[00:32:22] AVA: And that brings us to our final thought. If you were on Coded Conversations, what question would you ask?
[00:32:29] Chip: What burning [00:32:30] business idea would you want to share with the world?
[00:32:32] AVA: The door is open. Go for it.
[00:32:34] Chip: Until next time.
[00:32:34] AVA: See ya!
[00:32:36] Chip: We’ve explored open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM, from managing those customer relationships to streamlining operations to, uh, even collaborating with [00:32:45] other businesses. Now it’s it’s time to dive into A superpower that can really level up your business.
[00:32:50] AVA: Yes.
[00:32:51] Chip: ConsignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More.
[00:32:52] AVA: ConsignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More is a, it’s a fantastic way to test new products, expand your inventory, and potentially boost your [00:33:00] profits. All without the upfront risk of purchasing stock.
[00:33:03] Chip: We touched on consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More a little bit earlier, but let’s, let’s kind of break it down, break it down a little further.
[00:33:07] AVA: Yeah.
[00:33:08] Chip: Imagine you’re a small business owner, you’re, you’re running a charming little
[00:33:12] AVA: Okay,
[00:33:12] Chip: right. You’re thinking about [00:33:15] adding a line of locally made candles to your shelves. Okay, but you’re a little hesitant to invade the law a large sum up front, without knowing if they’ll actually sell well alongside your books,
[00:33:25] AVA: right?
[00:33:26] AVA: That’s the perfect scenario for consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More. You could partner with that [00:33:30] local candle maker display their candles in your store and you only pay for the candles that actually sell. Okay, no upfront investment, no risk of being stuck with unsold inventory
[00:33:41] Chip: sounds sounds like a win win for both the bookstore and the candle maker.
[00:33:44] AVA: [00:33:45] Absolutely,
[00:33:45] Chip: But I imagine keeping track of all those consigned items and the sales and the payments. I mean, that could get messy quickly.
[00:33:51] AVA: Oh you’re absolutely right. And this is where the power of open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM really comes in.
[00:33:55] Chip: Okay.
[00:33:56] AVA: Remember, uh, remember OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More the Justice League [00:34:00] business software?
[00:34:01] Chip: Justice League. Yeah. Well,
[00:34:02] AVA: OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More have some incredible features specifically designed to, to make consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More management a breeze.
[00:34:08] Chip: Okay. I’m, I’m intrigued. So how does OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More actually. Make managing consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More easier?
[00:34:13] AVA: All right. So let’s stick with our [00:34:15] bookstore example, right?
[00:34:16] AVA: When you receive those beautiful handcrafted candles from your local artisan, you can easily create a manual receipt in OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More, right? You just specify that those candles are consigned and belong to the artisan. Okay. And OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More [00:34:30] will meticulously track the movement and location of those candles within your inventory.
[00:34:35] Chip: So it’s like having this digital inventory assistant, right? That knows exactly which candles are yours to sell and which ones belong to your consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More partner.
[00:34:42] AVA: Exactly.
[00:34:43] Chip: No more second guessing. No more [00:34:45] confusion.
[00:34:45] AVA: Precisely. And here’s where it gets even more impressive, right? So Odoo’s inventory valuation system it recognizes.
[00:34:52] AVA: That you don’t technically own the consigned goods. Oh, okay. So that means that those candles they aren’t counted toward [00:35:00] your overall inventory value, which is incredibly important for accurate accounting and financial reporting.
[00:35:05] Chip: Yeah, that makes perfect sense. You wouldn’t want to like inflate your assets with goods that you don’t actually own.
[00:35:10] AVA: Exactly. And when you sell one of those beautifully scented candles OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More, [00:35:15] it automatically generates this this detailed report. Okay. And this report includes the sale the original consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More agreement terms and most importantly, the amount owed to the candle maker.
[00:35:29] Chip: So no [00:35:30] more like manually calculating commissions or searching for that, you know, elusive consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More agreement.
[00:35:35] AVA: Exactly.
[00:35:36] Chip: It sounds like OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More just like streamlines that whole process, from start to finish.
[00:35:40] AVA: Absolutely. And this level of organization, not only does it save you [00:35:45] time and headaches.
[00:35:46] Chip: Right.
[00:35:47] AVA: But it also builds trust and transparency with the organization. Your, with your consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More partners.
[00:35:51] Chip: It’s a win-win for everyone involved. Yes, it is. Okay. So OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More got like the technical side covered. Yeah but what about the human element, right? Yeah. Like what advice do you have [00:36:00] for finding the right consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More partners and really making those partnerships successful?
[00:36:04] AVA: That’s a great question. Finding the right consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More partners it’s like assembling a superhero team, right? You want partners whose products align with. with your brand, you know, whose values you share and who [00:36:15] are who are just reliable and professional.
[00:36:17] Chip: So it’s not just about the products themselves.
[00:36:20] Chip: It’s also about, building those relationships with like minded businesses.
[00:36:23] AVA: Absolutely. Absolutely. Think about the types of products your customers are offering. Already buying and look for, uh, look for complimentary [00:36:30] items that could enhance the their shopping experience.
[00:36:32] AVA: Okay. So our bookstore owner, for example they might also consider partnering with with a local artist to sell, uh, handmade bookmarks or greeting cards.
[00:36:42] Chip: Or, or a coffee shop
[00:36:43] AVA: that
[00:36:44] Chip: [00:36:45] teams up with a local bakery to offer like fresh pastries.
[00:36:47] AVA: Exactly.
[00:36:48] Chip: The possibilities are kind of endless when you start thinking about collaboration.
[00:36:52] AVA: Absolutely. And once, once you’ve identified those potential partners it’s crucial to have a clear and concise consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More [00:37:00] agreements. Right. These agreements should outline the terms of the partnership including, commission rates, payment schedules and responsibilities for marketing and promotion.
[00:37:10] Chip: And guess what? What? OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More can help you manage those agreements too.
[00:37:13] AVA: Of course it can.
[00:37:14] Chip: You can [00:37:15] store those digital copies of your agreements within the system. Yep. Easily access them when you need them. And even set reminders for important deadlines like payment dates.
[00:37:23] AVA: That’s right.
[00:37:24] AVA: Now let’s, uh, let’s talk about managing that consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More inventory efficiently. Okay. Uh, Odoo’s [00:37:30] inventory management features they’re a true, Superpower here, right? You can track the movement of consigned goods within your store. You can set up alerts for low stock levels, and you can even generate reports to analyze sales trends and identify your best selling [00:37:45] consigned items.
[00:37:46] Chip: Imagine using those reports to make, data driven decisions about, which consigned items to keep, where ones to discontinue, and which ones to order more of, right? You’re not relying on guesswork or [00:38:00] intuition. You’re making smart choices based on real time data.
[00:38:05] AVA: That’s the beauty of having a system like OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More, right?
[00:38:08] AVA: It empowers you with the information you need to make strategic decisions that Drive your business forward.
[00:38:14] Chip: [00:38:15] It’s so powerful. Okay. So we’ve covered finding the right partners, creating those clear agreements, managing, managing inventory effectively. What about marketing and promotion?
[00:38:23] Chip: How can small businesses like really showcase their consigned items and attract new customers?
[00:38:27] AVA: That’s a crucial part of the equation, right? You need to [00:38:30] treat your consigned items as an integral part of your product offerings. Uh, think about, incorporating them into your social media posts featuring them in your email, newsletters, and even creating special displays or promotions within your store.
[00:38:43] Chip: And don’t be afraid [00:38:45] to get creative, right? Like maybe our bookstore owner hosts a book signing event featuring a local author and they showcase those handcrafted candles alongside their latest novel.
[00:38:56] AVA: Exactly. The key is to collaborate with your consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More [00:39:00] partners and create this, this cohesive marketing strategy that highlights the unique value of their products and resonates with your target audience.
[00:39:09] Chip: I love that. This has been such an insightful dive into the world of consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More. It has. We’ve learned [00:39:15] how OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More can help you manage inventory, track sales, generate reports, ensure accurate accounting. Right. And we’ve explored the importance of finding the right partners, establishing those clear agreements and creating that marketing strategy that showcases the value of consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More
[00:39:28] Chip: of those consigned goods. [00:39:30] Remember, consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More is a powerful tool for small businesses that are looking to test new products, expand their offerings and potentially boost their profits without the upfront risk by embracing this superpower and utilizing those tools.
[00:39:42] Chip: Those incredible tools available in OdooOdoo: An all-in-one, open-source suite of business management software that includes applications for customer relationship management (CRM), sales, project management, inventory, accounting, e-commerce, human resources (HR), and more More. You can really [00:39:45] take your business to new heights.
[00:39:46] AVA: So what are you waiting for? It’s time to unleash your entrepreneurial spirit and explore the world of consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More.
[00:39:53] Chip: Dive into leveling up your small business.
[00:39:55] Chip: We’ve covered consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More. Strategic growth, the magic of [00:40:00] collaboration and the power of open sourceOpen Source: Software that is freely available for anyone to use, modify, and distribute. The source code is open for inspection and alteration. More CRM software.
[00:40:03] AVA: We’ve explored real world examples, discussed the pros and cons and shared some some practical tips to, to help you implement these superpowers and in your own business.
[00:40:13] Chip: Remember, remember success in [00:40:15] business as in life is a journey, not a destination.
[00:40:17] AVA: Be bold, be creative and never stop learning and growing.
[00:40:20] Chip: And most importantly, have fun along the way. It all boils down to this, when done right, consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More is a powerful model for businesses to [00:40:30] collaborate, innovate, and create a win win situation for everyone involved.
[00:40:34] AVA: I’m definitely feeling inspired and a lot more informed. So for you listening out there, What resonated with you the most? Maybe you’re thinking of using consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More to launch your [00:40:45] own product line or partnering with a shop to expand your inventory. Whatever it is, remember, we’ve only just scratched the surface.
[00:40:52] AVA: Mm hmm. The real magic happens when you combine these principles of strategic alliances with the power of digital [00:41:00] platforms. Right. And tap into the growing demand for conscious consumerism. That’s where the real potential lies.
[00:41:06] Chip: Absolutely.
[00:41:06] AVA: Good luck on your consignmentConsignment: Consignment is a business arrangement where a vendor (consignor) provides goods to a retailer (consignee) to sell. The consignee doesn’t pay for the goods upfront; instead, they pay the consignor only when an item sells. Any unsold items are typically returned to the consignor. More journey.
[00:41:09] Chip: Until next time. Keep those entrepreneurial superpowers [00:41:15] shining.