Why Every Business Owner Needs a Plan

It’s as inevitable as death and taxes: If you’re a business owner, one way or another, you’ll eventually leave your enterprise. The only question is how—and whether you’ll do so on your own terms.

Will you retire gracefully? Pass your company on to family? Opt for a management buyout? Go for a merger or acquisition? Or will unforeseen circumstances force your exit sooner than expected?

The International Happy Hour at the SEMA Show in Las Vegas was the venue for the 2012 Global Media Awards. In front of a crowd of more than 1,000 exhibitors and international buyers, 150 companies learned that their products had been selected by a panel of 25 international journalists as this year’s hottest products, chosen from more than 2,000 entries in the Ideas Alive: New Products Showcase.

The SEMA Middle East Business Development Conference is a low-cost program providing the opportunity to meet face to face with buyers from throughout the Middle East. The 2013 event will take place March 13–16 at the Middle East Motor Tuning Show (MEMTS) at the Expo Centre Sharjah, United Arab Emirates. The conference will be held in a dedicated SEMA hall.

In a joint effort, the Light-Truck Accessory Alliance (LTAA) and the SEMA Education Institute (SEI) have developed a new online tool that allows manufacturers to efficiently and effectively provide product training to hundreds or even thousands of resellers throughout the industry. The program is designed to help manufacturers save money on product training and spur sales.

The Automotive Aftermarket Industry Association’s (AAIA) Legacy electronic catalog standard was retired as of December 2012 and will no longer be supported or updated by AAIA. In order to meet the needs of today’s powerful business applications, the Legacy format has been replaced with the AAIA Catalog Enhanced Standard (ACES). Along with the vehicle configuration database, ACES provides a much more granular and rules-based standard. As the only industry-owned and operated data management service and centralized repository, the SEMA Data Co-op (SDC) is fully compliant with the industry ACES and Product Information Exchange Standard (PIES).

For Manufacturers, It’s the Ultimate Match

Building a brand, informing business partners and educating consumers are key factors in marketing a product successfully. And while manufacturers may be experts at innovation and development, few also possess the expertise to publicize and promote their products for optimal sales in media ranging from print to web and from brochure to billboard. That is the business of advertising agencies. Finding the right one should be every manufacturer’s ultimate promotional goal.

Technology is rapidly changing the way products are conceived and delivered to the market. From online open-innovation models to product-creation software and from surface-scanning tools to additive manufacturing equipment, businesses are changing how they approach product development.

The majority of the exhibitors at the SEMA Show are small businesses, but automakers are just as important and are essential to the industry. Many of the OEMs participate by exhibiting at the Show. In addition to generating attendee interest, the automakers also create buzz in the media. Here are just a few articles that resulted from the 2012 SEMA Show.

It’s certainly no secret that customer information has become a key element of success in business. The more you know about your customers, the easier it is to conduct long-term planning, execute more targeted marketing and ensure success when it comes to strategic investments. That kind of information can be the difference maker when a business is under stress or when it’s time to expand.

Breaking news from SEMA member companies, including Toyo Tire U.S.A. Corp. (TTC), Betts Spring Co., Design Engineering, Bilstein of America and more.