Many believe the coming year will bring a slump in the economy. This coupled with rising prices in general has a direct impact on companies of all sizes and their bottom lines. And as we all know, when the bottom line tightens up, budgets must get cut.

Things that are not considered operating expenses are always the first to fall and this includes resources for advertising and marketing. Small and medium sized businesses especially are forced to cut back on promoting their business. This is unfortunate because advertising and getting your brand name out there is essential to business growth. It seems counter-intuitive not to promote your business, but in lean times it is often hard to justify spending of this nature.

I apologize if the first two paragraphs of my article are so gloomy but the good news is coming! I'm about to share with you an idea on how to spend a little on promotional products and still get a lot...

What I'm about to say seems perfectly logical yet I find that most consumers still fail to take advantage of this strategy. We all know that every year retailers and retail brands come out with "new & improved styles" for a new year. We also all know that when this happens the "old styles" go on sale. Further, we know that this generally happens towards the end of the calendar year, and coincidentally at the same time our holiday season of spending begins.

Promotional products follow the same scenario as described above. Each year the suppliers of promotional items are brainstorming and strategizing on how to improve their product lines for the following year. They all compete to put out newest and most stylish things in the industry. The old styles get replaced with new ones and so it goes each and every year. And just like last years Nike's and Calvin Klein's, promotional products do go on sale throughout the year. The ultimate best time to get a great deal though is at the end of the year when items shift from sale to clearance. Once an item hits clearance the savings are exceptional and this is the time to buy! And coincidentally again, the end of the year also coincides with the scramble to "use or loose" your budget. So it's a win-win scenario for all.

Even though newer stuff is about to come out the clearance items are perfectly good and nice too! The truth is that this years styles generally vary very little from lasts years so who is really going to know in 2008 that you are gifting them something from last years catalog?

If you are serious about keeping advertising in your budget no matter what, plan to do some big spending at the end of each year. Remember: the point of promotional products is to give away something attractive, useful and branded with your company name-and clearance items can do this just as well as the brand new stuff!

Here are some planning tips:

1. Figure out with each new annual budget how much you want to allot towards your clearance purchases at years end;
2. Throughout the year keep a list of ideas or what sort of items you like so you can target your clearance item treasure hunt when the time comes;
3. Don't forget that clearance items only last while stock lasts. I've had too many clients sit on the fence pondering for way too long. They eventually decide to go for it only to find that inventory is gone, and so is their chance at a great deal.

Decide on a budget, make a plan and execute it. If you believe the clearance price to be fair for the item then don't hesitate any further! There are enough clever consumers out there who already know this and do gobble up stock. Even one day of contemplation can cause you to lose that fantastic leather padfolio, MP3 player or digital photo frame you always dreamed of gifting your VIP clients in appreciation of their business.

Happy Hunting!