|
|
| Missouri Small Business
Development Centers ... your success is our business |
Saturday, May 17, 2008
|
||
 |
|||
Entrepreneur Archive:
|
||||||||||||||
 |
||
| Keith Savage, along with his assistant Mary Schelich (background), operates the inventory management and pharmaceutical destruction company Logistical Resource Solutions Inc. at its new location on Jefferson Avenue in south St. Louis. | ||
Through his firm's services, Savage offers a reliable and secure alternative to in-house inventory storage and product returns. Whether a client's inventory encompasses supplies it needs to run its business or outdated material bound for formal elimination, Savage knows his firm can handle the job.
"My background in logistics started by moving mail and supplies throughout Europe when I served in the Army," says Savage. "I gained knowledge and experience in using inventory systems by shipping materials around the world."
After leaving the Army more than 20 years ago, Savage pursued sales and marketing with a variety of companies in metro St. Louis. He worked in such areas as electronic security, health insurance, printing and graphics.
His broad business experience has helped him avoid many of the mistakes encountered by other business startups, and has brought added value to the services he provides his customers at LRS.
However, Savage readily admits he also has learned some valuable lessons in entrepreneurship from a very helpful source: Kevin Wilson, counselor with the St. Louis region Small Business and Technology Development Center (SBTDC), which is part of University of Missouri Extension.
"While working with the Minority Business Council, I was introduced to Kevin as well as to the services that the St. Louis SBTDC can offer," says Savage. "I began using the SBTDC for my technical assistance and I ended up working with Kevin on some key areas."
One of those areas was the recent obtaining of a multi-million dollar contract for LRS with Colliers Turley Martin Tucker, a commercial real estate services firm. The contract calls for LRS to store and supply inventory to all of CTMT's 124 sites throughout Missouri.
 |
|
| (Above): While Savage relies on the latest computer technology to track inventory for his clients he also depends on long-time basic technology, such as forklifts, to move that inventory in the warehouse. (Below): Savage talks with a client regarding inventory tracking. |
|
 |
|
"This contract plays to our strengths: the ability to supply clients' inventory on a just-in-time basis," says Savage. "New features we are planning for our computer system will give clients the latest inventory-monitoring technology to track, in real time, their inventory levels that we maintain in our warehouse."
When Savage reviewed the initial proposal from CTMT, he consulted with Wilson to accurately determine the costs LRS would incur if it accepted the contract.
"Keith and I looked at factors such as cash flow, storage and supply costs, and other related business factors that he needed to clearly understand before committing to such a significant agreement," says Wilson.
Also during the LRS's early stages, Wilson and his SBTDC colleagues helped Savage develop a detailed business plan, pursue a variety of government certifications, and assemble a financing package. LRS derived certifications from the St. Louis Minority Business Council and the federally designated HUB (Historically Underutilized Business) Zone program. Loan sources included Business Loan Express, the Urban Enterprise Loan program, the Business Consortium Fund and a grant program from local utility Ameren UE.
Other assistance from the SBTDC came in the form of training and formal education modules covering such topics as human resources, cash flow and the request-for-proposal (RFP) process. Savage says the assistance and education have contributed to the development of his company and allowed it to grow.
"Kevin has assisted me in gaining capital, enhanced my corporate education and introduced me to other resources I was not aware of," Savage admits. "Working with the SBTDC ... allows you to move forward somewhat quicker to reach your goal without taking the extra steps backward to move forward."
Logistical Resource Solutions Inc.
Keith Savage, President & CEO
2400 S. Jefferson Ave.
St. Louis, MO 63104
Phone: 314-773-5771
Fax: 314-773-5775
Web site: www.LRSSTL.com
E-mail: ksavage@LRSSTL.com
This story was featured in the October 2007 newsletter
Manufacturer
Professional, Scientific and Technical Service
|
Accommodation & Food Services
Retail Trade
Educational Services
Health & Social Services
Construction
Agriculture
|
Visit the current Featured Entrepreneur
|
 |
Logistics embraces the art and science of delivering the goods.
