Tip 12 - Take Steps To Ensure Success

The economy has been pretty good these past several years, and some economists have predicted a slowing of the economy, while others claim that it will continue to be robust. Whatever occurs, it will be more important than ever for you to take steps to help ensure a successful year for your business. Here are some practical guidelines for you:

1. Take a close look at your company. You’ll really have to ‘get outside of yourself’ for this one. Imagine that you’ve been called in to evaluate some unknown company (which happens to be your own). You don’t know the people or places involved; try to keep everything as objective as possible. Examine it thoroughly, from cash flow to inventory and beyond. What are the strengths of this company? What are its weaknesses, and what needs improvement?

2. Focus on what customers are thinking. When you first started your business, you were probably very observant. Your business, your locations, and your customers were all so new to you, that you got a fresh, objective take on things. Now it’s a few years down the line, and you may still be operating on the basis of things you learned in the first months of your business—and your information could be wrong, or at least seriously out of date. It’s time to focus that objectivity you used for item #1 (above) on your customers.

3. Look for the missing customer, Part I. Sure, you’ve got a location that does huge chocolate business, and another that is crazy for Coke—maybe you’ve even put in an extra column of a popular item. You’re certainly satisfying those customers, but who are you missing? There may be other potential customers who aren’t buying anything because you haven’t discovered what they want! Wouldn’t you rather have the coins in your machine, than in their pocket? If you “re-menu” your locations, you stand a better chance of selling to everybody.

4. Look for the missing customer, Part II. Some distributors focus on a certain geographical area; others focus on certain types of locations. But are there areas or locations you’re missing? Locating by geography can certainly make sense logistically, and be time-efficient, but what if there’s a location just a little bit further that will make as much as three current locations put together? Weigh the extra money versus the extra time and make your own choice. Remember; just because you set up your route one way when you began doesn’t mean it has to stay that way forever.

5. Keep looking for new customers. Some distributors get all their machines located, do some minor adjustments here and there, and expect to cruise like that for years. While that may work for some, those who wish to stay profitable know that it’s important to always be looking for new customers. Even if you’re not interested in expanding, you run the risk of some of your locations vanishing due to mergers, consolidations, and downsizing. By staying alert for new customers, you can make up for locations that close on you.

6. Be clear on who you are, and what you do. You run an independent business. You are your own boss. You provide a much-needed service to help others get through their day, and to increase their productivity. You are not a ‘go-fer’; you are not a nuisance; and you are not a frivolous luxury at your locations. Stay focused on your strengths and good service.

7. Be excited! Remember how great it is to be your own boss; think about how great it is to be out and about while others are confined to their desks all day; and carry your excitement with you when you go to your locations (and potential locations). Excitement is infectious, and who knows? They just may get so excited that they have to go to your machine to get a drink to cool down!

 

 

 

 

Dana Bashor