We all know that New Year’s resolutions are meant for self-improvement. But, if you’re a business owner or in management of an industrial distributor, it's not just what you do for yourself, but it's also how you improve your business practices to benefit your work environment and customer experience. One of the best ways an industrial distributor can succeed is to set goals each year and make sure everyone is clear on their roles and responsibilities. Having a regular review of your business practices can reveal areas of your business that are collecting dust, figuratively speaking, because there’s a streamlining opportunity you may be missing.
Let's use the traditional New Years’ Resolutions and apply them to the business world. What can you do to enhance your industrial distribution business in the New Year?
Set Your Goals for Improvement
What activities are you engaged in to keep your business healthy and productive? An annual review of your business practices, financials, total addressable market, key performance metrics, and customer satisfaction rates to name a few can all reveal efficiency issues that could use a good workout!
Gather your team, come up with a list of where your business fell short the past few years and make a list of goals you wish to achieve for the coming year. Don’t forget to ensure they are SMART goals (Specific, Measurable, Achievable, Realistic and Time-based.)
>>Resolve to set SMART goals
This is the type of resolution that shouldn't just happen once a year. How clean is your office and warehouse? As the year ends, industrial distributors should consider this your official friendly reminder to review your warehousing processes. Take inventory of what’s inside the boxes in your warehouse, how much hose are on the reels – is there any scrap lying around? Purge what you can to make room for new goods. If you’re still doing an annual inventory event, it may be a good time to transition to cycle counting.
>>Resolve to organize your warehouse facilities.
Because of the already-tight economy and the fact that business owners are doing more for less, there is a high chance you haven’t heard from some customers in a while. They may have even dropped off your radar. But now is YOUR time to reach out and take-action to reengage those potential clients and become proactive rather than reactive. Reach out, send a New Year’s card, offer a promotion!
>>Resolve to spend your first month of the year reaching back out to customers you haven’t heard from in the last 12 months.
Learn Something New
Business knowledge is like muscles; you can't see it or touch it, but you know when you use it. Companies with more business knowledge are stronger than those who don't invest in training. They are able to solve problems faster, make better decisions, and develop smarter strategies.
Invite your teams to share best practices with each other and eliminate those knowledge silos. Every day should present a new learning opportunity. Encourage your team members to share tips and best practices can help everyone improve their job performance.
And, invest in training! When everyone on your team knows how to do their job well, the entire business benefits, because they can work together more effectively. So, take the time to invest in training and learn how to maximize the usage of your business tools such as your ERP solution.
>>Resolve to invest in training for your team and share best practices and tips on a regular basis.
Invest in Success
OK, typically a New Year’s Resolution is to save money, but in the business world, we all know that at times you need to spend money in order to save money. In fact, there are some very compelling reasons why businesses should be investing in new technologies now. Namely, because you can increase sales, improve customer service and save a ton of money in the process. This is typically true with new technologies that can ultimately save industrial distributors by way of more efficient processes, and/or reduced manpower required to fulfill a certain task. What technologies can help streamline your business and add value to your bottom line?
>>Resolve to invest in technologies that will help grow your business.
How Tribute Can Help You with Your New Year’s Business Resolutions
TrulinX, our flagship ERP solution, was built from the ground up by a team with an extended history in fluid power and motion control, hose and hydraulics, automation, fluid handling and sealing, instrumentation and process control, and industrial pumps industry. We garner more than 450 years of collective experience and are proud of our average employee tenure of 15 years. It’s safe to say we really do understand your industry.
With TrulinX, your business goals can be achieved through:
- Identifying business process that need re-engineered or refined. Tribute will make a site visit and perform a complimentary diagnostic study to help you identify where your inefficiencies lie. We will then assist you in coming up with a “workout plan” to get your business in shape for 2022!
- Getting organized with TrulinX will help you keep accurate accountability of your stock every day - all year long through cycle counting. TrulinX Air, our proprietary wireless warehouse system will streamline workflows, improve data accuracy, and speed up physical inventory and cycle count processes, among other benefits.
- Our proactive and intuitive ERP system will help you keep in touch with your customers utilizing the program to set tickler reminders. It recognizes when a prospect or customer inquired about products and services and will alert you when it is logically time to follow up so they can order new product. You will impress your customers when you call to check in and ask if they are ready for the next supply of industrial products.
- Our training package will prepare your team for success. Not only does TrulinX have a top-notch training and implementation package, but we also offer value-added resources such as online discussion boards amongst members, and an annual users group conference. How great is it that you can reach out to peers in your industry to learn how they handle issues that arise in daily business!
Learn more about the features of TrulinX ERP software for distributors.
An Investment in the Future is What TrulinX is All About
Customers that have invested in TrulinX have experienced the ability to do more with less, improve their customer service levels, streamlined accounting functions, and received the maximum value out of every dollar spent on inventory while taking their business to the next level. While you do have the investment in the beginning, you’ll see a quick return on investment through increased revenues!
Ready to increase the efficiency, productivity, and profitability of your business? Request a demo of TrulinX software today to get started!