Business owners are continuously bombarded by "the next great thing." Salespeople attempt to get them to purchase the latest and best. If there is no immediate need in the operation for the "new" item, be it a product, service, technology, or something else, it is easy to take a wait-and-see approach. Less money spent on fancy, new stuff is more money directed to the company's bottom line after all. Right?
Careful consideration
What about those problems you don't know you have? The invisible ones where customers can't buy or don't like your selection. What about the inefficiencies and frustration that create a poor working environment and reflect poorly on your business as a whole. Gary Joyner, our small operation contributor shares his experience with a competitor, on page 22, who did not want to invest in new vehicles or new vending machines, and it cost him.
Investing is also the theme of this month's success story, WeServ Inc. In Chico, CA. Todd White, the owner bought a strong vending business from his father, but he saw an opportunity for growth and took it. He is now doing nearly $4 million in sales and continuing the journey of implementing more technology into the operation. Read about it on page 30.
Redefine need
If you attended the NAMA OneShow (and if you didn't there's a recap on page 26), than you were likely overwhelmed by the items you "needed" according to those present. It might be easy to ignore them. On the other hand, it may be time to take a hard look at your business and where it could go. Consider what is being offered in the industry and how others have already taken advantage of it. If you don't, you could be throwing away some gems.
It takes an open mind to see an item's potential benefits. From all natural snack and drink products that increase sales in the micro market to solutions that eliminate the need for handhelds in collecting DEX data for the vending management system, there are companies benefitting from investing in the new. At some point these were unknown and it took operators who saw their potential to try them and gain profits. There is no guarantee every idea or new investment will work, but don't be as quick as the previous generation to dismiss change. Today's industry is different, moving faster than it did even 5 years ago, so owners need to be flexible and ready with new solutions to stay relevant.
