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You might associate New Year’s resolutions with personal goals, such as exercising more, eating healthier meals, and learning a new skill or hobby. However, it’s important to recognize that this practice of goal-setting extends beyond individual aspirations. Many business owners, including those in the equipment vendor sector, reflect on past achievements and set New Year’s resolutions for their companies.
If you own an equipment vendor business, the start of the year is an ideal time to set clear and realistic goals for your New Year’s resolutions. Coming up with resolutions can be a challenging task. To help you get started, consider the recommendations in this Balboa Capital blog article. It features six New Year’s resolutions for equipment vendors.
1. Inspect your inventory.
Equipment, machinery, and vehicles displayed in a showroom or on a sales lot may encounter issues over time, such as inadequate maintenance and exposure to environmental conditions. These issues can lead to mechanical problems, faulty batteries, and reduced operational efficiency. So, take time at the start of the year to inspect your inventory to ensure everything is in optimal condition for potential buyers. It is worth noting that regularly checking your inventory throughout the year is a good practice.
Next, make it a priority to keep your equipment, machinery, and vehicles clean. If necessary, wash the surfaces to remove dirt, dust, and grime. Additionally, pay attention to the interiors of your equipment, ensuring they are free of debris and properly cleaned.
2. Optimize your inventory levels.
No matter what types of equipment, vehicles, machinery, or technology your vendor business sells, maintaining adequate inventory allows you to meet customer demands promptly. The start of the year is a good time to review your inventory levels and analyze what is selling well and what may not be performing as expected. This can help you decide what needs to be restocked. By stocking inventory ahead of competing equipment vendor businesses, particularly the newest makes and models, you may be able to capture more market share and position your company as an area leader.
Finally, you should know several scenarios that can impact your inventory strategy. These include market demand, seasonal fluctuations, and unexpected delays or disruptions due to supply chain issues. In addition, manufacturers may discontinue specific models of equipment. When old equipment is phased out, and new equipment is phased in, it presents an opportunity for your vendor business to run a sale on the discontinued equipment.
3. Give your showroom and sales lot a makeover.
Imagine walking into a clean, visually appealing, and well-organized showroom or outdoor sales lot. This first impression can make all the difference in setting your equipment vendor business apart from competitors. If your showroom or sales lot feels cluttered or disorganized, consider this an excellent opportunity for a refresh. Start by looking at your space from the customers’ viewpoint to determine how to improve the layout, lighting, and overall shopping experience.
A little effort in cleaning floors, shelves, and other surfaces and thoughtfully arranging your product offerings can help leave a lasting impression on customers. Equally important, it can encourage them to make their purchase at your vendor business over others. If you have an outdoor sales lot, consider ways to improve its appearance. This might include organizing inventory neatly, adding or updating signage, cleaning walkways, and ensuring the lot is well-maintained and clutter-free.
4. Offer financing to your customers.
When business owners visit your showroom or sales lot and are ready to make their purchases, financial considerations may become an obstacle. Business owners may find themselves dealing with concerns about pricing, affordability, or budgeting for their desired equipment. This can lead to hesitation, causing owners to second-guess their decisions. One way to help move business owners along the path to purchase is to offer convenient financing options.
By offering equipment financing with flexible payment plans, you can make your equipment more accessible. Business owners can acquire what they need without having to make a large upfront payment. This value-added service can help boost equipment sales and build customer loyalty. Balboa Capital, a division of Ameris Bank, specializes in equipment vendor financing and offers its vendor partners access to its industry-leading online sales management system, Portal360™.
5. Find and retain top salespeople.
As you know, sales play a crucial role in the success of your equipment vendor business. And moving inventory, building strong customer relationships, and increasing revenue requires a well-trained and motivated sales team. If your vendor business employs top-tier sales managers, it is essential that you retain them. Their proven ability to work with customers and close deals can lead to higher sales figures.
Next, if you plan to hire one or more salespeople in the new year, seek out the best talent available. Start by clearly defining the qualities and skills you’re looking for in candidates, such as experience in your industry and a track record of meeting or exceeding sales goals. When interviewing candidates, assess their qualifications and gauge their fit within your equipment vendor business.
Lastly, make sure you lead by example and create an atmosphere that celebrates success, promotes teamwork, and encourages open communication. A great company culture can enhance job satisfaction and loyalty among your salespeople and lead to high retention rates.
6. Make your marketing efforts a priority.
When the calendar turns and a new year begins, it’s a good opportunity to review your equipment vendor business’s performance for the previous twelve months. If you marketed your company in the last year, assess the performance of each strategy and return on investment (ROI). This will help you learn which marketing strategies work best and which fell short of expectations.
If you see areas of opportunity for your equipment vendor business that marketing can address, plan your budget accordingly. Marketing strategies are designed to help boost brand awareness, increase sales, and upsell existing customers. These include social media marketing, website marketing, email marketing, and business-to-business (B2B) partnerships. Community outreach is another form of marketing that can increase brand awareness and build goodwill. Community outreach may include participating in local events and sponsoring sports teams, schools, and community initiatives.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.