I don’t know about you but I believe that every issue of MHW supplies dealers with a substantial amount of “profit or ROI enhancing ideas” each and every month. I would hope that you take the time to read and pass around the monthly columns supplied by David Baiocchi, Yours Truly, Art Sobzcak, Eileen Schmidt and other freelance writers that provide industry specific content.
For example, in the February 2017 issue Mary Glindinning’s contribution about how technology is developing to streamline warehouses indicates what is coming down the pike in short order. Self-driving vehicle technology (in lift trucks) will become a necessity for customers looking to do more with less, capture data to better manage their warehouse operation, create a safer work environment and of course increase ROI. As indicated in Mary’s article implementing OTTO provides a return on investment that covers the cost in integrating the system in a 12-18 month timeframe, which is very cost effective.
Think about this for one minute. How will this one change or impact your business? I can think of at least four-five issues that will take your time and money to properly deal with. How many do you come up with? Like to hear what your list contains. If you get a chance send your list to email@example.com and I will share them with our readers next month.
Topics such as how the IoT will impact the material handling business, as indicated in Mary’s article, along with other financial, operations and marketing concepts that work will be the focus of the up and coming MHW Huddle taking place on June 7th in Rolling Meadows, Ill. The program is open for all C-level dealer employees and especially COO’s CFO’s, sales managers and service personnel. There will be meaningful programs for all that attend at a very attractive price compared to other venues. Being 15 minutes from O’Hare makes it even better.
From my perspective I ask attendees to send me topics they want covered which can range from
dealer valuations, financing, accounting issues they are having with their accountants or banks, cash flow issues, how the IoT will impact cash flow, the new tax rules (which we should have a handle on by then), inter-department issues calculating departmental profits and just about any other topic I have covered in these columns in the past. Get me the question and I will get you some solutions to consider.
In terms of specific topics, I will spend some time on the new lease accounting rules because most leases entered into today will fall under the new lease rules coming on board in 2108-19. I am concerned about this because your major, large customers will be the ones affected by the changes and may be looking to you to help them out when it comes to structuring leases that provide more favorable financial results. Getting a handle on this now may help with that process.
I am also hoping that by June 7 we will have a list of the likely tax changes you will have to implement so that we can discuss them in terms of 2017 impact as well as years going forward. This is sure to be a complicated topic but we will zero in on what is important in terms of dealer cash flow and customer cash flow as well. I will have my long-term dealer tax expert (Steve Pierson) at my side when we discuss this topic. And, of course, if you have any specific tax issues Steve can address please let me know what they are so I can give him a heads-up on what to prep for.
I see that David plans to cover aftermarket issues as well as sales training in this new environment we are entering. Please check the conference details for the specific topics he will cover. And I am sure I can suggest you contact David with topics you would like him to cover.
I see that Debbie Frakes of Winsby will be there to inform you about very cost effective methods to market your company, keep customer contact information current, upgrade your goggle scores, and track actual customer activity to assist sales management and sales personnel generate more leads for new business. I have mentioned Winsby before and based on talking to dealers that use their services …it works.
All in all, you have to admit that this MHW Huddle program has the ability to help dealers increase sales, lower costs and put more cash in their bank account. It will also inform dealers what steps they will need to take to deal with the industry changes that will surely change customer needs and what they expect from their lift truck provider.
So send me your questions or topics for discussion and plan to attend MHW’s Huddle June 7 in Chicago.
Looking forward to seeing your there.
Garry Bartecki is a CPA MBA with GB Financial Services LLC. E-mail firstname.lastname@example.org to contact Garry.