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4 things the best companies do at the end of each year

November 26, 2013 by Corey King — Sales, American Bank Equipment

Right about now, thoughts of a big fat turkey and Christmas shopping have started creeping into the minds of almost everyone! This is a good thing, but it's not what the best ATM sales and service companies are spending the majority of their time thinking about at the end of the year.

It's easy to get comfortable doing what you've always done — especially if you've had a good year. However, the best companies don't allow this to stop them from doing four things to get ready for the next year.

1. Inventory review

I'm not talking solely about physical counts where even admin staff gets pulled into totaling up every bearing and belt. The best companies review their inventory flows from the year and start assessing where they can save money next year.

Did you buy 100 of a certain item and expect about the same in 2014? Do you have quantities of replaced parts just sitting around doing nothing? Can these be repaired for a fraction of the cost of new and put back on the shelf? Doing nothing gets you nothing, and the best companies I've worked with have an active inventory review right about now.

2. Vendor review

Do your vendors offer extended warranties — and would this help you save money? How often do you review technical and business trends in order to make better value decisions for stock, emergency parts and expected parts shortages?

Do any of your vendors target your customers — essentially making them a competitor? How quickly do they respond to you and take care of you? The "what have you done for me lately?" concept works well in seeing if your vendors and you are on the same progressive path. 

3. Technician review

The benefit I had starting my career off working for small independent sales and service companies was that I was able to see how dynamic service techs can be in the generation of both customer satisfaction and sales. The parameters are different for larger companies but the principles are all the same.

Besides efficiently handling service calls, are your service techs on the lookout for ugly and dirty ATMs that sales can follow up on? Do they have the newest technology to better service your customers (e.g., diagnostics, iPhones, text groups and the like)? With Windows 7, EMV and PCI going crazy right now, service techs can be an invaluable part of the mix!

4. Sales review

ATMs went from the prehistoric age all the way to Windows 7, EMV and future cool stuff in a matter of three or four years, and this trend is not changing or slowing down!

How is your company set up to handle related sales needs and opportunities? Is your sales force still stuck in "prehistoric" times, or vibrant and pursuing new technology, training and markets? I have noticed an increasingly competitive environment — how about you and what are you doing about it? 

It's great to be planning the end-of-the-year Christmas party or choosing the destination for your getaway in the winter months. However, the best companies are planning right now how to win next year. They'll be reviewing these four key areas and refining processes so that 2014 is even better than 2013. What is your company doing? It's a great question to ask.

I can't wait to see what's coming in 2014!

About Corey King

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Corey King works with American Bank Equipment "supporting companies that have boots on the ground." He has extensive experience working with and for ATM sales and service organizations and writes from a parts, machine, compliance and upgrade perspective.

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