For many vending route operators their business management style is casual. If the vending route is a second source of income it feels as though they don’t need to run it as a “real-world” business, complete with a business operations plan, marketing strategy, resource management, etc.; but in reality, nothing could be further from the truth.
The fact is, you don’t have to have a degree in business management or even a bachelor’s degree at all to reap the rewards of implementing a business management program that will drastically improve your efficiency and, as a result, your profits.
Certainly, some of the business administration tasks that you already execute would be seen in the business world as the very same tools that would be used by a more polished executive to run a business. Your knowledge of information technology (the systems you utilize to reorder your supplies and to receive repair requests), your resource management skills (ensuring that your machines are properly stocked), and even your ability to navigate the supply chain (finding new vendors to supply better offerings for your machines) mean that your skill at business operations are just as good or better for what you need to accomplish than a person who has been through a business degree program. But just because you’re already functional doesn’t mean you can’t improve in many departments. Passive income only happens when a business is running smoothly, and that entails a lot of initial legwork.
People in every kind of business—whether it’s running a physical store, a vending route, or an online business—can often benefit from improving their organizational behavior. Operations management for any business can become complicated, and online learning courses or even the free courses available at your local library can be a great help with developing the kind of organization that is necessary for business whether you’re in a management position or run the entire business yourself.
Ensuring that you have a daily checklist of “to-do’s” which are adhered to in a regimented manner, maintaining consistent communication with your suppliers, and dedicating regular time to researching new supply options are all ways to implement an organizational system which will help you identify new opportunities to grow and find ways in which you may be able to streamline your process and prevent wasted time and effort. This doesn’t mean that you have to spend your entire day on a business that you maybe have intended to be a second source of income. Spending an hour a day can reap tremendous rewards and help ensure that your route makes the most money it possibly can. Just because a vending route can sometimes be considered “passive” income doesn’t mean you don’t have to work on the business to help it to grow.
Remember that you have to treat your business as a business and not a hobby in order to achieve the level of success that will make all of the efforts you put into the company worth it. A bit of planning and organizational effort will have you reaping the rewards you crave in the end.