The Vending Business Blog

Vending Business Opportunities Profit

by | Aug 19, 2014 | Vending Business Show | 0 comments

Vending Business Opportunities Profit Impending events in the vending business are opportunities for profit, so planning properly for these events is important…

We have a series of events that we know are going to happen in the vending business every month and every year.

Begin making note of the things that must be done on a weekly, monthly and annual basis so you can anticipate what you will need. Then put those in a calendar program that automatically reminds you of the event.

In this series we’ll be discussing impending events that impact operations, sales, marketing, profits and streamlining operations coming up in future shows.

For example, you are going to lose business guaranteed… what are you doing to replace that lost account? We’ll be discussing that event in the upcoming sales and marketing segment of this series.

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Vending Business Opportunities Profit Tom: Hey, I’m Tom with the Vending Business Show  Vending Business Opportunities Profit here again with Larry Towner who’s with Service Group International, a Vending Business Consultant. Today we’re talking about opportunities for vending operators.

Tom: What are we going to start with today, Larry?

Larry Towner: Vending Business Opportunities Profit  We wanted to do this as an introduction. We’re going to start a series on what we’re calling Impending Events or things that we know are going to happen in the vending business. And how you can handle these opportunities as they were, because after all everything is an opportunity, and how you can may get more profit from these opportunities. So that’s kind of it, as I say, this is the beginning of a series that we’re going to be working on, and we’re going to be talking a lot about how to properly use a calendar of all the most exciting things, or our calendar program if you want to call it that. That’s where we’re going to start.

Larry Towner: I had a question for you Tom. You get hungry. What do you do?

Tom: I try to go find something real convenient, a bite to eat somewhere.

Larry Towner: Something convenient and a bite to eat, do you do any planning when you do that? Or do you just take off and you go out and you just go find whatever food it is and then you eat it. If there’s a kid walking down the street with a candy bar, do you just walk up and snatch it out of his hands, or do you do a little pre-planning beforehand?

Tom: I usually try to think about in a couple of hours I’m going to have lunch, right? I know I’m going to get hungry and be ready to eat in a couple a hours, so if I it planned before, I’ll have a lunch ready to go, but if I didn’t grab my lunch or plan for my lunch, what am I going to do? I might go to a restaurant or I might go to a vending machine, who knows?

Larry Towner: Or knowing you, you’d probably find that kid on the street, steal his ice cream cone. Anyway, that’s another point.

Larry Towner: My point here is that we have a series of events that happen to us in business, and they happen to us every day, every week, every year, every month, every year, and they happen on a regular basis. Pretty much, in your case, we know you’re going to get hungry, what? Around noon, something like that, right? So in a couple of hours you’re going to get hungry. You’re going to get hungry, the more you get hungry in the afternoon. And believe it or not, whether you believe this or not, you spend a fair amount of time planning out what’s going to happen when you get hungry.

Larry Towner: My point here is that for the vending business there’s a series of events that we know are going to happen every day, every week, every month and every year, that you need to just have your mind thinking about these things. Some of these things what we’re going to talk about, a lot about in the future shows, is like sales and marketing calendars and things that you’re going to need to do to get yourself on a regular program so you can handle all of these things. Because as a small business owner … Tom you’re a small business owner, let me ask you a question, who’s in charge of everything?

Tom: Me.

Larry Towner: Me, that’s right, and in the vending business, your business, our business, there’s no difference, you’re in charge of everything. And everything is a lot of stuff. There’s a lot of things happening because you’re the Chief Cook and bottle washer, and you’re in charge of truck maintenance and you’re in charge of getting those machines filled and buying product and choosing product. And you’ve got to get with the drink guys, and you’ve got to get repairs done, and you got to do your accounting. Somebody’s got to count the money. You got to go to the bank, blah, blah, blah, a lot of things going on.

Larry Towner: I’m a planner. I’ve always said that. I would say, “I’m a systems guy.” I like systems, right? So my system is a calendar program, and there’s a series of calendar programs, I’m not going to make any recommendations on that. But start writing down the stuff you’ve got to do on a daily, weekly, monthly and yearly basis, and anticipate the needs that you’re going to need, and put them down into some kind of calendar program that reminds you automatically, by the way. Because in today’s world, do we have a lot of time, Tom, when we’re out there working day by day?

Tom: Same as everybody else.

Larry Towner: No, that’s right. Yeah. The answer is no. In the vending business we’re all about automation, right? Our whole concept is that people automatically or they don’t automatically, but they put money in and we sell things in an automatic basis. Adopt that as a philosophy. It will help you out with your other programs.

Larry Towner: Like I say, this calendar thing … My calendar hits me with an email or a text every time something comes up, about a half an hour before I actually have to do it because I’m horrible in my personal time planning. That if I don’t have it, reminder, I’ll forget to do something. Like meeting with you, Tom, I’ve done that on several occasions as well you know. Now we have that set up on automatic.

Larry Towner: So this is the series that’s coming up. We’re going to do a whole series of things that are going to help you in your both operationally, profitability, generating sales, how to streamline your operations. We’re going to give you a whole bunch of information coming up in various different shows, and we’ll tag them with what they’re going to be about, if you have a specific area that you’re interested in, but that’s where we’re heading with this program. This is going to be a way for you to make more money under your current operations, get your systems in places. I’m going to tag the sales and marketing one.

Larry Towner: Folks, if you’re in the vending business, you can guarantee you’re going to lose business. In some way or another, you’re going to lose business. What do you have to do to replace that business? What system do you have in place? Does it just come to you magically? Do you wave your little wand, and the next thing you know, poof, you’ve got new accounts? Or do you actually have to put some time and effort into it?

Larry Towner: That’s where we’re at, Tom. Thank you for your time.

Tom: Hey, by the way, if you want a particular item that you’re interested in like Larry just mentioned one, just leave a comment under this video and we’ll get it, and we’ll see about adding that one into the queue.

Tom: Thanks Larry. This is going to be a great series. If you want to get more vending business tips like these, just subscribe and you’ve been watching the Vending Business Show, Vending Business Opportunities Profit  a publication of A&M Equipment Sales. Some more interesting videos Take Over A Vending Route Or Start Your Own?

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