CEDMag.com - September 2012 Articles
Construction Equipment Distribution magazine is published by the Associated Equipment Distributors, a nonprofit trade association founded in 1919, whose membership is primarily comprised of the leading equipment dealerships and rental companies in the U.S. and Canada. AED membership also includes equipment manufacturers and industry-service firms. CED magazine has been published continuously since 1920. Associated Equipment Distributors
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CEDMag.com - September 2012 Articles

Questions or feedback?
Contact Kim Phelan at (800) 388-0650 ext. 340.


SEPTEMBER 2012
  • CRM: A Cure for Dealer Silos
    Sales
    By Joanne Costin
    Does the left hand know what the right is doing? A CRM system can take your people out of their boxes and into the customer-service game, together – but only if they buy in.
    Managing customer relationships is challenging, but navigating the CRM choices might be equally as difficult. With hundreds of vendors to consider and an equally dizzying array of features, deciding upon a CRM system is a major undertaking for any dealership. Why CRM? When a business has a small number of customers, managing customer rela-tionships is fairly easy. But with growth it becomes more difficult to stay on top of all of the opportunities in the market. Kelly Emery, who manages business development for Emery Equip-ment, a Bobcat dealership located in Baton Rouge, La., described their operations before they implemented a CRM system. "It was like we had separate businesses running – parts, sales, rental and service. It had to be frustrating for customers. One depart-ment had very little knowledge of what the other one was doing."
    [ read more ]
  • Not Your Typical Daily Grind
    Sector Check
    By Kim Phelan
    The always going and big-time growing industries of Scrap/Recycle/Waste are heavy hitters when it comes to equipment consumption. But they require vast, niche-specific dealer resources, product & application expertise, and long-term commitment.
    For all its collective product volume and weight, the scrap/recycle/waste industries (grouped as SRW for short) have flown under the radar for decades, but the green wave that has eclipsed American culture has also removed the invisibility cloak of this equipment market sector – and the more "PC" (politically correct) recycling becomes, the healthier, busier and more profitable are those companies associated with this heavy-duty industrial arena. And it won’t be a short-lived phenomenon; on the contrary, sources say it’s very much a long-term growth market. States and municipalities are all looking closely at sustainability issues and the revenue opportunities that are tied to reusing and recycling a wide breadth of products, from every imaginable metal, to paper and glass, plastics and rubber, even textiles and food waste. Scrap processing operators and recycling and landfill facilities all over the U.S. are going and growing, because, after all, trash as well as C&D (construction and demolition) waste are created every single day of the year. And while the sector may have its ups and downs, all products that reach the end of their first life must ultimately be handled and processed in some way.
    [ read more ]
  • What's a Customer Really Worth to You?
    Customers
    By Ryan Condon, David Semb, and Jeff Lefebvre
    Calculate their lifetime value to your business, and you’ll work harder to never let them go.
    A study conducted several years ago found that the lifetime value of a Taco Bell customer amounts to approximately $11,000. For Taco Bell, the profit from a single $5 exchange for a taco, soda, and cinnamon crisps is less important than the long-term benefits of fostering enduring customer relationships. Many companies fall into the trap of thinking of customers as purely short-term individual transactions, but a closer look at customer lifetime value, or LTV, reveals that spending the time and effort to develop long-lasting customer relationships often yields greater profits over the long term.

    PriSim Business War Games Inc.:
    http://www.prisim.com/business-simulation-overview/

    [ read more ]
  • Now Is Not the Time to Pay Too Much
    Taxes
    By Ron Hodgeman
    Many profitability factors are tied to government action – or inaction – but several tax strategies are accessible to dealers regardless of Uncle Sam’s whims.
    Over the last few months, a lot of attention has been given to the "fiscal cliff" and what it means to our economic recovery. The uncertainty of what will happen in the tax law is driving many companies to put strategic business decisions in limbo and suspend hiring and investment in new capital investments. While I share these concerns, I worry that the media attention given to the fiscal cliff is distracting companies from focusing on the things that are not dependent on government action and that can be acted upon right now.
    [ read more ]
  • Complaining is a Pain
    Editor’s Note
    By Kim Phelan
    So is hearing it. But armed with good tools and tactics, perhaps you can improve more of your customers’ experiences.
    I enjoy poking a little fun as much as the next guy. In fact, finding the humor in a company or individual that has, shall we say, fallen short of the mark, can lift your mood or at least salvage your sanity, which might otherwise be jeopardized by one of life’s party-poopers.
    [ read more ]
  • Are You Paying 'Experts' Who Don't Know Your Industry?
    On the Numbers
    By Garry Bartecki
    Every aspect of your complex distribution business can benefit from the industry-specific guidance of AED providers.
    Need help? That’s what AED is here for, and that’s what your dues pay for: to provide assistance regarding operations, financing, accounting, taxes or legal matters. I encourage you to try our resources before spending money on consultants, accountants and lawyers short on experience in the construction equipment and dealer space. If you give us a try I can guarantee two things:
    (1.) You will avoid paying for their "learning" time.
    (2.) You will be able to discuss your issue immediately with someone who understands how your business works.

    [ read more ]
  • You Never Get a Second Chance to Make a First Impression
    Recruitment & Retention
    By Jerry Randecker & Chris Sitter
    What kind of vibes does a job candidate get from your company, from the first step through the door – and even before?
    As we walk through the various planned and unexpected events of our waking hours, we form (and make) an abundance of first impressions: When we’re introduced to our teenage daughter’s new friend; as we notice a new teller at our bank; or even as we walk the aisles of Wal-Mart. Without forethought, people’s minds naturally and instantly categorize those they bump into as they travel through the minutes of their daily lives. Thoughts like: "My, that person is tall, or fit, or attractive."
    [ read more ]
  • Temptations, Technology and Telematics
    Aftermarket
    By Ron Slee
    Continuing to do what you have always done is not an option.
    Some of you know that I earned a mathematics and physics degree with minors in statistics and computer science. I put in all four so I could concentrate on computer science without getting laughed out of the room. You see, when I was in school in the 1700s, computer science was conducted on Unit Record Machines and used Hollerith key punch cards. At this point you may be wondering what the heck I am talking about. Suffice it to say that what I learned, long since forgotten, has no bearing on the world of technology today.
    [ read more ]
  • Learn the Science of ROI
    Inside AED
    Dr. Barry Lawrence teaches dealership best practices based on multicompany research conducted at Texas A&M’s Global Supply Chain Laboratory
    AED dealers got their first taste of Dr. Barry Lawrence at the 2011 Executive Forum. "Excellent, wish there was more time for the presentation," said one attendee. "Make a whole day on the Texas A&M program," said another dealer. As Program Director of the Global Supply Chain Laboratory, Lawrence taught AED dealers that most best practices don’t fail because of implementation; they fail because we don’t measure. We don’t tie best practices to our financials." Through the AED Leadership Academy on Nov. 8-9, dealers will have the dedicated time to absorb and apply Lawrence’s findings to their own operation.
    [ read more ]
  • Understanding the Rental Market
    Groundwork
    Fall CFO Conference experts walk you and your rental team through the essentials of a profitable operation.
    It seems like every dealership is talking about rental – either getting into the business or how to expand their current rental market. Are you a part of this population? If so, then the AED CFO Conference: Understanding the Rental Market is the place for you.
    [ read more ]
  • Southern Leg of Keystone Gets Final Go-Ahead
    Industry Beat
    $2.3-billion project will employ about 4,000 Americans
    The U.S. Army Corps of Engineers (USACE) awarded the third and final permit for the 500-mile, southern leg of the Keystone XL pipeline from Cushing, Okla., to the Texas Gulf Coast. Construction is slated to begin in the coming weeks.
    [ read more ]
  • Group Medical Insurance Captives Are the Next Wave of Cost Containment
    Health Insurance
    By Doug Truax
    Would your fully insured carrier ever give you a dividend after a good claims year?
    When an employer fully insures their medical plan with a carrier, they sense they are on a treadmill, in the dark, running inside the carrier’s Black Box. No matter the year, according to the carrier the group always seems to a have a "bad claims year." No meaningful justification for that assertion is provided. (HIPAA laws are usually cited, even though the law provides for an internal privacy officer who can review the de-identified claims information.)
    [ read more ]
  • Texada's Big, Noble Shift
    A Closer Look
    By Joanne Costin
    If a dealership were to create software, what would it look like? Willie Swisher talks about the unusual blend of a software provider and equipment rental/distribution, which he helped create.
    You might know Texada as a software company, but unlike any other software company serving the construction equipment industry, Texada is also in the rental and dealership business itself. Their customers don't have to explain the challenges of operating a rental firm or dealership. Texada knows it well - because they live it.
    [ read more ]