Focusing on business investments, especially during a down economy, can help differentiate a distributor from competitors that are focused only on short-term results, says Victor Jury Jr., CEO of Summit Electric Supply, Albuquerque, NM, in 2016 Distribution Remodel: ‘Invest or Die.’
“We try to practice an investment mindset instead of what I think a lot of larger, publicly held companies, in particular, tend to do,” says Jury. “They view things like payroll or technology from a financial perspective, seeing them as expenses rather than investments."
According to Jury, talent and technology are key investments. "Any business is only as good as the people that it employs and the technology it uses to serve its customers,” he says.
A down economy offers the time for a company to strategically enhance operations, says Jury. “When the industry is less active, we have our very talented people pursue improving our business and doing things that we can build on for the future,” he says.
Read more about differentiating through strategic investments in 2016 Distribution Remodel: ‘Invest or Die.’