Posts

ag business

Success in Ag Business Requires Strategic Pricing Decisions

To be successful in farming, you not only need to be an expert in planting and growing healthy crops, but you also have to be a mastermind at managing a broad spectrum of risks.  Just a few of the “things that keep us up at night” in the Ag Business industry include: Dramatic changes in weather conditions and rainfall patterns, International trade policy, Supply chain stability, Federal and State regulatory changes, and Staffing resources. For...
Lubrication Management

Software Can Optimize Lubrication Management for Your Business

Lubricants and additives keep your business running smoothly--quite literally, in fact!  Selecting the proper lubricant for the job and tracking machine performance for optimal preventative maintenance will help your company save money while generating the greatest output. Improper maintenance in regards to lubrication leads to early damage and excessive wear and tear on motorized parts.  For example, inadequate lubrication on bearings causes several problems, including discoloration, scoring and peeling, excessive roller end heat, and total...
Ag Retail

Is Your Ag Retail Company Taking Advantage of Consolidation Trends to Achieve Success?

Mergers and acquisitions have consolidated several industries, and Ag Retail is no exception.  Companies seek M&A opportunities for many reasons, but four primary archetypes noted by McKinsey & Company across sectors over the past ten years include: Like-for-like acquisitions - purchasing a direct competitor who plays in the same categories and channels and serving similar consumers to gain scale and unlock cost synergies. Category or channel expansion - buying into a new category or channel...
Trend identification systems

Trend Identification Systems Combined with a Good ERP Make it Possible to See the Future

Successful business owners aren’t lucky.  Instead, they make sound business decisions based on data that helps them predict where trends are leading and what future consumers will need.  Trend identification systems make it easier to uncover tomorrow’s needs today. For many businesses, collecting and analyzing data can be challenging.  Data can reside within multiple software programs, and the import/export process often results in errors and duplication. Numerous leaders sitting around a meeting room table can...
agricultural cooperatives

Consolidations Are Creating New Opportunities for America’s Farmers

There’s no doubt--the name of the game for success in ag retail today is consolidation.  Across the country, farming businesses and small to mid-size co-ops are participating in mergers and acquisitions designed to strengthen the agricultural economy and prepare farmers for a changing future within the industry. Take a look at these striking ag retail statistics: Farm real estate debt is expected to reach $287.4 billion in 2021--an annual increase of 3.1%.  According to the...
fuel tank monitoring system

Is Your Fuel Tank Monitoring System Protecting Your Business From Fuel Retain Risks?

When was the last time you considered the technology your fleet managers use to monitor truck fuel tanks?  If they are using outdated or analog technology, your business could be at risk for product loss, physical damages, and reputation deterioration.  Fuel retain issues are big problems for businesses but can be managed easily with a modern tank monitoring system. Here’s how an inadequate tank monitoring system can easily result in a cascade of problems for...
enterprise resource platform

Work Smarter, Not Harder by Optimizing Your Technology

In today’s business, staying ahead of regulatory changes, product releases, economic disruptions, and new customer demographics is more challenging than ever.  Owners no longer have the luxury of waiting 2 weeks past end of month to evaluate financial results or have the ability to walk the floor to manage day-to-day operations.  Fortunately, enterprise resource platform (ERP) solutions are available to collect, share, and transmit data seamlessly between modules and can automate work from product attainment...
Ransomware

Could Your Petroleum Business be Susceptible to a Ransomware Attack?

Russian hackers successfully used ransomware to take down the Colonial fuel pipeline long enough to deplete consumer gasoline supply and send prices through the roof.  While attacks of this magnitude are typically the work of organized crime units, ransomware attacks are commonplace and can impact anyone with access to the Internet.  As a business owner, how can you protect your computer systems from ransomware attacks like this? How does ransomware work? Ransomware is malicious software...
convenience store foodservice

Are you optimizing your convenience store foodservice program?

In 2019, GasBuddy reported that the convenience store foodservice industry brings in $250B annually.  They determined 56% of Americans purchase meals from a gas station convenience store at least once per month, and 25% of those between the ages of 30-44 purchase meals five or more times per month.  Consumers prefer convenience stores selections over fast-food restaurants for four main reasons: Too many unhealthy options (65%) Quality of the food (53%) The restaurant is dirty...
2021 Convenience Store Outlook: We’re Coming Out of the Pandemic, So Now What?

2021 Convenience Store Outlook: We’re Coming Out of the Pandemic, So Now What?

This year should be interesting for retailers.  Big chain grocery stores experienced a double-digit boom in revenue growth last year as consumers took to eating at home and stockpiling necessities.  Now that many regions of the U.S. are nearing “back to normal” conditions, experts are forecasting an overall decline by at least 5% for 2021--the first decline grocery chains have experienced in 20 years. The 2021 convenience store outlook is much more positive.  Gas stations...