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c-store foodservice

C-Store Foodservice is Piping Hot this Year

No one forecasted this would happen, but 2020 has become “The Year of Takeout” for many Americans. While dine-in restaurant numbers are down, customers learn how convenient it is to stop and grab a meal to go while completing lunch errands or driving home from work. In January, before the pandemic impacted the US, foodservice in c-stores was already on the rise.  According to CS News, “More consumers rely on c-stores for grab-and-go food, which...
Thin Margins

How Do You Compete on Price with Razor-thin Margins?

Owning a fuel business today requires intense margin management.  While retail gasoline margins increased in 2020 to 34.8 cents per gallon (CPG) from 2019’s average of 24.8 CPG, pressure from local competition can push retail prices downwards. In May 2020, the Oil Price Information Service (OPIS) released their 2020 Fuels 50: Top 5 Low-Price Leaders report.  This report measures retail price differentials of various brands relative to their direct competition.  Once again, Costco has topped...
C-Store Mobile Technology

2020 Conditions Increased Importance of C-Store Mobile Technology

According to a report by statista, c-store sales in 2019 accounted for 36.3% of overall profits for fuel businesses. Fortunately for business owners, c-store sales have remained strong in 2020 amidst pandemic conditions even though fuel sales continue to lag. These results illustrate the importance of investing in the c-store side of the business to keep total revenue healthy. NACS reports several ways c-stores have adjusted their business to remain strong throughout COVID-19: 21% have...
Compliance and Regulation Management

Regulatory Compliance: Is Your Company at Risk?

Regulatory compliance in the oil and gas industry is complex and continually evolving.  For managers and owners within the industry, the expectations to monitor, evaluate, and control risk associated with upstream suppliers and downstream retailers as well as their own business have grown exponentially.  Non-adherence comes with fines, penalties, and work stoppages; but damages to the environment, the company’s reputation, and the community can be far worse. Here are just a few examples of the...
sell-your-business

Will 2020’s Challenges Cause You to Sell Your Business?

If you’re struggling to achieve the numbers you need each month, you’re not alone.  2020 has been rife with challenges since Q1 with no end in sight.  Between market volatility, COVID-19 implications, economic downturns, and an uncertain political environment, today’s operations in the fuel industry are more complex than ever. Deloitte’s midyear 2020 oil and gas industry outlook describes the current overall environment in these words:  “…while US petroleum demand has begun to rebound more...
Gas station

Why a Down Economy Isn’t So Bad for Owning a Gas Station

Many consumers look at the ever-changing price of a gallon of gas as an indicator of how well our economy is doing.  In a down economy, consumers may be pleasantly surprised by how inexpensive a gallon of gas becomes.  For example, in October 2020, the national average for a gallon of gas reached $2.17—that’s 47 cents per gallon cheaper than October 2019.  When this happens, it may be easy to assume gas stations are losing...
iPaaS Solution Concept

The Evolution from API to iPaaS Solutions

Cloud-based software as a service (SaaS) solutions can create an enormous amount of efficiency for an organization.  By choosing SaaS solutions (or an iPaaS Solution), a business can reduce or eliminate costs associated with: Capital purchases for hardware, Large, upfront costs for software, IT staff dedicated to managing software service and security upgrades, In-house software developers for customized solutions, Redundant hardware systems to meet service level agreements (SLAs), And more… By choosing SaaS solutions, a...
pricebook management system

Are You Optimizing Your Business’ Profitability with a Pricebook Management System?

Today, if you’re running a fuel station, you’re likely also managing a convenience store.  In fact, the National Association of Convenience Stores (NACS) reported in February 2020 that nearly 80% of fuel sold in the US happens at convenience store locations.  In some areas of the country such as North Dakota, Nebraska, and Wyoming, that percentages increases to almost 100%. With convenience stores becoming such an important part of the refueling business, how can you...
Is the Cloud Secure?

Is the Cloud Secure?

Cloud Computing has become quite the buzzword over the past decade.  As businesses seek solutions to lower costs in capital investment and ongoing maintenance, the cloud has risen to the top of the list as an efficient solution.  Applications and data existing in the cloud can be accessed from computers anywhere in the world, and data is typically stored with redundancy by professionals focused on preserving the integrity of their systems.  In fact: In 2018,...
2020 petroleum industry

The Ups and Downs in the 2020 Petroleum Industry

2020 quickly became “The Year of the Pandemic” and the 2020 petroleum industry was not spared in its challenges.  In January, the United States and China struck a trade deal that would maintain strong oil prices up during the first part of the year, but as COVID reached the States in February, petroleum prices began a steep dive.  With more Americans adhering to “shelter at home” guidelines, their needs for purchasing gasoline dropped.  By the...