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| NAW SmartBrief |
| July 29, 2009 |
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Economic recovery on its way, GDP data suggest
The government will share Commerce Department data for the second quarter on Friday, with early reports suggesting the recession likely abated during that period. A survey of economists by Bloomberg suggests the U.S. economy contracted at a rate of 1.5% for Q2, versus a 5.5% dip in the first quarter of the year. Bloomberg (7/27)
OPEC may face decline in crude oil prices as stockpiles increase
The Organization of Petroleum Exporting Countries reportedly is girding for a decline in crude oil prices as oil producers run out of storage. Stores of diesel and heating oil have reached a 24-year high in the U.S. due to weak demand. "I would imagine that just about every available barrel of storage is full," said Kevin Rooney, chief executive of the Oil Heat Institute of Long Island. The Wall Street Journal/Dow Jones Newswires (7/27)
Freight providers optimistic about future of industry
While flagging freight volumes have yet to rebound, some freight providers predict the worst is over for the industry. United Parcel Service remained profitable in the second quarter, but reported a drop in consolidated volume of 4.7% compared to the second quarter of last year. Some executives also predict weaker freight providers may exit the market, which will increase opportunity for those who remain. Fleet Owner (7/24)
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Applaud a job well done with tangible rewards
Recognition and rewards for a job well done are essential. A successful workplace-rewards program offers something tangible that delivers lasting recognition and has personal meaning for the recipient. Manage Smarter (7/23)
Go beyond basic customer service
In a "post-customer-service" age, customer service is basic and expected, so going beyond the call of duty is a way to distinguish yourself from the competition. Rising above the best of your competitors will help you to build solid relationships with your customers. TomPeters.com (7/24)
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Sales professionals' evolving role as problem-solvers
The salesperson of the future will likely take a greater role in customers' business and decisions and will be more of a valuable resource for the client. The new role will put more pressure on salespeople to view themselves as problem-solvers. The Customer Collective (7/24)
My Midyear Economic Outlook: A new free report
Believe it or not, we're more than half way through 2009. Pembroke Consulting President and NAW Institute for Distribution Excellence Fellow Adam J. Fein, Ph.D., has analyzed the first half of the year and compiled his findings into a new report. Get his 2009 Midyear Economic Outlook for Wholesale Distributors and more information in his latest blog post. Distribution Trends (7/27)
Column: Failing to plan for an emergency is a plan to fail
Preparing for every possible contingency is impossible, but experts say small businesses are asking for trouble if they make no plans for emergencies. Businesses that do not have a continuity plan are at a competitive disadvantage when a disaster occurs, says Alan Berman, of DRI International in Hawthorne, N.Y. This article offers tips on how to be prepared. Newsday (Long Island, N.Y.) (subscription required) (7/25)
Featured Content
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Despite everything, Martha's Vineyard manages to be laid-back
Martha's Vineyard has returned to the political radar now that the Democrats are resurgent. The island has been a vacation destination for presidents and their families for decades, but it derives much of its appeal from being laid-back and shrugging off snobbery. The destination features plenty of nice beaches, fish shacks and the occasional motorcade. NYTimes.com (7/26)
When choosing wines, customers aren't always right
When customers choose a wine that does not do justice to either the food or the drink, it's up to the sommelier to rectify the situation. The key is to be so diplomatic the customer does not even realize what happened, or better yet to suggest pairings right on the menu. Sommelier Journal (7/2009)
NAW's Billion Dollar Company CEO Roundtable -- Oct. 13 to 14
Benchmark and network with other CEOs of like-sized wholesale distribution companies. Find out how their companies are surviving the economic downturn and how they are positioning their companies for the coming rebound. The CEO Roundtable is a valuable business tool to learn about cutting-edge strategies and hear updates on legislative issues. NAW members receive one free registration. Register now.
Don't make wrong decisions about profitability
Al Bates, founder and president of Profit Planning Group, has spent 30 years analyzing distributor financial statements. His findings in Profit Myths in Wholesale Distribution boil down to this conclusion: Much, and possibly even most, of what managers in distribution companies know about improving profitability is wrong. Good economic times mask this fact, while challenging times make this fact absolutely dangerous!
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