At ACTvantage, we had the opportunity to work with distributors through the past year and a half to improve processes and achieve sustainable growth. In a recent article for Industrial Distribution, we took a moment to share a handful of success stories that we believe other distributors can use to inform their own growth plans. With every story, there’s a distinct focus that helped drive results.
Action items include:
- Assessing stock that is only purchased by one customer for value and opportunity.
- Expanding categories sold to existing customers.
- Improve gross margin with a target set of customers using specific benchmarks.
- Apply data to decision-making as opposed to solely applying emotions.
- Encourage movement of slow-moving inventory with relevant compensation strategy.
- Reduce outdated and slow-moving inventory by assessing last purchase date.
- Use best practices of top performers to train and educate your teams.
- Assess your suppliers for performance improvement opportunities.
Learn the concrete ways eight distributors applied these action items to achieve growth and improve margins at their businesses.
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