{"id":61083,"date":"2024-07-25T13:59:53","date_gmt":"2024-07-25T20:59:53","guid":{"rendered":"http:\/\/www.enxmag.com\/twii\/?p=61083"},"modified":"2024-07-25T13:59:55","modified_gmt":"2024-07-25T20:59:55","slug":"hot-takes-dealers-assess-the-profit-heroes-of-2024s-first-half","status":"publish","type":"post","link":"https:\/\/www.enxmag.com\/twii\/the-week-in-imaging-twii\/editors-blog\/2024\/07\/hot-takes-dealers-assess-the-profit-heroes-of-2024s-first-half\/","title":{"rendered":"Hot Takes: Dealers Assess the Profit Heroes of 2024\u2019s First Half"},"content":{"rendered":"\n
\"\"<\/figure><\/div>\n\n\n\n

The early frontrunner for the 2024 pithy business observation of the year goes to the following gem: the juice has to be worth the squeeze. It\u2019s as clever as it is true.<\/p>\n\n\n\n

Dealers have long been open to the idea of diversification, right? The qualifier is always, \u201cWill I make a profit?\u201d followed closely by the complementary query, \u201cHow long will it take for us to see ROI?\u201d Naturally, the investments in time and money needed represent the squeeze, and the profit juice needs to be thirst-quenching. If the fruit tree is somewhat barren or there are other paws wrapped around that lemon\u2026you can fill in the blanks.<\/p>\n\n\n\n

It\u2019s all about the bottom line. Profit keeps the lights on, covers payroll and funds the president\u2019s club trip. Everyone loves revenue, but it\u2019s the profit margin that brings the crowd to its feet, so to speak.<\/p>\n\n\n\n

In that vein, we asked our Hot Takes panel the following question: What’s been the biggest profit generator during the first half of 2024?<\/p>\n\n\n\n

Barry Simon, president, Datamax, Little Rock, Arkansas<\/strong><\/p>\n\n\n\n

\"\"
Barry Simon<\/figcaption><\/figure><\/div>\n\n\n\n

It goes without saying that combating the declining clicks trend is right at the top of our core initiatives for 2024. I believe recovering, retaining and increasing aftermarket revenues requires a hyper-focus on generating first time accounts (FTA) as well as net-new additions (NNA) within our existing accounts. To that end, the following are three things we\u2019ve been leveraging or plan to leverage in 2024.<\/p>\n\n\n\n

  • One: Sales compensation incentives are certainly better aligned with FTA and NNA objectives.<\/li>
  • Two: Marketing nurture programs, built on new integration capabilities between Salesforce (AgentDealer) and HubSpot, promise to produce more awareness of the Datamax Technology portfolio to new accounts in 2024.<\/li>
  • Three: Sales prospecting, fueled by more strategic current CRM data mining as well as new data (and intent data) resources (like SalesIntel) will help bolster new sales pipeline growth.<\/li><\/ul>\n\n\n\n

    We are optimistic about our 2024 initiatives, but remain open to other ideas and pursuits that keep Datamax aftermarket revenues on the incline.<\/p>\n\n\n\n

    \"\"
    Patrick Flesch<\/figcaption><\/figure><\/div>\n\n\n\n

    Patrick Flesch, president and CEO, Gordon Flesch Company<\/strong><\/p>\n\n\n\n

    We are encouraged by the continuation of the \u2018return to the office\u2019 movement and how that is impacting our aftermarket business.  Click counts continue to rebound since COVID, which has increased our profitability on the service side.<\/p>\n\n\n\n

    Dawn Abbuhl, president, Repeat Business Systems, Albany, New York<\/strong><\/p>\n\n\n\n

    \"\"
    Dan Abbuhl<\/figcaption><\/figure><\/div>\n\n\n\n

    Our biggest profit generator is actually in IT services. We developed a really structured process and then refined it even further. We invested in the highest level talent and then added on a marketing strategy. That allowed us to scale and resulted in a tipping point, where our investment remained consistent but sales skyrocketed, therefore greater profit!<\/p>\n\n\n\n

    \"\"
    Tim Renegar<\/figcaption><\/figure><\/div>\n\n\n\n

    Tim Renegar, president, Kelly Office Solutions, Winston-Salem, North Carolina<\/strong><\/p>\n\n\n\n

    For us copy print is still our largest total profit generator. Our highest margins on profit are coming from our water division. <\/p>\n\n\n\n

    Stu Wise, president and COO, United Business Technologies, Gaithersburg, Maryland<\/strong><\/p>\n\n\n\n

    \"\"
    Stu Wise<\/figcaption><\/figure><\/div>\n\n\n\n

    The single-largest contributor to increased profitability in the first half of 2024 for UBT has been securing several new accounts business. We were successful closing two million-dollar new accounts in the last six months, which will pull healthy service revenue\/profitability over the next 60 months. UBT\u2019s concentration in large enterprise accounts has helped mitigate the decline in volume and the downsides of the hybrid work environment. Both sales processes\u2014one a prominent college and the second a government nonprofit\u2014have been developing over the past nine months. Fortunately, we sold our value proposition and assisted in developing the RFPs, which were both instrumental in earning the business. There is definitely business to be had if your organization recognizes the competition\u2019s vulnerabilities and exposes them professionally while intentionally targeting verticals that are financially healthy.<\/p>\n\n\n\n

    \"\"
    Dave Moorman<\/figcaption><\/figure><\/div>\n\n\n\n

    Dave Moorman, president and CISO, Novatech, Nashville, Tennessee<\/strong><\/p>\n\n\n\n

    The biggest profit generator at Novatech during the first half of 2024 would be our print security configuration service and our managed security solution, Fortress. We have seen cyber-attacks double every year for the last five years and Novatech is projecting it will continue to double over the next seven to ten years.<\/p>\n\n\n\n

    \"\"
    Hunter Woolfolk<\/figcaption><\/figure><\/div>\n\n\n\n

    Hunter Woolfolk, co-president, DOCUmation, San Antonio, Texas<\/strong><\/p>\n\n\n\n

    Print service remains our top profit generator, which is on par with what we\u2019ve seen for decades. These contracts remain our area of highest profits, which many non-industry peers seem to find surprising. Print isn\u2019t dead \u2013 it\u2019s alive and well, adapting to modern office trends and today\u2019s technology.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The early frontrunner for the 2024 pithy business observation of the year goes to the following gem: the juice has to be worth the squeeze. It\u2019s as clever as it is true. Dealers have long been open to the idea of diversification, right? The qualifier is always, \u201cWill I make a profit?\u201d followed closely by the complementary query, \u201cHow long will it take for us to see ROI?\u201d Naturally, the investments in time and money needed represent the squeeze, and the profit juice needs to be thirst-quenching. If the fruit tree is somewhat barren or there are other paws wrapped around that lemon\u2026you can fill in the blanks. It\u2019s all about the bottom line. Profit keeps the lights on, covers payroll and funds the president\u2019s club trip. Everyone loves revenue, but it\u2019s the profit margin that brings the crowd to its feet, so to speak. In that vein, we asked our Hot Takes panel the following question: What’s been the biggest profit generator during the first half of 2024? Barry Simon, president, Datamax, Little Rock, Arkansas It goes without saying that combating the declining clicks trend is right at the top of our core initiatives for 2024. I believe recovering, retaining and increasing aftermarket revenues requires a hyper-focus on generating first time accounts (FTA) as well as net-new additions (NNA) within our existing accounts. To that end, the following are three things we\u2019ve been leveraging or plan to leverage in 2024. One: Sales compensation incentives are certainly better aligned with FTA and NNA objectives. Two: Marketing nurture programs, built on new integration capabilities between Salesforce (AgentDealer) and HubSpot, promise to produce more awareness of the Datamax Technology portfolio to new accounts in 2024. Three: Sales prospecting, fueled by more strategic current CRM data mining as well as new data (and intent data) resources (like SalesIntel) will help bolster new sales pipeline growth. We are optimistic about our 2024 initiatives, but remain open to other ideas and pursuits that keep Datamax aftermarket revenues on the incline. Patrick Flesch, president and CEO, Gordon Flesch Company We are encouraged by the continuation of the \u2018return to the office\u2019 movement and how that is impacting our aftermarket business.  Click counts continue to rebound since COVID, which has increased our profitability on the service side. Dawn Abbuhl, president, Repeat Business Systems, Albany, New York Our biggest profit generator is actually in IT services. We developed a really structured process and then refined it even further. We invested in the highest level talent and then added on a marketing strategy. That allowed us to scale and resulted in a tipping point, where our investment remained consistent but sales skyrocketed, therefore greater profit! Tim Renegar, president, Kelly Office Solutions, Winston-Salem, North Carolina For us copy print is still our largest total profit generator. Our highest margins on profit are coming from our water division.  Stu Wise, president and COO, United Business Technologies, Gaithersburg, Maryland The single-largest contributor to increased profitability in the first half of 2024 for UBT has been securing several new accounts business. We were successful closing two million-dollar new accounts in the last six months, which will pull healthy service revenue\/profitability over the next 60 months. UBT\u2019s concentration in large enterprise accounts has helped mitigate the decline in volume and the downsides of the hybrid work environment. Both sales processes\u2014one a prominent college and the second a government nonprofit\u2014have been developing over the past nine months. Fortunately, we sold our value proposition and assisted in developing the RFPs, which were both instrumental in earning the business. There is definitely business to be had if your organization recognizes the competition\u2019s vulnerabilities and exposes them professionally while intentionally targeting verticals that are financially healthy. Dave Moorman, president and CISO, Novatech, Nashville, Tennessee The biggest profit generator at Novatech during the first half of 2024 would be our print security configuration service and our managed security solution, Fortress. We have seen cyber-attacks double every year for the last five years and Novatech is projecting it will continue to double over the next seven to ten years. Hunter Woolfolk, co-president, DOCUmation, San Antonio, Texas Print service remains our top profit generator, which is on par with what we\u2019ve seen for decades. These contracts remain our area of highest profits, which many non-industry peers seem to find surprising. Print isn\u2019t dead \u2013 it\u2019s alive and well, adapting to modern office trends and today\u2019s technology.<\/p>\n","protected":false},"author":166,"featured_media":61084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[80,1650,82,1638],"tags":[2023,4024,3410],"_links":{"self":[{"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/61083"}],"collection":[{"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/users\/166"}],"replies":[{"embeddable":true,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/comments?post=61083"}],"version-history":[{"count":1,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/61083\/revisions"}],"predecessor-version":[{"id":61085,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/61083\/revisions\/61085"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/media\/61084"}],"wp:attachment":[{"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/media?parent=61083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/categories?post=61083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/tags?post=61083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}