One…No Longer the Loneliest Number
Acquisitions have become a more common component in an organizations growth model. Various sized players are purchasing competitors or similarly aligned companies in the hopes of solidifying their top position or establishing in-roads with new customer segments. With every acquisition the inevitable follow-up question is how to provide the same high-quality customer experience and prevent costs from increasing too much? One solution that should be explored is a single source business partner. When the right partner is found the gains can be substantial.
Here are there (3) areas to keep in mind:
1.Industry Knowledge
This is one of the most important factors when searching for a single source partner. Having an institutional knowledge of their industry is crucial. They should know what keeps their customers up at night, what the demands are and understand trends that have big impacts on the industries landscape. The number of years a potential single source partner has been in the industry can be a good indicator. As well as the reputation of the organization and sales team.
Safe Fleet Truck & Trailer, for example, has been helping companies in the perishable goods delivery market for over 30 years. We know that the work day starts before the sun comes up, demands on drivers are high and the landscape is always changing. With the introduction of the Food Safety Modernization Act (FSMA), for example, our customers need to ensure perishable goods always arrive at the proper temperature.
2.Solution Mix
This is more than just offering products. Do the potential partners solutions help solve key problems? Or can their solutions meet the demands of your fleet and team every day? Not all products and partners are built the same. Making sure they can both meet specific requirements and have a proven track record of success will be crucial to the positive impact the potential partner can have.
Let’s say an organization is in perishable goods delivery and fleet safety is the key issue. The potential single solutions partner should be able to meet all of those needs involved in fleet safety; not just one aspect. If you look at Safe Fleet Truck & Trailer we bring together Temperature Control, Access and Fleet Video Solutions. By bringing a complete suite of fleet safety solutions together we help ensure fleets, drivers and perishable goods are safe from home base to a customer’s door.
3.Overall Savings
Savings is more than just the cost of the products purchased. A good single source partner should be able to provide one point of contact, simplified billing and detailed order histories; reducing time spent on the phone. If their complete line of solutions are implemented they should contribute to a reduction in product returns (especially with perishable goods), increased driver safety on the road and decreased workers compensation claims. The right partner will be able to show greater overall savings to the bottom line beyond the price point of their products.
While finding the right single source business partner is a big project to tackle, taking the time to find one that’s the best fit will show greater gains for organizations in the future.
