From the NAW Blog
One of the most valuable resources distributors have is their data. Data can reveal what your customers are likely to buy, what growth opportunities you’re missing out on and where you can cut costs. Distributors with the right data can meet customer needs and dominate competitors. But acquiring and handling data properly is no easy task.
EFC International is pleased to announce the launch of a newly designed website delivering innovative products and solutions providing an unparalleled customer experience. The website provides easy access to an extensive on-line resource for engineered specialty fastening solutions used throughout the world.
“Serving as a platform for EFC’s mission to Redefining The World Of Distribution, the website highlights the EFC Difference -- a combination of Connections, Expert People, Engineering, Quality, Local Support, Global Presence and Logistics, providing customers with an information-rich experience and a comprehensive suite of fastener solutions,” states Matt Dudenhoeffer, president and CEO of EFC International.
From the NAW Blog
Last year, I suggested a holiday conversation about the future of distribution as distributor families gather for Thanksgiving. Our idea was that distributors’ sons and daughters, whether they work in distribution or elsewhere, can share vital insights. With the ongoing pandemic, this year’s conversations are even more critical.
From the U-C Components Blog
Silver plating is a very popular choice for many industries including medical, electronics, telecommunications, automotive, and many more. Silver plating exhibits excellent anti-galling properties, high lubricity, a wide operating temperature range, good corrosion resistance, and exceptional conductivity.
Silver is one of the most common metals used for plating in the medical industry because it boasts a wealth of beneficial qualities plus it is biocompatible and inherently resistant to bacteria. Silver is also extremely ductile which makes it a great choice for shape-memory devices and high precision instruments.
SPIROL has a new series of high performance molded-in Inserts for plastic assemblies. The lightweight, lead free Series 63 & 65 inserts are manufactured from 2024 grade aluminum which provides the best combination of strength, corrosion resistance, machinability and cost. They are 40% stronger than brass and 1/3 the weight of the same insert manufactured from brass.
Here is a link for more information about this new insert offering, including links to the inserts specifications as well as to SPIROL'S complete inserts for plastics design guide: https://www.spirol.com/company/news/press_d.php?ID=275
From the NAW Blog
If you’re considering analytics as a means to drive profitable growth in 2021, you’re on the right track. The distribution industry is facing an uncertain market, digital acceleration and a changed landscape. Analytics can help distributors make data-driven decisions to stay on course and be successful.
Congratulations to Anne Salaets, business development manager for The Olander Company, who won this this year's Pac-West Scholarship to the acclaimed Fastener Training Week program.
Fastener Training Week is an intensive version of the acclaimed FTI Certified Fastener Specialist™ advanced technical training program. Instead of seven separate one-day classes, Fastener Training Week consists of five intensive days of education and plant tours. The curriculum includes:
From the NAW Blog
When was the last time you saw an ad for FedEx? Yet their brand remains synonymous with fast shipping. As Peter Drucker says, “The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself.”
From the NAW Blog
By adopting a new mindset, distributors have the opportunity to break free of the chains that bind them to meager margins and feeble brands. That mindset is about believing that they can do more than survive. Distributors can dominate!
From the NAW Blog
As modern buyers have embraced self-service (via internet searches, social media and e-commerce platforms) for much of their buyer journey, the need for traditional sellers who provide product information — and even application insights — has dropped radically. Buyers complete 70 percent of their journey before they even engage with sellers. COVID-19 has accelerated the pressures to boost productivity and elevate sales teams’ value-add.
From the NAW Blog
More than ever before, distributors have the opportunity to break free of the chains that bind them to meager margins and feeble brands. But, there is a problem. The prevailing distribution mindset is that the forces of disruption and digital transformation highlight the weaknesses in the distributor's business model. Distribution is threatened, but distributors can do more. The forces of change that are enabling disruption are also available to distributors. Breaking free requires a new mindset: Distributors can dominate!
From the NAW Blog
In recent years, inside sales has emerged as a highly profitable channel for distributors. “When appropriately utilized, inside sales reduces cost-of-sales by 40%–90% relative to field sales, while revenues may be maintained or even grown,” according to the Harvard Business Review. Selling more while spending less sounds great, but it is much easier said than done.
From the Center for Financial, Legal & Tax Planning, Inc.
Over the course of the first half of October, the SBA has released three new guidelines addressing some of the most frequently asked questions regarding PPP loans. For those of you that are unaware, PPP (Paycheck Protection Program) loans were provided to small businesses as a response to the economic losses due to COVID-related shutdowns. PPP borrowers can qualify to have the loans forgiven if the proceeds are used to pay certain eligible costs. On August 8, 2020, the program stopped accepting new applications even though almost $134 billion of congressionally approved funds remained unspent. Now, most businesses are focusing on applying for forgiveness, which is all but guaranteed so long as 60% of the forgiven amount was used for payroll purposes.
From the U-C Components Website
Plating is a centuries-old process that permanently joins a metal covering to a conductive surface. Platings affect not only how a metal fastener looks, but also its hardness, electrical conductivity, coefficient of friction, and how it will withstand corrosion or wear resistance. Basically to plate a fastener a thin layer of metal that is bonded at the molecular level to the fastener.
From the U-C Components Website
O-rings are most often the primary source of contamination in any vacuum system. Selecting the proper O-ring design and material are essential to maintaining the seal and overall system integrity. Unfortunately, you cannot simply rely on the property values you get for the elastomers when selecting an O-ring for your clean-critical application; vacuum performance of the material can differ strongly from supplier to supplier, as well as batch to batch.
From the NAW Blog
In our book for NAW, "Optimizing Distributor Profitability: Best Practices to a Stronger Bottom Line," we present 47 best practices for distributors to apply in their businesses, along with plentiful resources and examples for mastering the process. However, we’re aware that just crossing the starting line can be a challenge — especially in such uncertain times.
From the NAW Blog
Virtually every distributor I encounter understands that mastering data, analytics and artificial intelligence (AI) is essential if distributors are to survive and thrive in the digital age. However, very few leaders have a comprehensive game plan for turning their company into a data-driven business.
Have you ever wondered why use Heli-Coil wire inserts as opposed to other inserts? What are some of the Heli-Coil application and installation requirements? This webinar, offered by The Olander Family of Companies, will review this topics and other common installation Issues, possible causes and solutions, and some rather charming Heli-Coil factoids.
The webinar is scheduled for October 14, 2020, 11:00-11:45 am Pacific Time.
From NAW
The COVID Effect on Purchasing
From NAW
In my last post for the NAW Blog Distributing Ideas, I talked about the importance of having an effective board structure as a foundational element of a sustainable competitive advantage, whether your business is public or private. It’s a rare thing, however, and a great one in a distribution company is an exception.
