From the NAW Blog

Many distributors are reporting that the Coronavirus crisis is leading to an increase in online ordering and virtual interactions with their customer service reps and inside salespeople. As this trend takes root, it may shift customer interactions away from a distributor’s field salespeople. As a result, salespeople may be defensive or uncomfortable. However, if customer behaviors are changing, there is a huge opportunity for your sales force around creating new value for customers.

From the NAW Blog

The conduct of business will change as the coronavirus crisis recedes, but it’s too early to know the new normal with certainty. Just as first reporting in any emergency often proves to be inaccurate and wrong, so too may early predictions about a new normal for doing business miss the mark.

From the NAW Blog

Many distributors have been doing things the same way for years. In some cases, what worked then still works now. Yet, part of preparing for the future is preparing for the unexpected — whether that is economic volatility or other industry disruption, such as the coronavirus.

From the NAW Blog

Digital marketplaces were a major theme at the recent NAW Executive Summit, and for good reason; B2B marketplaces are predicted to be a $3.6 trillion boon for distributors in the next few years. This new opportunity is certainly good for distributors, but it does make action even harder. How can AI, e-commerce and marketplaces all be multi-trillion dollar opportunities? Further, which one should distributors pursue first?

From the NAW Blog

As distributors imagine business after the COVID-19 pandemic, there is a growing consensus that the crisis will lock in a trend toward customer preferences for virtual experiences. While a sustained shift in buying habits is very likely, that outcome does not reflect the full impact on the future of business. Yes, social distancing has forced remote working and online ordering. However, the crisis also reveals that we are all members of cherished communities, and the path forward is about people working with people to solve problems.

EFC International, a supplier of engineered fasteners, continues to expand. They are moving their Chicago branch office and warehouse to a new 64,000 square foot facility at 4150 Chandler Drive, Hanover Park, Illinois.

Thomas Mansholt, vice president of operations states, “Our move enables EFC to enhance our service level by providing additional stocking programs with increased inventory space to meet both customer and supplier needs. With 4,200 pallet locations, 26-foot clear height ceilings, and a circular flow from receiving to inventory to shipping, we can ship product more efficiently and the facility allows for growth. The increased number of dock doors provides efficient flow for containers to be loaded for export, supporting customers for all EFC Global locations. This is another sign of our commitment to Redefine The World Of Distribution.”

From the NAW Blog

Coronavirus has thoroughly disrupted the sales processes for distributors. Not only have customer demands changed, but the process of selling has also been transformed. Social distancing has forced an accelerated digitization upon distributors. Suddenly, businesses that relied heavily on personal interactions and skilled outside sales reps are unarmed. Meanwhile, inside sales, customer service and e-commerce have become key channels. In this post, I’ll explain how distributors can accelerate the digitization of their sales channels to meet the demands of this new market.

From the NAW Blog

The defining characteristic of a crisis is uncertainty. First-line managers are a powerful force for surviving a crisis, but only if leaders help them embrace a new role. Every employee wonders how long the crisis will last, which work is most important and if their job is secure. Leaders don’t have all the answers, and employees know it. The role of first-line managers shifts from directing activities that drive performance to gathering ideas that may help the company survive.

From the Center for Financial, Legal, and Tax Planning

On Friday March 27, 2020, Donald Trump signed into law the largest lifeline (the CARES Act) in United States history to combat the most trying economic times for the
United States. As markets react, supply chains strain, and lockdowns ensue havoc, it’s no secret that small business, the self-employed, independent contractors, and sole proprietors are the most vulnerable during these uncertain times. To help the most vulnerable, the Cares Act provides a small business-focused Paycheck Protection
Program (PPP) allowing the federal government to guarantee SBA 7(a) loans up to 100% through December 31, 2020. The SBA 7(a) loans are available to companies with 500 or less employees who are below a gross annual receipts threshold in certain industries. This article will lay out the latest developments regarding the PPP, more specifically, requirements to obtain the loan, the requirements as to how the loan can be used, and the underlying premise of the loan’s “forgiveness.”

From the Center for Financial, Legal, and Tax Planning

The Coronavirus Aid, Relief, and Economic Security Act (CARES ACT) was passed by President Trump to combat the economic impact of COVID-19. While the CARES Act provides a number of advantageous tax provisions, one in particular may be helpful to those affected by COVID-19 with a retirement savings plan. Under the CARES Act certain participants can take a coronavirus-related distribution up to $100,000 from their retirement plan.

From the Center for Financial, Legal, and Tax Planning

There’s been a lot of information circulated with regards to coronavirus-related legislation that’s either been signed into law or is currently proposed. However, some of
the information is either inaccurate, a mixture of truth, or just plain false. This article will discuss some of the stimulus packages that have already passed, items that are
proposed, and measures seeking to directly benefit business owners.

From the NAW Blog

The hard truth about the Coronavirus is that extreme, unexpected events are becoming an essential new requirement of effective supply chain planning. In the current crisis, distributors are doing the crucial work of delivering critical products to essential businesses. As the virus peaks, distributors will play a leading role in rebooting our economy. As industries recover, a new normal will set it. It will be one where customers judge supply chain performance not only on efficiency, but on the ability to predict and mitigate risk.

From the NAW Blog

Are you ready to participate in a digital value chain driven by customer demands for the virtual ordering of products and services, which provides for instant transparency and ever-increasing benefits while at the same time lowering costs?

By Roman Basi, president of the Center for Financial, Legal & Tax Planning Inc.  

There is a popular misconception among many small and closely-held business owners regarding their business name. State law demands that any corporation formed within that state must “have a name unique from others” within the state.  Therefore, many business owners mistakenly assume that their name registration confers unlimited rights to that name.  Unfortunately this is not true and can lead to expensive legal issues.

From the NAW Blog

As distributors rush to put up e-commerce platforms that can sell anywhere and anytime without human interaction, they are reinventing their business as one that is digital, virtual and data-driven. But, like a retail mall decimated by online shopping, distributors have failed to reposition their most crucial core offering. Distributors are inherently local businesses staffed by humans. Distributors can’t win by being what they once were, but they will lose if they do not redefine the value of being local in our disrupted and increasingly digital world.

From the NAW Blog

With modern organizations moving away from the traditional hierarchical structure to embracing more project-based operations, working in teams is no longer an alternative choice for employees, but an essential consideration to ensure successful business outcomes. In this article, we’ll look at the five key components that affect team effectiveness, and what types of people you need to bring on board your team.

From the NAW Blog:

Many distributors think they need to look like Amazon to compete in today’s market. After all, more than 197 million people visit Amazon every month to shop the more than 12 million products available, according to BigCommerce. But just because Amazon is a household name doesn’t mean that distributors need to emulate its every move to be competitive in the digital distribution game.

EFC International is pleased to announce the addition of air filter clips and specialty air filter fasteners, manufactured by Springfield Spring & Stamping, to their product line.

Springfield Spring & Stamping is a manufacturer of standard and custom air filter holding frame clips in the United States. The product line is complementary to EFC’s current HVACR product offerings including wire routing components, caps, plugs, clamps, rivet-nuts, panel fasteners, specialty nuts, bolts and screws.

From the NAW Blog

Our research for Innovate to Dominate: The 12th Edition in the Facing the Forces of Change® Series revealed a massive new opportunity for distributors: the future of business is up for grabs! Every customer of every distributor in every line of trade is working to understand how their business can survive and thrive in the digital age. Customer change is about harnessing the power of technology- and human-driven forces and reinventing how work is done and how individuals and organizations learn. The opportunity for distributors is to help customers transform for the future of business. In doing so, distributors can carve out a spot as a valued source and essential partner.

From the NAW Blog

AI has automated the fundamental challenge of sales: “knowing your customer.” B2B and B2C sellers are increasing revenue by analyzing data and accurately predicting what customers will buy with AI. However, AI is only as good as the data that feeds it. In this article, I’ll explain how distributors can use intent data to supercharge sales and win the data race.