I believe the future of LPOs is one of perception. All business no matter what industry faces its own challenges. No matter how good a business is, it cannot be complacent …. taking things for granted.
If you look back in history and find good healthy businesses which went bad, you will see the common trait of owners/managers who take things for granted. Words like “it will never happen to me” are very common place.
The more important question you should be asking in my mind is whether or not you have the right team & tools to help you make more money?
I say team because in business it is impossible to do it alone, and it is important to surround yourself with the right people. The old adge says “iron sharpens iron” and it is too true. If everyone around you are all “doom and gloom”, then the sky will surely fall down one day. Whereas if you surround yourself with fellow LPO owners and advisers who are solution seekers not problem seekers, they are glass half full not glass half empty, they are there is a solution to every problem not a problem behind every solution – then you are most probably going to be more successful.
I say tools to make more money because I personally feel LPO owners should be a lot more sophisticated and strategic in their approach to growing their business, however, they lack of tools to do so. An example of this is the mere fact that LPO owners find it very difficult to breakdown their stock sales. For example, if you ask a LPO owner exactly how much in dollars do they sell of X product vs Y product, they might be able to give some vague answer of “a bit more or a bit less”, but rarely would they be able to tell you the exact dollar figure.
I am fortunate enough to have as clients some of the best LPO operators in Australia, and being able to manually analyse their shop sale income is one of the reasons why they are successful. They are able to say with absolute certainty that they stock X product vs Y product for a raft of solid reasons. They are able to quantify in dollars sales, and dollar profit what products sell at what time due to what reasons.
I have developed a software which will analyse the shop sales for a post office. It is still in beta phase and I believe it is one of the missing tools that will help LPO owners be more profitable in the coming future. I am looking for beta testers who currently down a LPO and would be interested in the opportunity to use the software for free and analyse your shop sales whilst giving me valuable feedback? If this sounds like you, please call me on 1300 77 8281.
The LPO Advisor