iControl's Chairman and co-CEO, TJ Zlotnitsky, has been invited to join the Electronic Transaction Association (ETA) Payment Sales and Strategy...
4 Things Every Alcohol Distributor Needs
Alcohol distributors and retailers have a complex job. This job can be the most effective with these four things in mind.
In the world today, we go to liquor stores, grocery and convenience stores, or bars and restaurants in order to buy alcohol. There are thousands of types of alcoholic beverages, but what people rarely consider is just how that particular bottle got on the shelf or behind the bar. Many steps are involved with each one being of great importance to ensuring timely deliveries, accurate payments and efficient inventory management. Make sure your company has these 4 things down to make those processes as efficient as possible.
1. Planning and Execution
On and off-premise store managers and owners are incredibly busy. Alcohol distributors are busy as well. In order for both to boost their efficiency, it is essential to plan and have an effective agenda for the day. Having a concise list of sales topics, sales brochures and promotions greatly assist in getting in, doing your job, and getting out as soon as possible. Also, planning new item distribution and display activity in the stores being serviced can help build sales. Better yet, make sure that all of these things are being captured electronically and are not reliant on paper. Alcohol distribution may be an old industry, but that doesn't mean it has to use ancient practices.
2. Compliance Resources
There are a lot of regulations to keep track of at the state and local level to ensure alcohol distributors and retailers remain compliant - especially regarding payments for deliveries. One misstep can impact your ability to do business, so you cannot be too careful when considering compliance solutions. Utilizing an electronic alcohol payments solution can eliminate the risk of non-compliance altogether.
3. Capable Reporting
Are your credits being tracked? Have all invoices been matched? What disputes need to be resolved? Without a capable reporting system, alcohol distributors may find themselves calling up individuals and spending hours tracing a paper trail trying to answer these questions. Alcohol distribution is a competitive and fast-moving industry. By allowing for inefficiencies in the form of poor reporting to creep in, you are putting yourself at a disadvantage to your competition. Instead of wasting time trying to manually keep track of your information, implement a reporting system that will allow your team to know at a glance what they should prioritize. You'll gain hours of time and sleep better when you do.
4. Electronic Payment Methods
As previously mentioned, the alcohol industry is bustling. On and off-premise store managers rarely have the time to sit through extensive presentations. Additionally, paper checks are increasingly becoming a thing of the past. With this in mind, it is essential that alcohol distributors adopt electronic payment methods for when deliveries are made.
Electronic payment methods are incredibly quick. Additionally, electronic payment methods eliminate the need to carry around cash, checks and money orders. It also can eliminate cash boxes and bank deposits. With an electronic payments, everything is conveniently accessible in a single portal. This keeps the entire distribution process moving quickly and saves all parties a lot of time. And last, but not least, electronic payment methods minimize errors and guarantee compliance.
The alcohol beverage industry is growing more complex on a daily basis. New brands and SKUs, pricing changes, promotional activity add to this complexity. This job can be the most effective when the distributor is equipped with the an agenda, the proper tools and resources, essential reporting, and an electronic payments solution. Click here to learn more about advanced solutions for your alcohol distribution needs.