Growth in the LED sign industry isn’t always easy, and the path never straight. There are many variables to account for, and challenges to overcome. The approach you take and the strategies you implement affect the results. But this also applies to the partners you work with. Their strategies and choices about growth will affect you in many ways.
Some companies are your biggest fans helping you to grow, and in turn helping themselves. Others are are silent order takers, unapproachable and satisfied with just selling a product and moving on. Sometimes even acting as a hindrance by stealing bids or opportunities. Here are some key points to reflect on about your current, or potential partners in the LED sign business. Are they going to support your growth, and how?
You want to work with people who have a plan, and the ability to financially and logistically implement that plan. Just selling more product may grow a company on paper, but how they choose to reinvest and utilize their resources is key to their success. For example, Vantage LED announced our ESOP program earlier this year, to help ensure the long term growth of our company, dealers and display owners.
You want to work with organizations that not only focus on their success, but are willing to invest effort in yours too. They realize that your growth is tied directly to theirs and invest in partner programs, hardware, software and technology innovations accordingly.
Timing and Balance
It’s important for organizations to have a balanced approach to growth, and know when to jump and when to wait. Invest too soon and they become over exposed, invest too late and business has gone elsewhere. How long has a company been in business? Have they survived economic volatility through quick decision making and determination?
You are affected significantly by this balancing act. When a partner does it right, you reap the benefits of a stronger supplier able to provide what you need with the quality you expect. They are financially sound and ready to support your business.
Long Term Mentality
Partners who are growth oriented and manage it well, are in it for the long run. They realize that the industry needs them to support their product over time, and stay in the game. There are many pseudo manufacturers selling low-cost product with no long term support. Avoiding these companies will help ensure you get a better product with better support. Vantage LED was one the first in the industry to offer a 7 Year Warranty, 7 Year Onsite Service, and Professional Content Creation, because we believe in a long term approach to business.
When your partner matches your own dedicated approach to growth, it encourages positive feedback from customers, building your reputation as a quality brand. You have complete confidence that parts will be available, and US based support is just a phone call away.
Attitude for Growth
Can you grow too fast? Absolutely. Should that make you afraid to grow? Absolutely not and your partners shouldn’t be either. An attitude of expansion and planning for change is essential to the entrepreneurial spirit that makes this country great. Embracing growth and challenges with a good attitude and a focused mind enables success.
That attitude and balance are best demonstrated when companies listen to your feedback and go the extra mile. They are not afraid to make changes and improve their system to help you succeed, and your opinion matters.
Anticipate, Adapt, Succeed!
Make sure your partner is as excited about growth as you are, willing to invest in your success as well as their own. They listen too you, and care about your business. They have a plan, and are ready to anticipate and adapt as needed to bring out the best in their company, and yours.