IDA Universal

I DA U N I V E R S A L J a n u a r y - Fe b r u a r y 2 0 2 1 4 EDITOR'S NOTES Sheila Andrews Executive Director/Editor SAVE THE DATES IDA 2021 Convention & Trade Show Hilton Downtown Miami, Florida October 13-15 2022 Lake Buena Vista Hotel Orlando, Florida P andemic," "Coronavirus," "Furlough," "Essential," and other terms were either new to our vocabularies in 2020 or became redefi ned in a very clear way for the independent heavy equipment a ermarket. With the world struggling around us, some small businesses shuttering for a fi nal time, it is sometimes diffi cult to think of what has gone right over the last year. e heavy equipment a ermarket is one of the more positive stories of 2020. So what went well? 1. Record Business: For many companies in our space, 2020 was a banner year. At fi rst, we feared shutdowns, but those quickly gave way to a boon for "essential" activities. With roads less cluttered, construction projects accelerated. Even with an ongoing building materials shortage, the equipment rental and replacement parts and service business held steady. Many IDA members reported record quarters a er the initial shock of the pandemic leveled out. is type of success is exemplifi ed in our cover story on the recognition of Tilly's Crawler Parts' inauguration into the Toowoomba (Australia) Chamber of Commerce Hall of Fame. 2. Private Equity Opens eir Wallets: Private equity fi rms took the opportunity to release some of the cash they were holding onto in the fi rst half of the year with a barrage of purchases in the last two quarters. is was especially true in the distribu- tion business. For companies looking to sell, buyers became abundant. 3. We Were Reminded of What is Important: Easily, the most important success of 2020 was the reminder to focus on people, family, and health. Business operations had to adapt to an over-night restructure in communication and employee safety, no doubt causing added strain on customer service and year-end goals. But we got it together. We showed fl exibility in allowing employees to be home and healthy. We leaned on our teams. And we learned exactly what we're capable of when our operations and our people are priority. e outlook for 2021 does seem to be slowing for the industry, a bit – particularly in the area of road construction projects in the United States. You can read more about this in the article on Funding in the Time of the Pandemic. However, some of these potential slowdowns can be marginalized by focusing on the new business strategies our organiza- tions have implemented to respond to 2020. Capitalizing on What Went Right in 2020 What can we do to capitalize on our success and push past uncertainty in 2021? 1. THINK DIGITAL! Companies must continue their progression to strengthened ecommerce and digital solutions for their customers. Many contrac- tors are benefi ting from their suppliers and distribu- tors providing digital purchasing and servicing solutions and will look to maintain these in the future. ese digital strategies benefi t not only your customers, but also you. Access to your suppliers and customers through more real-time digital response, streamlined inventory management, materials sourcing, and contact tracking and generation off er boundless improvements for operations. 2. Focus on cyber-security measures: More digital equals more opportunity to attack your internal business structures. Even repair and mainte- nance operations are vulnerable through connected equipment that enters the shop and plugs into your tool and equipment network. Having a strong cyber-security partner and strategy is central to the modern threats your organization is facing. 3. Secure your people network: Whether customers, suppliers, vendors, or staff , everyone learned the true nature of communication in 2020. New customer acquisition and sales were down for most distributors because of the lost opportunities for on-site visits. However, customer maintenance was strong for companies that communicated o en and stayed connected. Although 2020 wasn't what we hoped, it wasn't all bad. Due to our core strength as a people-centric industry, we were able to maintain momentum. e key is how we carry that success into the next year, both within your companies and as a unifi ed IDA. A Note from the Executive Director: IDA is going digital in 2021. e Universal Magazine and the Annual Membership Directory will be available in digital-only formats. is way, all members can access benefi ts and content from anywhere. In going digital, publications will be more interac- tive, boosting the capabilities of your Membership Directory by funneling users to your website through the publication upgrade that you can purchase for your listing. For more information, contact us at info@idaparts.org. "

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