The home heating oil industry has a long and proud history, and Fuel Oil News has been there supporting it since 1935. It is an industry that has faced many challenges during that time. In its 77th year, Fuel Oil News is doing more than just holding
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50 FEBRUARY 2014 FUEL OIL NEWS | www.fueloilnews.com A s we begin the New Year, I hope that we all see an improvement in our own local and national economy. After all, it's the econ- omy that helps to inject energy in to our businesses. It's also the time of the year when many companies determine if 2013 was a profitable year. This is also the time when companies will possibly kick off a new 2014 business plan, that will most likely include a platform consisting of new goals for the company. Some plans will possibly involve a new building, high tech equipment, new positions and diversification. During 2013, I have witnessed several companies expand into unknown territories that include A/C, solar, geo thermal, propane, plumbing, electrical and water filtration to name a few. I also know that there are many professional trainers available who offer support in these areas of diversification. Training is most often needed when venturing in to an unfa- miliar business. If you're worried about the need for a financial commitment to stock more inventory, I would suggest a meeting be scheduled with your supplier and sales representative to share your busi- ness expansion plan. Based on your relationship, and a commitment to buy more new products, they will likely support your inventory needs in any of the above mentioned categories that you decide to enter in to in 2014. Keep in mind that more of your customers are looking for a company like Home Depot or Lowe's—often referred to as the "big box" one stop shop—a place where you can get anything and everything under one roof with one visit or phone call. However, remember that every one of the areas of diversification I mentioned means additional sale growth and continued service. Remember that service has no time limit and additional ser- vice contracts are another sure way to gain more revenue. I know of a couple of oil companies that offer service contracts for their oil customers, and due to diversifying into the LP business, are now offering a LP service plan. A sad story that I have heard all too often is when a company that has been passed on from generation to generation and continues to operate year after year with no upgrades, then ends up with little value when it's time to sell and retire. One owner not long ago said to me, "All these years and I have nothing to show for it." The good news is that some owners are now seeking professional guidance in changing the direction of the company, and I applaud these owners. Another area that should be reviewed as part of a new 2014 business plan is the employees. Does the existing staff fit into the new plan; can they accept changes without resistance? Is there someone under your own roof that can accept change and possibly be looking for new challenge and at the same time be engaged to the company? Engagement to me, means employees that are involved in the company's growth and are highly motivated and confident in their jobs. Confidence is gained by the leadership offering praise with specifics. Finally, all the best to my readers in 2014 and stay tuned. l F O N Bio: Charlie Bursey began his long career in the oil heating industry in 1963. He has delivered coal, kerosene and oil and serviced heating and cooling equipment. He has also managed service departments, worked for a manufacturer and currently works with F.W. Webb, Warwick, R.I. He is a recipient of the Association of Oil & Energy Service Professionals' prestigious Hugh McKee Award for making an out- standing contribution to the fuel oil industry; having had an understanding and coop- eration with his/her fellowman; and having unselfishly aided the industry in education and related activities. CoNTACT: ChasBursey@aol.com Charles Bursey, Sr. SERVICE 2014 Is Here