Distributors should innovate and plan ahead while business is good and resources are available, says Dirk Beveridge, author of Innovate!: How Successful Distributors Lead Change in Disruptive Times, in Need for Innovation in Disruptive Times.
Many distributors are experiencing growth and have a positive outlook for the next couple of years, but Beveridge says that will eventually change. "The business is going to turn," "new competitors are going to get stronger" and "the economy is going to take another hit," he says.
According to Beveridge, the distribution industry is slow to change, especially during good times, but the urgency to do so will inevitably come, making it critical to plan ahead.
Beveridge, who says the distribution industry should start "a new movement of innovation, change and transformation," stresses the importance of looking at your business in new ways and paying attention to other industries to gain new ideas.
"You have to plan ahead. You have to," says Beveridge who advises distributors that creating a sustainable and relevant business now means success in the future.