Portable Sanitation Association International

Association Insight, December 23, 2020

Issue link: http://psai.uberflip.com/i/1322383

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ASSOCIATIONINSIGHT Portable Sanitation Association International News BIWEEKLY EDITION DECEMBER 23, 2020 Page 3 Continued on page 4 Portable Sanitation Company Resolutions for 2021…continued from page 1 Resolutions Related to the Business 1. Examine 2020 business results from a financial as well as a sales standpoint One operator stated this goal as a part of "Business 101." In referencing this most basic point, most operators already have a sense of how any particular year will conclude since sales and financial data are measured on a monthly, as well as quarterly, basis. One of the many lessons company leaders learned this year is that businesses must be ready to adapt to changing circumstances. While special events were basically non-existent in 2020 due to the COVID-19 pandemic, overall results for most companies shows rather dramatic increases in both construction revenue—due to increased weekly services—as well as an unprecedented increase in the demand for hand wash and sanitizer stations. This increase in demand somewhat balanced the loss in event revenue. Financial results are crucial especially in changing market environments. Many of us experienced huge swings in revenue and expenses during the "Great Recession of 2007–09," and this year COVID-19 impacted the "normal flow of business." Several operators said they will continue to scrutinize financial results in 2021. 2. Compare 2020 goals versus results in terms of numbers, employees, and customers. Create 2021 goals based on this analysis. Many operators stated that goals are important in the operation of their company. Sales and financial goals should not overshadow goals that are set for employee performance and growth which will be discussed in more detail below. In addition, customer goals, such as increased customer satisfaction and new customers in new markets were also mentioned by several operators as things on which they intend to focus in the coming year. To summarize the resolutions based on measurements, I am reminded of my two favorite quotes from Peter Drucker: "If you can't measure it, you can't improve it." "You can't manage what you can't measure." 3. Perform a physical inventory This is important for analyzing any equipment shortages or equipment that needs to be replaced. In addition, as will be discussed below, these assets are important for tax filing purposes. Operators who mentioned this as a resolution stated that taking inventory is usually done in their company during the final week of the current year. Monica Brown, owner of Sarabia's in El Paso, has a unique business resolution that her company began in 2020. According to Monica, "We wisely have used our time to rearrange the setup of our yard. We actually expanded some, which has given us room to be more efficient with our rearrangement." In addition, since her company has also upgraded and purchased new equipment, their entire operation is now more efficient and ready to meet the challenges of 2021. Monica Brown

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