According to an expert in the laundromat industry, there are four key areas every coin-operated laundry owner should focus on.
Andrew Kretz, 2014 chairman of the Coin Laundry Association’s board of directors, recently listed on Planet Laundry four facets of business ownership that every laundromat operator should keep in mind when running his or her business. He stated that, annually, about 25 percent of your time should be devoted to each of the four key areas of focus. With the state of the industry constantly changing, and competitors and consumers always dictating changes to the way businesses must operate, keeping focus will help business owners maintain control.
Below are four facets of running a laundromat that every owner should pay attention to throughout the year:
1. Build a Team
Businesses rely on the people that keep them going, so make sure to hire and maintain the very best employees. Make sure that you set aside time to get to know your staff – understand what motivates and what deters them in order to get the best out of each individual that you employ. Set goals for the year, and return to them often in order to show your employees you care about your progress and that yours is a business for the ambitious.
2. Partner up
Building relationships with local businesses and other community institutions will help strengthen the supply chain and likely make your business more competitive and profitable. Friendly partnerships with other local business owners and consumers can work as advice exchanges. Discuss what works and what doesn’t and how to improve revenue and strengthen prospects with other local store owners.
3. Track improvement
Always keep an eye out for wasteful practices and remain in a state of consistently removing them from your business’ operations. Take time every year to identify processes that you can eliminate in order to streamline your laundromat. An investing-versus-spending mindset will help you maintain profit and improve the value of your small business.
Find ways to invest funds into new technologies and equipment that will ultimately improve business prospects. Expenses that Kretz noted might prove useful include higher-capacity machines, marketing efforts or upgraded facilities. There are plenty of investments you can make that will ensure your laundromat stays ahead of the curve and appealing to consumers. If you would like to invest in upgrades to your business, but you’re still not completely sure, speak with a representative at Eastern Funding in order to learn more about your finance options.