Summary
In this episode of the Tapped In Sales podcast, Bud and Mikey discuss the core components of annual business planning (ABP) with suppliers. They cover topics such as sales targets, distribution targets, financial projections, incentive planning, inventory management, training, and market visit planning. They emphasize the importance of setting realistic sales goals and understanding the productivity of each points of distribution. They also discuss the significance of gross profit and the need for effective incentive planning. The hosts provide insights and strategies for both suppliers and wholesalers to optimize ABP. In this part of the conversation, Bud and Mike discuss inventory management and the challenges faced by wholesalers and suppliers. They emphasize the importance of balancing inventory levels and the cost of carrying excess inventory. They also touch on the topic of supplier training, market visits, and in-market support, highlighting the need for effective communication and collaboration between wholesalers and suppliers. The conversation concludes with a discussion on the implementation of the annual business plan (ABP) and the risks and opportunities associated with it.
Takeaways
Chapters
00:00 Introduction and Setting the Stage
03:24 Core Components of ABP
08:51 Understanding Productivity of Points of Distribution
14:27 The Significance of Gross Profit
18:10 Effective Incentive Planning
20:31 Challenges and Strategies for ABP
22:33 Managing Inventory Challenges
25:24 Effective Supplier Training and Support
30:43 Implementing the Annual Business Plan
33:58 Considering Financial Health
40:10 Optimizing Portfolio Management
