As a new coin biz year rolls around , it's a good time to set some goals
and plan a course of action that is designed to enhance your profit picture .
As Will Rogers once said (or was it Mark Twain?) , "Everyone talks about
the weather, but nobody ever does anyth ing about it. " Well , a similar
situation exists in the industry today . ~any operators can see the things
that have to be remedied , but those remedies still seem to elude them . The
following are some suggestions that should help you get off to a good start
this year.
1 . Set up an adequate bookkeeping system . Too many operators are
still operating out of their back pockets . That may have been good enough
in the old days , but today it's a whole new ballgame . You have to monitor
your business progress in the same manner a doctor monitors the progress
of his patients. You can pay a good CPA to come into your office and have
him set up a bookkeeping system that someone in your operation could
maintain on a regular basis. Or you could contact one of a number of
accounting services in your area ; most of these orgainizations are
computerized and will cost you in the area of $75 to $100 per month . You
would supply them with all the necessary information each month (cash
receipts , disbursements , etc .) and they , in return , would give you monthly
reports , including an income statement showing you how much money
you made during the preceding month and a balance sheet listing your
assets and liabilities .
2 . Keep records on all your machines on location . A simple set of index
cards can be used to do the job . What your purpose should be is to
maintain a history of sorts on your equipment. Information on the cards
should contain the name and make of the machine , the serial number ,
date acquired , present location , maintenance and repair record , and a
record of accumulated earnings for that particular machine . Such a system
enables you to keep track of your equipment by letting you know how
often a machine has been moved , how often it has been down , the nature
of the failure , and the cost to repair it. With that information, you will be in
a better position to evaluate your selection of equipment because you'll
know which games are most likely to break down on location .
3 . Public relations is a phrase seldom referred to in this industry , yet it is
probably more important to this industry than to almost any other .
Personal contact is vital in maintaining a good working relationship with
your location owners. All too often a problem or complaint is passed on to
a collector or routeman , but it goes in one ear and out his other , and never
reaches your office . For this reason , it's a good idea for you or someone
else in authority to visit your locations regularly . There are advantages to
this. A happy location owner takes pride in the equipment in his place , is
often helpful in keeping it clean between collections, and will be prompt in
calling in about a machine that's down .
4 . Lastly , no operator is an island . There are some problems he simply
cannot tackle alone . As the saying goes, "In unity there is strength ." Learn
more about your state association . Contribute to its success by joining and
becoming actively involved with projects . Become a member of the
national association , the A.M .O .A. Service school seminars, legislative
group insurance , and a national convention are just a few of the services
performed by this national organization . You can do something about your
problems. Working within your own organization and working with others
toward specific goals will mean a profitable future for you . All you need to
do is take that first step .
----
Ralph C . Lally II
Editor and Publisher
4
PLAY METER , September, 1978