AGENDA THURSDAY, OCTOBER 26, 2017 11:00 a.m. - 12:00 p.m. Session A: Best Practices for Customer Retention and Cash Flow Session B: Coping with Review Websites Session C: Predicting Future Profits
12:00 p.m. - 1:30 p.m. Lunch and networking with vendors
1:30 p.m. - 2:30 p.m. Session A: Bulls vs. Bears - Two Oil Price Scenarios Session B: Inter-generational Communication Session C: NORA Technical Review
2:45 p.m. - 3:45 p.m. Session A: Working with Your Bank on Loans and Lines of Credit Session B: Family Business Succession Planning Session C: Marketing Bioheat to Millennials
11:00 a.m. - 12:00 p.m. Best Practices for Customer Retention and Cash Flow Dan Rowe, AVATAS Payment Solutions; Milissa Lord, A.R.M. Solutions Every spring, fuel oil and propane marketers find it a challenge to control their cash flow and outstanding accounts receivables. It's the main reason why fuel companies need to draw down their lines of credit. In this best practices cash flow management workshop, you will learn some quick tips on how to become a creditor, and how to actively manage payments, NSF checks and accounts receivables. These ideas may help you improve your cash flow during critical months, which may mean you won't have to tap your expensive lines of credit as much and you'll be able to pay off your own creditors faster.
11:00 a.m. - 12:00 p.m. Coping with Review Websites Gerry Brien, Consumer Focus You know them - Home Advisor, Yelp and dozens more. You hate them. You get unjustified bad reviews. You don't know if you should respond, or even if you are able to respond. This informative session will show you how these review sites work. You'll learn about review sites you probably never even heard about, but that are critiquing your company "behind your back". And, most importantly, you'll learn how to affect these sites, and turn them around to benefit and even feature your company. In the end, you may even start loving them!
11:00 a.m. - 12:00 p.m. Predicting Future Profits Danny Silverman, Angus Energy Customer behaviors are not random. Whether you have 1,000 or 500,000 customers, their actions – brand new ones as well as long standing ones – tell a very compelling and predictable story. Our industry has focused too long on improper metrics, such as “cost per acquisition” of a new customer. Shouldn’t the concern be the ROI on money spent to acquire a customer? Analyzing data you already have and scoring your customers can help you. Angus Energy has developed new analytical models that will show you how to segment your customer base and better understand how to optimize your acquisition and retention dollars. This seminar will: Recap and show you enhancements to customer scoring model and Focus on 1] customer acquisitions – determining future customer value to help determine correct dollar spend now and 2] customer retention – “A customer saved is a customer earned.”
1:30 p.m. - 2:30 p.m. Bulls vs. Bears - Two Oil Price Scenarios Alan Levine, Powerhouse; Danny Silverman, Angus Energy Just as there are always two sides to every trade, a buyer and a seller, there are two views of which way the market is going - up (bullish) or down (bearish). We’ve asked two prominent energy analysts, Danny Silverman of Angus Energy, and Alan Levine, principal of Powerhouse, each to present a scenario of how the petroleum market could go either up or down over the next six months, providing plausible fundamental and technical reasons for doing so. While they won't be making any predictions with their scenarios, ultimately, for the retail marketer, what’s important isn’t so much what direction the market could move, but how you’re hedged and protected if it moves in either direction. Please join us for what promises to be a fun session!
1:30 p.m. - 2:30 p.m. Inter-generational Communication Rick Munson, Paramount Business Development Communication other people within your company is difficult enough - it's even more challenging between people of different generations, with 20-40 year age differences - between people with different world views and values. This is especially challenging for family businesses, between parents and their children or grandchildren, all having to work together. This enlightening session will provide insights into both how an older generation person can communicate with a worker or family member of a younger generation, and vice versa.
1:30 p.m. - 2:30 p.m. NORA Technical Review Tom Santa, Santa Energy This session will present the findings and conclusions from the NORA Workshops held last month in Newport, RI. Tom Santa is the chairman of NORA and participated in these workshops. Topics include the future of oilheat from a technology standpoint; equipment technology and Bioheat; new and interesting burner and heating system technologies now and in development.
2:45 p.m. - 3:45 p.m. Working with Your Bank on Loans and Lines of Credit Webster Bank Heating fuel retailers have unique cash flow needs, as they spend cash to buy fuel from suppliers, and it takes months to collect sales from customers. Few banks understand this, and many don't know how to evaluate loans and lines of credit to our industry. Webster does, and will explain their underwriting procedures, what kind of financial information they're looking for, and how best to present your financials to them to secure the financing you need.
2:45 p.m. - 3:45 p.m. Family Business Succession Planning Attorney John Massih, Massih Law, LLC Everyone knows of the family fuel business that's a second, third, fourth generation company or even more. One thing all these companies have mastered is succession planning. Succession planning is a sensitive topic and families often put it off until too late. But succession planning needs to be an integral part of you overall business planning strategy. And while the only things that are certain are "death and taxes," as the saying goes, prudent planning can go a long way to mitigating at least the latter.
2:45 p.m. - 3:45 p.m. Marketing Bioheat to Millennials Aubrey Kreider and Mike Devine, Amerigreen Surveys have shown that Millennials are a demographic sympathetic to "green" products and services. As a result, they should be responsive to our industry selling them Bioheat. The "devil is in the details" however, and messaging to Millennials of our new product will be critical to having them stay with heating oil. This session will give you ideas on how to market to the future generation of your customers. Even with a Bioheat mandate, they still must be "sold" on the product and kept from converting to another fuel.