Message from the President
The Halfway Mark
By Robert Few, President & CEO
I’m not sure about you, but this year has gone by extremely quickly for me, and it is hard to believe that we are just about halfway through 2021. We are already preparing in many ways for 2022, but it seems like just yesterday that we were dealing with all that 2020 unexpectedly threw at us. Have you come up for air yet?
A lot has changed over the last year in terms of the way many of us interact, conduct business, socialize, learn, and function day to day. There have been some great changes and some difficult challenges. Hopefully, you have been able to uncover new efficiencies in your business, spend more time with your family and take opportunities to recharge. Supply chain challenges continue to plaque businesses and consumers on a global level, and there isn’t a company that I have talked to that isn’t continuing to struggle with recruiting, hiring and retaining employees; so, what can we do about it?
Let’s talk about supply chain management. If you are not working with your vendors regularly you should start now. Schedule calls, meetings or video conferences with all of them within the next week. The days of fully stocked shelves at your local distributor or placing orders shortly before you need the equipment and expecting it to be available and immediately shipped out to you are gone. Talk with your distributors and manufacturers about what they are experiencing as it relates to extended lead times, pricing, shipping costs/delays and backorders. The faster you get out ahead of these issues the better chance you have of making sure you will be able to procure the equipment you need to keep your installs on track. You may need to carry more inventory than normal and diversify your vendor base right now to ensure you will have alternatives if you can’t get what you need from your preferred vendor. Stocking up now before more price increases on equipment you know you will need over the next 6-12 months is not a bad idea if you have the capital available.
Inflation is on the rise faster than the Fed predicted earlier this year, and it is rearing its ugly head. The Fed now predicts inflation will rise to 3.4% this year which will trigger a rise in interest rates sooner than expected (current predictions include two hikes now likely in 2023). Have you thought about what that means to how you are going to market and pricing jobs? Manufacturers are increasing prices as they have already been hit hard with increased component and materials costs. Your pricing strategy will need to be adjusted so you can maintain your margin targets and overall profitability. Make sure you have strong contracts in place that allow you to increase your prices as needed.
With higher interest rates on the horizon, now is the time to make some strategic moves. Do you have a line of credit for your business? If not, secure one now while rates are still very low. Are you planning any acquisitions that will require financing? If so, don’t procrastinate. Seek out the acquisition opportunities that make sense for your business now and make sure to go through a thorough due diligence process so you can move forward and close on deals sooner than later to leverage the lower interest rates.
Finally, let’s talk about the job market. The fact is that we have a serious shortage of people seeking jobs across virtually every industry today. When McDonald’s is paying $18/hour to start, and then buying a cell phone and paying for the associates degrees for employees that stay at least a year, we must get incredibly creative to attract and retain talent. You may need to consider being more flexible than you were in the past. That could include signing bonuses, allowing team members with administrative or customer service positions to work from home, increasing your starting salaries/hourly wages, providing attractive incentives for team members to stay on board with your organization, leveraging interns, investing in more training, employee profit sharing programs etc. Labor experts are predicting that more people will begin to return to the workforce by the end of the year, as long as the covid stimulus benefits end; however, that will not solve the workforce shortage for our industry. We need to create enticing organizations with a great culture that give back to team members to win the recruitment and retention battle.
There is a great deal to think about and prepare for right now as we navigate some difficult macro and microenvironments. I have helped hundreds of businesses with many of these challenges over the course of my career, and one of the benefits of being a GMS dealer is that you get to leverage that experience. We have a phenomenal network of resources that we can connect you with depending on the problem you are trying to solve. If you need help positioning your business for long term success please give me a call.
Sincerely,
Robert Few - President & CEO
General Monitoring Services
(201) 838-0091
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Special Announcement from GMS |
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New Flexible Financing Options
Equity +Plus - Bundled Funding
Residential - Commercial - Renters - Equipment
We are very excited to announce a Partnership arrangement between SFA LLC. and GMS.
This Co-branded Partnership program will be able to provide very flexible financing options to you and your customers and addresses some of the greatest needs and challenges in todays Recurring Revenue Structure.
Why as a Dealer would you want to sell off your most important asset to a Dealer program. With EQUITY+PLUS, from Security Funding Associates you will receive more money up front and after the contract has been paid off you will completely retain the Ownership of the Monitoring Contract and Equity!
For Residential clients you can combine equipment cost and monitoring into one contract, the client will make only one payment. This is the perfect tool to initiate customer takeovers and 3G upgrades.
For the Commercial sector SFA is able to finance contracts up to $15,000 and with SFA's flexible finance options SFA can advance you a portion of the contract amount so you can buy and install the equipment. When your customer signs off the job completion form, you will receive the balance within 24-48 hours.
SFA LLC. has also fostered a relationship with a finance company that will finance Renters as another flexible option to you as an Alarm Dealer and will help you maximize your market penetration further.
These flexible financing options are now available with no down payments required, terms up to 60 months and no recourse or chargebacks to you as an Alarm Dealer (except for fraud).
This win-win situation for Industry Dealers is a consumer loan for small business/residential customers.
One Loan, One Bill, Zero Hassle.
Contact GMS Business Development for more information - 855-299-1845
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GMS Staff Achievements and Celebrations |
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A Special Month of Celebrations at GMS |
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Happy Twenty Year Work Anniversary to our
Day Shift Assistant Supervisor, Thomas Marris Jr.
We can take inspiration from the passion, hard work, and loyalty that you have displayed throughout these years of service.
Congratulations on your work anniversary Thomas!
GMS is lucky to have you on our team.
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We share in the Celebration this month of Juneteenth as the oldest nationally celebrated commemoration of the ending of slavery in the United States.
Dating back to 1865, it was on June 19th that the Union soldiers, led by Major General Gordon Granger, landed at Galveston, Texas with news that the war had ended and that the enslaved were now free.
We at GMS respect and appreciate all of our differences growing out of exposure and working together.
Getting involved and supporting Juneteenth celebrations creates new bonds of friendship and understanding among us. This indeed brightens our future – and that is the Spirit of Juneteenth we wish to convey and celebrate this month.
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For the LGBTQ+ community, Pride Month is an opportunity to celebrate being who you are and loving who you love.
Pride also serves an important reminder that the battle for acceptance and inclusion is far from over.
And while Pride Month is the perfect time to celebrate diversity, it’s also an opportunity to think about how you can support your LGBTQ+ workforce in meaningful ways all year long.
We at GMS are extremely proud to celebrate and recognize the value of every person on our team.
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Still Not too Late to Join us in Palm Springs
FREE Golf - Free Meals & Great FREE Seminars
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2021 CAA Spring Convention
June 23-26, 2021
Hilton Palm Springs California
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The CAA Palm Springs Convention will be held June 23-26, 2021 at the Hilton Palm Springs.
First two registered attendees from each alarm company are FREE, guests of the sponsors. This covers everything except hotel.
The event will include three hosted receptions, meals on Friday and Saturday, opening round of golf at Escena Golf Club, great Workshops as well as featured Youth Scholarship presentation and the popular ladies lunch at La Vallauris.
Book your room at the Hilton - CAA Discounted Rate only $149/night
Below is the link to register and view available workshops and full program details. Registration includes three hosted receptions, golf at Escena, meals and workshops.
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ISC West: SIA/ISC Loves Security |
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SIA/ISC’s Got Talent
July 18, 2021 8 p.m. – 11 p.m.
Hosted Bar 8 p.m. – 10 p.m. (11 p.m. for V.I.P. & Sponsors)
Featuring the GREATEST SINGERS live on the Las Vegas Strip. Join GMS and more than 300 members of the above organizations for a special ISC 2021 welcome reception. Individuals who RSVP for this great event are guests of GMS and all the other valued sponsors.
Contact Richard Drew of GMS at 877-264-9182 or email Richard directly at rdrew@gmscentral.com to RSVP.
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Technology Partner - Webinar |
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INTO TOMORROW TODAY with DSC/Qolsys |
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With the rapidly approaching sunset of 3G DSC/Qolsys has some very exciting solutions available for you to update your customers and increase your RMR.
Please join the DSC/Qolsys team and GMS next month Tuesday July 6th at 11:00 am PDT to learn about some exciting new products being offered from DSC/Qolsys.
The DSC/Qolsys team will also be discussing why the Qolsys Gen II is the panel you will want to introduce to all of your current customers that need to be upgraded from 3G to 4G and why it makes sense for both you and your customers.
On this Webinar the DSC/Qolsys team will also be exploring why they offer 3 different panels all with Power-G and 3 different RF frequency 319, 345 and 433.
We will also be looking further into the future and taking a 10,000 foot view of what is coming in the very near future from DSC/Qolsys.
On this webinar, we will discuss:
1-3G sunset to IQII
2-IQ Hub and when it will be out.
3-IQ Wi-Fi and how it can increase your RMR
4-IQ 4, the next generation of innovation from DSC/Qolsys
Please join the DSC/Qolsys team of Sigi Ruiz, Dustin Evans, Vaughn Wells and John Kaloper for this very informative Webinar.
Hosted by Ken Gresty of GMS.
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Industry News and Tips Links |
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COVID-19 & The Security Industry: One Year Later
Somehow, a year has passed since the mysterious coronavirus spread to the United States and changed everything as we know it. At first, it seemed like the pause in business would only last a couple weeks. But soon, weeks turned into months, and now here we are, a year later, completely changed as an industry.
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Legal Brief: Consumer Protection Laws and Your Business
Recent Life Alert case illustrates the importance of understanding state-by-state consumer cancellation rights.
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The Alarm Exchange
No Charge Postings!
Alarm classifieds, alarm company announcements, solicitations, offers, etc. Those wishing to sell or buy; borrow or lend; dealer program or dealer; central stations; insurance brokers; business brokers, insurance companies.
If you have Equipment to sell or you are looking for employees or subcontractors, and much more, click on Read More to view the Alarm Exchange today!
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NFPA
Importance of Fire Prevention
In a fire, mere seconds can mean the difference between a safe escape and a tragedy. Fire safety education isn’t just for schoolchildren—teens, adults, and the elderly all have roles to play. That’s why it’s important for every member of the community to take some time each October during Fire Prevention Week to make sure they understand how to respond safely in case of a fire.
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Current and Active Dealer Partners will receive up to $1,000.00 in the form of an invoice credit for referring a new dealer to GMS for Monitoring Service Solutions. |
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