Tony Lanza is the owner and operations manager of Petro Pallet in Monmouth Junction, New Jersey. Petro Pallet is a full-service pallet company in central New Jersey. It supplies new and reconditioned pallets and offers services for removing and recycling pallets throughout the state.
Pallet Enterprise: What is the best piece of business advice that you have ever received?
Lanza: Always remind yourself that there is plenty of opportunity. In this industry, and in life, nothing lasts forever. Many of us have had accounts for years, accounts that we could depend on and set our watches to for consecutive business. But sometimes, regardless of your service record, those accounts may decide to end that relationship – abruptly and with no warning or explanation. Whenever that happened, the phone literally rang within hours, and another opportunity presented itself. In short, when one door closes, another door opens. Don't get upset. Just learn to roll with it.
Pallet Enterprise: What performance indicators do you track to measure how your company is doing?
Lanza: If you have the pallets, you have the power. And in the pallet industry, consistency is key. We keep tight inventory of our pallet stock daily. We also set a minimum and maximum shipping total for each week as well as a gross billing (invoicing) goal. Your inventory will dictate how much business you can handle, but typically, we cater only to our steady and consistent customer base. Currently, core 48×40 pallets are harder to find, and pricing is at an all-time high. Sometimes it’s easy to get overzealous and supply extra pallets for a quick boost in business. Don’t fall into that trap. A successful business is one that can produce each week without exception. Don’t over-ship. Stick to your customer base, and ensure consistency.
Pallet Enterprise: What is the most important thing you do each day?
Lanza: Personally, it’s being accessible. Everything now is communicating via email, making it easy to become a faceless name and a business robot. My customers appreciate responsiveness and the cultivation of a working relationship. I’m always trying to break those barriers by getting to know each account to the point that we are on a first name basis. Building trust pays dividends. It costs me nothing and can often be the difference between keeping existing business or landing new business.
Pallet Enterprise: What is one thing you wish you knew a long time ago that could have helped your company along the way?
Lanza: Don’t settle or get complacent. There is always room for improvement. Don’t be afraid to push the boundaries to see the next level you can take your company. There will be times where you will need to clean house and upgrade. This means employees, equipment, pallet sources, pallet customers, etc. All these things are important pieces to the puzzle that make a functioning and successful pallet company. If any one of these elements is no longer a good fit, don’t be afraid to change that piece. You can always rehire better people, buy better equipment, and search out better accounts.
