These are some of the questions you should be asking yourself in preparation for the coming year. Having a structured plan of action is one of the best ways to get started with a new year. Staying in front of potential problems or shortcomings that could sabotage your growth is critical to your success.
If you want to sell more, grow the business, be more in compliance, build your reputation etc, you have to work at it. The end of the year is the perfect time to create a plan that will work for you.
Here are a few tips and ideas to get you started.
1. Spending
One of the best ways to do this is to look at your P&L and Vendor Statements. Highlight the non-fixed expenses.
Shop these items, see what else is out there. I guarantee none of these vendors or suppliers will ever call you and offer you a better deal because you have been with them for how many ever years. It doesn’t work that way. If you find a better deal, call your current vendor and give them an opportunity to match or beat what you found. You will be shocked at the amount you can shave off your accounts payable.
2. Internal Processes
This could include anything from sales procedures, advertising methods, hours of operation, the amount of your dealer fee and any policies concerning deposits, money back guarantee or in-house warranties. Take a look at these things, do you recall there being any issues with any of them in the past year?
All of these things can be adjusted. It would not be my advice to change these things back and forth throughout the year, that shows inconsistency with the state and overall not a good practice. However, the end of the year is a great time to make these decisions and have a plan ready for January 1.
3. Your Exposure
Exposure is simple, it goes hand in hand with relationship building. It doesn’t have to cost a lot or consume a great deal of your time but, it must be addressed consistently and frequently. It’s easy, get involved!
A great way to get started is by joining an association like the Florida Independent Dealers Association (FIADA) or Florida Automobile Dealers Association (FADA). Another way to gain exposure and achieve brand recognition is to sponsor things in your community. How will you get new and different exposure this new year?
4. Training and Education
You should have a detailed description and job outline in place for each employee. This reduces confusion about what you expect and how you expect duties to be carried out. Put a training process in place that will ensure your employees understand that vision and then give them the tools to make it happen.
Continued education is equally important, not just for employees but also for owners and managers. Regulations, laws, and statutes change more frequently than most dealers know. Trying to stay in compliance with the DMV, The Department of Revenue, The Trade Commission, the Attorney General and the IRS can be time-consuming and tedious when attempted on your own. There are several companies that offer training in these areas. Don’t try to go it alone. Think about what you need to learn in the coming year that will help protect your business.
5. Safety
As a business owner, of course, you want your employees to have a safe, hazard-free work environment. A safety manual is a good start as well as regularly scheduled maintenance checks around the property. In addition to that, the safety of customers should be a priority. One injury could potentially cost you what you’ve worked so hard to build. An end of year physical inspection of the property and any equipment will determine if any repairs need to be made to go into another successful year.
6. Appearance
Take the time to pull up to your dealership slowly.
Look at everything, really look. Are things overgrown? Is the building paint faded? How is your signage? We tend to overlook these things as a result of being driven to get into the office and get things done.
Do the same thing when you step in the office.
The more comfortable your customer is the more you will have and keep their attention. Think about what you could improve at your property and in your office.
These are just a few things to think about when closing out a year and moving into a new one. It’s about striving to be better than the previous year. List your goals and changes you want to make and put a plan in place now to make it happen.
Check out this published article on Florida Independent Automobile Dealers Association (FIADA)’s website https://www.fiada.com/
