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GROWING YOUR BUSINESS CAN BE A CHALLENGE

Automotive & HD Business Management Articles.
Bob Greenwood. May 17, 2016. ( over 3 years ago ) 646 views

It’s been a challenging year so far for many shop owners across Canada and now the spring seasonal blip in business is here so many shops are playing catch up.

The issue is we can’t rely on the seasonal effects on the business. Every business must have a growth plan because vehicle service has changed substantially coupled with the psychological effect the economy plays on consumer’s minds.

Where is your growth going to come from? Will you make the mistake many other shops have and build a “price focused” business that attracts only price focused consumers? Do the math. You can’t discount yourself into prosperity. It takes “NET” income after tax to grow a business, yet too many shop owners measure growth only by total sales, sales per R/O and a few add in gross profit dollar growth but very few are measuring and talking about net income growth.

Where will your growth come from—consumer or commercial business?

What is your shop’s investment going to be to acquire one new client?

How will the growth planned affect your Balance Sheet and the shop’s cash position in the next three months and the next six months?

How will your plan affect staffing levels?

What type of message have you structured and delivered to the staff about the planned business growth?

Building and operating today’s Professional shop is a challenge, but when the right amount of time is taken to plan properly, financial success is very achievable. The question that must be asked is, “Is your plan well thought out in detail and has the math been proven?”

Bob Greenwood


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