Business is cyclical. When it’s booming, you might forget the fundamentals or accept a more laidback environment in your dealership. But when the downturn starts, those fundamentals are the exact things keeping your business moving forward. Now, as significant economic changes approach, it will become more challenging to grow your business. Can you improve dealership operations during both current and future economic markets?
Learn how to sell like a privately-owned dealership but manage like a public one by implementing fundamentals to grow your business in any economic climate. Three fundamentals you need to focus on are: cash, asset, and expense management. How have these factors already impacted your business?
Use tools and processes to help you master cash, expense and asset management and make a shift from using KPIs to using transactional management. Actively use your data to positively change employee behaviors and find areas of opportunity for your business to grow.
How do you attain the potential upside of your business?
- Increase your bottom line by making a simple compensation change in F&I.
- Address compensation issues. Excess compensation is seen as a safety net by employees. It makes up for shortcomings.
- Manage, leverage, secure, and control your data. Data can be your dealership’s greatest asset or liability.
- Transition from KPI-centric data to transactional management. More than 50% of your dealership’s individual transactions are currently being handled by your bottom performers.
- Create a culture of performance.
Do you know how much potential upside is in your store? How can you create a more resilient business that still thrives? Take steps now to mitigate the effects of economic change before it happens.
Learn how to improve dealership operations during both current and future economic markets by attending David Spisak’s session: Strengthen Your Business in a Changing Economy, which is just one of the 100+ educational sessions at the 22nd Digital Dealer Conference & Expo this April 11-13th in Tampa, FL. Register now and start building your agenda.
Author: David Spisak
After serving in the navy, David Spisak worked in the automotive industry for 17 years. Knowing there had to be a better way to find and utilize information in the dealership, he founded ReverseRisk, a reporting and analytics tool which was recently acquired by Reynolds and Reynolds. By figuring how to quickly find and use information, David went from general manager of a single dealership to managing 32 stores with 3,500 employees for AutoNation. David knows that with the right reporting system and the knowledge of how to use it, dealerships can increase employee productivity and profitability and succeed in any economic climate.