Large and well established companies in our space are notorious for spending the lion’s share of their resources protecting their golden goose rather than making moves to grow it larger. This logic is understandable to some degree, as key decision makers are often accountable to shareholders or individuals who have already made their fortune, and tend to be much less inclined to take chances.
Many dealership owners start out with an entrepreneurial mindset, but it often fades away over time as success comes (and routine sets in). This provides an incredible advantage to businesses that are being run by individuals who are still working to build their dynasty, and are willing to take some calculated risks along the way.
Eighteen months ago, Nicholas and I switched from working inside of a large auto group, to founding and operating a start-up that supports dealerships across North America with digital marketing solutions. During this time we’ve had a unique opportunity to observe and analyze the contrast between the two very different business models. As a start-up, we don’t have the benefit of being able to ‘sit back and wait for business to come to you’ approach that many dealerships still take today.
If you are one of the managers or owners that are willing to take chances and challenge the status quo, here are few good places to start:
- Reject normal
- Grow talent, don’t buy it
- Figure out what you do best, and leverage it
- Make every dollar count
If you feel like your store is stuck in a rut and just isn’t moving forward anymore, attend our session to learn some ways you can free yourself from obscurity.
The automotive industry is ripe with opportunity, perhaps more so now than ever before. With the last few years bringing so much change (and the years to come showing promise of even more) those who embrace the change and start running their business more like a start-up will surely rise to the top.
Join Kevin Gordon & Nicholas Williams at the 17th Digital Dealer Conference & Exposition in Las Vegas, September 23-25, to learn more about how you can run your dealership like a start-up.