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Posts with risk tag.
When You Hit The Wall…Again. And Again.

From time to time, even with the best plans, strategy, resources and more, it becomes painfully clear that you're not going to make it. Unfortunately, some people experience this state of being for far too long. In automotive retail, there are even those that are paralyzed by it for, well, eons. In sports if you have two false starts you're gone. Why does 1,479 false starts constitute holding on to a process or salesperson at a dealership?

One of the many benefits of calling on dealers all over the country is the face time with some great people. Hearing many clearly defined business and action plans is inspiring and creates hope that things continue to look up. Having dealerships that used to track leads in archaic software, or even Excel, switching to advanced CRMs is inspiring. Chopping off the top salespeople or totally turning your sales department upside down and starting over? Now that can make even the greatest skeptic smile!

There is no question that times are changing for our retailers. About five years late. Some of the areas of greatest discussion recently (not counting social media) are how we keep the best and brightest, or attract them, and compensate them, how to incorporate tools that should help us but ultimately cost too much or don't do what they are supposed to, how to cut costs and how to stop giving up gross.

We don't claim to have the answers but have some thoughts to mitigate the typical course of (1) I can't change things so I won't even try, (2) I don't know where/how to start, (3) I tried before and failed, or (4) fill in the excuse you use: take risks in small doses in the right direction, ask for help because there is a lot of good, free advice (especially in the online automotive forums), start creating more buy-in with top management before you try to 'sell it' and simply convince yourself that the goals you envision are worth achieving!

Many times turning heads and making waves is actually less of a risk that doing the same things over and over and expecting a different result. We've all seen or known people who were burned out that we had pegged as being a superstar.

For most of us, the greatest help we can receive in avoiding 'hitting the wall' is common sense, some outside counsel and a firm dedication to what we know will work. Remember, we're here to (clap) pump…you up!

Best Practices: Professional Insight, Powerful Results

April 4, 2010 by Gary May 0
What Are You Waiting For? It’s Already Been Here And The Train Left The Station…

Many people that are concerned in all types of businesses talk the same talk today: waiting. Some have been waiting for a new administration, some for a car czar, some for banks to loosen up, some for 'the bottom' and some just for the fun of waiting.

When you're in business, you can't wait especially when it costs you money. In the car business, it's been about waiting for people 'to really go online' or for the 'next up', or even the holy grails of 'cheap gas', 'more hybrids' or 'better advertising'. You can wait as long as it takes you and your business to turn the lights off.

Or you can become the car czar, the new administration in your dealership, the VP of Internet sales or even the authority for your entire area. Why do reporters cover auto stories IN FRONT of the "fill in the brand" dealership WITHOUT interviewing staff? The point is you can't wait, you have to act!

When I was at CarsDirect.com nine years ago, I heard a lot of 'nobody will buy a car online!'. Now my memory is likely not spot on, but I believe sales hit over 12,000 units that year. Anyway, you can keep waiting for people to hit your showroom after visiting your (mostly) average websites or stop waiting, start changing and keep changing.

Waiting does not typically evolve into a leadership position, even if it does work in your benefit every now and then. Now there is inherent risk in not waiting and taking a position on the front lines. But now is the best time to make the move.

It sounds like NADA dealership attendance (via pre-registrations) is down around half, depending who you talk to. That means A LOT of people will save one, two, maybe three thousand dollars over the weekend. It will likely cost them tens if not hundreds of thousands of dollars this year. What are you waiting for? I'll see whoever is going there to share ideas, meet vendors and start making more decisions that will grow business.

Oh, I'll be Twittering from NADA (@imacsweb on Twitter)

Best practices: Professional Insight, Powerful Results

January 21, 2009 by Gary May 0
The Chicken Or The Egg? No…The Chicken AND The Egg

When you don't make one, someone makes one for you. If you make one too early, you may regret it.  It's the lifeline, the conduit, the facilitator and the support system making making things work: decisions. We are making decisions constantly in business. But are our decisions the right ones?

While this is not meant to second guess (or cause you to, slowing your business), this idea was put here to make you understand that decisions are based on options. Too often we hear expressions like "I had no decision" or "It's too hard to make a decision right now". If you are in business or your work for someone's business, it is your job to make decisions from a complete understanding of the options.

Now, not everyone has the time to completely research every option (I hear that from dealer principals and management regularly) and that is fair. But when opportunity knocks loudly and clearly, how you can not make a decision is one of the greatest mysteries in not just the auto industry, but any industry that is sales-related. No time to take meetings these days? Won't entertain vendors, sales reps and consultants? Watch the light at the end of the tunnel fade completely out.

When you lead, you get to take the advantage of time, less competition, more opportunity and other great benefits. There is also more risk but let's not forget why you're in business in the first place. Dealers that didn't ignore the Internet got a decent start.  Those who not only jumped on but got educated and leveraged web-based CRM, online marketing, SEO, SEM and other technology are, more often than not, reaping the benefits and mitigating their losses right now (unfortunately those who suffer from buy-it-and-dont-use-it-or-understand-it-itis don't qualify).

Now is the time to take the bull by the horns. Stop waiting, stop following. Start being part of the solution, the decision, the opportunity, the what's next! And guess what?

You get to have the chicken AND the egg…

Best practices: Professional Insight, Powerful Results

December 5, 2008 by Gary May 0