2012, A Year In Review

The end of a year always seems to be a good time for reflection. As we look forward to the New Year we think about our successes and the, "What ifs". As my optimism at the beginning of 2012 for a full economic recovery dissolved, it became even more apparent that a permanent change in the way we approach business is the key to our success. Read More.

We have every right to blame our politicians, financial institutions and some suppliers for our struggles in business and in life. The world economic situation is certainly not of our doing, but as most life coaches and consultants will tell you, the buck stops here. The moment we accept responsibility is when we can make significant change.

I know this may sound a little philosophical, but I think it is important to take stock in the fact that we must take sole responsibility for our decisions, to reach our goals. What does this have to do with business? Well if I was to use Lifeline Business Solutions as the example, I may ask the question. "Why am I not receiving more calls from dealers"? I could blame it on a million reasons, none of which are my fault, but ultimately it boils down to not finding the right hot button.

This is not to say that I have not enjoyed a very rewarding year working with dealers who have substantially increased their profits, gained approval for credit lines at their bank and been welcomed as an integral part of their management team. However, I am left to ponder what holds an industry back from changing its business philosophy. Just because I know Financial Management works, doesn't make it so. I can talk until I am blue in the face with facts and figures, but you and the industry have to be convinced that there is a better way to manage before anything will change.

I believe part of the problem is a misinterpretation of the role your OEMs play in your business. While we would like to think that OEMs in the Marine and Motorsport industry should be responsible for your profitability, their job is to provide products that are desirable within your market place and support programs like free floor plan financing, advertising and warranty.

I often hear comments like, why don't our OEMs provide us with the support like the Auto industry. It's very simple, exclusivity and volume. The GM's and Ford's of this world can dictate the accounting system the dealer uses, demand submission of monthly financial data and utilize a huge data base to guide their dealers to profitable solutions. Most dealers in our industry represent multiple OEMs, which precludes the ability for the OEMs to provide the level of support the Auto industry can and does.

The silver lining is you are independent business owners and therefore can call all the shots on how you operate your business with very little interference. This means that you are solely responsible for your own profitability based on how you operate your dealership.

I believe your success is predicated on your ability to identify and invest in those things that will give you the best return. In my opinion the best return on your investment dollars, boils down to two words – information and knowledge.

I know it doesn't sound very sexy like a new hot product introduction, but growth in information and knowledge can pack one heck of a punch for obtaining your profit goals. The first area of focus I would highlight is training. I cringe when I hear dealers say I can't afford training for my staff or my OEM should pay for this. Training is your responsibility and it is one of the first things you should budget for each year. It pays huge dividends in staff efficiency, enhanced skills, selling proficiency and staff loyalty.

The second area of focus is your information systems. You should allocate budget dollars for computer and software upgrades every year. The information you receive from your operating systems on a daily, monthly and yearly basis is the life blood of your business. It provides the foundation for making good business decisions.

Last but not least is Financial Management. If you are not analyzing your financial data on a regular basis and not building a comprehensive financial business plan each year, you are trying to manage with one arm tied behind your back. Go to my website and read some of the testimonials from your colleagues and you will understand the value of incorporating Financial Management into your skill set. Yes, it will cost you some money if you are not trained in this area of business management, but nowhere near the money you will lose by not doing it. To put this in perspective, would it not make sense to spend between $1000.00 and $6,000.00 annually to double, triple or even more your profit? These are the kind of results you can expect by adopting Financial Management to your operation.

When you look at your expenses this year, trim some dollars from travel expense, advertising, or that new company vehicle you are thinking of buying, and budget for these areas of information and knowledge. I guarantee you will get a return on your investment well beyond your expectations.

So let's dedicate 2013 to a year of change and achieve the highest return possible on your business. If you need or want help enhancing your profitability, contact me for a free consultation. It may be the most important call you make this year!

Comments (11)

  1. peterseo

I am curious to find out what blog platform you are working with? I’m experiencing some small security problems with my latest blog and I would like to find something more safeguarded. Do you have any solutions? Fashion era online

  Attachments
 
  1. peterseo

right on our supermarket, i can buy some cheap protein bars which i always consume when doing workouts** Transportation

  Attachments
 
  1. BachJohann
  Attachments
 
  1. edward fox    BachJohann

Thanks for the recommendations you have contributed here. Something important I would like to express is that personal computer memory demands generally increase along with other advancements in the technology. For instance, when new generations...

Thanks for the recommendations you have contributed here. Something important I would like to express is that personal computer memory demands generally increase along with other advancements in the technology. For instance, when new generations of cpus are brought to the market, there is usually a similar increase in the dimensions preferences of both the pc memory as well as hard drive room. This is because the software operated by way of these processor chips will inevitably increase in power to make use of the new technology. Happy New Year Cartoon

Read More
  Attachments
 
  1. edward fox    edward fox

Thanks for the recommendations you have contributed here. Something important I would like to express is that personal computer memory demands generally increase along with other advancements in the technology. For instance, when new generations...

Thanks for the recommendations you have contributed here. Something important I would like to express is that personal computer memory demands generally increase along with other advancements in the technology. For instance, when new generations of cpus are brought to the market, there is usually a similar increase in the dimensions preferences of both the pc memory as well as hard drive room. This is because the software operated by way of these processor chips will inevitably increase in power to make use of the new technology. <a href="https://merrychristmasquoteswallpaper.com/">Christmas Status</a>

Read More
  Attachments
 
  1. edward fox    edward fox

Thanks for the recommendations you have contributed here. Something important I would like to express is that personal computer memory demands generally increase along with other advancements in the technology. For instance, when new generations...

Thanks for the recommendations you have contributed here. Something important I would like to express is that personal computer memory demands generally increase along with other advancements in the technology. For instance, when new generations of cpus are brought to the market, there is usually a similar increase in the dimensions preferences of both the pc memory as well as hard drive room. This is because the software operated by way of these processor chips will inevitably increase in power to make use of the new technology. Christmas Status

Read More
  Attachments
 
  1. peterseo

I truly cherished perusing your online journal. It was extremely very much composed and straightforward. Not at all like different online journalshttps://qrius.com/

  Attachments
 
  1. peterseo

I discovered your site site on the internet and check some of your early posts. Continue to keep up the top notch operate. I recently additional increase your Feed to my MSN News Reader. Seeking forward to reading much more from you finding out...

I discovered your site site on the internet and check some of your early posts. Continue to keep up the top notch operate. I recently additional increase your Feed to my MSN News Reader. Seeking forward to reading much more from you finding out later on!… CF blog comments

Read More
  Attachments
 
  1. peterseo

Awesome Information sharing .. I am extremely cheerful to peruse this article .. much obliged for giving us experience info.Fantastic decent. I value this post. <a href="https://qrius.com/">qrius</a>

  Attachments
 
  1. peterseo

Awesome Information sharing .. I am extremely cheerful to peruse this article .. much obliged for giving us experience info.Fantastic decent. I value this post.
qrius

  Attachments
 
  1. BachJohann
  Attachments
 
There are no comments posted here yet

Leave your comments

Posting comment as a guest. Sign up or login to your account.
Attachments (0 / 3)
Share Your Location

Free Special Report

Insider Secrets to Achieving the Profit You Want And Deserve

Lisa Marie on Chris Brown, Lifeline Business Solutions

Lisa Marie

free consult

Testimonial

"When it comes to Finance and Commercial Credit, he is one of the most knowledgeable people I know. No one I know has more in-depth experience or understands distribution finance better than Chris"

- Joe Conte, Canadian Counsel, Textron Financial Canada Limited

Money Back

My promise of performance

A guarantee that you will receive a minimum 10:1 return on your investment in my services through a ratio and percentage analysis of your financial statements that will identify realistic adjustments you can make to add profit to your business.

Click here