Cash is King
Posted September 6, 2011 by adminCash has always been king, but in todays market when getting a line of credit from your local banker is more difficult than climbing Mt. Everest barefooted in a Speedo, attention to detail is paramount. In this – the new evolving economy, astute dealers are closely monitoring cash sucking components such as payroll, used unit inventory, parts and accessories stocking levels, returns to vendors, repair orders complete not cashiered as well as accounts receivable such as retail holdback, contracts in transit, co-op, and warranty. Speaking of warranty, this can be a tricky receivable to manage for several reasons. Number one, … Read More »
The Entrepreneurial Epiphany
Posted September 6, 2011 by adminBack in 1998 we were pursuing a second location just outside of Atlanta. It was a new open point which had become available for three metric OEM’s due to several local dealers recently going out of business. After thorough market analysis we felt this was a great opportunity and decided to aggressively move forward. Against my better judgment we hired a former employee as the ops manager to lead the project and empowered him to do much of the hiring, vendor set up, and many other responsibilities as required for the launch of the new location. This former employee, (now … Read More »
A Free Marketing Strategy That Could Double Your Business?
Posted September 6, 2011 by adminThe worst number in marketing is one, and that’s because there’s no one single advertising magic bullet that will flood your showroom with red hot leads ready to buy day after day. Different people have different preferred methods of communication and therefore react differently to the constant influx of varied media continually coming their way. This is why diversity equals stability in the world of marketing and you’d better be ‘fishing with multiple poles in the water if you plan to maximize your monthly marketing budget to catch lots of fish. With that said, there ARE cost effective methods for … Read More »
The Power of Clean Data
Posted September 6, 2011 by adminAfter spending 15 plus years in the motorcycle business I’m continually amazed by the impact that clean data can have on a Dealer’s ability to maximize profitability. Certainly having timely accurate financial data such as profit and loss statements and balance sheet are critical ingredients required for a Dealer Principals success. That’s a non-negotiable. However, there’s an entirely different category of data that’s becoming more and more valuable to Dealer’s as the non-forgiving market continues to exploit all weaknesses. It’s your customer database, and just like your financial statements it takes time, attention, and analysis to optimize the value it’s … Read More »
