Planning for the new year might seem especially daunting given the rollercoaster of 2020, but Mike Brown says this isn’t the time to wing it. “You don’t want to throw out strategy when things are uncertain.”
In times like these, we learn the business lessons that stick with us for the rest of our lives. One lesson I think we’ll see is that the tire dealers who kept all of their technicians and best sales people employed during the pandemic will recover faster than those who did not.
I run across a lot of 50-year-old tire dealerships that have a mix of businesses, like the retail tire dealership that opened a warehouse to deliver tires to its stores and then started wholesaling to get more volume, better pricing, and more cash profit.
Your attention to detail, or lack of it, shows. A business that pays attention to detail gives customers peace of mind and connects with them emotionally. It makes them feel good and creates a good customer experience. There are four little things that make a big difference.
I’m no economist, but there sure are a lot of them writing and talking about a possible recession. If a recession is indeed around the corner, I hope it happens later than sooner. But either way, we must prepare our businesses to ensure they weather the storm. I truly believe that those of us who take the right steps will come out on the other side in good shape.
I'm always looking for potential 'fires' in a client's business. The trouble is, a person can pour gasoline on a hot spot and no one recognizes a problem until it's out of control. The solution: training and no shortcuts.