Business
Chris Cloutier is co-owner of Golden Rule Auto Care in Dallas Texas and CEO of Auto Tex Me. He spent many years in the software industry developing solutions for companies like Southwest Airlines, and Wyndham Intl. He’s worked for companies that understood the marriage of service and software, and have applied it in an effective way. Chris has his ASE C1: Automobile Service Consultant Certification Test (C1). He brings the business side to the business and his brother Pat brings the Braun. Chris is also a musician. Hear Chris’s previous episodes (https://www.autotext.me/) . Dennis McCarron Dennis started his career Bridgestone/Firestone working in various sales and management level positions prior to leading the national retail management training programs. Most recently, Dennis was the Executive Director of Dealer Strategic Planning Inc. (DSP 20 Group), providing coaching and consulting services to its members. With over 25 years of experience in the tire & automotive industry, Dennis is a seasoned professional with vast tire and auto service industry experience. He is also a featured columnist for Modern Tire Dealer, “Business Insights” Dennis continues to teach workshops around North America to tire dealers from financial acumen to behavioral selling and leadership and coaching skills. Hear Dennis's previous episodes (https://remarkableresults.biz/?s=%22dennis+mccarron%22) . Talking Points: “Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times.” ― G. Michael Hopf We are in hard times and it should create hard and smart people. We need to think about the future and cash reserves Many businesses that were on the brink of closure will find this pandemic their end We are living in a history class We’ve gotten away from saving money. We are living paycheck to paycheck and for businesses, a zero cash position will not help the business sustain Chris was having a great first quarter vs 2019 The economy will slow down Tell your people that times are uncertain.Communicate with your people and customers Have plans for short, medium and long term Money needs to keep coming in If it stops employment cannot be sustained Don’t panic Use your logic mind to make decisions not your anxious or emotional mind Know your numbers. This is the time to know your numbers and how to adjust them. Review all expenses and categorize or prioritize them. Necessary and not necessary Closing can help preserve cash to help you re-start to inject business with cas Offer your customers a touchless experience, text to pay, DVI reports. Customers may not want to spend money, especially with layoffs You’ve got to set up stages of plans. It may get worse than better. PLANS NEED TO BE FLUID We need to have a one month, two month, three month plan. Maybe even longerCreate a ‘What If’ scenario on a spreadsheet It should change often depending on sales and the condition of the marketplace and government-mandated rules Pay attention to your business and the marketplace On average a typical shop is only putting 3¢ of every dollar sold into net profit. Every $1 of expense cut goes into net profitLook at every line item Talk to your landlord Your biggest asset is your employees. Cut other costs and your people lastHours or positions must be the last to be cut “I give my employees too many chances. I love my employees.” Gary Vaynerchuk Create a video with your smartphone that shows the precautions you are doing Offer a touchless transaction Assure your customer that you are protecting them and your team You are an essential service. Tell them You have power as a small business owner to change (https://www.cdc.gov/coronavirus/) Resources: Thanks to Chris Cloutier and Dennis...