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Is Your Business Stuck in First? How to Know When it’s Time to Shift Gears

By Chris Eh Young/ Source: CarolRoth.com

 

 When driving a car, there are many signs that tell us when to shift gears. We can hear the engine revving louder. We look at the tachometer. We feel the momentum level out. In business, we don’t have such obvious signs.

In a car, you can get your engine going to the maximum speed, but if you’re stuck in first gear, you’re going to blow the engine before you get any speed at all. In your business, you can spend your days being busy as heck, going 9,000 rpm, yet still not accomplishing anything.

Sometimes, it’s a slight shift that makes all the difference. Sometimes, it’s a big shift. Either way, knowing when a shift is needed is key. Keeping your engine at 90,00 rpm too long will eventually just blow it up.

Asking for help is not a sign of weakness. It’s a sign of strength. It’s a sign that you’re willing to do whatever it takes to make your business successful, even if that means swallowing some pride. Success will wash that bad taste away!

Watch a car race on TV. Notice anything? The best drivers in the world have a pit crew, a team. They don’t change their own tires or fill their own tanks. They drive. They build a great team to help them maintain maximum velocity.

They also always have a coach. He generally stays higher up and keeps the driver informed of what’s coming up and how to react. You see, the coach has a better view than the driver. He sees the whole track. He then uses this knowledge to help the driver navigate the track in the best line possible, while avoiding possible mistakes.

If you’re not reaching maximum velocity in your business because you’re stuck in first gear, maybe it’s time to find a coach or build a great team. Here at Charter Software, we're ready to serve as your coach and your pit crew. Partnering with us is a great choice to keep you on track! Let us show you our ASPEN business management system, and you just might see what you've be missing!


 
 
10 Last-Minute Tax Deductions for Small Businesses

Barbara Weltman, author of "Small Business Taxes 2012" writes about tax deductions every small business owner should consider.

As we enter the last few weeks of 2011, the to-do list seems to grow longer. One thing small business owners should do is consider whether they have done everything they can to reduce their tax burden. Even at this late date, there are things you can do that will reflect favorably when you file your 2011 return.

Here are 10 things you can do before the end of the year that will let you take advantage of tax write-offs. And always keep in mind, if you have any questions about tax rules affecting your business, discuss them with your tax advisor.

Read more...
 
7 Questions When Planning Growth

Seven questions to think about and respond to when planning for business growth
compliments of Gregg Wartgow, Editor, Yard & Garden magazine 

  1. Do you have a strategic vision that outlines your business direction for the next year or two? And if you have employees, do they know it?
  2. What is your stated mission (or purpose) statement? How is it communicated to your employees, and how does it help drive business decisions?
  3. Do you have stated, written and practiced company values to align how you and your employees work together and serve your customers?
  4. Do you have a branding strategy that promotes how you want to be seen by prospects and clients and articulates your competitive advantage or differentiation from your competitors?
  5. Do you have standard monthly financial reports to track the financial health of your business and to help drive your decisions?
  6. Do you have outstanding customer service? If you can’t answer based on your customer’s feedback, loyalty, references and testimonials, your answer is “not yet”.
  7. Do you have an exit strategy for your business? Every business needs to have a sense of what the end game will look like. It drives growth and helps focus business decisions.

    Visit visabusinessnetwork.com for other great small business marketing and management tips such as these.
 
It’s time for a reality check!

From Cutting EDGE BY BOB CLEMENTS

Take time now to reflect on the year, and then begin positioning your dealership for a successful 2012.

Follow Bob's end of year checklist to prepare for 2012, and check out our helpful tips on how to use ASPEN to accomplish his recommended tasks.FutureRoadSign-small

From floods to droughts to a slow economy, 2011 has been a roller coaster year! Take time now to reflect on the year and then begin positioning your dealership for a successful 2012.

  • Do a year-to-date comparison for each of your profit centers.
    In general, most dealers saw a decrease in wholegoods sales in 2011, but maintained their margins with parts and service. Make an educated guess as to what the future may bring. Make adjustments for anticipated weather conditions based upon last year’s weather.
  • It may be time to reduce your lines. Compare your numbers with last year. Are they in line? Did you sell more or less? How you’ve done over the last year or two should tell you how to position your wholegoods lines for 2012. Tighten up your wholegoods lines. The economy will likely not be significantly better in 2012 than in 2011. With the housing market struggling and people in general still unsettled, it’s best to play it safe for another year. Refocus on your main lines and cut vendors with which you do little business. This will free up your credit line and allow you to build a better relationship with your main manufacturers.

    Read more...
 
Is a Merger in Your Future? Questions to Ask

"Even during the best of times, business is tough. In an entrepreneurial venture, there is a direct correlation between risk and reward. The more risk a founder is willing to shoulder, the more reward should be the return. In tough economic times, the spread between challenges and opportunities are greater, yet so is the risk. To maximize some of the opportunity, or offset some of the risk, you may be considering a merger." Kevin Spafford, Farm Journal Media Succession Planning Expert

Read Kevin's list of Questions to Ask When Considering a Merger.

Here's a link to another article on preparing for a merger: "Mistakes to Avoid When Buying or Selling a Dealership." In this article by Rex Collins, among other items, Rex discusses the importance of keeping your parts inventory in order as well as maintaining customer lists, files, contracts, service agreements in format importable to the purchaser's dealership management and/or CRM system(s).
 
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