The first 90 days after your automotive business acquisition are often a period of discovery, trial and error, and a series of new challenges. Once you open your doors, the first 90 days will set the tone for your future success.
Below are some tips for how to maintain and grow your business in the first quarter and beyond. To find out more about how to successfully buy or sell your automotive center, call AutoCenter Sales today.
Serve Your First Customer
You are technically not a business owner until the first customer walks through the door. Once you make your first sale, you can begin building your customer base from there. How well you market your business in the early stages will determine the amount of growth your business experience.
Marketing mediums you may want to try at first include:
● Radio and TV
● Social media
● Email blasts
● Personal phone calls or conversations
Become a Master Salesman
As the owner of your business, you are solely responsible for sealing the deal with every interaction. If you have no clue how to sell a service or product in your business, then spend some time learning techniques.
Need a place to start? Below are the top ten greatest hardcopy or audio books ever written on the art of selling:
● Thinkertoys by Michael Michalko
● The 10X Rule by Grant Cardone
● Wooden on Leadership by John Wooden
● How to Win Friends and Influence People by Dale Carnegie
● The Sales Acceleration Formula by Mark Roberge
● The Little Red Book of Selling by Jeffrey Gitomer
● Predictable Revenue by Aaron Ross and Marylou Tyler
● Think and Grow Rich by Napoleon Hill
● Jab, Jab, Jab, Right Hook by Gary Vaynerchuk
● Agile Selling by Jill Konrath
Strengthen and Monitor Your Profit Growth/Decline
Your revenue stream over the first 90 days is vital to keeping your business afloat. Even more important, however, is your net profit. Your incoming/outgoing cash flow determines the profit margin. Monitor your revenue vs. operating expenses daily. Doing so will allow you to make business adjustments - particularly costs - along the way.
Evaluate Your Product or Service Pricing
Chances are, you have already invested time in assessing what you need to charge for your products and services. When you buy an auto shop, however, you may find that the reality of your pricing is far different from the analysis.
As you establish your prices, weigh the following factors heavily:
● Discounts: Offer discounts right out of the gate? If so, how much and on what services?
● Your market: What are the competitive rates in your area? What are demographics? What can the market bear?
● Demand and Sales Volume: Higher prices equal wider profit margins. Lower prices equal lower profit margins and more volume. Therefore, it would help if you based prices on your initial business conditions and your goals over the next 90 days.
● Your Business Strategy: Your umbrella pricing strategy will encompass all areas. Three strategies you may want to employ on the front end include neutral pricing (comparable to competitors), penetration pricing (setting prices lower than the market), and market skimming (setting prices high due to no competition).
● Perceived Value of Services and Products: The level of value that customers place on your services depends on how they compare your prices to competitors (reference value) and the attributes of your business to competitors (differential value).
Set Your 90-Day Goals
Goals will tangibly measure your business success over the first quarter. Without setting goals, you have no direction, no inspiration, and no measurable results. Here are some steps toward setting your 90-day goals:
● Start with the big picture and plan for the entire 90-day period. What is the end game?
● Break down the overarching into smaller, monthly, weekly, and daily goals. Think in terms of the sequential steps you need to take to reach the goal.
● Benchmarks keep you on track and give you model for adjusting your goals as you go.
● Be flexible with your goals. Contrary to what others may have taught you, no goal is ever set in stone. Adjusting your goals means that you are meticulous about your success and how you measure it.
Be Open to Self-Discovery
You will learn a lot about yourself and your capacity to run a business over the next 90 days. So take advantage of opportunities for self-discovery. Remember that no self-evaluation is positive or negative. Instead, it is what it is.
Ask yourself the hard questions such as establishing your strengths and weakness, your entrepreneurial style, what motivates you to get out of bed, and how you handle success and failure. Understanding how you tick will give you footing for operating your auto center.
Brokerage Service for Buying or Selling Your Auto Center
If you are looking for a brokerage service that can help leverage your auto center sale or purchase, contact AutoCenter Sales today. We can help you list your business and find a buyer who is looking for an investment.
To find out more about our services and products or to schedule a consultation, call us at 1-800-874-5793. You can also message us at firstname.lastname@example.org.