It’s the Little Things
Thinking about this month’s column amidst all that is going on in the world, I came to a conclusion that when the market or uncertainty is paramount it is the little things that count if you are to attain your goal for a day, a week, a month or a year. Sometimes these procedures or reviews slip out of sight until you are discussing a problem, and someone brings up ideas about how to solve the problem.
But before we get to the Little Things, I would like to ask you to think about our annual September One-Day Dealer Conference and what you like to see on the agenda. As you may recall MHW sponsored a one-day dealer conference focused on the HOT ITEMS facing the industry. We had about 60 attendees and I believe they all left knowing about enough about those HOT issues to properly follow up and avoid problems within your company
So, what is important to you this year. LET ME KNOW! Email your suggestions to email@example.com
Back to those Little Things.
I would be remiss if I did not ask you to make sure you read both Dave Baiocchi’s articles regarding rental in the previous two issues. Suggest you print then up and distribute them to anyone involved in your rental operation. Reviewing your rental operation and procedures after reading these two articles is a sure way to find those little problems that are costing you money. How long will this take? Just print up or email the articles and then ask around for ideas from the staff.
Next, I would suggest an hour-long meeting to discuss your business system, how it is working, what you are having trouble with or unable to do on the system. Your system rep should be in attendance to discuss your concerns and information needs as well as demonstrate how to mine data you were having trouble accessing. What you may find out is that all your problems are solvable with a little training or changes to the system using your rep to lead the charge to get those changes made. Based on my experience you will find ways to access data to help run the business, as well as find ways to accomplish tasks more efficiently.
Probably the most rewarding thing you can do is follow the ideas presented in the UPGROW ads you see on TV. They state they have IT, marketing, and other service providers that you can hire on an as-needed basis to help you manage your sales process, provided reports you don’t have time to do, assist your management team with sales programs, email blasts, excel worksheets, website management, telematics and other permanent part-time jobs that would not be cost effecting on a full-time basis.
As you know I constantly suggest finding young folks up to date on technology. They easily adapt to the system, website work, email work, and any other data maneuvering you need to learn how to run your business better. I myself have my herd of accountants, lawyers, bankers, website developers, marketing talent and excel experts to put presentations together for a group, a banker or a buyer. All reasonably priced with a quick turnaround. YOU CAN’T WIN WITHOUT THEM!
For dealers that sell or rent Aerial Work Platforms, there are new ANSI requirements you need to comply with in order to reduce risk and liability. If you do work with these types of units, I suggest you have Certified AWP trainers provide training to customers and those who will be using the unit. The liability tail here is getting awfully long and you don’t want to get dragged into any lawsuit because of an accident where you let the unit out knowing the operator is not trained to use it. If you don’t want to do the training, make a deal with a local rental company that has Certified Trainers on the payroll and let them do it.
Last but not least, compare your operating results to MHEDA’s Disc Report or other industry standards Or, if you find that you “STACKED” up in the upper quartile using the formulas I gave you last month you are probably going to compare favorably with the Disc Report.
There you go. Five or six Little Things you can do to improve profits and efficiency.
Don’t forget to let us know what you want on the September One-Day Dealer Conference that will be on Thursday, September 17th in Rosemont, IL. Details will be announced soon so give me your ideas today.
Garry Bartecki is a CPA MBA with GB Financial Services LLC. E-mail firstname.lastname@example.org to contact Garry.