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Business Maintenance for Peak Performance
December 15, 2009
A good friend of mine has a wife who drove a leased SUV. One day about three months before the vehicle was due to be turned in, the engine warning light came on. She hadn’t been paying any attention and kept driving even as the temperature gauge was indicating hot.
Then he got the dreaded cell phone call, followed by the tow to the nearest dealer, where they found not a drop of oil in the...
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Dealers Share Tips for Success at TIA Roundtable
December 15, 2009
As usual, this year’s SEMA Show was an ideal place to see the latest trends, catch up with old friends, network with business associates and, above all else, look for ways to improve your dealership.
Along those lines, the Tire Industry Association’s International Roundtable featured a new segment dedicated to helping dealers gather ideas to take back to their shops.
“Best...
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Get Max Value When You Sell Your Business
November 23, 2009
What If you decided to sell your business? How would you do it? How would you price it? What would you do today to protect its value?
You just turned 63 after spending a sometimes rewarding and always challenging 30 years as the owner of your own tire dealership.
You still have that desire to serve your customers with the right tires and service for them, but don’t quite have the same...
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Is Your Business Ready For Diversity and Cultural Marketing?
October 23, 2009
When the 2000 Census was completed, we were advised that the Hispanic population had increased by 50% and that the black population had increased by 12.3% in just one decade.
Eight years later, on Aug. 14, 2008, the U.S. Census bureau released new information concerning the changing demographics in our nation, stating, “The nation will be more racially and ethnically diverse, as well as...
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Looking Forward Tire Company Execs Talk About the Future
August 17, 2009
“The problem with the future is that it keeps turning into the present.” - Calvin & Hobbes creator Bill Watterson
And the present has an odd way of getting in the way.
For
instance, when we first planned for this story, we thought it would be
neat to peer into the future and see what the tire industry – products,
companies and dealers – might look like in...
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Maximize Web Presence to Improve Your Bottom Line
August 15, 2009
By now even the most low-tech tire dealer knows that having a presence
on the Web is a necessary part of improving his or her business.
The
next generation of consumers has come to rely on the Internet as a
means of gathering tire information – from brands and features to
sizing and prices. And you’ve likely seen a customer come into your
shop armed with computer printouts, already...
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Grow in Any Economy
August 03, 2009
Tire dealers have a weapon
to fight the sluggish economy that their bigger competitors don't: their size.
With fewer employees and layers of management, smaller companies can adjust
faster to economic conditions.
Small businesses that are
succeeding view the current recession as an opportunity. There's more time to
focus on existing customers, explore innovative ways to improve your company,
and...
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All in the Family: Running a Successful Family Business
July 15, 2009
Today the most commonly accepted meaning is that blood-related family
members are to be considered more important than non-family members.
With
few exceptions, that seems to be the mantra for tire dealers who have
started or inherited a family-owned business. While the “blood” happens
to be a common bond, most involved agree that running the business with
family has more advantages...
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Compete Against Yourself
July 01, 2009
You spend a lot of time
strategizing ways to beat your competition, but have you thought about how they
view your dealership? Staying ahead of the competition also means making your
tire business harder to compete against.
Here are some tips for
analyzing your tire business in the same way you should look at your
competition:
1. Define Weaknesses: You
focus a lot on what they're doing...
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Is There Still Room For Small Independents? YES!
June 15, 2009
By this time, most small independent tire dealers in the U.S. are tired of hearing how bad the economy is. Those who are experiencing a downturn in business are forced to deal with it, and those who are progressing don't believe it.
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Bring Focus to Decisions
June 01, 2009
Facing a tough hiring
decision? Make sure you are focusing your energy in the right place, and that
means defining exactly what you want the end result to be.
Be clear about what you want.
Don’t just say, “I want to hire a salesperson.” Say, “I want to hire a
salesperson who gets along well with the team, is a good leader and has a
proven track record.
By...
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Success Starts at the Top
May 14, 2009
Even in ancient times the notion of teamwork was a difficult process. Take, for example, "The Iliad," Homer's story about the ancient Greek King Agamemnon and Achilles, his best warrior. In the story, Agamemnon cares more about proving his power than he does about motivating Achilles to capture Troy, and nearly loses the Trojan War because the two men can’t get along.
As business...
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Go With Your Gut?
May 01, 2009
The short answer is yes. The
long answer is still a yes, with caveats. In the business world, hard data is
still king. Having a hunch might work for detectives, but most businesspeople
still prefer black-and-white numbers over nebulous feelings.
Yet recent research reveals
that decisions based on gut feelings might be just as, if not more, reliable
than those we deliberate for hours, days...
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Grow Your Business With Thorough Planning, Execution
April 14, 2009
The state of the U.S. economy is on the minds of everyone; especially business people. And tire dealers, specifically, are ever vigilant to the peaks and valleys of the financial health of their own industry as well as the industries that support theirs.
Even in these challenging times, however, some of those dealers believe that opportunities still exist for growth.
These companies and...
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Dealing with Change. You Can Do It!
April 01, 2009
Change is something none of
us truly like. We are creatures of habit, we are born skeptics with more than a
dose of cynicism. But change is inevitable, to any degree, and these tips will
help you deal with change:
• Attitude. Change is
everywhere. Don’t lament the passing of the good old days; they won’t be back.
Be willing to move ahead and make a positive presence in your...
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Develop Your Work Plan
March 01, 2009
Most tire dealers believe
there is no time to plan. Or, they fear that their best guesses about time and
costs will be void if they dare to commit to paper such estimates. Don’t kid
yourself. Not planning means you have no control, scope or timeline. Without a
plan, you are likely to be slower or pricier than the competition.
Can your employees be more
efficient? Of course they can;...
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Mapping Out a Future
February 01, 2009
Big firms aren’t the only
ones that can do financial forecasts. Even a single-location tire shop can
project financials for the years ahead.
Financial forecasts allow
for better strategic planning, cash-flow analysis, loan compliance, investor
opportunities and business valuations. In short, it’s a tool you can use to
plan for the future and best use your resources.
If...
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Bigger Not Always Better
January 01, 2009
Being small can actually
provide a competitive edge over big retail. The secret for an independent tire
dealership lies in flaunting – not hiding – your smallness. Corporate giants
just can’t achieve the personal relationships that small business owners have
with their clients. They aren’t as close to their customers and can’t respond
as quickly to changing demands...
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Partnering For Success
December 01, 2008
Options for teaming up with
other small businesses run the gamut. They can range from informal referral
networks to legal partnerships. Where your dealership falls on the spectrum
depends on how much effort and commitment you want to devote and how much
autonomy you’re willing to give up.
Consider partnering with
someone to grow your business if you want to:
• Fill downtime...
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Succession Planning Tips
November 01, 2008
It’s inevitable: There comes
a time when every independent business owner must address issues affecting the
future of the company. Key to planning for future growth is a business
succession plan – a comprehensive look at the estate-planning picture, which
can include components like shareholder buy-sell agreements, management plans
and any other documentation ensuring...
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