Where did the year go???
My Grandparents used to say, “time goes faster as you get older.”
What they didn’t tell us is that we would find ourselves so busy, we feel like we are traveling daily at warp speed! We are prepping units for shows, finding financing for customers, wrapping gifts, shoveling the parking lot, attending parties and planning events! Whew!
As we face the close of another year, we need to take a moment and celebrate our accomplishments and successes. It’s a time to reflect and recalibrate. When we look to the New Year that is full of hope and innovative ideas, we can embrace new adventures and set new goals. Here are some ideas to help you celebrate your achievements and champion your new projects.
C – Challenges – Now is the time to reflect on this year’s challenges. What worked and what was hard? Share the ups and downs of the past year’s journey with your team and share what lessons were learned along the way. What new processes came from tough mistakes? What new technologies or resources were gained? Turn those teachable moments into praise for your staff as they showed persistence and patience during those trials.
E – Eliminate – Obsolescence! Old parts tend to collect dust, this is the perfect time of year to eliminate those obsolete parts. Run your obsolete parts report to show parts with no sales for the last 12 months, change those parts categories to OBS and write those parts cost down. Have a tent sell, add them to your website, and subscribe to Parts and Unit Locator in Lightspeed – someone might need those parts – one man’s trash in another’s treasure. Doing this on a regular basis will help keep your inventory on track.
L – Library– Make time to review and document your Policy and Procedures. Are we maximizing our Loyalty Program and decreasing the use of discounting? How do we clear out obsolete parts inventory? Do we have a Storage procedure in place? Are using a Checklist to prepare for setup/take down for upcoming Shows? Do all employees understand internal policies and procedures? This is a great time of year to document this information and make sure all employees are consistently trained and know where to find the library of information.
E – Employee Performance – Evaluate your team’s performance over the past year. Talk with them individually and as a team. Review the goals that were set this year for the business and what the goals are for the coming year. When people understand the priorities, it helps them buy-in and work together to achieve success. Look over performance reviews and appraisals with individuals and offer constructive feedback for career growth.
B – Be Present – Limit your distractions – multi-tasking is a way of life, however when you focus on a single task you can save yourself up to 40% time and effort as multitasking. Be an active and mindful listener. Be engaged in the conversation by asking questions and rephrasing for understanding. Don’t interrupt, listen to what’s being said. Put down the cell phone/tablet.
This is one of the best ways to build rapport and trust in relationships.
R – Reconcile – Make sure that all Sub Ledgers are balanced to the General Ledger. Print the detail reports for Accounts Payable and Accounts Receivable Aging reports, Major Unit Inventory total cost reports, and the Customer Deposit reports under Parts, Sales and Service areas. Run the Inventory Valuation report. Then compare the report totals to the GL balances. Making sure that all erroneous documents are cleared, all bank deposits are completed, clearing accounts are zero, bank reconciliations are completed, sales deals are all finalized. Remember to reconcile MU Inventory to AP and Floor Plan. Giving your dealership a clean bill of health for the New Year.
A – Analyze – This is a great time to look at the information from the year before and see how we are doing. Comparing the year-over-year total gives us an opportunity to see if we have missed something such as a major expense. Review your balance sheet from 2022 to 2023 and note any significant changes in the balances. Dig a little deeper into these numbers and you can find some great opportunities for 2024.
T – Training – Ideally, your dealership has been scheduling and tracking training for your team members. Noting who has attended training, and who is scheduled to attend annual training. Service Techs are committed to continued education through OEM’s and certification programs, but what about others? Are your managers and salespeople attending continuing education? What about you? This is a great opportunity to send the message to your team that you care about their individual growth. You value them and their skills and it’s good for your business too! If you are not currently tracking your team’s education, now is a good time to start and it is a great conversation to have during employee performance reviews.
E – Expectations – Its important as a Leader to communicate your updated priorities and your expectations for the coming New Year. This way everyone is on the same page going forward before the crazy show season and busy spring starts up.
Celebrate your wins in 2023 and offer a nod to the challenges that helped you and your business grow! As you turn your attention to 2024, embrace the new adventures ahead, stay up on the latest developments in your industry, and remember to celebrate even the smallest wins with your team! Here’s to a Cosmic 2024!!!
Get started with PCLM Business Solutions, Inc. today: https://www.pclmbusinesssolutions.com/contact
PCLM BUSINESS SOLUTIONS, LLC.
The professionals that you need! From training, consulting, accounting and a variety of other services. We help Powersports, RV, and Marine Dealerships. We are a woman, veteran-owned business based in Utah. We have over 40+ years of experience in Recreation this includes: consulting, accounting, and training. We will help your dealership soar. Intrigued? So are we!
