Page 32 - Australasian Paint & Panel Magazine Jan-Feb 2019
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Business Matters
PAINT&PANEL JANUARY / FEBRUARY 2019
MAKE MORE PROFIT IN 2019
BUSINESS COACH BEN FEWTRELL ADDRESSES ONE OF THE BIGGEST CONCERNS IN THE INDUSTRY – FUTURE PROFITABILITY.
H
AVING NEARLY 20 YEARS’
experience as a business coach, I have seen my fair e of businesses fail due to the lack of focus on maximising and main-
taining a high-level of profit.
It may seem like an uphill battle to
grow your crash repair business into a profit-making machine, but with a little knowledge and some diligent planning you’ll end 2019 on a high.
The late great Jim Rohn, a mentor of mine once said “you cannot change the past, but you can change the future, starting today”. It’s great reminder that you are in control of your destiny.
The plans that you make now are crit- ical to your success in 2019.
PLAN FOR PROFIT
One of the biggest mistakes you could make, and, would more than certainly lead to failure this year would be trying to grow your business without a step-by-step plan. Understanding what your goals are and being able to share these goals with your team is your key to succeeding.
It was alarming when I heard of the high percentage of crash repairers that were un- sure if they would be profitable in the fu- ture. This is an indicator to me that time needs to be spent understanding the key drivers of your business, and the areas to pursue to maximise your profitability.
The future of the crash repair industry may have an element of uncertainty about it, but with proper planning your business can thrive. Right now, is the time to work on your 2019 plan and set revenue and profit targets. Your budget should clearly set out where your sales will come from, what expenses you will incur, and how much profit you’re planning to make.
Key performance indicators (KPI’s) can then be set for each division of your business.
SYSTEMS FOR EFFICIENCY
I have turned the word system into an ac- ronym for ‘Saving Yourself Time Energy and Money’. It’s no secret that implement- ing technology and systems in your crash repair business increases efficiency and in turn will increase profitability. Currently there is an abundance of options that you should be researching and planning on implementing throughout 2019. Basic sys- tems can be implemented very quickly and provide an increase in profitability almost instantly. Take some time to identify bottlenecks in your business and brainstorm ways to create efficiency in these areas.
GET YOUR TEAM EXCITED
Leadership skills are one of the most un- derrated strategies for increasing profita- bility. Your team will help you achieve your 2019 goals if you they’re excited about the destination.
This means you need to spend some time working on yourself, learn how to understand each individual in your business, and implement strate-
gies to motivate each and eve-
ry team member to strive for the KPI’s that have been set.
WALLET SHARE NOT MARKET SHARE
The 2018 industry survey results clearly stated that one of the challenges faced by crash repairers was the ever-increas- ing pressure for you to reduce repair costs and remain competitive in the eyes of insurance companies.
Diversifying your product and ser- vice offerings will make your business less reliant on insurance work, will give
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