By Douglas McColloch
While the automotive aftermarket is largely driven by changes in technology, it’s important to remember that the basics of business management are equally crucial to your company’s continued success. The everyday tasks of managing assets, allocating credit, improving efficiencies and monitoring cash flow are arguably more important to your business’s long-term financial prospects than simply keeping up with the latest parts and products.
“There are a lot of dealers who think that success in their business requires having more technical knowledge than business knowledge,” said Tom Shay of Profits Plus, a consultancy specializing in small-business applications. In his experience mentoring dozens of automotive suppliers, retailers and trade groups, Shay observed that “failure is generally due to a lack of business knowledge.” With that in mind, SEMA Show Education Days has a program to help you streamline your business practices.
Be sure not to miss these sessions for 2017:
To the uninitiated, the language of accounting can seem bewildering. This session aims to “translate” what your accounting staff tells you into profit-generating strategies. Presenters will provide an overview of the owner/accountant relationship, and suggest how it can provide opportunities to make smarter business decisions.
Presented by: Tom Shay, Profits Plus Solutions
Time: Monday, October 30, 10:00 a.m.–11:00 a.m.
Where: Upper North Hall, N252
Bring your mobile-compatible device and connect to the Exposition Hall Wi-Fi before the session begins because this hands-on workshop will outline the steps needed to adapt mobility to your business. The effects of mobility on accounting, document storage, payroll and time management will be reviewed. You’ll then implement three key mobile technologies on your own device, with instructions on how to leverage them to improve efficiencies and optimize profitability.
Presented by: Dawn Brolin, Powerful Accounting LLC
Time: Tuesday, October 31, 2:15 p.m.–3:15 p.m.
Where: Upper North Hall, N256
Revenue rules but cash is king. If your business sells to other businesses on open credit terms, what is your credit department doing to encourage sales while protecting your company’s assets? This session shows you how to get to “yes” on a credit sale while keeping cash flowing at the same time. You’ll learn how to properly assess risk, determine credit lines, manage current accounts, and collect past due debt—in short, what every business owner needs to know about business credit.
Presented by: Mike Mitchell, Credit Management Association
Time: Thursday, November 2, 2:15 p.m.–3:15 p.m.
Where: Upper North Hall, N256
Inefficiencies in the workplace can assume many forms, including your company’s accounting methodologies. This session will examine the behavioral flaw in traditional bookkeeping that actually hinders profitability, and explains a simple fix that puts profit first without altering your business model. You’ll learn to master a super-simple cash-management system to monitor your company’s financials. Finally, you’ll learn how to leverage Parkinson's Law of Management to increase productivity and maximize profits.
Presented by: Mike Michalowicz, Profit First Professionals
Time: Friday, November 3, 9:00 a.m.–10:00 a.m.
Where: Upper North Hall, N259
This session will focus on practical techniques that can immediately impact sales and customer-service outcomes. The session is 90% interactive and gives participants the chance to build customized call tracks, share best practices, and review techniques that can be put into practice immediately. You’ll discover what the best companies are doing to retain and grow their customer bases, and learn how to create exceptional customer experiences.
Presented by: Robert Coakley and Stuart Chant, Upgrade Performance Inc.
Time: Wednesday, November 1, 2:15 p.m.–3:15 p.m.
Where: Upper North Hall, N254
Click HERE to see the complete lineup of education sessions.