There is no doubt about it that changing times are here. That is an obvious statement yet I see many HD shops carrying on their business “as usual” thinking as long as we are busy, life is good.
I wish it was that simple, but unfortunately it is not.
Consider answering these few questions about your own operation and don’t get caught in the trap of saying “that does not apply to us”. In reality they all apply to every HD shop out there. Take the time and really think about the depth of the questions and how they affect your business.
1. The future is here. We face increased competition and shrinking margins. What will be the long-term effect on the business? What should we measure now to catch our business trend lines and what should we do about the facts we find out about in our business?
2. We need to understand our target heavy duty commercial clients better. Who are they, and what do they really want?
3. Finding and retaining top staff is a challenge. What must we do daily in our business to attract and retain the best of the best in our total team development? How can we afford a proper benefit package and what should we cover in benefits to have a positive impact on the team and the business?
4. We must deliver compelling client value and experiences that attract A-List clients. What should be our game plan to differentiate ourselves from our real competition and build long-lasting relationships?
5. We need to do more business with our existing clients. Are we measuring billed hours per client accurately? Where should we be with this number as an average per RO? Do we have a strategy to increase our average billed hours per RO?
6. Some of our current and target clients may not be aware of all the “value” we offer. What do we need to bring to their attention?
7. We don’t charge as much as we should. Do we lack confidence in the value we bring? Is there some other obstacle that prevents us from charging properly? How are we going to fix that?
8. We need to develop an effective communication strategy. Are we telling our value story effectively? How can we break through the commercial confusion and apathy in a HD world that is overloaded with communication?
9. We face regulatory pressures and environmental restrictions that make operating our business a challenge. How do we build additional costs into the business to overcome things we can’t control?
10. We need to increase bottom-line profitability. What is our target percentage increase? What must become our key focus to achieve that result?
These are just a few questions addressing the new reality that is here.
Are you taking the time to think things through to address the future of the business and properly document a game plan to insure your HD shop is going to move forward?
When was the last time you attended a HD Business Management class that addresses these issues?
Perhaps it is now time to truly learn “how” to become a CEO of your own business. In reality, that is your position in your company and your entire team is looking at you for the solutions to ensure the business remains prosperous and dealing with all the challenges ahead.