Now’s the Time By Richard R. Vensel There is a time i * for everything—or * at least that’s what we are told from time to time. Now | is the time to get © your act together. This means stepping outside your business and looking at it from the outside in. What should I be looking for? – What am I building that have little or no profit in them? – What is my finished goods inven- tory compared to my sales? – Is my parts inventory out of date with my sales? – Is it worth building up all the units that I’ve torn down for parts or should these parts be sold for scrap? – Why don’t! buy the units I don’t make any profit on and resell them at a profit? – Should I be offering an overhaul service based on material and labor which will allow me to get business I am now losing to the low price sell- ers? – Should I be going out every week and calling on potential customers who are not buying from me now, even if it’s only one call a week? – Should I be putting a flyer or line card in all of my statements and in- voices reminding my customers of the services I offer? They may have for- gotten these services or were never aware of them. – How much more efficient could Imake my shop by arranging the shop equipment to reduce the time I spend in wasted motion? – Do I really know my costs or am I just meeting competition and hop- ing fora profit? – Should I be doing on-the-vehicle repair even if it’s only alternators and starters? – How much more efficient could I be if my shop was clean and orga- nized? While you are on the outside look- ing in, you will be surprised at what you see. This new viewpoint will show you things you could not see from the inside. Now comes the most important part. Do something about what you saw. This will lead to more business and profit. Richard Vensel is owner of Vensel Enter- prises, Crystal Lake, IL. JUNE, 2001 Page 1 of 1