Funny thing, time… it has so many different meanings and associations.
We here in Houston measure distance by time- “My Office is only 30 minutes from the Galleria.” We as Dealers buy according to the seasons (another different measurement of time) – for example, during the holiday seasons, we buy less and for Tax Seasons and Back to School Seasons, we buy more.
Time regulates us. Here in Texas, you can only operate certain hours and for certain days (no consecutive Sat & Sun). Time is a man-made concept used to regulate and equalize life across the planet.
We all have 24 hours in a day, no matter where you are on the planet. It is whether we spend or invest those hours that determine our financial future, our emotional future, and what guides us on our charted path.
We as business owners often find ourselves in the “there are not enough hours in a day” mode. We hurriedly put out fires in various directions as we attempt to accomplish at least ONE thing on our growing TO-DO list – before the phone rings yet again?
Sound a little too familiar?
It happens to all of us at one point or another, after all, we are Entrepreneurs’ and we can handle ANYTHING! Well um, maybe some can, however the rest of us devoid of super-human abilities, we muddle through each day.
Muddle time is over, (oops, there’s that time thing again) my friends! Earlier I quoted that you can either SPEND or INVEST your time. Most Dealers “spend” time looking for inventory, getting cars in and out of the shop, attempting to collect information for financing, and a whole host of other things!
Some Dealers “invest” time sourcing inventory, recon is done in-house for most vehicles, and they have people or services prescreen their leads to expedite financing!
What? You say that is investing MONEY and not time? Money we can always get MORE of; time, on the other hand, you cannot get back.
So, the answer is YES. By investing capital, you gain TIME.
Most business owners think you only have x-amount of hours in a business day. Well, I am here to tell you that you can easily “buy more hours” in a day! Some of you by now might be a bit confused, so I will clarify.
Investing capital to “buy” more hours: Hire someone or some company to do some of the tasks you are doing right now!
Think long and hard before you answer these:
- Would you pay $200hr to run to the courthouse for 3 hours to get 4 cars titled?
- Would you pay $200hr to run get parts or drop a car off to the shop?
- Would you pay $200hr to make calls for missing information and verify information already given?
In fact – most Dealers do this every day and wonder why their business is so stressful and their profits are so low. As a business owner, your time is worth approximately $200hr!
So, the smart operators pay out $25-$50hr to get something off their list so that they can INVEST the time into growing their business, not SPENDING their time running their business. (In some cases, the business runs the Dealer!)
Yes. A business must be “run” in order to make money, however, that does not mean you have to run it all.
Competition continues to come into the Independent Used Car market every day. That means your slice of the pie gets smaller with each new Dealer in town. However, the more time you can invest in yourself and your dealership, the quicker you gain market share.
When was the last time you took a sales course or even had a sales meeting? When was the last time you paid a service to evaluate your webpage and then implement the changes When was the last time you went to a networking opportunity in your community? When was the last time you overhauled your Social Media strategy – or came up with one?
You see my friends, there are numerous opportunities to “invest” in your future – some take capital, most simply take time.
March 8, 2020 Time will change yet again (Daylight savings) and we will barely notice. Ask any 14 yr old the horrors of losing an hour’s sleep and March 8, 2020, has a very different meaning!
Perspective is the key to success.
Some may see themselves investing their time wisely by running the company; After all, they are saving money! That is what I call treading water. In a deep endless ocean, you can only tread so long before you drown.
This is your business and your 24 hours. My role is to play WHAT-IF. So, what if you started paying a title company to run a few titles a week? What if you tried a couple of wholesalers and saved 10hrs at auction this week? What if your salespeople or heaven forbid – your customers – only be allowed to turn in complete applications for financing? What if you started your own Dealer Group to share resources and ideas?
What If’s are endless. Your possibilities are too.
Invest or Spend. What will you do with your TIME?
Create a Great Day!
Tom Hampton
Contact us today MyRep@CarGuysAgency to learn more about our dependable products and services! Invest in growing your dealership today!
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