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GCLA Panel: Survival Tips Not Optional
- Pursue acquisitions or face-saving ways to sell your business. Look for opportunities. Look at what direction you want to go. Don't let ego and pride get in the way of what you need to do.
- Don't get comfortable with clients. Talk to them constantly. Make sure they are happy. Set appointments; press the flesh. Everyone overpays on insurance. Look at revising your policies to lower costs. You only need replacement value of the vehicle.
- Don't take equity out of your home to support your business. Never risk your home and family. If you are a small, 1-3 vehicle operator who decides to sell, take your business to a company where you can get good experience. When acquiring, just buy the company name, customer lists, body of work, but not the corporate liability or vehicles. Mergers are problematic and should be avoided. Structure a win-win deal, not a lucrative sale. Mergers are easier said than done.
- Focus on electronic marketing; pull back from print. Make sure your advertising and marketing matches the aims of your businesses and reaches customers directly. Yellow Pages are dead. Internet is the way to go
- Major affiliate companies are off 40% to 50%. If you just rely on them, your business volume will be gone for a while. Network with local Chambers, convention and visitors bureaus, destination management companies, and the National Business Travel Association. If you are the face of the company, you need to be seen by people. Let them know who you are.
- Downplay "limousine" in this economic and corporate environment. When marketing to corporate clients, don't present yourself as extraordinary luxury, but as a business tool that can help them be more efficient. Look to create new customer and market niches; pay off vehicles; cut vehicles and services that don't bring in money.
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