Dealer Conversations

 

Onward and upward

Apr 19, 2021
By: Steve Hewitt
Dealerships

If the last year taught us anything, it was the importance of being agile in business planning. We must be able to shift focus and adjust our priorities at a moment’s notice. A year ago at this time, dealership showrooms were restricted to help slow the spread of the virus. 

Many dealers bounced back from that and overcame hurdles to finish the year stronger than expected, so we thought it would be a great idea to look back at a tried-and-true tool: benchmarking. 

There, I said it. Hold on … hear me out (I heard that groan!). 

I imagine you may have thoughts like these running through your mind right now:

I don’t like all of this analysis stuff — I get analysis-paralysis. Why do I care about key performance indicators if my profit margin is healthy? What will I do with this information once I have it? Will any good ideas come from it, or will we just keep doing everything we’re doing and move on? 

But when done properly, here are the reasons why benchmarking can propel you forward:

  • Taking the guesswork out of understanding key performance indicators helps you to analyze your strengths and weaknesses and create a plan for growth. 
  • You can create smarter competitive strategies that help you focus forward.
  • It helps create strategic goals and allows you to track progress toward those goals.
  • It helps general managers develop and their build their skill set, and it helps them build strong teams.
  • You can allocate your spending wisely — knowing where you invest to get the most impact. 

As we enter Q2 of 2021, and new unknowns, it’s an opportune time to pause and focus forward. 

Wipfli’s dealership practice has the experience to help you. If you’d like to learn more about our benchmarking tool, or if you’d like a test drive, contact us today

Related content:

What dealers should watch for in 2021

Success Story: Schwieter’s Auto Group

A conversation with Abby Liebergen

Author(s)

Steve Hewitt, CPA
Dealerships Practice Leader
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