Let me take you on a quick trip back to my band days. For those of you not familiar with “band” thinking, it’s very much like being in a gang. You must stick together, and everything is for the good of the band. So one day we’re practicing and Ian Astbury comes in and asks if there’s a drummer who wants to try out for The Cult. Well, I was the only drummer in the room so it was totally awkward. But because I was completely committed to that, “we must stick together,” band mindset I passed on the opportunity. My mistake.
But, back to mindset and being a prisoner of your own mind… Almost without fail, when we meet with new clients, whether they’re service advisors, service managers, or owners they’re stuck in an old way of thinking, often the result of bad experiences, or feelings not facts. That is no way to run a business, and I don’t want you missing out on your chance at being the drummer for The Cult. You create your own destiny. No, I haven’t just returned from Burning Man. This is real. Your mindset affects everything you do from dealing with problems to how you feel about yourself. So you have to have a mindset that is positive and informed to make smart decisions.
IF I HAD A DIME FOR EVERY TIME I ASKED A CLIENT TO RETHINK THEIR PRICING AND THEY SAID NO WITHOUT DOING ANY RESEARCH ON PRICES IN THE CURRENT ECONOMY I’D BE A BAZILLIONAIRE.
Tip 1. Do your research on current prices and see where you’re off. It’s lazy not to look at data and make assumptions about what people will or won’t spend.
Next, tip 2. Try new things and be open to new ideas. I promise that if you open your mind your brain won’t fall out.
I remember when I was always out in stores I constantly saw new things that were going on. But once I was stuck in my own shop I stopped seeing all those fresh ideas, and started to fall into the trap of creating my own ideas of what would work, or what wouldn’t. You must leave your own territory and see what other people are up to.
Tip 3. Train your employees about financials and profits. How to understand them and make pricing decisions that will help your shop make money.
It’s outdated, but we still think of technicians as grease monkeys, or somehow not skilled laborers. But with today’s technology these guys are mechanics, electricians, and in some cases almost engineers. You can’t do business without them, or their service advisors, so they all MUST learn about their numbers and financial statements too. The fact that service managers are not trained on financials is a joke.
I HAVE TO GO WALK THE DOGS BUT HERE’S YOUR QUICK RECAP ON HOW TO RESET YOUR MINDSET:
- Base decisions on facts over feelings.
- Do your research and get the correct data.
- Get outside your market and see what other business are doing.
- Get a coach to help because we see what’s out there.
- Get in a coaching group so you can be exposed to lots of different things and people.
- Open your mind to new strategies and opportunities.