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How a ten-minute investment can truly help your bottom line.

By Marilou C. Vroman, CPA, CFE

The fact that you are now reading this article means you already embrace the value of this week’s tip.   We’ve all been there – you start your day with a to do list a mile long and wonder how you will make it through.  Deadlines, making deals, meeting objectives, pressures coming from all directions.  Your day is spent just keeping up.  For many months I was so busy, I would see the latest issue of Automotive News or Journal of Accountancy land on my desk only to see it be covered by the next month’s issue, and the issue after that. You’re shaking your head thinking “well that sounds familiar.”

There came a day during a business lunch where I was among several dealers discussing a hot topic stemming from an OEM playing a strong hand with the franchisee’s and I really had nothing to say.  It was not that I was not interested but rather, I was not yet aware of the issue that had recently surfaced.  Had I just taken the time to read or hear the latest news, I would have been well versed to join in on the heated conversation.  This was truly an eye opener for me.

Are you aware of all the events that could impact your dealership? Interest rates, vehicle recalls, fuel prices, tax matters, mobility, OEM probes, trade wars and more? How many people on your team are aware of the latest happenings impacting your franchise and your customers?

I’ve made it a goal to dedicate at least ten minutes a day to keep informed of the latest automotive headlines.  As leaders, we should encourage our personnel to stay informed of the latest news impacting our industry.  Pick up the latest Automotive News or check online industry media investing  just ten minutes a day in increasing knowledge and awareness.

Simply knowing what issues could impact your own business, or that of the competition can definitely give you and your team the competitive edge whether in management meetings, 20 groups, salespersons and service advisors engaging with customers, and of course, CPAs and consultants protecting the interests of their dealership clients.

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