DSP Completes Successful Budget Workshop at SEMA
As added value to 20 group members, DSP provides 2013 budget assistance
Virginia Beach, VA, November 6, 2012- Dealer Strategic Planning, Inc. (DSP) today announced that 19 DSP 20 group members successfully participated in DSP’s first ever budget workshop held at the Monte Carlo hotel during SEMA week. Under the guidance of Norm Gaither, President and Patrick Smith, Financial Specialist, these independent business owners returned to their operations with a detailed business budget for 2013.
Jeff Webster, Take Ten Tire And Lube, Ponca City, OK, commented on the activity, “I’ve never taken the time to do a formal budget before. The exercise was absolutely worth my time. I have a better feeling for my expectations next year and feel like I am better prepared for next year’s market demands. I’m really looking forward to plugging in monthly results to measure how we are doing.”
Norm Gaither was pleased at the outcome, “Having a budget for your business is one of the most important tools for success. Unfortunately, many tire dealers don’t put a budget together for a variety of reasons such as limited financial skills, lack of time or the biggest obstacle: working in their business instead of on their business.”
When dealers join a DSP 20 group, they are required to input their monthly financial results using a simple online template. Each month, DSP consolidates individual store results and publishes an online report so that dealers can compare their results to others in their group and the group average. This bank of financial data provides an excellent start for formulating a budget.
Laura Strickland, Royal Tire Service, Sylacauga, AL, had this to say, “It was great to be away from the office and completely focus on the budget. It was one of those things that we said we were going to do, but just never quite got around to it. Having the workshop forced us to put a budget in writing and be proactive instead or reactive or no action at all to address various issues in our numbers. Everything was set up and ready for us to start plugging in numbers! It wasn’t very hard at all. Now we have a foundation to build on for the future. I’m so glad that we made the decision to participate.
“We provided each company with a detailed financial history based on their monthly reports which they submitted online,” explains Patrick Smith. “It made budgeting much simpler when the data was already populated in the 2013 worksheet. The dealers were free to concentrate on the business environment which would impact their 2013 business results: competition, economic issues, new products, environment challenges, etc.”
Jeff Pohlman, a multi-store owner from Cincinnati, OH, summed up his experience, “I found the workshop to be very informative and a great tool for forcing me take a look at the entire 2013 year instead of the month-to-month approach I have been using. I’m now more equipped to prepare for the final fiscal year end and I have a plan on how to make it a more profitable result.”
Based on the interest, participation and success of this initial workshop, Dealer Strategic Planning will likely hold another budget workshop at the 2013 SEMA event. Independent Tire and Auto Service Dealers interested in learning more should contact: Pat Brown 419-420-5915 or [email protected] or Paul Chizeck 910-409-7293 or [email protected].
Dealer Strategic Planning, Inc. was founded by Norm Gaither, a well-known automotive aftermarket financial expert. DSP offers tire and automotive service dealers the opportunity to share best practices, benchmark against the industry and improve financial performance. Each group allows a maximum of 20 dealers who meet three times a year to help each other improve their business performance. Formed in 2007, Dealer Strategic Planning is the only tire-focused 20 group available in the industry. Groups are forming and any tire dealer interested in sharing best practices, benchmarking and improving profitability can find more information on the DSP web site: www.dsp-20group.com. For more information, contact: Pat Brown, VP Marketing, 419-420-5915 or [email protected] or Paul Chizeck, 910-409-7293 or [email protected]