By Joe Marconi
I know none of us wants to hear this, but there will be a next crisis of some sort. I have lived through many downturns in my 40 years in business, the COVID-19 was the worst. But, out of every crisis comes lessons to be learned. So create your Crisis Plan today.
Start by understanding your numbers and knowing your breakeven. Then add to your breakeven a percentage of profit you want to earn. Equally important is creating a cash reserve in a dedicated bank account that will be used only in a severe emergency. Set your financial goals and stick to them!
Often overlook is your staff. Assemble the best team around you. This is a crucial part to ensure your future business sucess.
Lower your debt, get your credit rating up and maintain a good standing with all vendors. Lastly, talk to your bank about a line of credit that can remain inactive until you need to use it.
What other key things can we all share to help us through the next crisis?
By Joe Marconi
As part of our debt reduction, I revamped all of our usual marketing and advertising and put those dollars into customer service and social media. For example, we ramped up our shuttle pickup and delivery service, extended our hours of service, made sure we spend a lot of time with each customer and made sure we called as many customers as possible. We also stepped up our meet and greet process and made sure will followed up with customer after the repair. Lastly, we increased our social media posts and increases ads and boosting. This has made a huge impact on our customer and already starting to pay dividends.
What changes have you made to your marketing strategy since the Virus Crisis hit?
Has the Coronavirus (COVID-19) impacted your auto shop business? If it hasn't yet, it has the potential to do so soon. Please share what you are currently doing, how your business is impacted, what plans you have in place, etc.
Some things to consider:
Do you have a plan in place should you or one of your employees become ill? With school, event, and business closures, how will this affect your shop? Are you sending anything to your customers in terms of sharing your plans around keeping your customer and employees healthy and doing your part in your community? Many small and large businesses have been sending email communications to their customers. Are you marketing to your customers in terms of not delaying car repair, should there be a need to temporarily close? Are your parts suppliers sharing their plans, should the pandemic affect supply chains? Are you stocking up on business and shop necessities? Please share your experience in this topic and stay healthy!
In the media:
The coronavirus and its growing tally of sick and dead victims around the world have been roiling financial markets, prompting countless hand-washing reminders and ruining more than a few vacations, and that’s before anyone knows exactly how widespread the effect will be on the automotive industry, including your local repair shop. Source
“By mid-March, the shortage of supplies will be felt and members are projecting they’ll experience disruption through May or June,” even if operations in China soon get back to normal, said Stacey Miller, senior director of communications at the Auto Care Association, a trade group representing 150,000 auto aftermarket and service businesses. Source
By Joe Marconi
Today is the first day of summer, and we are still dealing with the dreaded COVID-19. However, there are positive indicators that business will be better than expected this summer. People will be taking more road trips, will avoid airplanes, trains and Ubers and will take to the roads in record numbers.
Gear up for a great summer and look for opportunity with each vehicle visit. Perform those multipoints as if your business depends on it….why?....Because it does!
We have a lot to be thankful for. Keep positive, be a leader and thrive!
DAYTONA BEACH, Fla. & RALEIGH, N.C.--(BUSINESS WIRE)-- As NASCAR Weekly Series sanctioned events begin to return at select tracks across North America, NASCAR and Advance Auto Parts (NYSE: AAP), a leading automotive aftermarket parts provider, today announced a multiyear official partnership, designating Advance as the series entitlement sponsor. As part of the agreement, Advance also becomes the “Official Auto Parts Retailer of NASCAR.”
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200610005058/en/
"It's great to have Advance join us in welcoming the return of NASCAR-sanctioned grassroots racing," said Ben Kennedy, vice president, racing development, NASCAR. "Advance’s commitment to our Weekly Series will develop some of the brightest NASCAR talent across North America. Advance has a long history in racing, and we’re thrilled to see its expanded presence from the grassroots all the way through our national series.”
The NASCAR Advance Auto Parts Weekly Series is one of the oldest series in NASCAR, where champions are crowned at NASCAR-sanctioned Home Tracks. The NASCAR Advance Auto Parts Weekly Series was paused in mid-March due to COVID-19 and recently returned with sanctioned events at select tracks beginning June 6.
The series is run at nearly 60 NASCAR-sanctioned Home Tracks throughout the United States and Canada. NASCAR Home Tracks are a group of local short tracks sanctioned by NASCAR.
“Drivers and race fans in North America have not been able to attend their local tracks due to COVID-19. We are excited to be partnering with NASCAR and the NASCAR Weekly Series to support tracks, drivers and fans as they resume live racing this year,” said Jason McDonell, Advance’s chief marketing officer. “We are committed to helping our customers advance in our stores, online and with this multiyear partnership with NASCAR. We are passionate about advancing local communities where we serve, and through this sponsorship we’ll be able to help grow racing at the grassroots level while supporting the next generation of champions.”
Race fans can catch select NASCAR Advance Auto Parts Weekly Series races live and on-demand via TrackPass on NBC Sports Gold, the new streaming service from NASCAR and NBC Sports. NASCAR Advance Auto Parts Weekly Series races are part of the NASCAR Roots package for $2.99/month or $19.99/annually. The full TrackPass package, which includes NASCAR Roots, IMSA and American Flat Track events is available for $4.99/month or $44.99/year. TrackPass on NBC Sports Gold will be available on desktop web browsers and via the NBC Sports app on iOS and Android phones and tablets, Apple TV (Gen 4), Roku, Amazon Fire TV, AndroidTV, Xfinity X1, Xfinity Flex and Chromecast devices connected via HDMI.
The National Association for Stock Car Auto Racing (NASCAR) is the sanctioning body for the No. 1 form of motorsports in the United States and owner of 16 of the nation’s major motorsports entertainment facilities. NASCAR consists of three national series (NASCAR Cup Series™, NASCAR Xfinity Series™, and NASCAR Gander RV & Outdoors Truck Series™), four regional series (ARCA Menards Series, ARCA Menards Series East & West and the NASCAR Whelen Modified Tour), one local grassroots series and three international series. The International Motor Sports Association™ (IMSA®) governs the IMSA WeatherTech SportsCar Championship™, the premier U.S. sports car series. NASCAR also owns Motor Racing Network, Racing Electronics, Americrown Service and ONE DAYTONA. Based in Daytona Beach, Florida, with offices in eight cities across North America, NASCAR sanctions more than visit www.NASCAR.com and www.IMSA.com, and follow NASCAR on Facebook, Twitter, Instagram, and Snapchat (‘NASCAR’).
About Advance Auto Parts
Advance Auto Parts, Inc., is a leading automotive aftermarket parts provider that serves both professional installer and do-it-yourself customers. As of April 18, 2020, Advance operated 4,843 stores and 168 Worldpac branches in the United States, Canada, Puerto Rico and the U.S. Virgin Islands. The Company also serves 1,258 independently owned Carquest branded stores across these locations in addition to Mexico, the Bahamas, Turks and Caicos and British Virgin Islands. Additional information about Advance, including employment opportunities, customer services and online shopping for parts, accessories, and other offerings can be found at www.AdvanceAutoParts.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200610005058/en/
T: (919) 227-5466
E: [email protected]
T: (984) 389-7207
E: [email protected]
Source: Advance Auto Parts, Inc.