How to empower your team to own their goals and accelerate your business in 2021.
Now that the roller coaster year that was 2020 has drawn to an end, business owners, DPs and managers are probably working out how to ensure 2021 is a better year.
There’s no doubt that the market is stronger now than most predicted. If you slimmed your business during the COVID pandemic, you’re probably match fit for the coming year (or even under-staffed).
Interest rates are low, demand for cars, new and used are strong, and service bookings are healthy. For many businesses the question right now will be how to make the most of the opportunities that will present themselves in 2021, and how to end 2021 in a much stronger position than 2020.
With used cars reaching record prices, and used stock scarce, most brands performed strongly in Q4, especially if you take-out the drop in performance caused by the disruption of level 3 and 4 restrictions. Holden quitting the market has also meant that the 'brand hole' has to filled with other brands, and that’s great news for most business owners (as long as you aren’t a dealership who was over-reliant upon Holden business). You might have also been far sighted and secured one of the emerging brands or brands in ascendancy. Who would have predicted just two years ago that MG would have sold over 200 units in November or was Top 10 for the last two months? Very few indeed.
It is clear that unrestricted international travel won’t be opened up quickly, and as a result domestic vehicle demand will remain strong (as will house price inflation, and demand for other consumer goods). It has also become clear that the financial meltdown that some predicted won’t happen, because, regardless of your political leanings the government’s actions of go-hard, go early has paid huge dividends for the economy, although few if any sectors or regions escaped unharmed.
So, how do you make 2021 very profitable for your business rather than simply better than 2020? The answer lies in part in robust planning, and in part in ensuring that your team buys into your goals and that your team drives your business forward, not just you. The key to having your team all rowing the waka in time and in the same direction is involving your team in goal setting, as well as providing inspiration for them to think big and creatively.
We know, and its proven that having your team own their objectives, is a key ingredient to motivating staff. It is possible to guide your team to set their own goals, without actually passing the goals to them on a piece of paper. The more ownership they have of their goals, the more empowered they feel to achieve them.
With so much opportunity, and challenging market dynamics, it’s unlikely you have all the answers. Your team probably care more than you realise and will have lots of ideas for approaching these challenges in a different perspective than you. Part of the challenge is to create a format and environment where the ideas can be aired, reviewed and captured, as well as well as developed into workable action plans.
Consider getting an outside facilitator or consultant to run a session with your management team to develop goals and action plans. You’ll get a better understanding of the operational challenges and frustrations, plus you’ll see your business and its results flourish.
Make sure you capture the objectives and action plans effectively, and of course review your progress against your objectives, as the year progresses.
Free planning workshop resources, can be accessed on this website. For further support get in touch.
This article first appeared in Auto Talk.
Comments