As the New Year beckons you can rest assured that business owners across the nation will be brainstorming ways to boost their bottom lines. If you work in the motor trade industry we’ve got some great tips on how to get profits soaring in 2015.
Advertising
Whether your business is small and family owned or large with a national presence, advertising is one of the most effective ways to drum up additional business. Depending on the scale of your motor trade business budgets will vary quite significantly. For small enterprises taking out an ad in the local newspaper or doing a door to door flyer drop are great cost effective ideas. Businesses with larger budgets can take out a full page spread, purchase radio advertising space or even hit television screens. After an initial trail period you can figure out what works best for you and whether or not it’s worth investing any more cash into your advertising strategy.
Adding extra services
Rolling out additional services onto your existing menus is another great way to turn a profit. Think about things such as a car wash/detail, scratch repair service etc. If you’re not sure what to introduce think about whether or not your existing customers have made any requests and investigate whether or not offering this particular service would be financially beneficial. If you do decide to introduce extra services make sure you get the word out there and let your existing customers know about it!
Offer customer incentives
Customers love to snag a bargain and by introducing some form of rewards or loyalty programme you’ll be rapidly increasing the chances of return business. Once again what you offer will depend entirely on your financial situation, personal preferences and company size. You can also look at offering special package deals or multi-car discounts which will further encourage customers to return time and time again.
Taking out an insurance policy
While thinking of ways to make extra profit is a great way to ring in 2015 it’s also important to ensure that they aren’t swallowed up by any in-house accidents. Without an adequate motor trade insurance policy you’ll be forced to cover things such as damage to customer vehicles, fire and theft out of your own pocket. As such, taking the time to sign up for a tailor made motor trade insurance plan is always advisable.
Armed with these four tips you can make sure that 2015 is your most profitable year to date!
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