Benjamin Franklin himself said failing to plan was planning to fail.
That perhaps has never rung truer than today with the rapid changes that are afoot across the automotive sector. With technology now impacting on all aspects of our industry, everyone from independent repairers, the collision industry and new and used vehicle dealers need to prepare for a future that involves increasing electrification and technology.
For all of us that means from now on the only constant is change itself.
Many businesses I speak to become uncomfortable when we talk about planning. That is something others do. Well, I am very pleased to say MTA Queensland’s Workforce Advisory team can now help you plan for the future. We can help you prepare your business in terms of what people and skills and what infrastructure and equipment you need and how to forecast what your future might be like.
Put simply, business planning does not need to come from a textbook. There are some simple principles that we can guide you through in developing your own business plan:
1. Growth
What are your objectives both in the short and long term? This element should include how and where you want to grow and what it will take to succeed. It is also an opportunity to develop an exit strategy from your business. That is, when and how?
2. Understand The Market
This is about understanding your customers and competitors. Why do customers choose you and why do your competitors gain traction elsewhere? What can you do to maximise what you are good at to win more business?
Once you think about that, you suddenly have your own environmental scan.
3. The Money
This is the chance to work with your accountant and financial advisor to assess the feasibility of your plan and identify what revenue and cost it will take to get there. This is often intimidating but it does not need to be. Understanding the need for investment and cash flow are key elements when thinking about the future.
4. Attracting Talent
It is hard to find good people. In the current labour market you can no longer assume you will find the ideal employee easily. We all need to work harder at this.
Young people can’t be what they can’t see! That means you and your industry associations need to reach into schools to show off our vibrant careers. Simple online ads may also not cut it. Your business plan is the chance to think about how you will find your future workforce.
5. Holding on to your people
Dare I mention the word culture. Well, engaging with your people, staff satisfaction, competitive salaries and performance incentives to name a few are all relevant to keeping your most important resource – people.
My key message is, now is the time to start planning for whatever future you want to drive for. It is quite simple – give me a call.
The Industry Workforce Advisor program is funded by the Queensland Government as part of the Good People. Good jobs: Queensland Workforce Strategy 2022-2032.
Source: Motor Trader e-Magazine (April 2024)
18 April 2024