Fleet Utilization. Fall out of love with your cars. Get lean. If your fleet vehicles are not meeting industry standards in revenue production per month, down size the fleet until they do.
Marketing. Identify which marketing activities create the greatest cost/per sale return and reallocate your marketing budget accordingly.
Focus on processes. Use downtime to analyze workflows and improve daily efficiencies. Example: What is the cost of taking a reservation? Can you reduce it? Work on your overall cost of doing business.
Consider adjusting pricing strategy. The first thing that happens in a down economy is everyone focuses on cost reduction. This puts pressure on customers and competitors to reduce prices. Consider creative strategies to address current challenges that don't affect long term profitability.
Focus on developing referral relationships with operators locally, regionally and nationally. These relationships could create valuable new sources of income.
Step up communications and “client-care” for top 100 clients. You can not afford to lose business you count on most. The cost to maintain valuable clients is much less expensive than generating new clients. Dance with the one that brought you.
To speak with a consultant about how you can apply creative methods to thrive during a recession, please fill out the contact form below.
