Top 5 Water Dealer Frustrations – Number 2 – Can’t Grow Your Business
(Video transcript included below.)
VIDEO TRANSCRIPT [EDITED]:
Mark Schabes: Welcome back. My name is Mark Schabes. I’m the General Sales Manager at The LeverEdge.
Matt Millar: My name is Matt Millar, Dealer Development with The LeverEdge.
Mark Schabes: We’ve been doing a series of the Top 5 Frustrations that dealers face in the water business and today we’re going to cover Number 2, which is: Can’t Grow Your Business.
Matt Millar: This is a big one, Mark. Every water company I’ve ever spoken to has reached a certain point or plateau where they feel like they can’t grow beyond that point. For some, it’s very early on in their development. For others, it’s years into their development. But for every dealership we speak to, it’s virtually always the case. Now the sad part is, it happens well before they’ve even come close to reaching their market’s true potential.
Mark Schabes: That is true. So we’re going to list some of the most common limitations that we see leading to these challenges. The first one is actually Customer Acquisition Limitations, actually getting in front of new clients or new prospects. We’re going to cover this more; this is actually our number one Dealer Frustration, so I won’t unpack this one too much on this video, but getting in front of that potential customer is top of mind for the dealer in terms of their ability to grow. And if that is capped out and they can’t figure out how to get in front of more people, well, that’s obviously going to limit their growth.
Matt Millar: Another limitation has been Low Profits. We referenced this on video number 5. They don’t make enough money to reinvest back into the company’s growth. So they kind of operate on a day-to-day or weekly basis to make ends meet. But none of that money is being allocated for the company’s growth.
Mark Schabes: That’s right. There’s actually a pretty good transition from low profits into another challenge that leads to growth limitations and that is Personnel Challenges. If you don’t have the profit, a lot of times that leads to having a difficult time finding the personnel to help your company grow. But hidden within that, what we also see is people that are just working for the company that aren’t well-suited to work in the position that they’re in. They either shouldn’t be there or they should be appropriated to a different department or a different function. So personnel challenges can not only be, “Hey, I don’t have the money to go hire a general manager or a sales manager or that next person that’s going to bring us to the next level.”, but it could actually be that you have people in place, you’re spending a lot of money for that person, but they’re not productive for you in that role. So identifying that is critical in order for you to continue to grow.
Matt Millar: Right, and you made a point on hidden costs, the hidden costs of hiring the wrong person. Obviously, if you’re consistently having turnover issues, you’re hiring and training and that will cost money and time. It definitely redirects your focus in that regard.
Matt Millar: The next limitation that we’re leading into is simple – Fear of Change. The leaders are holding on to their current business model and they’re afraid to make those changes. They’ve identified certain ways to operate in the water business, they’ve been doing the same thing for decades, and ultimately they feel like that’s their only option.
Mark Schabes: Yeah, we see this all the time. On our end we have a lot of things that we can bring to the table. We’ve got a pretty full tool kit here at The LeverEdge and one of the first questions Matt and I will ask through sort of an interview process with a new potential dealer is, “Are you open to change?” Or, something I like to say is,”Are you open-minded enough to actually take a look at something that’s different than what you’re currently doing?” Because we’ve all heard the saying – if you do the same thing over and over again but expect a different result, then that’s the definition of insanity. So, truly, you have to ask yourself if you’re willing to go through a process that’s different than you’re used to. Are you able to get out of that comfort zone in order to push your company to the next level? That’s a super-important question to ask and you’ve got to be honest with yourself on that.
Matt Millar: So contact us to learn more. We’d love to talk to you and unpack what you’re currently doing and what we have to offer you.
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