How to Be More Profitable and Reduce Employee Turnover
[Auto Dealership Version]
1. Restructure and Streamline the dealership financial information on a comparative basis so that we can streamline reporting utilizing the application of Financial Trend Analysis. The dealership financial statements compare current month and year to date operations. These statements are too condensed to provide detail account analysis. It’s very important to view the financial details and prepare on a month to month comparison with prior years in order to evaluate revenue and expense trends with an eye toward maximizing profitability.
2. Open Book Management– We utilize this management tool to empower all employees to take part in making the organization more efficient and increase profitability. Basically, meetings are held with employees and financial data is reviewed with them to enhance their relationship and commitment to the dealership. The employees become more involved with being part of the Company with the goal to increase profitability and improve the total organization harmony. A bonus system is developed based upon achieving various mile marks.
3. Developing Budgets – All organizations need to maintain budgets that help maintain and control costs and profitability. We work with management and department heads to develop these budgets and assist with the monitoring which can be instituted through the Open Book Management program.
In addition, we provide our normal services which comprise of accounting, auditing, tax planning, estate planning, and financial planning for the principals.