13 October 2014

5 Ways To Maximise The Profits Of Your Motor Trade Business

money in the motor tradeIf you own a motor trade business, there is always room for improvement. Read on for a list of hints and tips on how to maximise business and increase your bottom line.

Reassess current insurance policy

One of the most effective ways to maximise your bottom line is to reassess your current insurance policy and determine whether or not you are paying for anything that you don’t need. For example, you could be forking out for apprentice cover when you don’t have an apprentice on-site. For quick and easy quotes from all the leading motor trade insurance providers, check out comparison websites. The quote compare sites source price plans from a range of different providers and gives you a comprehensive overview of what’s on offer. Results can then be compared to your current plan in order to determine whether or not there are any savings to be made!

Offer customer incentives

What’s the most effective way to boost your business? Return business! While a good service and fair prices to help, if you want to really encourage customers to return you should consider rolling out a rewards or loyalty scheme. From a free yearly service to complimentary tyre checks, making your customers feel valued and appreciated is the key to driving business profits.

Smart advertising

If you want to expand your customer base try thinking about investing some cash into an advertising strategy. It may require an initial outlay of money but a successful campaign will soon pay for itself. If you don’t have the funds to enlist the help of an advertising professional, try getting creative and using your own skills. Setting up social media accounts is a great way to tap into an extended customer base. An advertisement in the local paper can work wonders while something as simple as leaflet dropping will also help to win you some extra business. If you want to really draw in a new crowd, try offering introductory discounts and savings.

Add on extras

Adding extra sales items to your inventory is a great way to drum up some extra profit. Whether it’s oil or air fresheners, think about what your customers need and offer it to them from the convenience of your garage.

Set goals

Any small business owner will tell you that setting goals is the key to maximising revenue. Clearly defined milestones give your business something to work towards and will help keep momentum going. Just remember to start small and set bigger profit goals as your motor trade business continues to grow and evolve. For example, week one’s could be attracting one new customer while the end of year goal could be to increase profit by several thousand pounds.

Remember these are just five simple ways to increase your profits fast – integrate these with long term goals and your motor business will thrive.