In Part 1 of Growing Your PDR Business I used the metaphor of growing plants and what happens if you do not nourish them. To continue with that metaphor; let’s say you plant one kernel of seed corn, you feed and water that one stalk of corn, what do you get? Well, there is a good chance you will get a return on your investment from 1 kernel of corn that yields 972 kernels.
Out of those 972 kernels, you have to sell 955 kernels to pay for your costs of doing business (break-even), leaving you with 17 kernels of corn. As your business goal is to create long-term wealth, you understand that the costs of doing business are going to go up each year and that your machinery will have to be upgraded. As a wise businessperson you create a retained earnings account to be used only for reinvestment back into the business. As a corn grower who wants to grow the business you may put 15 kernels into your retained earnings account, 9 to be used to plant and grow 9 additional stalks next season and 6 to cover the increased expenses of adding those 9 stalks and to make a down-payment on a purchase of a more effective and efficient corn planter. The final 2 kernels go to your dividends account.
To state the obvious, the key is to increase revenues while maintaining the most appropriate level of efficiency and I would be surprised if any of you has not worried about how to increase revenues. From a businessperson’s perspective there are only 2 ways to increase revenues; 1) increase market share and/or 2) diversification. Both take significant resources and serious planning to accomplish.
There are three major issues that a businessperson must grapple with in order to effect the growth of his/her business; sacrifice, risk, and planning. None of which most of us are very good at. Sacrifice means not giving in to those short-term satisfiers, such as the new Corvette, the 5000sq.ft. house in the burbs, or the 63” flat screen TV. Those funds need to go into your retained earnings account in order to grow the business to achieve your long-term wealth creation goals. To grow your business you have to take risks and by design most humans are risk averse, especially in the area of taking financial risk. But sacrifice and willingness to take risks in and of themselves will not generate business growth, you have to have planning, note I did not say you had to have “a plan”, but you had better have charted a course based on the best evidence, the best thinking, and business intuition that you can muster (in my next blog I will discuss the concept of planning).
In “Growing Your PDR Business Is a Choice Part I” I said you have three choices, if you forgo the first two and choose to grow the business, you need to ask yourself: 1) How much am I willing to give up the short-term return for the long-term? 2) How much risk am I willing to take? and 3) Am I willing to take the time and put in the effort required to adequately plan for the growth of my business in order to achieve my long-term wealth creation goals?
PDR Mobile….It Keep You Pushin’
Lets step away from the “hoo rah” surrounding downloading the newest and greatest app on the market, that is PDR Mobile PRO if we don’t say so ourselves, and get down to what’s in it for you, the most talented PDR Techs on the planet. We want to provide you with the inside scoop on our new app update coming out next week. Here are a few of the items you will see:
- You can add you company logo
- Choose to include photos when printing or emailing estimates, quotes, or invoices.
- Full vehicle price option allows you to enter a single price for the entire vehicle.
- Tablet and iPad versions are available
- Insurance information icon
We’re dedicated to your success and want to hear from you. Feel free to contact us and let us help you in any way we can. Contact us. Don’t forget to subscribe to our PDR Mobile You Tube channel and get all the latest PDR Mobile PRO training videos. We’re just a tap away.
PDR Mobile…It Keeps You Pushin’
As we all understand, if you do not water and/or feed your garden plants they do not grow and flourish, by flourish I mean that they will not produce the vegetable or flowers that you seek. If I plant a tomato seed and then just give it enough care to keep it alive, my expectation that I will soon be eating a juicy home grown tomato will in all likelihood fail to materialize….ah,ah this has never happened to me. The same is true for a business, if it is not nourished it will not flourish, which means that your business will probably not produce those long-term wealth creation goals you seek.
It is no secret that many businesses, including the PDR industry, look like the picture to the left, does yours? Of course the overall economy and those insurance companies are playing a role in that, but as much fun as it is to whine about them, they are not within your control. What you do have control of is how you grow your business. Developing a plan of action to nourish the business for long-term growth is within your control frame and if you want your business to grow, you better get to it.
You essentially have three choices. Choice one is to not nourish the business and leave it to fate, typically leading to its eventual dyeing on the vine. Choice two is to provide just enough nourishment that it continues to live, but does not flourish, known as hanging on day to day. The third choice is to set out to grow the business to achieve those long-term wealth goals. Any three of these are viable choices relative to your business goals. But to be in control of your and your business’ fate you need to make to make a conscious choice, not leave it up to the forces in the universe.
My focus in this blog and the next is Choice Three, which means making a commitment to growing your business to achieve your long-term wealth goals. If you have not adopted long-term wealth goals, then your first step is to do some deep thinking about your long-term wealth creation goals and truly make them your guiding principle in all of your business decision making. Having adopted your long-term wealth goal or goals, now you have to give serious and informed thought to developing a plan of how your business can grow. Here is where business visioning, business model design and organization system creation come into play. You can take control of your business destiny; as I used to tell the students in my strategic planning class, you cannot predict the future, but you sure can give it a shot at creating your future.
In “Growing Your PDR Business Is a Choice Part II” I will discuss what is involved in making the choice to grow your business so that your long-term wealth creation goals can be realized.
PDR Mobile…It Keeps You Pushin’
Companies, Adjustors, Field/Local Route Techs that work in the Paintless Dent Repair (PDR) industry know all too well that when severe weather strikes, those that remain mobile, taking full advantage of the most up-to-date industry technology and resources, win not only the day, but new business and new customers alike.
Catastrophic hail events can happen at any time. PDR Pros need an intelligent app that allows them the freedom to ‘Keep Pushin’; in the fields, at local dealerships and onsite with customers across the country. PDR Mobile is just that app! More than just part of our name, it’s your new way of doing MORE MOBILE business.
PDR Mobile is ‘The’ Paintless Dent Repair (PDR) app, setting the industry standard when it comes to the best PDR ‘Tech’; estimating, photo and document creation/editing and management. Developed by a team of seasoned automotive and technology experts with 30+ years of industry expertise and experience. PDR Mobile streamlines mobile estimating and photo management, keeping the busy PDR professionals Pushin’, saving the typical PDR Mobile app user 30% more time to do what they do best, repair vehicles. PDR Mobile enables and enforces reliability, professionalism, organization and more consistency, all of which enhances company image and reputation. PDR Mobile – It Keeps You Pushin’. For more information, please visit our website at PDRMobile.com.
Experience the ease and convenience of damage assessments with the PDR Mobile ‘All-In-1’ screen. Quickly access and update panel damage severity and repair fees regarding; add-ons, R&I ,etc.
The PDR Mobile estimating app engine ensures estimating flexibility and accuracy, with dynamic preview features to capture and verify all vehicle restoration damage requirements. Rapidly send a comprehensive PDF repair package, complete with estimate and embedded photos. For more information, please visit our website at PDRMobile.com.
With the PDR Mobile app, you can organize photos by category type; related damage, unrelated damage and/or by specific panels. Once organized, PDR Mobile users can add a note to an image identifying critical customer narratives and collaboration. Pre-formatted industry image templates are available for greater project estimate consistency and preview continuity.
Isolate image details with the PDR Mobile Zoom feature, allowing for greater scrutiny of project images prior to estimate sharing, simplifying the evaluation process and validating billable repairs found in the PDR Mobile estimate documentation. For more information, please visit our website at PDRMobile.com.
Exciting News: PDR Mobile, ‘The’ Paintless Dent Repair app that Keeps You Pushin’ … is NOW AVAILABLE FOR DOWNLOAD on Google Play and iTunes! To download, visit the Google Play store and/or iTunes store and search; PDR Mobile. For more information, please visit our website at PDRMobile.com.