Longtime Rich Dealer® Greg McCoy attended his last Mastermind Meeting this February. Before moving on to new and exciting adventures, Greg sat down with J&T to share some final lessons he’s learned from Rich Dealers® over the years with his fellow members.
Lesson Learned #1: Build And Maintain Systems
“Systems are a lifesaver,” Greg said. And it makes sense. One of the first things you learn as a Rich Dealer is the importance of building systems and processes in your business. When you build reliable systems in your business, it will significantly reduce the stress you feel because you no longer have to be involved in the minutiae of the day-to-day. And that’s great! But a system isn’t perfect. Like all things, you must regularly examine and check the systems and process to make sure people are adhering to them. It’s easy to get lax and fall off the wagon. Building a systematized business is like the story of Tom Sawyer painting the fence. Just when you think you are done, it’s time to start over to see how you can improve them. “Always be looking to improve your business, your systems and yourself,” he said. “After 33 years I know about half of what I need to know about this business and the other half I continue to learn every day, especially at these meetings.”
Lesson Learned #2: Clearly Define And Communicate Accountability
Anyone who’s attended a Mastermind Meeting with Greg is probably familiar with his quote, “Everyone is held accountable or else it’s ching, ching, POW!” But accountability goes both ways. If you’re going to hold your staff accountable, then they must also be able to hold you accountable for your words and actions. “The key is to create clear, single-owner accountability across the dealership in all departments. That way everyone knows what they are responsible for and how they are being measured,” Travis added. “Exactly,” Greg agreed. “If you fire someone and they’re surprised, that’s your fault and not theirs, because you never properly communicated your expectations.”
Lesson Learned #3: Build A Strong Culture
The For The People mission is strong, but it’s stronger when you spread the belief with your team and create a For The People® culture that powers every experience at your dealership. “It’s more than just saying you’re a dealer For The People®. It’s clearly defining what being For The People® is and then making it the thread that runs through everything you do,” Jim explained. “Culture is an investment. Because a good culture cultivates a different level of service within your dealership, which ultimately fosters greater profitability,” Greg agreed. If you want to see real results in cars sold and revenue generated, you need to focus on truly becoming a dealer For The People® in everything you do.
Lesson Learned #4: Invest In Your Most Valuable Assets—Your People.
Ultimately, if you want to build a strong culture, create a positive experience for your customers and sell more cars, you need an all-star team. Luckily, having a strong culture with a mission and a purpose will help you attract and retain high-performers, but you still need to invest in them. “Always have a service mindset,” Greg said. “For your people and your customers.” But how can you better serve your employees? “One way we do this at our office is through an annual education budget each employee can use to build their skills. Another is by getting feedback from them via TinyPulse and then actually listening to it,” Jim said. When your employees feel appreciated, empowered and important, they’ll give 100% in their work. “When you help your employees achieve their goals and dreams, they will help you achieve yours, Greg said. Then, you don’t have to chase the money because they’ll pass the service mindset and experience onto your customers, ensuring they have a more positive experience and return and refer repeatedly. “Customers are simple. If you do the right thing, they’ll pay the money,” Greg said.
Lesson Learned #5: Live Life To The Fullest—Enjoy Your ESP!
A big component of having a dealership that is ESP® is creating a business where you are not stuck in an eighty-hour workweek, where you have to be there bell to bell every day. When you’re tied to your business, you’re there pressing the flesh every day and working yourself to death trying to make your month. Embracing the process and systems Rich Dealers® has to offer will slowly allow you to extract yourself from the day-to-day. That allows you to spend more time working on your business rather than in your business and it also frees up more of your time, so you can get back to doing the things you love. As Greg McCoy said, “You only get one life. Are you going to spend it working yourself to death or enjoying yourself?”
Lesson Learned #6: Never Miss A Meeting!
Greg’s biggest tip was to make a commitment to yourself: “You have to commit to self-improvement. You have to commit to learning. This business is changing every minute of every day, and if you don’t keep up with it, then you’ll be left in the dust, so I’ll say this NEVER MISS A MEETING. There’s too much information to get everything the first time you come here. You need to come back and learn more, get re-energized, because every time you come you’ll take something new back with you. Listen to the new people. Listen to the old people. Listen to the fresh ideas. Open your mind to new ideas, and you’ll get everything you need to build your dealership and see greater profits.”
If there’s one thing we know for sure, it’s that the most successful Rich Dealers never miss a meeting. So don’t miss out on your opportunity for more profit, more growth and MORE ESP. Start following Greg’s advice NOW and RSVP for the next Mastermind Meeting today!