MAY 2010
                                        

Salvaging Millions
Inventory turns: The key metric to making your money work for you

We never stop learning. I am proud to say that since I wrote my first book, How To Salvage Millions from Your Small Business, in 2001, I’ve learned so much more about business.

Of course, I sold my auto salvage operations to Ford Motor Co almost a decade ago (can you believe it?), went on to complete an oversubscribed private stock offering to fund the startup of a world-class salvage auction in Fort Worth, selling it to Copart only three months after it opened.

Since then, countless speaking and consulting engagements have taught me so much. And my recent venture, renting exotic cars has helped me to learn all about the Internet and search engine optimization.

One of the most important things that I have learned is about strategic planning. Strategic planning is something that most small businesses just don’t do. In their defense, they aren’t good at it, and frankly, they are shot out of bed on a rocket and don’t have or make the time to do it right.

Unfortunately, not planning properly ends up costing many small businesses dearly because they fail to direct their efforts at those things with the largest payoff and they waste time doing things that sound planning would drop from their do-lists.

There is no substitute for good planning. Do you already have your written plan in place for this year? Are you executing it? Are you cycling back over and over to consider where you are versus where you said you would be? If you aren’t where you want to be, I hope you’re considering the best way to get yourself back on course.

Soon, 2010 will be over, ancient history. Plan now, and make this year your best one ever. Early in my business career, I learned that unless you plan doing more of what you have been doing only gets you more of what you’ve been getting.

If you don’t have your planning done yet, open your calendar and set aside the time with your key people to produce a written plan for the rest of the year. Be sure to include measurable goals and deadlines. Do it today and begin charting the direction of your business, rather than responding to events.

I would love to hear from you about the difference your strategic plan is making for your business. Start today!


Don’t forget to subscribe to Ron's free monthly auto recycling e-newsletter, with news and tips, register at www.autosalvageconsultant.com.

Remember, only you can make BUSINESS GREAT!

Ron Sturgeon is past owner of AAA Small Car World. In 1999, he sold his six Texas locations, with 140 employees, to Greenleaf. In 2001, he founded North Texas Insurance Auction, which he sold to Copart in 2002. In 2002, his book “Salvaging Millions” was published to help small business owners achieve significant success, and was recently reprinted. In June 2003, he joined the new ownership and management team of GreenLeaf. He also manages his real estate holdings and investments. You can learn more about him at WWW.autosalvageconsultant.com He can be reached at 5940 Eden, Haltom City, TX 76117, rons@rdsinvestments.com or 817-834-3625 ext 6#.