Inventory turns: The key metric to making your money work for
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
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
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
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
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, firstname.lastname@example.org or
817-834-3625 ext 6#.