Mobile Electronics Magazine July 2021

Page 44

 strategy & tactics

Through trial and error, business owner James P. Smith learned the importance of planning, delegating tasks and standard operating procedures. He shared his findings at KnowledgeFest Orlando during his class “Getting Out of Your Own Way: From Technician to CEO.”

purchase orders, and inventory receipts is one of the foundational elements to proper workflow in your business.” He added that if these items aren’t carefully managed, a business will project a messy and unprofessional atmosphere. “Every team member is responsible for doing their part in keeping the system running efficiently,” he added. Smith said no business should go without a plan—or a backup plan. “A lot of times, they say to jump and build a parachute on the way down. As technicians, we sometimes want to wait until things are perfect, or we feel comfortable.” Then, he noted, it’s too late. “I feel a lot of people forget to tell you when you’re building your parachute on the way down, you need to build your back-up, too.” If the first plan fails, what’s next? The backup plan comes into play, Smith said, “And you need to know when to bail. I feel as though you should always set a course of action that you want to take, and try to anticipate any failures you can think of and what you would do,” he said. “If something happens, what will you do?” When that situation occurs, he

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added, “You’re ready to go, and you can pivot into the next opportunity.” #5: Think Critically About Your Business Model LIS Audio normally maintains a low inventory, relying on efficiency and positive relations to satisfy clients, according to Cameron Powell. He added that he feels the business “prepares for the worst, but plans for the best.” Ever since the business was first founded, LIS Audio sets up appointments for consultations and takes deposits to schedule projects. Powell noted that retailers shouldn’t be afraid of thinking critically about their business models, and should be willing

to “change the business model to fit the times, or spur of the moment.” Staying on top of changes within the industry, he said, has worked well for the shop. “As long as we keep communication open, we’re honest with our clients and we stay up-to-date, we won’t have complications.” Berry and Powell continue to respond to clients’ needs and interests. Most recently, the shop has been looking into manufacturing enclosures tailored to the shop’s clientele. To do this, they’ve been looking through tickets to get a better idea of the type of vehicles they work on the most. “We’re also looking at what most people ask us about,” he said, adding that they’re trying to come up with an answer to that, which would include a basic package, mid-tier and higher-end offerings. Being willing to change with the times and respond to customers’ needs is key for retailers. Smith said he had to start over when it came to his own business. “It’s hard to let go. The more I stepped out and let things go, the more my business grew,” he said, adding, “If you don’t have roots, the tree will collapse.”