Growing From Within
Manage episode 490302241 series 2893427
Are you constantly searching for new growth opportunities while overlooking gold mines within your existing business? In this eye-opening conversation with industry veteran Ron Wilson, we explore how equipment dealerships and service-oriented businesses can substantially increase revenue by looking inward rather than outward.
Ron draws from his 37 years of dealership experience to reveal several overlooked strategies that can boost your bottom line without acquiring new customers. We discuss creating specialist service technicians who command premium rates - easily 10-15% higher than standard labor rates - because customers recognize and value their expertise. This specialized approach not only increases revenue but positions your business as the go-to authority in specific service areas.
The discussion takes a fascinating turn when we compare labor rates across industries. Why are RV repair shops confidently charging $177 per hour while equipment dealers hesitate at $125? We challenge the outdated pricing models still used by many businesses and explore how "block labor" assignments - dedicating technicians to specific customers for a monthly fee - can create both predictable client relationships and improved administrative efficiency.
Perhaps most valuable is our deep dive into using data analytics to identify exactly where you're leaving money on the table. By examining which services current customers aren't buying from you, analyzing sublet work that could be brought in-house, and implementing strategic pricing models, businesses can easily increase revenue by 10-20% within their existing customer base.
Whether you run a dealership, service business, or any customer-facing operation, this conversation will transform how you think about business growth. Stop searching for what's over the wall when untapped opportunities are sitting right in front of you. Listen now to discover how to grow your business from within.
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We provide comprehensive online learning programs for employees starting with an individualized skills assessment to a personalized employee development program designed for their skill level.
Chapters
1. Growing From Within (00:00:00)
2. Welcome and Introduction (00:00:40)
3. Growing Business from Existing Clientele (00:01:21)
4. Specialty Service Offerings at Premium Rates (00:04:34)
5. Labor Rates and Market-Based Pricing (00:09:15)
6. Block Labor and Customer Assignments (00:13:24)
7. Pricing Strategy and Business Management (00:18:28)
8. Data Analytics and Identifying Opportunities (00:23:10)
9. Sublet Work and Technology Implementation (00:28:35)
10. Key Takeaways and Conclusion (00:33:26)
154 episodes