Running a Business is Like Buying a Vehicle

by Matthew Best

This past week we bought a "new" minivan for our family. It's not brand new - I'm not a big fan of buying new vehicles, we needed to do this. Our old minivan had just about 160,000 miles on it and was, as our trusted mechanic stated - "getting close to being on borrowed time."

Over the course of this process several things occurred to me that I think relates this process with running a business that I'd like to share with you.

1.Be Clear. You have to know what you are looking for in a vehicle. There’s a huge difference between a minivan and a two seated BMW Z4. While yes, the BMW is fun, is it practical to your situation? For us, it's not as much as I wish it could be.

You have to make several other decisions - what color do you want, or at least know
what you don't want. What's your budget? Are you getting a loan or paying cash? If you finance, how long? How much will you be putting down? Got a trade in? And isn't all this similar to a business? You have to be clear with your business - who is your target market? What's your message? What do you charge for your product or service? What's your profit margin? Etc.

2. Sales. The only way a car is sold is through a sales person ultimately. Of course in our tech savvy age, that sales person could be a website, but it still acts as a sales person. How does the sales person treat you? Are they the used-car salesman stereotype, or are they an assistant buyer asking you questions to find the best fit instead of trying to get the biggest commission. Sales are vital for any business. What kind of sales person are you with your client? What impression are you leaving with your clients? Are you a resource for people?

3. Details. Proof of income. Proof of insurance. Registration. Odometer reading. Sign here - this document says we can check your credit. Sign here - this document says you are waiving this option. Sign here.

This part of buying a vehicle can be confusing for a customer. With all the papers and documents and numbers flying around, you have to have your stuff in order. Is this any different from running your business. Your clients probably don't have a clue as to all the hurdles you jump through for some of the things you do for them. You have been organized and you have to understand it well enough to be able to explain it to your clients with confidence.

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