Today on CBT News, anchor Jim Fitzpatrick is joined by Laurie Foster, Founder and CEO of Foster Strategies Group. With more than 22 years of experience in the automotive industry, Foster has made it her mission to provide the industry and its people with effective strategies for making positive change and reaching greater success. Across the industry, Foster has made a name for herself assisting dealers, vendors, and OEMs.
Foster begins the conversation by discussing what dealers can focus on as they close out the year. She says there are three areas that dealers should consider, starting with a focus on the people they hire. The next is a growth strategy that goes beyond month over month and year over year. This strategy takes a deeper dive into every aspect of the business. The last thing is looking at gaps and how dealerships are filling those gaps. These are both physical gaps and mental gaps that hinder growth for the company.
Foster says that checking in with employees during this time is critical. This goes beyond performance evaluations and dives into the wellbeing of employees. The pandemic has impacted everyone in different ways. Employees want to see that their employer cares about their health and safety.
Foster concludes the conversation by talking about the concerns she has for the automotive industry moving into 2021. She says that she worries that dealers could have a misguided view of the success in 2020. While many dealers are boasting record-breaking profits, Foster says that dealers need to prepare for what’s to come by looking at strategies and numbers pre-pandemic. Foster says that recent success will let down dealers if they forget where the SAAR sat before the pandemic. Dealers must choose to be agile and adaptable to prepare for any adversity that arises in 2021.
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