July 2009: Tips from Tom Mazza

Preparing for Success Amid the “Creative Destruction” of Our Industry

It is a term coined after the Great Depression by economist Joseph Schumpeter. According to US News and World Report and the Wall Street Journal, who recently mention the concept, it is a theory that justifies the death of obsolete companies and industries. The theory says that in capitalism, these companies die, and are replaced by newer and better ones.

 

According to Rick Newman of US News, “the trick is making sure you’re part of the creation, which is usually scarce at the beginning of an economic purge, and not the destruction, which tends to be everywhere. During the Depression thousands of businesses failed and most that survived slashed spending and payrolls. But amidst the rubble of 1930-1934 America, entrepreneurs with vision and backbone founded IBM, RCA, Hewlett Packard, Polaroid, and Du Pont.

 

A part of our industry is disappearing never to return. Some companies were great operations with excellent service, quality employees and systems, but whose client companies hit hard times. There also were mediocre companies, years behind in technology, and reluctant to deliver what their clients demanded, who folded. They were dinosaurs and now they are gone. That is the not the worst thing in the world for the industry as a whole. In fact, it provides opportunity for the survivors.

 

10 Things every survivor needs to do:
Get out of your office and visit as many of your clients as possible and ask them simply, “How can I help you?” And look around constantly at businesses that are using our services and keep your “target list” close by.

 

Rebuild your credit at all costs. Whatever it takes, you will need conventional financing sources to grow any business. Clean up your credit report and find a community or local bank to establish a relationship. Do your homework, even a 3 or 4 branch local community bank may be a great long term solution and they probably are healthier than the big boys at this point. (Although I am hopeful that Citi Bank will not stay at $3 bucks a share!)

If you have a quality employee, keep them at all costs. Your business will get better and quality, fully trained employees are difficult to replace.

 

Blow up your marketing efforts. Shred your brochures and your 1995 postcards and tell your daughter to take the summer off and get away from your website. Find a pro, fix the expense, and get some real and interesting content and graphics in the mix. Facebook, Twitter, Linkdin, Plaxo, there all good, get on them today.

Look for new and different opportunities. Shuttle work, shared rides, medical transportation, mini-coach work even the retail sector has opportunity.

 

Buy another company if the other company has a good name, their client book compliments yours, and the rates are similar. Same software platform and maybe adding another good employee are all huge bonuses and good reasons to make a deal. TMC can help you do this the right way.

Re-think how many vehicles you need. In fact, stop thinking about fleet as a measure of anything. Have only the fleet you absolutely need to function. Go to your local rental car company and find out the costs and feasibility of renting vehicles properly for your business. Enterprize has a national program that may work for you.

 

Stop worrying about things you have ZERO control over. If every hack, gypsy, no license to speak of “entrepreneur” vaporized, it would not make YOUR business one bit better. Focus on things you can control and delivering unbelievable service is still within your grasp every day.

Take control of your work day and accomplish your goals every day. If you have to turn off your phone and stop answering e-mail to get it done, do it! (After you read the tips and registered for my next program!)

 

Eliminate from your vocabulary the phrase, “This is how we always did it in the limo business.” There is a new “normal” in town and we just executed “the way we always did things.”

 

Come to Atlantic City November 8-11 and spend 4 days with me at the best educational programming this industry has to offer, period. Use the opportunity to network. Buy your ticket today for Vegas in January, it’s cheap. If you are serious about your business, go to Vegas for LCT Show.

 

The chauffeur that never quite does what YOU want him to do? Get rid of him, move on, we are at 10 percent national unemployment. Go hire a GREAT person and “say goodbye to Hollywood”.

Tom Mazza's 1-day Reservation Training Program
"Selling MORE limousine service"
August 5, 2009 in Newark, NJ, 10 am to 5 pm
215-973-8201 or tommazza@aol.com to register today, only $249 per person, lunch included
 
Turning every call into a "selling" opportunity
Asking the right questions
Incorporating the "compelling reasons to book"
ABC: Always be closing!
Selling your network
Turning "How much" calls into sales

 

This program is designed for trainers, managers, or the front line employee who SELLS trips every day.
 


New Group Meeting in Philadelphia July 29-30th
We have 10 companies signed up already for our “new Group” in Philadelphia at the Sheraton Society Hill Hotel. The meeting begins at 10 am on the 29th and ends at 4 pm on the 30th. There is no commitment beyond this meeting but attendees will get the “full group experience” with facilitated discussions, guest speakers, and some lively discussions over meals and drinks in Philadelphia. The cost is $650 which includes the program fee, 2 lunches, 1 dinner. A second attendee from an individual company pays $275. We have negotiated a rate of $129 per night at the Sheraton. The hotel is located in the most historic area of Philadelphia. The Liberty Bell, Betsy Ross House, National Constitution Center, and Tom Mazza’s condo are all within walking distance.

Reserve a spot today by e-mail to tommazza@aol.com or call 215-973-8201 during business hours.