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Part of the nature of an investment is that investment's return. Avoid wasteful spending (and wasteful cutbacks) by recognizing what parts of your spending are true investments.
During times like these, cuts are inevitable. The important thing is to make sure you cut where you can afford to cut. Removing employee incentives, and other opportunities to encourage your dealership’s growth and bolster sales, can be like sealing the leaky dam with your thumb. It may work for a minute, but that dam is going to explode and guess who gets the first face full of cold water?
So before you start laying off good employees or cutting back on benefits and incentives, take a step back and look at the big picture. Your employees are an investment. Take the time to measure the results on all or your investments. Are you confident that your TV spot is bringing in the bulk of your sales? How about that full page, full color newspaper ad? As we’ve all heard before, “measure twice, cut once.”