GEM-CAR offers you 10 tips & tricks to improve your financial condition.

“They say a company will go bankrupt when it runs out of cash. So protect your cash flow in tough times: cash is king!

• Tip 1

Improve your liquidity by having equipment financed or refinanced that you already paid for some time ago. For example, you can

Car ''lift''
- Computer
- Scanner

• Tip 2

Minimize risk by better managing your receivables:

- Opt for national account management
- Ask for a deposit instead of putting the invoice on account
- Offer financing with Accord D:

- You get paid now and your customers pay in 12-36 months

Increase the number of credit cards accepted.

• Tip 3

Preserve your cash flow:

Send a pro-forma invoice (Estimated with tax calculation) and when the cheque is ready you send the invoice. This way, you won't have to pay GST and QST before the customer pays you.

If you put a customer on account to reserve tires, you'll have to pay the taxes in advance! Instead, simply take a deposit and reserve the tires in your inventory module.

• Tip 4

Keep your inventories low:

Use your distributors' websites as a real-time virtual inventory. For example, GEM-CAR can connect to several hundred distributors: Uni-Sélect, CARQUEST, VAST Auto, Entrepôt de Montréal, Napa, Groupe Maska, Benson, etc.

Build an inventory with minimums based on your fleet of vehicles.

• Tip 5

Use an effective reminder system that allows you to suggest to your customers that they budget their investments to extend the life of their vehicle.

As a result, you'll be able to schedule the appointment at a more relaxed time. Make sure you have quick access to the reminder when your customer calls for an oil change.

You'll have the opportunity to add it to the job schedule.

• Tip 6

Take more time to detail and explain your invoice to your customers.

No one wants to feel they're spending money for nothing. The more detail you provide, the happier your customer will be to pay a larger bill.

• Tip 7

Replace your fixed-price oil change with a complete inspection package with a preventive maintenance program that includes :

- oil and filter change
- and a pair of windshield wipers

for a special offer e.g. $89.95.

• Tip 8

Automate your digital marketing and follow-up by e-mail and SMS.

Use surveys to promote your reputation on social media.

Find out more about GEM-CRM and how this module can help you.

• Tip 9

Plan an additional source of financing such as a line of credit or a BDC loan to seize interesting business opportunities.

Recover your early payment discounts of 2%: over a year, that's a lot of money.

• Tip 10

Be persistent and stay passionate. Even in tough economic times, you can make money.

• Tip 10.5

Be creative, grab a pen and paper and a calculator.

Go over your old estimates and follow up with your customers.