Limousine Charter & Tour

January 2017

Magazine for the professional limousine, charter and tour industry.

Issue link: http://lctmag.epubxp.com/i/765069

Contents of this Issue

Navigation

Page 39 of 93

36 LIMOUSINE, CHARTER & TOUR JANUARY 2017 WWW.LCTMAG.COM MONEY: COVER STORY D an Goff never shies from saying a limo service is first about the money. His fore- most question is, if you're not making enough of it, or not on track to make more, why are you doing this? Out of all the roles in a lim- ousine company, none is more vital than handling finances. To embody this approach, and to motivate other opera- tors to track every dollar, Goff has created a financial dash- board. More than just a clever arrangement of gauges and dials, it displays key metrics to monitor in real time every aspect of a limousine opera- tion. The co-owner of A. Goff Limousine and Bus Company, based in Charlottesville, Va., and serving Virginia, Washing- ton, D.C., and Maryland, will be detailing his concept dur- ing a seminar on March 16 at the International LCT Show. Goff's financial acumen derives from many years of working as an accountant, a bookkeeper, and then a bro- ker for various businesses from 1984 to 2000, when he founded A. Goff Transporta- tion with his wife, Ana Regi- na. He received an AAS in ac- counting with highest honors at the University of Kentucky. "I went into a lot of limou- sine and bus businesses and talked to owners, and saw many different philosophies," Goff recalls. "The common fac- tors are: What is the amount of money made, and what is the amount to invest? All business theories can be reduced to a number on the lower right cor- ner of an 8 ½ x 11 sheet of paper: Net profit. I'm always focused on results that way." Gone are the days when operators could run a business by gut, or count on a gener- ous revenue stream minus a few hidden negligible errors. In this competitive environ- ment, every dollar counts, Goff says. Solid finances are crucial now because interest rates, fuel costs, and inflation are likely to rise in the next few years, pressuring opera- To Profits Can Light The Way Dashboard A Operator Dan Goff has created a practical tool to track the important metrics of a limousine operation to spot problems in real time. By Martin Romjue, LCT editor Virginia operator Dan Goff makes sure he never compromises two things: Every dollar in his operations, and a 100% on-time chauffeur arrival rate. The quality drives the rates that boost the profit margins.

Articles in this issue

Links on this page

Archives of this issue

view archives of Limousine Charter & Tour - January 2017