Luxury Coach & Transportation

March 2016

Magazine for the professional limousine, charter and tour industry.

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62 LIMOUSINE, CHARTER & TOUR MARCH 2016 WWW.LCTMAG.COM IT IS WITH GREAT PRIDE AND ENTHUSIASM that I introduce my column for LCT Mag- azine, appropriately called Proft Driven. I would like to show you better ways of growing revenues and making money, drawing from my long career as a busi- ness executive. I will cover the major areas of fnance, revenue, marketing and business devel- opment. Each segment involves many sub-topics that I believe can supply you with detailed information to apply to your operations and businesses. I also welcome your input on topics that you'd like to see covered, as the pri- mary goal here is to give you value and help in improving your business. This column will cater to owners run- ning feets of all sizes. I will share differ- ent strategies and benchmarks for your business, and explain how to grow it to the next level. Our industry faces so many obstacles. To navigate through them, we need a sound plan to execute. Obstacles vary in diffculty, but with the right knowl- edge, talented employees, fnancial ca- pacity, ingenuity and proper leadership, we all can face and conquer any chal- lenges that emerge. Topical Tour My column will deliver insights gleaned from detailed research and the experi- ences of businesspeople who found so- lutions in strengthening their businesses: • In the articles addressing fnance, I will offer information on how to analyze line-by-line income and expense cat- egories, balance sheet considerations, direct billing versus credit card pro- cessing, leasing versus buying equip- ment and vehicles, mergers and ac- quisitions, vendor negotiation, use of barter and a host of related topics. • On the subject of revenue, we will ex- plore analyzing each client for proft- ability, cultivating an account, solving client incidents, avoiding too heavy a concentration within the overall rev- enue base, referrals, client surveys, af- fliate relationships, customer service, commissions, discounts and overall rate structure. This new column will take your fnancial woes, mistakes, fears and challenges, and turn them into tools to grow revenues and improve your business. Clear Answers Enlighten Path To Profts By Ron Sorci • In approaching marketing and sales, I will divulge details including the vari- ous methods used to attract new busi- ness: Use of free advertising, promo- tional ideas, value additions, referral networks, cold calling, use of the In- ternet, social media, newsletters, com- pany websites, and a list too lengthy to put here. • Lastly, for business development, you will gain information on: how your team can play a role in business de- velopment, commissioned sales reps, concierges, reaching the decision mak- ers, the 80/20 rule, how to listen to your client needs, reaching the clients' goals, and required follow-up steps to maintain the business. Applying Solutions I know frsthand that simple solutions to ground transportation problems are rare. But I fnd most answers to prob- lems involve a series of bullet point ap- proaches that are well thought out and easy to understand. In today's business climate, the chal- lenges often seem to outweigh the op- portunities for success. Over the years, our industry has encountered issues with overregulation, independent operator vs. employee debates, airport and port ob- stacles, rising costs of almost every line item, stagnant rate increases, local and national competition, and now the grow- ing presence of transportation network companies (TNCs), such as Uber and Lyft. Despite all of those issues facing us, we must fnd ways to survive. I've seen many owners and operators struggle. My goal for this column, along with the services I provide through my consulting company, is to alleviate that stress and get everyone on the right track to drive profts. In addition to sharing vital informa- tion and ideas, I will rely on you to email me questions on column topics so we can all learn from each other and grow stronger in business together. Everyone in this industry works tirelessly to suc- ceed. I'm here to help you on that well-deserved and earned path to profts. PROFIT DRIVEN I MARCH 2016 RON SORCI is the founder and CEO of Miami-based Professional Consulting Resources Inc. (www.pcrforyou.com). A former senior executive at public and private companies, Sorci most recently worked as CFO of Aventura Worldwide Transportation in Miami. He also served as President of the National Limousine Association from 2009-2010. He can be reached at Ron@pcrforyou.com or (786) 229-3662.

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