It's easy to focus on sales efforts with your floor teams. After all, they're your first line of revenue generation. But it's also important to keep your finger on the pulse of your F&I teams as well. Up-selling in the back office can be just as lucrative to your bottom line. Today, we'll highlight three tips to keeping your Business Managers just as motivated as your sales staff.
Don't be afraid to try and incorporate spiffs, bonuses, or competitions among your F&I teams. You routinely leverage a little friendly competition with your salespeople, and it works well in maintaining a healthy motivation. You can generate the same effect in the finance office. Your incentives might differ, but in encouraging a race to the best numbers, you'll find your finance staff will be continually be motivated to perform.
Individual & Team Goals
Make sure you're meeting with your Business Managers both individually and as a team, to review ongoing goals. In doing so, you'll be able to establish benchmarks for success as a group, while supporting each team member's personal career objectives as well. Layout clear steps for performance for them, and know what success means to each individual.
Be deliberate with your accolades and supportive in your communication efforts. Even during the slower traffic times of the year, your F&I team will appreciate the recognition. Consider developing a strategy for your communication efforts that includes how and when you deliver critiques as well as affirmations of a job well done. Always be encouraging and open to ongoing feedback as well.
Take a look at how your Business Managers are holding up in terms of motivation. Don't be afraid to create a little competition. Have clearly defined goals and make frequent use of positive reinforcements. You'll find your finance desks will be more productive, and your staff motivated for improvement ongoing. For more tips to motivating the various departments in your dealership, contact us!