Thursday, January 5, 2017

How To Reap Profits Without Crunching Numbers

<p>Creative Commons image <a href="http://ift.tt/nVrvmD" target="_blank">license here</a>&nbsp;via PublicDomainPictures.net</p>Our first-ever Money issue focuses on the DNA of every business: Hard money numbers. Business, as the subject of my cover article put it, is all about that figure at the bottom of a long P&L sheet: Net profit.

You can slice and rearrange numbers many ways, but eventually they all point to one result: Black or red. Beyond balance sheets, you can find more creative ways to bring in more revenue, but not measured in dollars. They’re called intangibles, or benefits never fully quantified in figuring a bottom line.

This leads to one of my favorite subjects: How to tell your business story through public relations, advertising, social media, blogs, video, or via a third-party written article.

The topic came up during a LCT-NLA Show East presentation from representatives of the National Limousine Association’s New York-based public relations firm, Evins. As part of a strategy to refute the deceit of transportation network companies (TNCs), the media experts advised operators to emphasize human interest angles about their companies. Such stories are about your customers and employees, assets of immeasurable value.

Evins offers a media/PR tool kit to any operator who’d like to get some positive coverage for their business and the industry. [Email nla@evins.com for a copy]. Here are some tips from Evins and a few from me with my spin as a former reporter:

  • In gathering information, ask: Which of your employees and clients have interesting stories to tell or would be captivating subjects for anecdotes? What has your business done that stands out in a crowd?
  • In choosing what to pitch against TNCs, ask: What does your company do better than TNCs? How does your higher rate deliver better value? What are customer offerings or fleet vehicles unique or special to your market area? How do you stay ahead of your competitors?
  • Digital media presents plenty of options for exposure and getting readers to click through to company websites. Advertising tends to be cheaper on digital platforms than for print. Online posts and links can go viral, and are more adaptable to social media. 
  • Reporters depend on outside sources for story ideas, especially in this era of digital media beasts that must be fed 24/7. Make sure you personalize your pitch to each reporter. While reporters can run in packs, they don’t like the appearance of going with the crowd. Every reporter wants to feel like the one getting a scoop.
  • Make sure press releases include new and helpful information written in a conversational style. Too many business wire press releases read like advertising fluff, and that turns off reporters. For example, a press release that starts out with, “America’s leading limousine service is the solution to special event clients. . .” will not gain much traction.
  • Websites, magazines, newspapers, and TV stations often publish editorial calendars of seasonal coverage topics and sections. You can target these media organizations at the right time with the right message, making it more likely your business can participate in coverage. Before you send your email, always think about local and national holidays and events. Stay up to date with local current events.
  • Identify as a small business, a Main Street America shop rooted in and supportive of your community. We are living in a more populist era of the little guy. You do not want to look like a conglomerate or big business.
  • Be consistent in branding and messaging your website, mobile app, social media pages, e-advertising blasts, and any printed brochures and handouts. That applies to logos, slogans, images, word choice, and formats. Look and sound the same no matter where a reporter, or a client, finds you. 
  • Emails should be simple yet noticeable, but not gimmicky or click-baity. Get to the point on what you offer and how you can help. 
  • Although phone calls often seem inconvenient, and younger generations prefer texting and emails, I believe a live call or VM message following an email enhances credibility. Take a chance and pick up the phone to follow up. How else to promote human interest stories than being human?

Remember, media outlets are also businesses with profits tied to consumption, all driven by interesting content. How can your story or timely information make their content more engaging? The relationship is mutual: You need exposure and they need eyeballs.

Aside from the metrics of digital advertising and social media, you may never know how many people did business with you because they saw or heard you on a media venue. Such positive brand association can pay off at any time, over time. A local reader of a digital newspaper may do business with you six months later, and never say why or how the connection came about. Or the reader could just pass you on to a prospect who never saw you.

Whether from satisfied customers, media consumers, or social media followers, the old concept of word-of-mouth means more now than ever.

Keywords

building your clientele   business growth   handling the media   industry media   LCT editor   marketing/promotions   Martin Romjue   media   National Limousine Association   NLA   profits   public relations   revenue growth   Sales & Marketing   

 

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Wednesday, January 4, 2017

The Trump-Effect: What The New Administration Means To Us

<p>Donald Trump at the New Hampshire Town Hall at <a class="extiw" title="w:Pinkerton Academy" href="http://ift.tt/QPBbWU">Pinkerton Academy</a>, Aug. 19, 2015 (Wikipedia Commons photo by Michael Vadon <a href="http://ift.tt/2g6R3q8" target="_blank">license here</a>)</p>We can all agree we are in for a ride; what’s not clear to many is if it will look like “Mr. Toad’s Wild Ride” or “It’s A Small World.”

I did my own “Ben Franklin chart” and would like to show how the pros outweighs the cons for you and this industry under President Trump — by a substantial margin.

On labor, Trump is focused on job creation with an owner’s best interest at heart. That means I expect him to push hard against a federal minimum wage. He has pressure from states complaining no federal increase has happened since 2009, but it will be minimal compared to Hillary’s $15 per hour. Expect it to go to $9 per hour.

This administration will not want to expand the sharing economy model of pushing institutional tax obligations to workers. They will embrace this new group as an organization of the freelance public, but will more likely close tax loopholes. Trump will make good on his promise to lower corporate taxes and healthcare overhead much faster than you think. Thanks to a Republican House and Senate, action items important to Trump will be approved efficiently.

Trump’s personal disdain for red tape will prove a positive for you. Anything unjustifiable will be on the chopping block. The sharing economy will seize this opportunity to get rid of regulations, but thankfully Trump’s team appears serious about keeping the ones that pertain to safety in our industry. So I predict sharing economy interests will fall flat and we will get what we want (with the right advocacy).

I assert this despite the announcement of Uber’s CEO joining Trump’s business advisory council. In my view, this advisory group is a smart play; keep your friends close and your enemies closer. That’s a cue from Trump’s bestseller, “The Art Of The Deal.” He needs Silicon Valley to simmer down.

Trump can’t be bought and owes no one. This industry has a golden opportunity to be heard over the noise of lobbyists for special interests. Unlike any President of our lifetimes, Trump is unencumbered, and best of all, he has an affinity towards entrepreneurs and small business owners like you.

Trump is focused on making America safe. That will result in increased global travel for the U.S. If a meeting planner must choose among unstable countries or the U.S. to bring their corporate groups to, we’ll win and that’s great for you!

So as Betty Davis once famously quipped, “Fasten your seat belts. . .”

Keywords

DOL issues. Department of Labor   Donald Trump   economic outlook   labor laws   LCT Publisher   Sara Eastwood-Richardson   

 

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New CA Rules Cloud Future Of The Stretch Limousine

<p>A Lincoln MKT Town Car stretch limousine (LCT file photo)</p>Under the new bills SB109 and SB863 that went into effect Jan. 1, limousines are now required to be equipped with at least two rear side doors and at least one pop-out window. That could prompt more limo operators to replace them with vans.

Sonoma Index-Tribune article here

From LCT: Another bill, SB 812, sponsored by Sen. Jerry Hill, D-San Mateo, passed in 2016, extends the date for the modification of stretched limousines to include two pop-out windows to January 2018. The Greater California Livery Association has worked extensively to modify this bill. It initially would have cost limo operators anywhere from $10,000 to $30,000 in modifications had the GCLA not lobbied to tone it down. It would have put small operators out of business and taken 70% of the stretched limos off the road in California. The GCLA still plans to work on this issue, but has bought valuable time. Limo operators with five-door stretch limousines and/or roof escape hatches do not need the two pop-out windows.

Keywords

California operators   GCLA   Greater California Livery Association   legislation   limousine fires   passenger safety   stretch limousine   

 

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Business Travel Could Face Stiffer Challenges In 2017

<p>Creative Commons image via Pexels.com</p>2016 was not a great one for business travelers. Sadly, 2017 does not look like it is going to be any better.

The Economist article here

Keywords

business travel   client markets   corporate travel   economic outlook   Global operators   international   international business   

 

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3 Ways Any Business Can Improve Its Customer Service

<p>Creative Commons image by nyphotographic.com, <a href="http://ift.tt/2hSdzTS" target="_blank">license terms here</a></p>Customer service often sucks. In fact, I believe the term “customer service” is an oxymoron.

Forbes Entrepreneur article here

Keywords

building your clientele   business growth   client feedback   client markets   customer service   How To   

 

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Time To Prove Your ‘Metal’ With LCT’s Business Awards

Think you have what it takes to be named a LCT Operator of the Year? Now’s the time to prove it!

The annual LCT Operator of the Year Awards is taking applications online now through Feb. 1, 2017.

LCT gives the awards to six operators who excel in the areas of customer service, technology, training, media and marketing, safety, and community/industry involvement.

A panel of judges scores finalists in each of those categories for the following OOY awards: 1-10 fleet vehicles; 11-30 fleet vehicles; 31-50 fleet vehicles; 51+ fleet vehicles; motorcoach; and global/international.

Want to stand out? Make sure to attach any supporting documents (photos, thank you letters, testimonials, etc.) that will help these judges see you are truly deserving of the honor.

ENTRY FORM HERE (The form also can be accessed at the top of the LCTmag.com home page by clicking the “LCT Awards” link)

Winners will be announced and honored on Tuesday, March 14, 2017 from 7 p.m. to 10 p.m. during the LCT Magazine Awards Gala at the International LCT Show in the Sands Expo between The Palazzo and The Venetian Resort Hotel Casinos in Las Vegas.

Keywords

awards   casinos   honors and awards   ILCT 2017   industry events   Las Vegas   LCT Events   limo tradeshows   NLA   Operator of the Year Awards   tradeshow preparation   

 

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L.A. Limo Company Acquires Longtime San Diego Operation

<p>Creative Commons image by nyphotographic.com, <a href="http://ift.tt/2iQCuEt" target="_blank">license here</a></p>KLTS Limousine has acquired San Diego’s oldest and most renowned limousine operation, LJ Transportation Inc for an undisclosed amount.

Ending 2016 as its most successful fiscal year-to-date after 13 years in business, KLTS makes a bold first move in a plan of many acquisitions to establish nationwide roots. Led by President & CEO Mike Muhsin, this acquisition will catapult KLTS Limousine to the forefront of San Diego’s leading ground transportation providers.

KLTS LLC began as a one-car operation in 2003, after several years of hard work and dedication Muhsin’s operation is now San Diego’s second largest ground transportation provider. Running a fully-functional operation in downtown San Diego for the past three years with an in-house mechanic, detailer, and dispatch office. Our rapid-growth tapping into DMC work, and dealing with the largest chauffeur transportation players in 2016 has forced owner Mike Muhsin to make a bold move to keep growing.

LJ Transportation Inc., operating since 1985 by owner Calvin Steria has established some of the longest relationships  locally in the industry. At 68 years old, Steria, operating for 31 years, has decided to retire from the limousine industry. LJ Transportation Inc. has included 11 cars in the KLTS acquisition. Specializing in corporate and group transportation, LJ passes off an impressive book of business relationships that KLTS plans to strengthen.

KLTS Limousine, led by operations nanager Jessica Swenke, will house 42 senior chauffeurs, and a new fleet of 40+ vehicles with the LJ acquisition. LJ Transportation Inc, will continue to operate under this name at 1460 Morena Blvd., San Diego, which will now be headquarters for KLTS Limousine along with its current location.

“I look forward to combining the potential and quality of service my team and I have built KLTS upon and the 30 plus years of great business LJ holds to this day, I think this merge of old and new will bring KLTS to an exciting place as a serious player in the Southern California market,” Muhsin said in a press release. With this expansion, KLTS plans to concentrate on gaining affiliates, large groups as well as new accounts nationwide.

Keywords

business deals   California operators   Los Angeles operators   mergers & acquisitions   San Diego operators   

 

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