2020 Prognostications from Laurie Foster
I see the gaps in the market becoming a chasm, widening by the day.
For some, this year will be an extreme version of ‘The Year of Living Dangerously’ while for others I see ‘The Year of Focus, Re-calibration and Leadership’ at work.
We have had years of good increases.
But the margins are not the same. While some still celebrate antiquated KPIs skimming things like ‘Unit Count’ others will look more carefully than every at expense controls, team performance and leadership models.
Plenty will go into the new year drunk on their past successes without looking at stabilizing and building for a future full of inevitable change.
Some will continue to talk about their ‘years in the business’ and some will work to ensure they are bringing relevant, meaningful and demonstrable value to a demanding and rapidly changing marketplace. Now and into the future, they are determined to evolve in their roles.
Some will be noisy, thumping on their chests as they merely ride the last waves of an economic upturn. Others will realize they need to redouble their efforts to strengthen their teams, their community presence, their business objectives as they look back to the devastation brought on 10 years ago and vow never to be an innocent bystander when the waves return.
Some, like the proverbial frog in the boiling water, will become more vulnerable to shifts in the market as they continue their commitment to doing things “the way they have always done them.” And they fail to realize that the soothing warm waters are now at a rolling boil.
Others have seen the aftermath of the Titanic and are learning it is time to step aside from ego and ‘what was’ and steer their ship towards what can be inside a world of more competition, reduced customer loyalty, margin compression and calibrate their teams to win on the field that now exists, not the one that is now sinking to the ocean floor.
Egos will no longer be as rewarded, valued, recognized. Pride in the work of those who are insightful students, who demand more than ever of themselves and their leaders will become an appreciated category of leadership in automotive.
All of this applies to retails and vendors alike. A short burst of success has tricked many into thinking they control their future position in the market. Others will become more diligent, collaborative and demanding of exemplary output as they seek to attain and retain sustainable greatness.
The difference between those who hold titles and those who are viewed as Leaders will become more apparent. In an era of unprecedented levels of employment, massive gravitation towards progressive, thoughtful Leaders will make it harder, if not impossible for dealers and vendors who fail to deliver on offering employee-focused companies.
The gap is already there. You may or may not see it. By the end of 2020, the chasm between the old and the new will be painfully and powerfully visible to all.
Laurie Foster
Founding Partner l Foster Strategies Group
