Compliance and how it affects you

I have been asked to re-post this. With all the compliance concerns, recently and the thought that compliance will take away from us “closing deals”, I wanted to suggest that maybe a good compliance policy will instead increase our ability to “close deals”. A good policy is just part of the Road to the Sale….take a look below.

 

Compliance and how it affects you
Some of my friends suggested that we find a way to bring the best practices we view to a central location. As we attempt to do that, we want to find out what is important to you, the Automotive Retailer and of course you’re F&I Director. So going forward, we are asking for thoughts on what subjects and areas of opportunity you would like for us to explore.

Recently the word “Compliance” has beeen dropped around the showroom and back offices. With the current and new regulations that have been imposed come to light over the last few years and, of course,our tendency to push our worry about such “boring and dry concerns” for another day, has placed a few of us in a pinch. How do we best embrace these regulations and still not interfere with the day to day operation of our business.

With the enforcement of these regulations starting this month, many Retailers have been reaching out to various vendors, consultants, attorneys, and almost anyone to find the “fix” or the “solution in the box” usually with mixed results. The reality is that we already have that solution in house and should be looking at what we have always called our SOP or Standard Operating Procedure.

As a business and more important as a sales driven organization, one of our main contributing factors to our success is our ability to manage our time, energy, and focus. As managers, we are always looking for ways to ultimately find tools to assist our sales professionals to become more efficent. The standard proven tool used in every industry has been the SOP or Standard Operating Procedure.

You know what the SOP is; it is our process on how we do something. The better the process, the more successful our team is in achieving the desire outcome. Regardless if it is prospecting, the presentation, closing, or even staying compliant. The SOP has been the map, the step by step instructions on what and how to do a task.

I am sure many of use already have an Adverse Action Notice procedure or a Safe Guard procedure. But is that procedure in print? Has it been taught to our entire sales team and staff? I wonder when was the last time we actually taught our basic road to the sale from our own SOP manual. Many times we view training as something we must do, but it does not compare to “real life experiences”. Sometimes we view training on compliance or even the sales process as something we can push off for another time.

I hope that most of you reading this blog believe that our sales and management teams are only as good as the ongoing training that we have provide. The intense but mentoring form of coaching such as leading by example, show by doing. If so, we have a responsibility to provide our employees with a real understanding of what we do and more importantly, WHY. Why we follow the processes we place in front of them; what better way than to provide them and teach them using our written Standard Operating Procedure.

Rick is a certified F&I Professional holding various insurance and financial planning licenses. He has conducted training and coaching seminars in China, South Africa, and the United States. He can be reached at rick_wise@earthlink.net

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One thought on “Compliance and how it affects you

  1. Rick, Thanks for this blog. I am so pleased to see you address this. The decade will remain unnamewd…but it was several ago when my Ryan & Assoc trainer, (EVP of Training Herman Bass) advised us on the first day of our 2 wk course the following instructions.

    “If you cannot produce photographic evidence and if it is not the truth, don’t do it or say it…always disclose everything you do.” Imagine now, this was ‘decades’ ago and we are still attempting to get buy in for Compliance.

    For those still in the wilderness, may I suggest Hudson/Cook.

    Cheers…adh

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