Take a proactive approach with your stakeholders, to help manage the impact of the crisis on your dealership.
- Identify the key stakeholders related to your dealership, such as your C-suite team, board of directors, lenders, government agencies, OEM, and suppliers.
- Assess each stakeholder’s agency. Develop proactive management plans that state an ‘ask’ for each one, such as a request to the bank for a delay on principal payments.
- Develop and implement a holistic communication approach. Clearly communicate the path forward for your dealership and the impact to all stakeholders.
- Look ahead to post-crisis engagement. For example, begin working with your OEM on strategies for regaining consumer confidence once the COVID-19 crisis has passed.