On Dec. 13, Dave Luehr’s Elite Body Shop Solutions’ free webinar series featured an informative session titled “Financing Growth” discussed by Brad Mewes, founder and principal consultant at Supplement Advisory.
The goal of the webinar was to share information on: how to finance growth, the different types of lenders and how companies can best position themselves to access these funds to facilitate the growth of their business.
Luehr began by talking about the purpose of the webinars and encouraging shops to sign up for the Body Shop Executive’s Performance Group on Facebook and the Elite Body Shop Solutions Academy (elitebodyshopsolutions.com/academy). He also announced that he will be launching a brand-new product, the Operations Monthly Live, on Jan. 8, in which he will be talking about goal-setting and how to build the operational business of your dreams.
After reminding attendees that the webinar can be used towards AMi credits and providing the antitrust guidelines, Luehr introduced Mewes, who began his presentation about leveraging $638 billion worth of assets to build the business you deserve. He began by providing a brief description of his background, including his lifelong involvement in the collision repair industry, which has culminated in his current role as a business advisor working with investors, analysts and bankers to help shops support expansions and improvements.
“I’m privileged to work with a lot of businesses, allowing me to leverage a broad base of insights in order to drive growth,” Mewes stated. “Driving growth is the business philosophy at Supplement Advisory. We are very growth-oriented and focused on building and growing the business you deserve.”
Four primary ways to grow a business (in terms of profit) include organic growth; efficiency and cost reductions; new developments; and acquisitions. Most small businesses focus on organic growth by attracting and retaining customers, and owners tend to focus on enhancing efficiency and reducing cost.
“The companies that grow the most turn their attention to new developments and acquisitions, but these are less common because funding is a challenge in the industry,” he said. “Focus on all four is important. The key factor here is that they all involve some sort of investment, whether in time, energy or money. Growth requires an investment, but the largest players in the industry are willing to invest heavily in that growth.”