Marsh & McLennan Agency – Bicycle Industry Insurance

Providing unique Protection for Your Unique Risks

With MMA’s bicycle industry insurance and risk services, you’ll find the peace of mind that comes with coverage that is uniquely tailored to your risks. Led by Scott Chapin, an agent who knows the bicycling world and business and has the backing of the leading insurance brokerage in the world.

Greater Liability Protection 

We work directly with insurance underwriters, not just through wholesalers who typically offer limited products and more rigid terms.

For Manufacturers and Suppliers

If you produce or manufacture bikes or bicycle-related products, MMA can help deliver the liability protection you need to keep your personal and business operations and finances safe.

For Bike Shop Owners

Many bike shop owners are insured by a modified Business Owners Policy (BOP). Unfortunately, the protections these provide often come up short when weighed against your real risks.

MMA’s bike shop-specific coverage delivers coverage for the risks that you’re likely to actually face.

For E-Bike Retailers

Trust us to help you navigate the insurance and risks associated with this new and growing segment.

The insurance side of this industry is complicated, and many insurers don’t totally understand the mechanics and risks involved. MMA has been working in this space for more than a decade and has built a national reputation.

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The NBDA has been here since 1946, representing and empowering specialty bicycle dealers in the United States through education, communications, research, advocacy, member discount programs, and promotional opportunities. As shops are facing never-before-seen circumstances, these resources offer a lifeline. Together, we will weather this. We at the NBDA will not waver in our commitment to serving our members even during this challenging time—but we need your support.

Now is the time to become a member as we join together to make one another stronger. Whether you’re a retailer or an industry partner, your membership in the NBDA is one of the best investments you’ll make this year. 

Learn more about the benefits of being a member and join now.

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The post Marsh & McLennan Insurance appeared first on National Bicycle Dealers Association.

Set Realistic Goals

The importance of setting and working towards goals is universal in the business world. Yet, many bicycle retailers who are struggling will have no defined goals other than getting the day’s repairs done and helping the next customer through the door. Without goals, you are similar to the ship floating adrift in the sea rudderless and without power and ill end up wherever the winds and currents want you to go. Goals do not have to be aggressive or include things that don’t make sense for you and what you want your business to be, but they will keep you on track to be the store you wish to operate. Goal examples can run the gamut from wanting to open more stores, become profitable, or have less employee turnover. When a goal is identified, you can begin to develop the plan to reach it. Most businesses’ most basic goal revolves around top-line revenues, which is always the right place to start, but I would encourage you to step deeper into that and have revenues and profits be critical pieces to that goal.

Utilize All The Available Tools

At this point in history, the number of tools we have to run a business is mind-blowing. Retailers who are moving forward are always finding and implementing the use of these tools. Most will be related to the usage of your point of sales and finding ways to leverage the data that you are collecting and then acting on. The most successful retailers are making decisions based on data and using as many tools as possible to enhance the customer’s experience. Customer reward plans, targeted email marketing, online scheduling, and the ability to buy online and automated notifications of the repair completion or special order arrivals, are the hallmarks of a modern retailer. On the backend, the software is making it simple to get a snapshot of your business’s financial health at a moment’s notice and allows you the realtime ability to make decisions that will guide you towards profitability. 

Understand That Data Is Critical To Decision Making

Many retailers still, unfortunately, make too many decisions based on their assumptions and preferences. Ordering based on personal assumptions happens for at least two reasons. The buyer doesn’t trust their data because they haven’t done a good enough job of gathering it carefully, and second, they have preconceived notions that the data may be at odds with, and personal feelings are hard to overcome. 

Be Open To Changing Directions

I love hearing stories from retailers who have had to pivot at some point in their business’s evolution. Retailers that have been around for a few decades often look very different than when they started. The winds of change will undoubtedly blow at some point in a business’s life cycle, and the ability to recognize and act on those changes will be paramount to not only survive but also long-term success. Check out this article on pivoting in business to see if you fit any descriptions of when it is time to pivot.

Don’t Get Lost In The Minutiae.

Not “seeing the forest for the trees” is a severe issue for any retailers. Becoming so wrapped up in the day to day and minute to minute operations can have disastrous consequences. Being too busy is a simple fact of life for many smaller retailers that they will be called upon to wear every hat, but they need to recognize those times when they may need to address something even more significant than changing the next flat tire. Being too involved can apply to the retailer who has stepped too far into “working on their business” mindset, and hasn’t worked IN their business in quite some time. Be aware at all levels of your business, so you always have a clear view of what is happening. 

For help becoming more profitable, check out the P2 Project, a peer to peer, networking group, that members overwhelmingly feel has improved their business, or for more information on the P2 Consult, program contact David@NBDA.com or P2 Consult.

David DeKeyser and his wife Rebecca Cleveland owned and operated The Bike Hub in De Pere, Wisconsin, for nearly 18 years. In 2018, they sold the business and real estate to another retailer based in a nearby community. David now writes the Positive Spin series on Bicycle Retailer and Industry News and he writes articles for the NBDA’s blog, Outspokin’. David also provides business consulting through the NBDA’s P2 Consult Program.

The NBDA has been here since 1946, representing and empowering specialty bicycle dealers in the United States through education, communications, research, advocacy, member discount programs, and promotional opportunities. As shops are facing never-before-seen circumstances, these resources offer a lifeline. Together, we will weather this. We at the NBDA will not waver in our commitment to serving our members even during this challenging time—but we need your support.

Now is the time to become a member as we join together to make one another stronger. Whether you’re a retailer or an industry partner, your membership in the NBDA is one of the best investments you’ll make this year. 

Learn more about the benefits of being a member and join now.

The post Is Success as Simple as Following a Game plan? appeared first on National Bicycle Dealers Association.

The most dangerous thing, in my opinion, our industry can do is make sweeping generalizations and unrealistic comparisons between the various types and sizes of businesses, and their ebike sales successes and shortcomings. My focus here and part 2 of this series is not the small service only shop or the large destination single store outlets doing $2M plus in sales, and certainly not the large multi-million dollar, multi-store operations. In my discussions with several people over the last few weeks on the supply side, a picture began emerging that confirmed my feelings of what the typical IBD in America looks like today. Where the “average” size IBD is thought to be a bit over $1 million in annual sales, the reality is that there are huge numbers of retailers in the $500K to $750K range. The struggles this size store faces, and even those up to the “average” size when it comes to e-bike sales are not initially easily overcome. I also feel there is a bit of disillusionment and frustration with these IBD’s. They are increasingly feeling the e-bike category may not be living up to the hype promised and cannot gain excellent traction with the category. Further, they may sense some abandonment from the brands they viewed as trusted allies.

Struggles

The traditional size IBD is where my concern lies in this conversation. Their issues in capitalizing on the opportunity that ebikes sales are providing loom large. The most significant deterrent to the traditional IBD is simply the funds to stock their stores and the cash flow issues of having too much inventory if they do. Speaking with several people on the supply side confirmed my own experiences working with retailers. Credit lines that were typically hit even before introducing e-bikes have placed an impenetrable barrier on the ability to purchase. Also, open to buy, that may have been overbought even before the entrance of e-bikes on the scene, has left these shops often unable to make a push into the category beyond stocking handful units. The typical shop in this size range is moving far less than 20 units according to those I spoke with, and those sales are not always delivering profitable margins.

The simple fact that the traditionally sized IBD is just too cash strapped and credit line constricted to make a concerted effort to capitalize is the elephant in the room I alluded to at the outset. These retailers would love to realize ebikes sales potential. The idea of adding a category to your business with the potential to drive a seemingly unlimited number of customers spending $2-3k on bikes initially felt like all the doom and gloom just dissipated. The road to the easy street was straight ahead. However, online sales of inexpensive competitors were the first blow to let some wind out of the sales, then the inability to even get inventory due to credit line caps, being too far down the list on allocation, and finally, the fear of going too now into something unproven. Lately, the emergence of Powersports dealers acquiring lines of bikes that were never expected to leave your side has left many sad and wondering if they can compete.

What the typical IBD needs

There need to be more allowances made from vendors in regards to realistic programs and margins. The lower margins offered, coupled with the cash flow requirements of high dollar inventory, are tying up smaller IBD’s dollars in more inferior margin products and potentially keeping other profitable categories under stocked.

While there are challenges, there are also opportunities. In part two, we will examine what you can do to drive sales even if you are currently experiencing some difficulties getting the category going in your business. Ebikes are too big of an opportunity to let slip through your hands!

Finally, if you find yourself struggling and would like help with growing your e-bike sales or understanding your finances better, I would be excited to learn more about your business and develop a plan to help you. You can reach me at david@nbda.com.

Part Two – Selling Ebikes Part Two: 6 Ways To Power Up Your Sales

Words by David DeKeyser

David DeKeyser and his wife Rebecca Cleveland owned and operated The Bike Hub in De Pere, Wisconsin, for nearly 18 years. In 2018, they sold the business and real estate to another retailer based in a nearby community. David now writes the Positive Spin series on Bicycle Retailer and Industry News and he writes articles for the NBDA’s blog, Outspokin’. David also provides business consulting through the NBDA’s P2 Consult Program.

The NBDA has been here since 1946, representing and empowering specialty bicycle dealers in the United States through education, communications, research, advocacy, member discount programs, and promotional opportunities. As shops are facing never-before-seen circumstances, these resources offer a lifeline. Together, we will weather this. We at the NBDA will not waver in our commitment to serving our members even during this challenging time—but we need your support.

Now is the time to become a member as we join together to make one another stronger. Whether you’re a retailer or an industry partner, your membership in the NBDA is one of the best investments you’ll make this year. 

Learn more about the benefits of being a member and join now.

The post eBike Sales Part One: The Struggles For The Typical IBD appeared first on National Bicycle Dealers Association.

Shop Procedures

1. Promote positive social media reviews: If you, or the store in general, have a positive interaction with a customer, ask them to give a thumbs-up on Yelp or wherever—preferably with a smile.

2. “Would you like to get it today?”: Don’t leave it to the customer to tell you they want to buy what you’re selling—ask them! If they say no, find out why.

3. Steering online shoppers: Don’t give up on customers who clearly know their online options. Make a friendly, respectful case for buying from your shop. You at least have to try.

Human Interaction

4. Calibrate the tech-speak: Ask a question or two—“How much tech do you know, and how much do you want?” “What research have you done?”—to get a feel for the customer’s knowledge level before you start presenting bikes or products.

5. Talk to customers, not to each other: There’s a time and place for engaging in conversation with fellow staffers. When you’re on the floor and customers are in the store is not that time.

6. Manners matter: Customers appreciate the all-too-rare-in-modern-retail basic courtesies. Say “Thank you!” and, whenever necessary, “I’m sorry.”

By Ray Keener

Ray is a long-time friend of the NBDA and writes occasional columns, blogs, and articles for Bicycle Retail and Industry News.
Ray’s background includes stints as a bike retailer, executive director of the Bicycle Industry Organization, editor of a trade magazine, founder of Growth Cycle, and now executive director of the Bicycle Product Suppliers Association.

The NBDA has been here since 1946, representing and empowering specialty bicycle dealers in the United States through education, communications, research, advocacy, member discount programs, and promotional opportunities. As shops are facing never-before-seen circumstances, these resources offer a lifeline. Together, we will weather this. We at the NBDA will not waver in our commitment to serving our members even during this challenging time—but we need your support.

Now is the time to become a member as we join together to make one another stronger. Whether you’re a retailer or an industry partner, your membership in the NBDA is one of the best investments you’ll make this year. 

Learn more about the benefits of being a member and join now.

The post 6 Tips to Improve Customer Satisfaction appeared first on National Bicycle Dealers Association.