No longer my world (retired and watching UA-cam lol) but your videos and entrepreneurship attitude and real world figures are absolutely brilliant. And for the right person out there offer so much information. As well as inspiration. If a newbie or even just aspiring entrepreneur trust me follow this guy. He is cutting the mustard and thinks and creates broad and wide. Good luck - it helps - but you can also make your luck - but if you need the luck make sure the possible gains outbid the possible loses. P.S. Be warned a lot of small businesses advisors have zero real world experience and offer next to nothing worth hearing unless you are a dullard probably going nowhere.
Hi James, It is very interesting hearing you talking about cash conversion cycle. As a car dealer it is something I am very aware of, and believe it is the main reason a lot of smaller car dealers struggle. The average 'CCC' or 'Stock turn' for a car dealer is also around 8 times per year, as quoted by Autotrader. The stock turn of a car dealer can also be known in another form of 'days to sell'. This is the number of days it takes for a car dealer to purchase, prepare and sell a vehicle. 'Days to sell' can be improved in a number of ways, such as collection/delivery times, preparation times, advertising spend, quality of advertising and much more. I average a stock turn of 12.5 times per year. This significantly reduces my overhead cost per vehicle sold by over 33% and gives me increased opportunities for taking in part exchange vehicles and receiving finance commissions, both give an extra boost to the business. It's a very interesting topic I've spent much time thinking about and implementing different systems to further increase the performance within the business. I love the content, please keep it coming! :)
Hey, do you mind sharing briefly how the stock turn for you at 12.5 times per year dramatically reduced your overhead cost per vehicle, in comparison to simply selling more vehicles which obviously reduces overhead per vehicle. Thanks in advance :)
@@sam_packer8968 Selling more vehicles is the same as increasing your stock turn, as most dealers have a limited amount of cash to spend on stock. Therefore we need to turn that cash over as much as possible during the year to increase our turnover, gross profit and net profit without the need for further funding. Our current cash available for stock is around £350,000. If we turn that cash over 12.5 times year, we earn more than if we turned that cash over 8 times per year. I just thought it was interesting that the stock turn examples we relatively close to the used car industry. Hopefully that makes sense :) Increasing
Example. If we stock 20 vehicles and sell them 8 times per year, we would sell 160 vehicles. If we sell them 12 times in a year we would sell 240 vehicles. If our overheads were £20,000 per month, £240,000 per year. So a better stock turn would mean our overheads per vehicle sold would be £1,000 instead of £1,500.
"We're gonna keep this rock shop, and expand it a bit" 4 months later............... "Welcome back gang, and today we're going on a tour of our new rock making factory that has been going gang busters churning our Rossi Ice Cream Flavoured Rock"
So many splits and divisions historically in the Rossi family over the ice cream, I have tasted all of the branches over the years and the ice cream in the coastal locations is not the same classic recipe that people fondly remember. James, have to taken on the little shop in Barkingside? as that guy was still making the original recipe and it was delicious last time I was there (2015)
I grew up in Southend. I'll always remember our local Rossi icecream van driver; he was so kind and always upgraded our icecream amd added extra sprinkles of nuts and sauce (shut up! 🤨). My parents always shopped in Southend High Street and mum LOVED the Tutti Fruity flavoured icecream from the Rossi shop.
I am curious on the thought process of having the same chain stores close in proximity, I see that often, does aggregate sales increase a lot or not so much
Got a? I took over a company that has a 100 year history in Orange County California. To be specific in Santa Ana CA. I took over the entire customer list and it's growing but am not sure how to work it. Is there any way I could hook up with a condultation? Am willing to pay to get advise...
If Costco sell before the payment is needed at 30 days, why don’t Costco use their buying power and push term to 60 days and cream off a months interest?
Hi James I would love to come to your podcast but I'm a wheelchair user and the theatre that you've chosen is not wheelchair accessible can I ask you to look at this the next time you're putting one of these events on because of the spending power of disabled people there's £1 trillion globally so please make sure your wide ranging businesses understand the value of purple pound thank you happy to come along and educate you if you'd like thank you
@@JamesSinclairEntrepreneur Good evening James I have dropped you an email after not being able to use your Foam on your website I don't know whether it was because my message is too long or whether it's because I'm using assistive technology due to my disability so I've dropped you an email instead have a great weekend
What you are forgetting is Rossi is only popular with people that were about in the 1930’s onwards. Kids grew up with it coming to Southend mainly from London on family outings or holidays classed as real treats in those times ! (as tradition dictates) However now these people have lived their lives, voted Tory all of it , got their big house in Thorpers or Chalkwell and are now in Gods waiting room. Their kids and Grandkids have grown up now awaiting the inheritance that Grandma will be leaving them (the last generation of inheritance imo). Those days are now gone. Kids these days don’t give two hoots about nostalgia,history or that Grandma loved a traditional Rossi lemon Ice ! They will go anywhere for an overpriced iced treat. Same as they pay a mortgage for an overpriced coffee just because it has a fancy name. So when all the traditionalists are gone and the remaining family spunk the all cash on living the dream for fb likes, Rossis will become a distant memory fading away with the people that used to buy it. Nowadays if given a choice People will go wherever they get served quickest esp on a hot summers day on the seafront. Whether it be snot on a stick or the famous Rossi secret recipe (which incidentally I do not believe is being used nowadays anyway ) it’s what ever shuts the screaming brats up quick enough !
James: Putting my kid on here. Me: That's about right. I givr that car about a week untill the first think breaks off if it isn't being dealt with before opening up.
Great insights on taking over a classic business and adapting it for today's market. Revitalizing a legacy brand? Leveraging its history can create a strong emotional connection with customers. Just ensure you modernize the experience to meet current consumer expectations.
Love these Day in the life videos James - always loved Rossi ice cream too! Don't Costco generate over 70% of their annual profits from membership fees?
Love your work as always mate. Have you considered Rossi factory tours? I'd totally pay to see that and also enjoy some ice cream. I reckon thatd be awesome.
We have; but what people think….Willy Wonka strutting around and ompa lumpa’s sailing in gondolas through rivers of vanilla …. To what people get; is in reality a cold, clean, sterile controlled environment. That said I am thinking about how to do it
@@JamesSinclairEntrepreneur you're not wrong. You could make it more of a fun experience tied into a tasting or 2 course Ice cream meal, something really different. Pay your money, you get a factory tour, some tat to take home in a little party bag type thing and 2 courses (pots or flavours) of ice cream to take back. Good fun.
you should vlog the renovation of the new shop every week, that kind of content is gold! what an exciting new project!!
Agreed
This!
James you inspire me so much, I cant thank you enough for sharing your wisdom and experiences so generously.
No longer my world (retired and watching UA-cam lol) but your videos and entrepreneurship attitude and real world figures are absolutely brilliant.
And for the right person out there offer so much information.
As well as inspiration.
If a newbie or even just aspiring entrepreneur trust me follow this guy.
He is cutting the mustard and thinks and creates broad and wide.
Good luck - it helps - but you can also make your luck - but if you need the luck make sure the possible gains outbid the possible loses.
P.S. Be warned a lot of small businesses advisors have zero real world experience and offer next to nothing worth hearing unless you are a dullard probably going nowhere.
Hi James,
It is very interesting hearing you talking about cash conversion cycle. As a car dealer it is something I am very aware of, and believe it is the main reason a lot of smaller car dealers struggle. The average 'CCC' or 'Stock turn' for a car dealer is also around 8 times per year, as quoted by Autotrader.
The stock turn of a car dealer can also be known in another form of 'days to sell'. This is the number of days it takes for a car dealer to purchase, prepare and sell a vehicle. 'Days to sell' can be improved in a number of ways, such as collection/delivery times, preparation times, advertising spend, quality of advertising and much more.
I average a stock turn of 12.5 times per year. This significantly reduces my overhead cost per vehicle sold by over 33% and gives me increased opportunities for taking in part exchange vehicles and receiving finance commissions, both give an extra boost to the business.
It's a very interesting topic I've spent much time thinking about and implementing different systems to further increase the performance within the business.
I love the content, please keep it coming! :)
Hey, do you mind sharing briefly how the stock turn for you at 12.5 times per year dramatically reduced your overhead cost per vehicle, in comparison to simply selling more vehicles which obviously reduces overhead per vehicle. Thanks in advance :)
@@sam_packer8968
Selling more vehicles is the same as increasing your stock turn, as most dealers have a limited amount of cash to spend on stock.
Therefore we need to turn that cash over as much as possible during the year to increase our turnover, gross profit and net profit without the need for further funding.
Our current cash available for stock is around £350,000. If we turn that cash over 12.5 times year, we earn more than if we turned that cash over 8 times per year.
I just thought it was interesting that the stock turn examples we relatively close to the used car industry.
Hopefully that makes sense :)
Increasing
Example.
If we stock 20 vehicles and sell them 8 times per year, we would sell 160 vehicles.
If we sell them 12 times in a year we would sell 240 vehicles.
If our overheads were £20,000 per month, £240,000 per year.
So a better stock turn would mean our overheads per vehicle sold would be £1,000 instead of £1,500.
"We're gonna keep this rock shop, and expand it a bit"
4 months later...............
"Welcome back gang, and today we're going on a tour of our new rock making factory that has been going gang busters churning our Rossi Ice Cream Flavoured Rock"
Oh dear - I thought about it lol
So many splits and divisions historically in the Rossi family over the ice cream, I have tasted all of the branches over the years and the ice cream in the coastal locations is not the same classic recipe that people fondly remember. James, have to taken on the little shop in Barkingside? as that guy was still making the original recipe and it was delicious last time I was there (2015)
Jurassic grill went bankrupt - you should buy all of their dino themed stuff!
"here's the lift that takes you up and down" and "who's this bird?" haha, brilliant stuff as always James
Wonka will be disappointed
What about the cash flow of an insurance company. Take your premiums every year and sometimes pay you
James Burrt on the main channel, he has really made it now.
Best comment ever 😂😂
keep up the great work brother
I grew up in Southend. I'll always remember our local Rossi icecream van driver; he was so kind and always upgraded our icecream amd added extra sprinkles of nuts and sauce (shut up! 🤨).
My parents always shopped in Southend High Street and mum LOVED the Tutti Fruity flavoured icecream from the Rossi shop.
Brilliant 😊
I am curious on the thought process of having the same chain stores close in proximity, I see that often, does aggregate sales increase a lot or not so much
Because could people not just go to the more established place?
Ive seen towns with more than one costa / Nero..,
They’re close but not that close.
James when do you hope for the dino park to be open?? Looking great already
It's ready for May Half Term! We'd love to see you here.
Got a? I took over a company that has a 100 year history in Orange County California. To be specific in Santa Ana CA. I took over the entire customer list and it's growing but am not sure how to work it. Is there any way I could hook up with a condultation? Am willing to pay to get advise...
Cool.
If Costco sell before the payment is needed at 30 days, why don’t Costco use their buying power and push term to 60 days and cream off a months interest?
Because one of their 4 laws of business is “to respect our suppliers” they’re just the best,
Hi James I would love to come to your podcast but I'm a wheelchair user and the theatre that you've chosen is not wheelchair accessible can I ask you to look at this the next time you're putting one of these events on because of the spending power of disabled people there's £1 trillion globally so please make sure your wide ranging businesses understand the value of purple pound thank you happy to come along and educate you if you'd like thank you
Please can you drop me a line with your details via my website www.jamessinclair.net
@@JamesSinclairEntrepreneur Good evening James I have dropped you an email after not being able to use your Foam on your website I don't know whether it was because my message is too long or whether it's because I'm using assistive technology due to my disability so I've dropped you an email instead have a great weekend
What do the Rossi family think of you restarting their brand and business?
We haven’t restarted it, we’re just trying to bring it back to its former glory. 10 years and it’ll be amazing.
What you are forgetting is Rossi is only popular with people that were about in the 1930’s onwards. Kids grew up with it coming to Southend mainly from London on family outings or holidays classed as real treats in those times ! (as tradition dictates) However now these people have lived their lives, voted Tory all of it , got their big house in Thorpers or Chalkwell and are now in Gods waiting room. Their kids and Grandkids have grown up now awaiting the inheritance that Grandma will be leaving them (the last generation of inheritance imo). Those days are now gone. Kids these days don’t give two hoots about nostalgia,history or that Grandma loved a traditional Rossi lemon Ice ! They will go anywhere for an overpriced iced treat. Same as they pay a mortgage for an overpriced coffee just because it has a fancy name.
So when all the traditionalists are gone and the remaining family spunk the all cash on living the dream for fb likes, Rossis will become a distant memory fading away with the people that used to buy it. Nowadays if given a choice People will go wherever they get served quickest esp on a hot summers day on the seafront. Whether it be snot on a stick or the famous Rossi secret recipe (which incidentally I do not believe is being used nowadays anyway ) it’s what ever shuts the screaming brats up quick enough !
1932 to 2024 is 92 years, not 100 years. otherwise gj.
Hey James, check out the chocolate museum and cafe in Cologne Germany. It's as lush at it gets, quick ryanair hop might give you a lot of inspiration.
James: Putting my kid on here.
Me: That's about right. I givr that car about a week untill the first think breaks off if it isn't being dealt with before opening up.
Expect a knock on the door from the gov offering a 5 year deal to house migrants. They're approaching so may landlords in Southampton.
im scared if i keep watching these videos ill turn into Robert California from the office USA
Consider going back to the original Rossi Logo.
Turnover taxes are unfair. You’ll spend so much to get the shop up to spec… taxes should be on profits not sales
Amen to that
Hello Campers. This is an exciting piece of real estate. I am looking forward to watching the progress.
Like your hunger for more ❤
Did you purchases the building?
The ice cream museum sounds awesome
Great insights on taking over a classic business and adapting it for today's market. Revitalizing a legacy brand? Leveraging its history can create a strong emotional connection with customers. Just ensure you modernize the experience to meet current consumer expectations.
Love these Day in the life videos James - always loved Rossi ice cream too! Don't Costco generate over 70% of their annual profits from membership fees?
The toilet at the Westcliff Rossi is a biohazard
Can’t help but like this guy.
Love your work as always mate. Have you considered Rossi factory tours? I'd totally pay to see that and also enjoy some ice cream. I reckon thatd be awesome.
We have; but what people think….Willy Wonka strutting around and ompa lumpa’s sailing in gondolas through rivers of vanilla …. To what people get; is in reality a cold, clean, sterile controlled environment. That said I am thinking about how to do it
@@JamesSinclairEntrepreneur you're not wrong. You could make it more of a fun experience tied into a tasting or 2 course Ice cream meal, something really different. Pay your money, you get a factory tour, some tat to take home in a little party bag type thing and 2 courses (pots or flavours) of ice cream to take back. Good fun.
southend????
Great vid cant wait to see the museum! ❤
These are the best videos
Great clip
So awesome!
Your video has changed my perspective on the topic. I never thought about it that way before.
What do you mean?