As an F&I manager, it is very easy to have tunnel vision on the task at hand, to focus on the next customer, your production ranking, making objective, and reaching your goals. Nothing wrong with that. After all, as an F&I manager there are many details that need to be in line and correct for a deal to get funded and that take focus.
Unlike many other managers in the dealership, usually F&I managers do not have any direct reports to manage. Having only your performance and yourself to worry about can from time to time narrow your perspective to only what relates to F&I. As we all know, our business relies heavily on process and procedure to ensure favorable outcomes with every customer and every deal. When everyone on the sales side of our business compliments each other and works toward common goals and outcomes, good things happen.
The Challenge
That is why I am going to challenge you to think bigger in your role as F&I manager.
We or they? When confronted with a major change in process, people or technology, how would you refer to the change if telling someone you work with about that change? What is your default mindset? Would you say, “They’re changing the dealer management system” or would you say, “We’re changing the DMS”? A small difference in wording but a big difference in mindset. Using the word “we” instead of the word “they” speaks to mindset, and thinking bigger is a mindset.
The dealership’s success is critical to your success. You can have a good month, but when all departments achieve forecast, that’s a great month. I know the concept of team can get clouded in the swirl of retail, but when each department is complimentary of each other, great things are possible.
Ownership
Be intentional about taking responsibility for your contribution to the overall success of the dealership. This includes taking responsibility for your production, your contribution, your daily mindset, how you communicate and interact with those around you, and your actions and ethics. Thinking bigger means understanding that whatever situation you may find yourself in, good or bad, you take responsibility for your actions, reactions and outcomes in any given situation.
When problems arise, don’t complain, solve. Think about how you would go about solving the problem. Thinking bigger here means coming up with multiple solutions and offering them to your manager. Being a part of the solution shows leadership.
Think Big
Thinking bigger in F&I is looking for opportunities to expand your contribution to the overall business objectives of the dealership by contributing to revenue growth – understanding the dealership’s bigger picture, where it needs to go, and how it will get there. Consider all departments and especially sales. Be more efficient with your time by coming to work to work. When the dealership is open for business, you must be open to business. Fill your day with revenue-generating activities or activities that support revenue generation.
F&I can be very tactical if we let it. Many F&I managers are very good in the moment. Experience guides them on what to do, when to do it and why. Thinking bigger means to also think strategically, looking ahead and planning for future success. Strategic thinking entails setting goals and developing plans to achieve those goals. It also compels you to anticipate challenges you may encounter along the way.
Longer-term strategic thinking leads to asking more “what if” questions and also causes us to reflect on how those “what-ifs” will affect the dealership’s long -term plans and ours.
Challenging yourself to accomplish more by getting better at what you do by embracing training and professional development for yourself and encouraging others to do the same, causes everyone to think bigger. Don’t be satisfied with the status quo, but push yourself out of you comfort zone with regularity. Tolerate less and expect more from yourself and those around you.
And finally, help someone win every day. Have the mindset to take some time each day to help those above you on the org chart to succeed, as well as those coming up in the business.
When you think bigger in F&I, you win, the dealership wins, and those around you win.
