Scott Thompson CEO of Dollar Thrifty’s 10 Key Points To Running A Successful Business

Hi all,

Back in 2008 if you’d said Dollar Rent A Car would be sold to Hertz for $87.5 a share people would have laughed at you,  Dtag (Dollar/Thrifty) were in a bad way, the were in default of their loan agreements, they had a share price of 97 cents and were headed towards a yearly net loss of  appropriately $350 million!!

So how did they turn it around? Well a lot of the praise lies with Scott Thompson who was made CEO after only 6 months of joining the company. Scott who had been part of a very successful fortune 500 company had actually retired back in 2005 but like most entrepreneurs became restless and initially joined Dollar as CFO.

As soon as Scott became CEO he was forced to make some very hard decisions he believed that the company had too many top level managers which was detrimental to the company so he quickly removed half of them.

He also looked closely at the profitability of each location and closed those locations that fell behind his expectations and also looked for new ways to sell ageing fleet.

His trickiest moves would come in convincing Wall Street to invest in the company and bringing in new car manufactures to help offer a competitive edge.

A few years on down to good leadership and very hard work Dollar Rent A Car is the jewel in the car hire crown, so much so that Hertz are willing to get rid of their own value product for a loss of $17 million to help capture the brand.

In a great article, found here, Scott Thompson reveals his 10 key points to running a successful business 

1. Realize that people are your greatest asset.

2. Understand where you have to go and how long you have to get there.

3. Remember the other side of risk is reward. Do not shy away from risk.

4. Focus on the substance of issues and ignore politics.

5. Trust each other.

6. Tell everyone inside and outside the company the absolute truth.

7. When you make mistakes, admit them, fix them and don’t look back.

8. Hire the best advisers.

9. Work hard while supporting each other during the ups and downs.

10. Make sure employees know they should not allow the CEO to do anything stupid.

When someone with a proven track record offers this kind of advise I would imagine you should pay attention.

regards,

James

 Florida car hire


Bad Behavior has blocked 2348 access attempts in the last 7 days.