Whether you like Tom Brady or not, you have to admit he is the Greatest Of All Time. I’m not a football person, but when I hear or read about his accomplishments, I’m amazed.
If your shop isn’t the greatest, do you know why? What is your vision for your auto repair shop?
One lesson I’ve learned is that you have to see where you want to be in the future. See where you want your shop to be in 3 years or 5 years. When you see this picture of your shop the way you want it to be, what does
Whew! We’re moving on from the PPP loan blog series to dispensing knowledge about the Employee Retention Credit. Hello IRS!
With all of the changes and tax time approaching ~2 months away, I hope you’re ready to go. If you haven’t already filed, here is some information that’s about two weeks old, so grab a cup of coffee as we dive into a summary of this credit.
This credit is designed to make it easier for businesses that chose to keep employees on their payroll through all the challe
Early in 2021, I interviewed the recipients of the first annual AAPEX 2020 Awards; Shop Owner of the Year, Service Advisor of the Year, and Technician of the Year.
I’m so grateful that AAPEX for the first time created these award categories to start this important recognition. I also had the honors to present the awards at Virtual AAPEX.
I pulled the honorees together for a podcast not just to pay homage to their awards, but to talk among ourselves about the relationship between the owner, tec
Have you walked one of your regional malls lately? I recently spent time at our one big regional 1.6 million sq’ mall. It had been a while since I’d been there and I saw and felt the impact Covid-19 and e-commerce has had on our world. At the minimum, I counted 15 closed stores. I’m not talking about the small boutique storefronts, but some very big name stores shuttered.
We’ve heard of the challenges many brick and mortar stores are having and the stores that are closing to ‘restructure’ into
Feet ache? Can’t see well? Back hurt? Does your knee hurt? You may need a specialist in each of these areas.
Is your business aching, hurting? (in the sense that it is struggling with sales and profits)
There are specialists in the automotive service aftermarket that can fix a struggling business. They are called coaches or consultants. I get requests to recommend a coach to listeners. I do not. I’m very neutral in the industry. I need to be so we can get the views from all segments and people
Of late there has been a lot of dialogue around my circles about being paid for the value you give and bring to your customer. I recently saw a survey of shops whose sales averaged $750,000 yet their net operating profit was only 2%. That is only a $15,000 average net operating income before tax. This troubling stat begs the question: How do you continue to invest in the business and even provide a living wage for you and your team at that level of profit?
If you consider the investment you hav
Have you learned and experienced the powerful adage ‘When We Teach We Learn’. Ask any trainer if it is true.
How do you make this work? Have you read a good book lately, attended a virtual seminar, listened to one of my podcasts? Learn anything? I bet you did, even just one new thing.
How to start. Create a platform for knowledge sharing inside your organization. If you are an owner or leader, you have the power of meetings. If you are not assembling your team weekly, then do it. Carve out som
The new 5,500+ page Covid Relief Bill is massive, and it will take many weeks to digest everything included in the legislation.
Here's what we know about business relief and PPP funds:
There is now streamlined forgiveness for PPP loans under $150K. This is a significant development for many so check with your lender about how they want that now to be handled.
There is also now an additional $284B in PPP funding for impacted businesses to access.
This past weekend, Sirius XM played the top 100 Beatles songs, voted by their listener. During a busy weekend, while in the car, Ann and I had a chance to listen in segments. I love to hear the story behind the music. What inspired the song. How many sessions did it take to get it ‘right’. What instruments were used, among other great trivia.
I heard the segment starting with song #7 and the Abbey Road Medley. My favorite stretch of Beatles music is Golden Slumbers, Carry That Weight and The En
Flipping through channels, there it was, the beloved ‘Wizard of Oz’. I just can’t help but stop and get a fix of this very special movie. I remember as a kid being glued to the TV watching this every year.
I found the movie in its first 20 minutes at the part where Dorothy starts her journey down the yellow brick road. I immediately thought of life’s journey, brick by brick. I could not help but think of life’s challenges and opportunities that each brick can afford us. The journey we take in g
As you plan for your giving budget in this holiday season, remember that THIS YEAR ONLY (per the CARES Act), you can take the standard deduction, as well as up to $300 of cash donations. It has to be cash though, and it's up to $300 per return, so if you file jointly, it's still only $300.
(Since most people use the new higher standard deduction, charitable giving is not deductible. But this year, you can claim up to $300 on top of that standard deduction.)
With the end of 2020 fast approaching, we’re going to look at annual financial reports. Your shop’s financial report is being prepared and there are some steps for you to take. There are also steps you can take to prepare for a solid start to the new year.
The content of this blog comes from two checklists provided by Three Rivers Bookkeeping. If you would like copies of these checklists, ask by phone or email at the bottom of this post. I would love to deliver these useful tools to you.
Within this post we’re going to pull back the covers and take a look at what goes into a quarterly report. For this conversation we’ll be talking about privately owned auto repair shops only.
By definition a quarterly report is a summary or collection of unaudited financial statements. These include balance sheets, income statements, and cash flow statements. These are prepared by your bookkeeper every quarter (three months). Some quarterly reports may also include year-to- date figures and
Before this installment, I talked about the balance sheet and before that I educated you about the income statement. Let’s learn about your statement of cash flows and how to read it. My goal today is for you to totally understand the statement of cash flows
The statement of cash flows is also called the cash flow statement. It is a general-purpose financial statement and the numbers are related to the information on the balance sheet. When the balance sheet changes, so does the cash accoun
Check out this post to learn about the three parts of your balance sheet; Assets, Liabilities, and Equity. We’ll break them apart but first here’s a statement about a balance sheet in general.
A balance sheet is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by owners, investors and/or shareholders. In other words, the balance sheet shows a shop owner(s) the shop's net worth.
Now let’s talk about assets.
Within the as
Last time we took a quick look at three financial reports:
Statement of cash flows
We talked about how you should read/review each of these monthly like reading the financial GPS to your repair shop’s finances. How financially healthy is your shop?
Not-so-subtle hint, if you haven’t talked to your bookkeeper about the three reports, book an appointment with her today.
In this day and age, this is a bare minimum service that yo
If you had known then what you know now, would you have opened your own shop?
Every day new shops open in North America. Many of them from technicians who have a dream and desire of opening up their own. For many, it is a life long dream to own their own business. For the majority of new business owners, they are great at the skill but do not understand how a business works.
Some owners will lose a team member to the dream of opening their own. They are talented techs and want to build a busin
Let's take a look at three financial reports, balance sheet, income statement, statement of cash flows. You should read/review each of these monthly. Looking at the numbers from these three reports is a clear picture of your shop’s financial health. This is a road map to planning your future.
Let’s begin with the balance sheet.
A balance sheet is a snapshot of your shop's financial condition at a moment in time. In the this article, we’re going to use a month as the bookkeeping period.
Customers want a great experience. They have preconceived expectations on how their experience with you is going to happen. Will it be as good as in the past. Will it be better than the dealer or the shop they patronized who is now closed?
Every time we set out to do business, even a trip to Macy’s to buy a shirt, we have a preconceived notion on the shopping experience. I recall getting a special discount because I hadn’t brought in the coupon from the newspaper. I didn’t even know about it.
Are you thinking about hiring a bookkeeper to handle the day to day finances of your business but not sure of the price tag?
Not to worry, here at Three Rivers Bookkeeping, we want to give you as much information as possible so that you can make an informed decision about hiring a great bookkeeper.
What is the initial cost?
When outsourcing a new bookkeeper there might be some up front costs that are incurred and they can range anywhere from $200 - $5000.
Why can this range b
Are change forces blowing harder and faster than we realize? And are we creating them?
A restaurant in my town decided to rent some space in an office tower next to our AAA Ball Park. It just happens that the Toronto Blue Jays are playing there because of the pandemic (Canadian/US border lockdown). All US teams will play Toronto in Buffalo. There are no fans allowed in the park
Fans are desperate to see sports and watch a major league team. Did I mention the space the restauranter rented as a
Superstar shop owner and Elite Business Development Coach Chris Monroe shares a fun tip that will not only improve communication in your shop, but productivity as well.
For additional help building a more successful auto repair business, learn how you can team up with a superstar shop owner like Chris through Elite Top Shop 360: One on One Coaching
Superstar shop owner and Elite Business Development Coach Greg Skolnik shares a tip on how to provide your employees with a detailed outline of all their benefits.
For additional help building a more successful auto repair business, learn how you can team up with a superstar shop owner like Greg through Elite Top Shop 360:One on One Coaching