Have I got your attention? Great.
Let me start by saying that I believe in giving praise when deserved and letting employees know when they dropped the ball. However, the truth is that no one enjoys being reprimanded or told they messed up.
The question is, what is the appropriate balance between the right amount of praise and the right amount of critical feedback? According to studies done by Harvard Business School, the ratio of praise to critical feedback should be about 6:1 – Six
Most shop owners would agree that the independent auto repair industry has been too cheap for too long regarding its pricing and labor rates. However, can we keep raising our labor rates and prices until we achieve the profit we desire and need? Is it that simple?
The first step in achieving your required gross and net profit is understanding your numbers and establishing the correct labor and part margins. The next step is to find your business's inefficiencies that impact high production
Typically, when productivity suffers, the shop owner or manager directs their attention to the technicians. Are they doing all they can do to maintain high billable hours? Are they as efficient as they can be? Is there time being wasted throughout the technician’s day?
All these reasons factor into production problems, but before we point fingers at the technicians, let’s consider a few other factors.
Are estimates being written properly? Are labor testing and inspections being b
For automotive shop owners, tax planning is an ongoing process. You should meet with your accountant at least once a quarter to review your financials, expenses, major purchases, cash reserve, payroll, etc., and make needed course corrections.
Below is a general list of tasks that should be done by the end of the year to prepare for tax season, which is right around the corner.
Schedule a meeting with your accountant and ask if any information, reports, or documents are specific to
The strategies outlined in this blog reflect real-world strategies I have learned and used in my 41 years as an auto shop owner. I also use these strategies when helping clients as a business development coach.
While running a successful auto repair shop today has many components, the list below contains the top 9 strategies I believe every auto shop owner should consider when looking for ways to improve their bottom-line profit.
Ten Ways to Improve Your Bottom Line:
As shop owners, we get consumed with the day-to-day routine of running our businesses. When we are young, we think we have all the time in the world to plan for our futures. When we hit middle age, we think about our end game, but too few of us do something about it. And when we reach retirement age, we wonder if we did all the right things to prepare for life after owning an auto repair shop.
The reality is that life can throw you a curve ball at any age. This means you need to prepare to
The summer is in full swing, which means your shop is probably at its busiest. Summer also means it’s vacation season. You’ve probably done a great job scheduling your employee’s vacations, but what about yourself? Are you planning time off too?
Shop owners are among the hardest-working people on the planet. This is a quality to be admired. However, everyone needs time away from their businesses to spend with friends and family.
Balancing work with life is your responsibility to yours