Location is a huge part of marketing. A business guru once told me, "Expensive rent is the cheapest advertising you can buy." To that end, I wrote an article titled, "How Changing Location, Changed My Life". It's a 1,400-word 7-minute read and chronicles the benefits of doing mindful due diligence in selecting a location. I want to thank Joe Marconi in writing this article.
Remember COVID? Many shops suffered because of their lack of cash reserve.
While no shop could fully prepare for an economic event like COVID, it is crucial that you build a cash reserve.
What cash reserve do you have? How much cash reserve should a typical shop have?
Got your attention? Good.
The topic of the tech shortage has been discussed, kicked around, and debated now for decades. It is nothing new. So, what are YOU doing about it?
If we wait for some "entity" to solve our tech shortage, we will be waiting forever.
Here is what I think, and tell me how you feel about this:
All shops need to start an apprenticeship program
Shop owners need to attend career days at the local high schools
Shop owners need to reach out to tech schools and post-secondary auto tech schools and let them know of their apprenticeship program
Shop owners need to improve the work environment to increase their employee retention rate
Shop owners need to sit down once a quarter, do the math, know what they need to be profitable, and put a plan together to raise their employees' wages, including their own!
Thoughts? Comments? Opinions?
With high inflation appearing to be an issue for the foreseeable future, I feel it is critical for shop owners to continue to promote the value and benefits of doing business with you.
Are your customers holding off on needed services or repairs? How are shops dealing with inflation? And don't forget, inflation affects YOU too.
I will be at the Elite Invitational next week and also making a presentation on "Identifying Your Ideal Customer."
If you are attending the event, please let me know. I would enjoy getting together.
For more information, click the link below.
Reggie Stewart, Reggie's Motor Works, and Noble Auto Service in Noblesville, IN, Euro Specialist. Listen to Reggie's previous episodes HERE
Key Talking Points
Did the owner pay off the property 30+ years ago? Why isn’t he paying himself rent? Do the employees of this shop make appropriate wages? Do they provide any benefits? What happens when you have a more complicated problem?
Then, they are perpetuating the idea that the auto repair industry is untrustworthy, when in fact it just costs more to build a modern trustworthy business.
“There's a shop for every client, and a client for every shop”
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More Time. More Profit. Transform your shop at getshopware.com/carm
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