Shop Owners! Establish your 2017 Goals!
-
Similar Topics
-
By Joe Marconi
The strength of your company relies on many factors, and one of the most important is having a great set of systems and procedures in place. Systems and procedures bring consistency to your customer service, and to your repairs. While I am not a fan of creating a company with employee clones, having everyone in your company on the same page, sharing common goals is crucial for overall success.
In terms of selling your company, having systems and procedures in place is an advantage when potential buyers are interested in your company.
Please remember, it doesn't matter where you are in your business career, you are never too young to start planning for your exit strategy. And, perhaps equally important is that by preparing your business for sale will actually help build a stronger and more profitable business.
Stayed tuned for more tips on Creating Your Exit Plan.
-
By carmcapriotto
Bob Cooper, Founder/President of Elite Worldwide Inc. A native Ohioan, Bob started his career as a technician in a struggling, Cleveland Ohio shop that he later purchased and build into one of the most successful shops in America. As a successful shop owner and experienced drag racer, in Cleveland, he started a second business and began doing performance driveline work for many of the nation’s top fuel racers. It wasn’t long after he and his family sold their Cleveland home and businesses, loaded up their race car, and moved to southern California where he developed shops that gained national recognition.
Having a passion to help other shop owners, in 1990 he founded Elite; the industry leader in helping shop owners build more profitable, successful businesses, that allow them to reach their personal goals, and elevate the industry at the same time. Bob was one of the first to predict the dealership's plan to target the service business, he predicted the trend toward maintenance, the explosive growth in remanufactured components, and the trend in leasing. He is also the creator of the most commonly used sales procedures used by the top service advisors in America.
He has been nominated for entry into “Who’s Who in American Business”, he is a member of the prestigious National Speakers Association, he is recognized as one of the nation’s leading authorities on both personal and career success, and he is committed to the principle of never putting money ahead of people. In addition to speaking at many of the major industry events, he has spoken worldwide to many Fortune 500 companies, private banking groups, universities and the United States Army.
Listen to Bob's other episodes HERE
Key Talking Points
Why we all need to have clearly defined goals- establish your goals for the next year. Only 3% have defined goals. People that have goals are happier, healthier, and live longer lives. They earn on average twice the income vs the people who don’t have goals. Most people don't know what they don't know- 97% of people talk about their day-to-day lives and don’t talk about goals. People also don’t know how to set goals, fear of failure and fear of rejection. We are born with 2 genetic fears- falling and fear of loud noises, all other fears are developed fears. Many are faced with a fear of public speaking, which is a developed fear as well. Was the day successful or not successful with reaching goals Short-term goals are not used for economic gain- the purpose is to change the behavior of people. Make yourself wonder what you could do differently to reach the goal next time. Short-term goals should be daily goals. In order for short-term goals to effectively influence behavior, they only need to be reached 51% of the time. Monthly goals- the problem is you’re only rewarded for hitting that goal once every 30 days. You also risk slowing down if reaching the goal early or giving up if not close to hitting goal. Increasing sales 15% - set daily sale goals and daily car count goals, always make sure they are tracked in descending not ascending way. If your goal is $5,000 for the day and you sell $1,500, draw a line through $5,000 and rewrite $3,500. It is a new adjusted goal. Goals should always be in front of you instead of what you’ve accomplished. Write your core beliefs, what are the things that are most important to you? 8-10 core beliefs. Look at it 2-3 days later and constantly work on it for the next month. You cant set effective goals if you don’t first know who you are as a person. Share your goals with a spouse/someone who fully supports you, find the common goals together. “Give up goals” can be shared with everyone. Hiring employees is like getting married. Getting married is easy, staying married is hard. Don’t let your employee “fall out of love” with what they are doing. Don’t be afraid to set breathtaking goals, realistic goals for short-term and mid-term goals. Long-term goals should be life-changing/inspiring. “Given the difference in creativity and intelligence, I will always opt for creativity. Because anything mankind can imagine, mankind can create.” Albert Einstein Goal Setting Checklist found HERE
Connect with the show:
Aftermarket Radio Network
Subscribe on YouTube
Visit us on the Web
Follow on Facebook
Become an Insider
Buy me a coffee
Important Books
Check out today's partner:
The NAPA Smart Sign, previously known as Digital Menu Board, gives your shop a professional, state-of-the-art look and feel. It’s a great way to educate and inform your customers about needed repairs and service, plus increase awareness of your current promotions. NAPA AutoCare Center that have installed a Digital Menu Board found one out of five consumers ask for a repair or service they’ve seen on the board. Targeted promotions resulted in double-digit increases. You choose the content from a library of auto care service and repair topics. The latest NAPA national promotions are downloaded to you automatically. And with the Digital Menu Board it’s easy to change your services, prices, and video content anytime you’d like. Talk to your servicing NAPA store to find out more.
Click to go to the Podcast on Remarkable Results Radio
-
By carmcapriotto
Bill Haas is the owner of Haas Performance Consulting LLC, with 40 years of experience in the automotive service and repair industry. Clients now have access to Bill’s solution based focus, expertise, unique perspectives and in-depth knowledge of the industry. Services available include business management seminar development and delivery, keynote presentations, business consulting, performance coaching, and strategic planning facilitation. His career includes time as a technician, shop owner, technical trainer and most recently on the staff of the automotive industry’s oldest and largest association representing automotive service and collision repair businesses. .Bill received the Accredited Automotive Manager (AAM) credential from the Automotive Management Institute in 1996 and has been a member of the Automotive Management Institute’s faculty since 2002
Listen to Bill's other episodes HERE
Key Talking Points
Successor struggle- when every day is a struggle “Advanced Financial Strategies for Peace of Mind”- what is it that you need to pay attention to in business? KPI’s need to be reviewed every day, don’t wait until the end of the month. It needs to also be shared with employees. “If you don’t share, they don’t care.” Don’t make decisions without data- it lets you know what you need to work on and prioritize. Strategic thinking instead of working on many things at once. How do you know what to fix? Pause and do analysis. Make cars count vs car count. Coaches change clients- is this someone who is willing to put words into action? You need an investable business in order to retire- can’t wait until the end to start working on your business You have to want to change yourself and your business. If not don’t hire a coach or even join a networking group Focus on one particular area of concern, get it right, then move on to the next. Stop the smorgasbord of quick fixes. You can’t wait to fix the business when you want to sell or retire. It takes a few years depending on the depth of the struggle P & L statement- don’t ask your accountant how the business is doing, don’t rely on them to take the pulse of the business. Most accountants have clients in all different industries, they don’t know how to “fix” your automotive service business. Ask them to perform one job and that is to minimize your tax liabilities. Finances in your business is just a big math problem to solve Labor rate- gross profit percent on labor, labor parts split, hours per repair order Sales forecasting and budgeting- have goals, targets and expectations Connect with the show:
Aftermarket Radio Network
Subscribe on YouTube
Visit us on the Web
Follow on Facebook
Become an Insider
Buy me a coffee
Important Books
Check out today's partners:
This episode is brought to you by AAPEX, the Automotive Aftermarket Products Expo. AAPEX represents the $740 billion global automotive aftermarket industry and has everything you need to stay ahead of the curve. AAPEX 2021 is in the record books and lived up to presenting leading-technical and business management training from some of the industry’s best and brightest. Now set your sights on Las Vegas in 2022. Mark your calendar now … November 1-3, 2022, AAPEX - Now more than ever.
This episode is brought to you by Shop-Ware Shop Management. It’s time to run your business at its fullest potential with the industry’s leading technology. Shop-Ware Shop Management will increase your efficiency with lightning-fast workflows, help your staff capture more sales every day, and create very happy customers who promote your business. Shops running Shop-Ware have More Time and generate More Profit—join them! Schedule a free live demonstration and find out how 30 minutes can transform your shop at getshopware.com/carm
Click to go to the Podcast on Remarkable Results Radio
-
By Joe Marconi
Exit Strategy-Step 3: Establish Your Goals
It's no secret that having clearly defined, written goals, sets you apart from other business people. You will achieve greater success, have less stress and build greater wealth for you, and for your family.
Start today; create your 5 year, 10 year, 20 year plan. Be specific about what you want to accomplish. And commit to these goals each and every day. Don't worry about life's obstacles and challenges that may throw you a curve ball. Having goals is far better than not having goals, and those goals can be adjusted along the way.
With regard to your retirement, give a lot of thought to your future, and what that looks like. And create a goal for that too. It may seem far in the future for many of you reading this, but trust me, time goes by fast and preparing now for the sale of your business or succession will pay off.
Remember, build your business as if you are selling it tomorrow, and you be more successful while you own it, have more options in the future, and your business will be worth more when the right time arrives.
Stay tuned for Step 4!
-
By Joe Marconi
Exit Strategy-Step 2
Have Clean and Accurate Financial Statements
The value of your business will be determined by your net profit, cash flow and a strong balance sheet. Having clean and accurate numbers will be more attractive to a potential buyer, especially if your business shows growth over time. While you may value your loyal customer list, and your tools and equipment, it's the profitability of your business that will be used to determine how much someone will pay for your business.
As an added benefit, having clean and accurate financials will also help you through tough economic times, and if you ever need a bank loan.
Get your books in order and work hard on your business to show a profit.
-
-
-
Our Sponsors
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now