Any winter marketing tips to share?
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
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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.
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By ASOG Podcast
Looking through the videos taken at #aapex and #sema. This event is simply can't-miss.
Started a new thread based on a comment from: Are you paying your employees what they deserve?
Thanks to CTC who warned that we need to be Compliant in our pay plans, I called the Dallas Office of the Dept of Labor Wage and Hour Division to check on my compliance. Very friendly and knowledgeable. Didn't even ask who I was. I encourage you to call. However, what she said was super-complicated if it's the first time that you've heard it. It still hurt my head on today's call. The goal of this message is to explain OT calculations and then to explain the flat rate pay as related to OT. I'm only presenting this to give you background before you call W&H yourself. I'm not an expert on W&H.
This focuses on non-salaried employees who are eligible for OT payments.
In general, OT pay is more complicated if you have variable pay plans (bonuses or extra payments). Regular hourly folks working OT get 1.5 times their "regular rate" (which is the same as their hourly rate). If they don't get any extra pay, this is easily computed.
When variable pay is involved, we need to know how much the employee is really making this week. That is, we must calculate their "Regular Rate" because the variable pay (bonuses) increases their normal hourly rate. When we pay OT, we must pay 1.5 times their "Regular Rate". This is a protection for the employees to ensure that they are being fairly paid even though their pay rate varies week to week.
Regular Rate Computation:
Figure out the employee's total compensation for this week (we are ignoring OT for this calculation). Divide this by the total hours worked this week. This is their regular rate for THIS week. For example: Joe makes $10/hr and earned $100 bonus this week while working 50 hours. His total pay for the week is $10 * 50 hours + $100 bonus = $500 + $100 = $600. His Regular Rate is $600/50 hours = $12/hr. When you pay him OT, you will be paying him 10 hours * 12 Regular Rate/hr * 1.5 = $180. This is added to his base rate of 40 hours * $10/hr, so this week, he makes $400 + 180 = $580 + $100 bonus = $680 total pay.
There is a shortcut to computing regular rate that I find faster to compute. Just take the variable pay (bonus) and divide it by the hours worked. $100 bonus/50 hours = $2/hr Joe's Regular Rate is $10+$2=$12/hr. His overtime rate is $12 * 1.5 = $18 (instead of $15).
Using ADP (and other payroll systems):
For employees that are getting OT with variable pay, I create a separate pay line in my payroll. Line 1 is 40 hours at their normal hourly rate. Line 2 is OT hours at Regular rate. The payroll software multiplies the regular rate * 1.5 to calculate their OT pay.
Regular Pay Line: 40 Hours @ $10/hr OT Pay Line: 10 Hours @ $12/hr Flat Rate:
Per W&H, Flat Rate still requires OT pay if more than 40 hours are worked. Therefore, we are required to compute a "Regular Rate" to pay OT. This means we need time clock records. W&H suggested a few different ways of computing it for Flat Rate employees (one was a weighted average, but I didn't dig into this). Also, minimum wage must be adhered to as well.
I threw a few examples of pay (flag bonuses, incentives, make-up hours, etc) at W&H and in the end, it didn't matter what the mix of payments were. All payments are combined to compute a Regular Rate. This can be bonuses for flagged hours or bonuses for sales or it could be 20 hours of flag and 20 hours of guaranteed pay (to equal 40 hours). What mattered was how many hours did the non-salaried worker work? What is their regular rate? Pay OT using the Regular Rate.
By Joe Marconi
This forum will outline the steps that I took the past three and half years, working toward my exit strategy. I will outline each step, each week, to give you information that I know you will find informative and useful. Please note, these steps are the ones that I took, and your situation may differ. However, you will find so many similarities, that I am sure you will obtain a ton of great information. Ok, here we go...
STEP 1 - Get Your Business Ready to Sell Today
You are never too young to begin thinking about your retirement or sale of your business. Work hard on your business to get it to run on its own. For quality of life, and to grow a sucessful business, requires having the right people, the right systems, a knowledge of the numbers, and a plan. Also, the more you are removed from the day to day operations, the more sucessful you will be and the more your business will be worth to a potential buyer.
Here's another important reason to get your business to run on its own: A health crisis may leave you sidelined for months or longer, or may even leave you disabled to a point where you cannot perform the necessary duties as a shop owner. We all have heard of shop owners that either became seriously ill, were in a bad accident or passed away, leaving the business in a state that it cannot run by itself. Or, not worth much because the shop owner did not take the necessary steps to build the business correctly and not having clean and accurate financials.
Begin today to start thinking about your business and when you want to sell, have family take over the business, or other options. Start getting all your financials in order, set your long-term goals, work on your business plan, review and refine all your systems and procedures, and talk to your family about your long-term plans.
With each step, you may need help from either an accoutant, broker, attorney, or a business coach. Please don't make the mistake of thinking you can everything on your own.
That's it for today- Next week I will discuss The Importance of Having Clean Financials and Showing a Profit
Thank you and Stay Tuned!