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I am going to borrow a quote from billionaire, Warren Buffet, “The best investment you can make is in yourself,” This statement, while simplistic, speaks volumes. A shop owner is much more than a boss, a shop owner is a leader. And leaders are solely responsible for the success of their team. This means that you must work hard and commit to a life of continuous learning and improvement. It also means that if the team fails, a leader must always blame himself or herself for that failure and find ways to improve.
For your business to flourish, you must invest your time and energy in understanding what your role is in your company. It also means that you must be committed to continually improving your level of competence. This does not mean that every task is your responsibility. However, it does mean that the buck stops with you. If your business is not where it needs to be, or you are looking for increased growth, then it is your obligation to do the hard work and set goals, have the vision, perform the research, and develop the plan to achieve your overall objectives.
When you invest in yourself to become the best leader and the best businessperson you can be, others around you will feed off your energy and your passion. This sends a strong message to everyone on your team that you have what it takes to bring the company to the next level.
One last thing, another obligation to your company is assembling the right team of people around you. Once you have the right people, you need to invest in them too. Find what truly motivates them, not what you believe inspires them. Be a coach to your employees and always strive to bring out the best in them. Be strong with your convictions and expectations, build strong relationships with your employees, and don’t be afraid of admitting when you drop the ball.
While Warren Buffet is best known for making billions of dollars with his investment strategies, I want to believe that this quote has its basis in something that money cannot buy.
By Joe Marconi
In this podcast episode, Coach Chris Cotton from Auto Fix Auto Shop Coaching introduces "The Weekly Blitz," a podcast aimed at providing valuable knowledge and strategies for running a successful independent auto repair shop. He discusses the potential profitability of these shops when managed correctly but acknowledges that many struggle to make a profit. Coach Chris describes his ideal business and emphasizes the importance of creating a path for employees to earn upwards of $100,000 annually. He also discusses the potential for shops to increase revenue by expanding operations. The episode concludes with Coach Cotton expressing gratitude and inviting listeners to engage with the show.
The profitability of independent auto repair shops [00:01:07] Discussion on the profitability of independent auto repair shops and the potential for high net profit margins.
The ideal business for an independent auto repair shop [00:02:27] Description of the ideal business model for an independent auto repair shop, including sales volume, net profit margin, and owner's salary.
Factors affecting profit margins and barriers to success [00:05:35] Explanation of the importance of gross profit, labor and parts margins, fixed costs, and potential barriers to achieving desired profit margins.
The commitment to learning and growth [00:10:51] Gratitude for listeners' commitment to learning and growth, and the importance of making strategic decisions and continuous education.
Continued support and engagement [00:11:50] Encouragement to reach out with questions or topic suggestions, and the importance of listener input in shaping the show.
Wishing for continued success [00:11:50] Closing remarks emphasizing the importance of continuous improvement and wishing for the listeners' continued success in the auto repair industry.
The Weekly Blitz is brought to you by our friends over at Shop Marketing Pros. If you want to take your shop to the next level, you need great marketing. Shop Marketing Pros does top-tier marketing for top-tier shops.
Click here to learn more about Top Tier Marketing by Shop Marketing Pros and schedule a demo: https://shopmarketingpros.com/chris/
Check out their podcast here: https://autorepairmarketing.captivate.fm/
If you would like to join their private facebook group go here: https://www.facebook.com/groups/autorepairmarketingmastermind
Connect with Chris:
#autofixautoshopcoaching #autofixbeautofixing #autoshopprofits #autoshopprofit #autoshopprofitsfirst #autoshopleadership #autoshopmanagement #autorepairshopcoaching #autorepairshopconsulting #autorepairshoptraining #autorepairshop #autorepair #autoops #onlinebooking #serviceadvisor #serviceadvisorefficiency
Click to go to the Podcast on Remarkable Results Radio
Chris Lum and Tom Ham discuss the benefits of using Slack as a productivity tool and how they use it in their businesses, including the ability to create different channels for different purposes, send attachments and documents, and customize notifications. Overall, Slack is seen as a valuable tool for improving communication and efficiency in the automotive industry.
Chris Lum, Service Manager, Midwest Performance Cars, Chicago and Northbrook, IL.
Tom Ham, Automotive Management Network. Tom’s previous episodes HERE.
Watch Video Episode HERE Using Slack as a Productivity Tool (00:01:23) History Feature in Slack (00:04:00) Channels and Sound Alerts in Slack (00:05:13) Using Slack for Multiple Locations (00:08:02) Slack for Remote Work (00:09:52) Slack as a Competitive Advantage (00:11:53) Using Slack Channels (00:14:47) Using Slack Reminders (00:22:13) Slack as a Communication Tool (00:24:33) How Slack can be used for face-to-face communication, audio, pictures, and policy sharing, and how it can hold large files. Eliminating Time Wastage with Slack (00:27:47) How Slack eliminates the need for physical meetings and time wastage in finding people for questions, and how it has eliminated certain frustrations in the automotive industry. Thanks to our Partners Shop-Ware and Delphi Technologies
Shop-Ware: More Time. More Profit. Shop-Ware Shop Management getshopware.com
Delphi Technologies: Keeping current on the latest vehicle systems and how to repair them is a must for today’s technicians. DelphiAftermarket.com
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By Joe Marconi