By Obsidian Motors
Looking for additional help and have placed ads on Indeed, Craigslist, tech company sites & even reached out to tech schools in the area. And with all of that only 5 applicants called to set up interviews. And none actually showed up. Although one did call to say he couldn't make the interview because he accepted a job at another shop.
Curious to know how other owners are dealing with the tech shortage?
By Joe Marconi
There is a lot of talk these days about the Electric Cars, and no doubt they will become more and more accepted during the next few years.
All car makers are investing big bucks into EV's and battery technology. While we are a ways away from EVs becoming mainstream, what are your plans to prepare for this? How do think the EV will change our business model?
By Joe Marconi
One of the lessons from COVID is for repair shops to have a strong cash reserve. Shop owners need to budget their money each week, and allocate money to different bank accounts, such as payroll, operating expenses, taxes, etc.
Another account I would recommend is to have a Cash Reserve account, where money is allocating each week, and not touched unless their is a emergency, such as an economic downturn and or if an economic emergency occurs in your area or with your company.
While no one could have predicted the affects from COVID 19, I think we can all agree that being cash strong is a viable strategy.
You should have anywhere from 3 to 6 months of covered expenses in a separate bank account. I know, I know....it's a lot of money. Start slow and build each week. Anything set aside is better than nothing.
Of course, to have a reserve means that you need to have the profit to put away. Right? Well, another reason to know your numbers, revisit your pricing and make sure your labor rate is enough to support your payroll, operating expenses and have enough left over to set aside money for the unexpected.
Trust me, you'll be glad you did.
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.
Bill Nalu is President of Interstate Auto Care in Madison Heights, Michigan and has been in business for 30 years. He collaborates with industry professionals, in building today’s “high-tech/old-fashioned” customer service system. Bill has been a big contributor to the podcast and he currently serves on several industries and educational advisory councils including AutoValue/Bumper to Bumper, Dorman Industries, and Cardone. Listen to Bill’s previous episodes HERE.
Key Talking Points
What are you grateful for? The world isn’t ending. Stop comparing yourself to the content coming at you. When you make a decision to move forward, don’t turn around and second guess yourself Leadership comes through gratitude Hire compliments to yourself Suffering comes from judgment “Air smells the best and freshest after a hard rain” Awareness- isn’t that you’re having a thought, but that you are aware you are having a thought. That is your consciousness. Learn from other people’s second chances before you have to be the one to learn from your second chance. You must have balance. Compassion- there’s more going on in people’s lives than you know about If you want respect, respect someone into respecting themselves Consumerism- willing to pay extra Do you hire for work ethic attitude? Do you love what you do for a living Suffering comes from judgment- wean yourself off of the judgment that you have centered around you, judgment that comes toward you, and judgment that you place on yourself The grass isn't always greener Book “Who not How” LINK "Every Life Has a Story" Chick Fil A LINK 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
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