-
Available Subscriptions
-
Have you checked out Joe's Latest Blog?
-
By Joe Marconi in Joe's Blog0 commentsIt always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.
-
-
Similar Topics
-
By Joe Marconi
From what I see, from shop owner friends and clients, 2025 is starting off as a better year than 2024.
What are you seeing in your neck of the woods?
-
By Joe Marconi
Many auto repair shops are adding a fee to the final invoice for customers using credit cards. I get it, but don't agree.
For me it's simple. First, do your best to negotiate the best deal from your credit card provider service. Next, take that fee and add it to your cost of doing business. To me, I consider this fee an expenses, just like all other expenses: office supplies, utility bill, insurance, taxes, training, travel expenses, maintenance, etc. etc.
From your total average monthly expenses, you will be able to determine your breakeven, and from there, set your net profit goal. In other words, forget about the charging the customer a fee, just build into your overall prices. You will accomplish the same thing, and not bring attention to the customer that small fee that may be a big deal.
-
By Joe Marconi
I want wish everyone the very best this holiday Season, and a prosperous and healthy 2025 and beyond!
-
By Joe Marconi
As a former shop owner turned business coach, this is a topic that I see often: A shop takes the time to establish their true labor rate, and in many cases, raises their labor rate significantly. While they get a short-term boost in labor profit, the long-term results are mediocre, at best. Why?
One of the reasons is that the cost of doing of business has also increased, along with payrolls, and in many cases, at a faster rate then the rising labor rates. And then there is the issue with poor productivity.
Has this happen to you and what are your strategies to maintain needed profits?
-
-
By nptrb
There’s less than one month left in 2024. Is the bookkeeping for your automotive business up to date?
If you’re anything like us, you feel like this year flew by in the blink of an eye. It’s time to ensure that your books and reports are squared away as this year comes to an end.
In this blog post, we share important steps to start the new year on a healthy financial footing.
Reconcile bank and credit card statements.
Reconciling your automotive business’s credit card and bank statements at year-end is crucial for accurate financial reporting and tax preparation.
By reconciling, you ensure all transactions are accounted for, identify discrepancies, and prevent errors that could lead to costly penalties.
Review your yearly income statement.
Close out the year with a clear understanding of your income by reviewing your yearly income statement.
Throughout your review, confirm that all of your transactions are properly categorized. Identify if there are any transactions in the miscellaneous/uncategorized account or “Ask My Accountant”.
Compare this year’s statement to the previous year’s statement for growth patterns and revenue increases. And don’t forget to calculate the gross profit percentage of net revenue.
Review your yearly balance sheet.
Analyzing and adjusting your yearly balance sheet can help you identify trends and assess your automotive business’s current financial position.
A thorough review helps you understand your business’s liquidity, solvency, and overall financial performance so you can make informed decisions in the upcoming year.
Evaluate the following three categories on your yearly balance sheet to confirm prime accuracy.
Your assets Your liabilities Your equity When reviewing each of these categories, ensure that all transactions are accurate and correctly recorded in the appropriate accounts.
Additionally, ensure that all adjusting entries are accounted for and all account balances make sense. Reconcile any discrepancies found.
Download our free end-of-year checklist.
Now that you’re ready to tackle your year-end review, we’d love to offer a free resource to support you.
When you download our free end-of-year checklist, you’ll have peace of mind that all of your bases are covered for a healthy and bright 2025!
-
-
-
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