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Joe Marconi

Carl Ichan in the red- Auto repair shop aquisitions

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  • Similar Topics

    • By Elite Worldwide Inc.
      Superstar shop owner and Elite Business Development Coach Ed Cushman shares an excerpt from a book that will change the way you view leadership.
       
       
      For additional help building a more successful auto repair business, learn how you can team up with a superstar shop owner like Ed through Elite Top Shop 360: One on One Coaching

      View full article
    • By Joe Marconi
      Due to COVID-19, many repair shops experienced a severe economic downturn, some with a drop in sales over 50%.  Without a strong cash reserve and/or SBA funding help, many shops would have gone under. 
      My 40 years as a shop owner has taught me to always have a cash reserve.  However, never would I have ever imagined a downturn like the one with COVID-19.
      So, how do we plan for the next financial crisis.  And, it will happen. Perhaps not as bad as the the virus crisis, but it will happen.
      Here are a few things to consider: Have a separate, and hard to access, cash reserve bank account that has least two months of expenses. Also, secure a line of credit for at least one to two months of expenses.  Also, know your numbers, keep payroll in line, and make sure your prices are fair to you too, not just your customers.  Keep in good standing with all your vendors and keep your credit score high! 
      The bottom line here, is truly the bottom line.  To weather the next financial downturn, you need a strong balance sheet and net profit to the bottom line.
      What other strategies are you considering or implementing? 
    • By Joe Marconi
      As part of our debt reduction, I revamped all of our usual marketing and advertising and put those dollars into customer service and social media. For example, we ramped up our shuttle pickup and delivery service, extended our hours of service, made sure we spend a lot of time with each customer and made sure we called as many customers as possible.  We also stepped up our meet and greet process and made sure will followed up with customer after the repair. Lastly, we increased our social media posts and increases ads and boosting. This has made a huge impact on our customer and already starting to pay dividends.
      What changes have you made to your marketing strategy since the Virus Crisis hit?
    • By Joe Marconi
      I know none of us wants to hear this, but there will be a next crisis of some sort.  I have lived through many downturns in my 40 years in business, the COVID-19 was the worst.  But, out of every crisis comes lessons to be learned. So create your Crisis Plan today. 
      Start by understanding your numbers and knowing your breakeven.  Then add to your breakeven a percentage of profit you want to earn. Equally important is creating a cash reserve in a dedicated bank account that will be used only in a severe emergency.  Set your financial goals and stick to them! 
      Often overlook is your staff. Assemble the best team around you.  This is a crucial part to ensure your future business sucess.
      Lower your debt, get your credit rating up and maintain a good standing with all vendors.  Lastly, talk to your bank about a line of credit that can remain inactive until you need to use it.
      What other key things can we all share to help us through the next crisis?  
    • By Elite Worldwide Inc.
      Although COVID-19 has brought our industry plenty of challenges, it has also taught us a valuable lesson. Many of us have seen a drop in our car counts, but have simultaneously witnessed an increase in our AROs and happier customers. These slower days give us the opportunity to spend more time with each and every individual and vehicle that enters our shop, yielding positive results for both our business and our customers.
      From this point forward, in order to maximize every single opportunity at your shop, I recommend you implement the following three items.
      First, I recommend you hold a meeting with your employees as soon as possible and make sure they know that each vehicle that comes in should be properly, professionally and ethically inspected. Make sure they also know that everything should be documented.
      Next, it’s important that every single customer that enters your facility gets full disclosure on what is going on with their vehicle. This includes what needs to be done now, what should be done in the near future, and what may need to happen in the long run.
      Lastly, make sure that everyone in your company believes in all of your products and services. When a tech or advisor is on the phone with a customer, they must truly believe in their recommendations in order to really get through to that customer. The customer will be far more likely to listen if they know the recommendations are coming from a place of honesty and care.
      If you can implement the three items above, not only will you see sales go up, but you will have happier customers as well. I can assure you that the more time you spend on each vehicle and with each customer, the more successful you will be. 
       
      For additional help making the most of your shop’s opportunities, visit the Elite website or call 800-204-3548.

      View full article


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