Stay Open Or Close? The Effects of the Coronavirus
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By Joe Marconi
Let's face it, all of us were affected by COVID-19. Some more than others. One of the biggest issue is the feeling of uncertainty....what we call the unknown. But, humans are no strangers to tough times. Tough times brings clarity and opportunity. It forces us to create new strategies in an effort to improve both our business and personal life.
We cannot turn back the hands of time. 2020 will be behind us in a few days. Work hard now to make 2021 a banner year. There has never been a time so important as now. Learn from the events of 2020. Create your new goals. Work on your people skills. Work on the numbers of the business.
I am sure all of us learned many lessons this past year, and one of them was to be financially prepared for a crisis. While COVID was different, the financially-stronger shops did do better.
Lastly, have a positive mindset at all times. And set the right tone as the leader of your shop. Your positive attitude will create the right culture and a pathway to better times.
What lessons have you learned and would like to share?
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By carmcapriotto
There are a lot of variables when we talk about shop efficiency. There is culture, environment, leadership and more. There is no single formula that can solve shop efficiency. But if there are the right guidelines, our panel today, certainly has the answers. A big thank you to Chris Monroe, Joe Marconi, and Kevin Vaught for sharing their expertise for you. So many small things done right makes for improved efficiency.
Chris Monroe is a coach who owns Monroe Tire & Service at Shelby, NC., Joe Marconi is a coach who also owns Osceola Garage at Baldwin Place, NY., and Kevin Vaught is a former multi shop owner and is an Elite Worldwide Business Development Coach
The key talking points from this episode are already done for you on the show notes page at https://remarkableresults.biz/a201
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By CAautogroup
Hello all,
Our air compressor just gave out. I was looking around for a new one since the cost to replace the motor and pump is about $900.00. What brand air compressor would you all recommend that can put up with the heat and daily usage ?
Thanks for your help in advance.
Nick
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By Noah Harrison
So I have a towing business and I’m looking at opening a repair/body shop, trying to figure out how to go about getting into that industry.
any input helps
thanks in advance!
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By nptrb
Hi, Natalie here. You have a great selection of tools on hand that will cover every job a customer will bring into your shop. Whether it’s Mac Tools, Snap-on, OTC, or Wright, the right tool for the job is priceless.
The tools we’re talking about in this post are for finances, but the same strategy holds true. If you’re planning to do your own bookkeeping, the right tool for your financial job is also priceless. They can take what may appear to be a daunting challenge and save you a ton of time. You’ll be back to running your shop before you know it.
Stick around until the end and I’ll outline what’s in my bookkeeping toolbox. Here is an overview with some suggestions on how to choose great financial tools
Here are the top 10 categories:
1. Accounting Software
QuickBooks has been the go-to software for accounting for decades. There are online tools that may be a better option for you. The most popular choice is Xero and the numbers of small business owners that are using Xero is increasing. Compare several and pick the one that is both robust and flexible.
According to the 2015 edition of the Business News Daily’s Buyer’s Guide here are the features you should look for:
Invoicing
Expense Tracking
Client/Vendor Contact Management
Billing and Recurring Payments Automation
Quote and Estimate Creation
Tax Preparation
Multiple-User Access
Payroll Processing
Mobile Access
Integration with Programs Such as Point-Of-Sale Software, Credit Card
Processing, and Google Apps
2. Budgeting Tools
Creating a budget is the cornerstone of your shop’s financial success. Staying on task within your budget is equally as important. If your accounting software has this feature, you may already have the proper tool to create that budget. If your preference is a tool dedicated to this task, a recommendation is PlanGuru.
3. Payroll Management System
Payroll management can occupy so much of your time and mistakes are easy to make. Look for tools that streamline the payroll process and cut costly errors. A tool that integrates with your other tools is another feature to look for. Some tools like SurePayroll can calculate and pay payroll taxes. Simple. A couple of other tool suggestions are ZenPayroll and ADP. These combine payroll and HR functions in one.
4. Agile Billing
Speed and flexibility in your billing process means quicker cash flow back to you. With a tools like FreshBooks or Bill.com the billing process will be quicker and give your customers an easy experience. Improving the billing process will serve you and your customers better and shorten delays in receiving payments.
5. Financial Dashboard
The dashboard gives you a quick look at your shop’s financial health. See at a glance if your shop is thriving or surviving. Tools such as LivePlan or InDinero give you clear visuals and show you if you’re starting to go off course. Then you can take the actions to keep moving towards your financial destination.
6. Cash Flow Analysis
Your accounting software should have cash flow statement capability. As with the budgeting tools there are specialty tools for cash flow tracking. A couple of suggestions are Float or a simple spreadsheet. These give you patterns from the past to offer a forecast of your shop’s financial future.
7. Inventory Management
This is all about efficiency and tracking. From the purchase of parts and consumables to generating sales reports and low inventory alerts, this is a very valuable tool. A couple of cloud-based options are SOS Inventory and Scout’s top Shelf.
8. Expense Tracking
Those tiny expenses can quickly add up and may be hard to track. Using an expense report tool such as Expensify or Xpenditure makes this much easier. Track those meals, gas, and incidental expenses by scanning receipts and typing in cash expenses. Some tools have the capability to link to mobile devices helping to track these instantly..
9. Business Credit Card
A business credit card, when used properly has several benefits
Improve your shop’s credit history
Earn higher credit limits
Receive rewards and discounts
Manage employee cards (ease of tracking expenses)
Boosts employee morale due to convenience and trust
10. E-commerce Solutions
Imagine your customer paying for their oil change before the service is completed. They need a couple of quarts of oil to tie them over. It’s easy to buy them online from their trusted repair shop.
Many businesses have seen an increases in cash flow since the beginning of the pandemic by using E-commerce solutions. These are powerful and create revenue streams that you may not have thought of.
11. Three Rivers Bookkeeping
With my 5-years of experience, these are the tools I use:
Accounting software – QuickBooks
Payroll Management System – ADP
Agile Billing – bill.com
Financial Dashboard – LivePlan
I’m passionate about books and service to my clients. If you’d like to have a conversation about tools and why I selected the one’s above, contact me. I can also outline the services I provide and why adding me to your team may make perfect sense to you.
Saving you time and headaches is the value I bring to you, the Auto Repair Shop Owner.
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By Joe Marconi
A ride to the Mall with my wife today (yes, I went to the Mall, got a problem?) gave me assurance that things are really getting back to normal. The stores were full, the roads were packed and expect for the masks people are wearing, you would think it's just another ordinary summer weekend!
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By Joe Marconi
Whatever your normal advertising and marketing strategy is, now is the time to tone down call to action advertising and promotions and communicate your brand to your community. In times of crisis, it’s crucial that your customers and community know what you stand for and there to help if at all possible.
Contact your customers by phone, email, text, etc. Not to sell them anything, but to ask if they are ok. Let them know that you are thinking about them. Connect with them emotionally, like a friend or family member would.
For many shops across this great nation, there will be significant sales drops. With the new financial package, there will be help on the way. Contact your accountant, payroll company, financial advisor, bank rep and find out about the help that is coming your way.
We will get through this together.
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By Elite Worldwide Inc.
Good morning,
With business slowing down for most, we feel that there's never been a better time for shops to take advantage of online training. We know that everyone in our great industry is in this together, and want to help shop owners in any and every way that we can, so have decided to team up with Jasper Engines & Transmissions to make our Online High Impact Customer Care Sales Course available to the industry at no charge.
The recordings for this 4-part online sales training course are usually sold for $179, but the below link will provide you with complimentary access. You'll see that the page also provides access to an Action Plan that you can follow to help you navigate through the coronavirus pandemic.
As you take on this challenge, please don't forget that you're not alone, and that this pandemic will pass. If there's anything else that Elite may be able to do to help you, please feel free to Contact Us, or give us a call at 800-204-3548.
Click Here for complimentary access to our Online High Impact Course and COVID-19 Shop Owner Action Plan
Wishing you the best,
Your Friends at Elite
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By Joe Marconi
New York Governor announced yesterday that the stay-home order will remain in effect until May 15th. With so many consumers not driving and so many businesses closed; sales will be a struggle for the next 4 weeks or more. Many Auto Shops across the country will be in the same boat.
Ok, that's the bad news. The good news is that you are a shop owner, and no stranger to making tough decisions and finding solutions to the most complex problems. I know this is different, but truth is we are all learning together, and we will beat this.
With that said, you will be called upon to remove the emotions from the situation and make the decisions that are best for your employees, family and for the business. You will need to look at your average sales and projected near-future sales and adjust your payroll accordingly. I hesitated for a few weeks, but then made the tough decision to cut staff to get my payroll in line with current sales. It had to be done.
You will also need to look at each line on your Profit/Loss statement and see where you can shave any expenses. Even a few percentage points can end up saving a lot of money at the end of the month.
Lastly, have daily meetings and let your remaining staff know what you are doing. Let them know that the number 1 goal is the health and welfare of everyone. Number 2: Ensure the business thrives, not just survives.
You are tough....now go make those tough decisions!
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By Joe Marconi
By now, the dust is settling a bit with regard to the COVID-19 crisis, and we are well into making the adjustments needed to save our shops. There are many shops around the country that have not been affected, and there are many that have been devasted economically. Being from New York, I can tell you that the last 8 weeks have been tough. With sales down more than 50%, I had to make a lot of tough decisions.
The good news (so far), my family and myself are all healthy, and none of my employees have contracted the dreaded coronavirus. I pray each night that it stays this way.
Now, I look beyond the virus. I need to rethink my goals, my financial expectations and feel confident in the fact that we will beat this, and believe that we will be better and stronger when this is all over.
I know many of you are seeking help from the SBA, negotiated terms with your vendors, have worked our deferments with mortgages, loans and insurance payments. And I know that many of you have made the needed adjustments to payroll and staffing. All these things are essential, but the most important factor for you to survive and thrive will be how you handle yourself and your leadership in the coming weeks and months.
You must believe in yourself. Trust you gut and move forward. Remain positive. Shop owners are the most resilient business owners on this planet. Don’t forget that. Move forward starting today and look beyond the virus!
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