Prepare Your Auto Repair shop for the next crisis

[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?