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
I am not hear to debate the reasons why gas prices are so high these days. I was in California last week and many gas prices at many stations were well over $5.00, some inching toward 6 bucks.
Could we use this to our advantage? Perhaps promoting ways for our customers to squeeze every mile out of every gallon through gas saving tips, preventive maintenance, etc.?
Like to hear from everyone.
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.
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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.
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TORONTO (PRWEB) FEBRUARY 18, 2021
Constellation R.O. Writer Inc., which is part of the Perseus operating group of Constellation Software Inc. (TSX: CSU), announced the acquisition of TBC Corporation’s R.O. Writer business, a shop management software provider for franchise and independent auto repair shops. R.O. Writer’s head office will continue to operate from Palm Beach Gardens, Florida.
As one of the market leaders in the industry, R.O. Writer has a long history of success serving independent and franchise automotive repair shops. TBC will renew its focus on its core operating areas – wholesale, franchise stores and company-owned retail stores – and has entrusted the R.O. Writer business to Constellation Software Inc. Constellation was chosen for its proven track record and commitment to helping software companies live up to their potential.
“We’re confident that Constellation is the right organization to take the R.O. Writer platform to the next level for its large customer base of Midas franchisees as well as fellow leaders in the automotive aftermarket industry,” recognized Erik R. Olsen, President & CEO of TBC Corporation. “Constellation’s proven track record of providing customers with quality software solutions focused on helping customers meet and often exceed their objectives coupled with the potential of the R.O. Writer platform with developments just over the horizon makes this a very exciting time for the business and for all parties involved.”
“The acquisition of R.O. Writer represents a platform investment for the Perseus Group in the automotive repair shop software industry,” said Adam Zimmer of the Perseus Group. “We are looking forward to advancing the development of the product to meet the needs of the thousands of retail and Midas customers.”
The R.O. Writer business will continue to support and enhance the R.O. Writer family of products for retail customers and Midas franchises.
About R.O. Writer
R.O. Writer is an industry leading shop management software solution for automotive repair shops, with a focus on helping customers in the areas of time management, inventory management, accounting, and communication. For more information, visit http://www.ROWriter.com.
The Perseus operating group’s businesses provide software solutions to a number of vertical markets. As an operating group of Constellation Software Inc., Perseus acquires, manages, and builds software businesses which provide specialized, mission-critical software solutions. Perseus companies seek to become leaders in their markets by improving their operations, growing through organic initiatives, and seeking acquisitions that can strengthen their market position.
About Constellation Software Inc.
Constellation’s common shares are listed on the Toronto Stock Exchange under the symbol “CSU”. Constellation Software acquires, manages and builds vertical market software businesses. Further information about Constellation may be obtained from its website at http://www.csisoftware.com.
About TBC Corporation
For more than 60 years, TBC Corporation (TBC), one of North America’s largest marketers of automotive replacement tires through a multi-channel strategy, has been a tire company ahead of the curve. Through worldwide operations spanning wholesale, retail, and franchise, TBC provides customers top tier brands and automotive maintenance and repair services with the underlying mission to exceed customer expectations. TBC serves wholesale customers in the United States, Canada and Mexico through TBC Brands, National Tire Wholesale (NTW), TBC International, and TBC de Mexico. Additionally, TBC responds to the needs of consumers in search of total car care at more than 600 company-operated tire and automotive service centers under the brands Tire Kingdom® Service Centers and NTB® Tire & Service Centers. TBC, through a subsidiary, also owns the Big O Tires® and Midas® franchise systems.
By [email protected]
We are in the process of switching to a digital inspection system that will allow us to send customers a detailed vehicle report including pictures and videos. We're about to invest in tablets for our technicians, and I'm hoping some of you have already traveled this road and can lend some advice on which type of tablets to buy or not to buy. I'm leaning toward Samsung, but I've also heard good things about the Amazon Fire tablets. I'm open to all feedback, but I have absolutely no interest in buying Apple products. Their totalitarian attitude toward their hardware and software systems just doesn't jive with my free-market values.
Speed and functionality Durability Camera must have a flash Low cost is a plus, but less important Thanks in advance!
So how many folks have RO Writer and what are your opinions. I've used it and am pretty familiar with it. I am curious if they every released their update they've been talking about and also how you use recommended services. When I was using ROW I did not like how recommended services worked. It was very limiting. Are any of you using ROW and Bolt on Technology together. I'd like to know how well they integrate with eachother.
Thank you in advance,
I am trying to get some real-world perspective on using the Mitchell 1 system. Specifically, I am trying to account for bad debt, but setting it up as a payment type doesn't seem to be a good idea because it shows in my Revenue reporting as a taxable sale. Is there any way to adjust this or is their a best practice for tracking bad debt?
On another note, I would love to be able to chat with someone who has used this system for years and is willing to share some of their best practices in general. Let me know if you might be open to starting a dialogue.