[Podcast] If How To’s Were Enough We’d All Be Rich and Skinny- Dave Schedin [RR 555]
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Have you checked out Joe's Latest Blog?
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By Joe Marconi in Joe's BlogMost shop owners would agree that the independent auto repair industry has been too cheap for too long regarding its pricing and labor rates. However, can we keep raising our labor rates and prices until we achieve the profit we desire and need? Is it that simple?
The first step in achieving your required gross and net profit is understanding your numbers and establishing the correct labor and part margins. The next step is to find your business's inefficiencies that impact high production levels.
Here are a few things to consider. First, do you have the workflow processes in place that is conducive to high production? What about your shop layout? Do you have all the right tools and equipment? Do you have a continuous training program in place? Are technicians waiting to use a particular scanner or waiting to access information from the shop's workstation computer?
And lastly, are all the estimates written correctly? Is the labor correct for each job? Are you allowing extra time for rust, older vehicles, labor jobs with no parts included, and the fact that many published labor times are wrong? Let's not forget that perhaps the most significant labor loss is not charging enough labor time for testing, electrical work, and other complicated repairs.
Once you have determined the correct labor rate and pricing, review your entire operation. Then, tighten up on all those labor leaks and inefficiencies. Improving production and paying close attention to the labor on each job will add much-needed dollars to your bottom line.
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By carmcapriotto
This week Hunt discusses the differences in taxation of common expenses that you might not be aware of.
• What kind of meals am I allowed to deduct and how are in house meals different than meals offsite?
• How much of a deduction do I get if I donate my services to a charity or donate a piece of business equipment?
• Should I write off my life insurance premiums?
What other classifications should I be aware of on my P&L that could effect my end of year taxes?
Thanks to our sponsor partner NAPA TRACS
NAPATRACS.com
Paar Melis and Associates – Accountants Specializing in Automotive Repair
Visit us Online : www.paarmelis.com
Email Hunt: [email protected]
Get a copy of my Book : Download Here
Click to go to the Podcast on Remarkable Results Radio
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By Transmission Repair
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By carmcapriotto
Recorded Live at Vision 2023, the wives tell all! Find out what it's like being a wife, mom, and business partner with their husbands.
Shelly Fleischman, Automotive Alley, Arcade, NY. Listen to Jim’s previous episodes HERE.
Liz Perkins, L1 Automotive Diagnostics and Program, L1 Automotive Training.
Nicole Barrett, Barrett Automotive, Cornelia, Georgia.
Show Notes
How did you get involved in the business? What is your role? How do you re-energize? What is your awesome news? Are you a rule maker or rule breaker? Implementing EOS (Entrepreneurial Operating System) Implementing systems and procedures Work-life balance, how do you juggle the business and your family?
Additional links about EOS
Implementing EOS with Barry Barrett: Four Shop Owners Share Their Success [RR 686] The Power of EOS: 2 Day Leadership Meeting [RR 719] Barry Barrett's 7 Part Series on EOS
Thanks to our Partners, AAPEX and NAPA TRACS. Set your sights on Las Vegas in 2023. Mark your calendar now … October 31 - Nov 2, 2023, AAPEX - Now more than ever. And don’t miss the next free AAPEX webinar. Register now at AAPEXSHOW.COM NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at NAPATRACS.com Connect with the Podcast: -Join our Insider List: https://remarkableresults.biz/insider -All books mentioned on our podcasts: https://remarkableresults.biz/books -Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom -Buy Me a Coffee: https://www.buymeacoffee.com/carm -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Special episode collections: https://remarkableresults.biz/collections
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
This week Hunt discusses the basics behind debt and how to pay your debt down in a safe manor.
• What factors go into evaluating whether debt is a good option or not?
• How does leverage work with debt and how do you analyze the situation to make sure it will be a profitable one?
• Do I actually want to be debt free or is this debt making me more money than it is costing me?
• How do I select what debt to start paying down first?
Thanks to our sponsor partner NAPA TRACS
NAPATRACS.com
Hunt Demarest, CPA
Paar Melis and Associates – Accountants Specializing in Automotive Repair
Visit us Online : www.paarmelis.com
Email Hunt: [email protected]
Get a copy of my Book : Download Here
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
How do you create an amazing customer experience in your business? Guess what? No one is born with those skills, but your employees are can turn talent into a skill with proper training.
Joe Marconi, Executive Council Member, Elite Worldwide. Auto Shop Owner. Joe’s Episodes HERE. @Joe Marconi
Show Notes: https://www.autoshopowner.com/
It's never too early in business to prepare for the unexpected and your eventual exit. Life can throw you a curveball, and we have all heard the stories of a shop owner that had a life-changing illness or worse. As a shop owner, are you prepared for life's curve balls? And what about your family? In addition, the primary responsibility of the business owner is to create an exit strategy. It's not that you are selling tomorrow, but preparing for an exit strategy grows a successful business and is worth more. Curveballs and Exit strategies go hand in hand. Build your business as a home; build it to sell in the future THA 316 surviving health scare Delivering an amazing customer experience is taught, not assumed Amazing customer service is lacking these days, and so is creating a world-class customer experience. By the way, customer service and customer experience are different. All too often, we blame the employees, especially younger people, for not having the people skills to create an amazing customer experience. Well, no one is born with those skills, and just like the skill of playing the piano or shooting a basketball, having the talent is one thing, but to hone that talent into a skill takes training. What is great customer service? What does it look like? Do you have in-house training in place for everyone in the business? Be prepared for customers- lower their anxiety. Get into the hearts and minds of the individual- personalize it, make notes Talent comes first, develop the skills comes second
Thanks to our Partner, Dorman Products. Dorman gives people greater freedom to fix vehicles by constantly developing new repair solutions that put owners and technicians first. Take the Dorman Virtual Tour at www.DormanProducts.com/Tour
Connect with the Podcast:
-Join our Insider List: https://remarkableresults.biz/insider -All books mentioned on our podcasts: https://remarkableresults.biz/books -Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom -Buy Me a Coffee: https://www.buymeacoffee.com/carm -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Special episode collections: https://remarkableresults.biz/collections
Check out today's partner:
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