Retirement Plans and Profit Sharing Inights [THA 211]
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By Joe Marconi in Joe's Blog0 commentsIt always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.
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By Joe Marconi
As a former shop owner turned business coach, this is a topic that I see often: A shop takes the time to establish their true labor rate, and in many cases, raises their labor rate significantly. While they get a short-term boost in labor profit, the long-term results are mediocre, at best. Why?
One of the reasons is that the cost of doing of business has also increased, along with payrolls, and in many cases, at a faster rate then the rising labor rates. And then there is the issue with poor productivity.
Has this happen to you and what are your strategies to maintain needed profits?
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By nptrb
There’s less than one month left in 2024. Is the bookkeeping for your automotive business up to date?
If you’re anything like us, you feel like this year flew by in the blink of an eye. It’s time to ensure that your books and reports are squared away as this year comes to an end.
In this blog post, we share important steps to start the new year on a healthy financial footing.
Reconcile bank and credit card statements.
Reconciling your automotive business’s credit card and bank statements at year-end is crucial for accurate financial reporting and tax preparation.
By reconciling, you ensure all transactions are accounted for, identify discrepancies, and prevent errors that could lead to costly penalties.
Review your yearly income statement.
Close out the year with a clear understanding of your income by reviewing your yearly income statement.
Throughout your review, confirm that all of your transactions are properly categorized. Identify if there are any transactions in the miscellaneous/uncategorized account or “Ask My Accountant”.
Compare this year’s statement to the previous year’s statement for growth patterns and revenue increases. And don’t forget to calculate the gross profit percentage of net revenue.
Review your yearly balance sheet.
Analyzing and adjusting your yearly balance sheet can help you identify trends and assess your automotive business’s current financial position.
A thorough review helps you understand your business’s liquidity, solvency, and overall financial performance so you can make informed decisions in the upcoming year.
Evaluate the following three categories on your yearly balance sheet to confirm prime accuracy.
Your assets Your liabilities Your equity When reviewing each of these categories, ensure that all transactions are accurate and correctly recorded in the appropriate accounts.
Additionally, ensure that all adjusting entries are accounted for and all account balances make sense. Reconcile any discrepancies found.
Download our free end-of-year checklist.
Now that you’re ready to tackle your year-end review, we’d love to offer a free resource to support you.
When you download our free end-of-year checklist, you’ll have peace of mind that all of your bases are covered for a healthy and bright 2025!
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By carmcapriotto
Thanks to our Partner, NAPA Auto Care Focusing on the third part of a five-part 'Unstoppable Framework for Auto Shop Owners' series, Maryann Croce discusses strategies for optimizing processes and empowering teams. Mary Ann shares insights from her coaching experiences, including a case study of a client named Steve, who overcame burnout by streamlining operations and delegating tasks. The episode emphasizes the importance of continuous improvement, setting boundaries, and fostering a supportive team environment for business success. Maryann, Small Biz Vantage. Maryann’s previous episodes HERE. Show Notes Watch Full Video Episode Here's the link to the fillable download: https://bit.ly/409jaZV Unstoppable Framework for Auto Shop Owners Part 1: Core Values and Vision [RR 997]: https://remarkableresults.biz/remarkable-results-radio-podcast/e997/ Unstoppable Framework for Auto Shop Owners Part 2: Mastering Your Finances [RRR 1004]: https://remarkableresults.biz/remarkable-results-radio-podcast/e1004/ Unstoppable Framework Overview (00:01:12) The Goal of the Framework (00:02:13) Steve's Story: The Doing It All Trap (00:04:37) Creating Standard Operating Procedures (00:05:46) Impact of Delegation on Business and Life (00:08:30) Importance of Accountability (00:10:46) Steps for Creating SOPs (00:12:51) Encouraging Team Autonomy (00:16:13) Structured Onboarding and Continuous Learning (00:18:27) Feedback Loops and Open Communication (00:19:39) The Business Control Dilemma (00:20:38) Small Wins Matter (00:20:51) Breaking the Micromanagement Cycle (00:21:53) Setting Boundaries for Well-being (00:23:44) The Importance of Personal Time (00:24:42) Final Thoughts on Business Growth (00:25:42) Continuous Improvement Mindset (00:26:52)
Thanks to our Partner, NAPA Auto Care Learn more about NAPA Auto Care and the benefits of being part of the NAPA family by visiting https://www.napaonline.com/en/auto-care Connect with the Podcast: -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Virtual Toastmasters Club: https://remarkableresults.biz/toastmasters -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -Subscribe on YouTube: https://www.youtube.com/carmcapriotto -Follow on LinkedIn: https://www.linkedin.com/in/carmcapriotto/ -Follow on Instagram: https://www.instagram.com/remarkableresultsradiopodcast/ -Follow on Twitter: https://twitter.com/RResultsBiz -Visit the Website: https://remarkableresults.biz/ -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 -Special episode collections: https://remarkableresults.biz/collections The Aftermarket Radio Network: https://aftermarketradionetwork.com/ Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. https://remarkableresults.biz/ Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. https://mattfanslow.captivate.fm/ Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest. https://huntdemarest.captivate.fm/ The Auto Repair Marketing Podcast with Kim and Brian Walker: Marketing Experts Brian & Kim Walker Work with Shop Owners to Take it to the Next Level. https://autorepairmarketing.captivate.fm/ The Weekly Blitz with Chris Cotton: Weekly Inspiration with Business Coach Chris Cotton from AutoFix - Auto Shop Coaching. https://chriscotton.captivate.fm/ Speak Up! Effective Communication with Craig O'Neill: Develop Interpersonal and Professional Communication Skills when Speaking to Audiences of Any Size. https://craigoneill.captivate.fm/ Click to go to the Podcast on Remarkable Results Radio
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