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Undercover Financial Tactics with Natalie Paris [RR 679]


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Natalie Paris, Three Rivers Bookkeeping, is a Profit Strategist that serves the automotive aftermarket. She’s a numbers person and a planner. She uses her bookkeeping and profit strategy superpowers to help business owners achieve financial security and success. Her first job in the aftermarket auto world was Outside Sales at NAPA Auto parts which transitioned into a service management position at one of the local shops in Frisco, Colorado. She realized right away that she had a particular knack for the numbers surrounding aftermarket parts and service. She then discovered a niche that she could be most effective in as a bookkeeper and profit strategist, and next, Three Rivers Bookkeeping was born. Her services don’t stop at the shop door, after all everyone’s business is a part of their life. She finds great joy in helping her clients create a clear road map to business growth AND personal financial peace of mind. She is more than just a bookkeeper. When not performing mathematical wizardry, you’ll find her enjoying the Alaskan outdoors with her dog Bailey and close friends or serving on the Talkeetna Fire Department. Key Talking Points

  • Virtual bookkeeping- software is accessed virtually, receipt management via email/scanner/text
  • CPA/Business Coach/Bookkeeper- “Where the magic happens.” The bookkeeper gets financial reports ready and organized to pass along to the CPA and has communication with the business owner and coach on weekly/monthly reports. Are there variables that are affecting your bottom line? Is it your culture? Is it an employee?
  • Know the breakeven point- know how much money you need to generate to pay the expenses. Two types of expenses – fixed and variable. Fixed expenses - constant every month like rent and mortgage. Variable – vary from month to month but are usually fairly predictable, parts cost, labor cost. Know all the expenses, including what to pay the owner.  Example: Shop A has expenses of around $50k per month. we know parts/labor needs to be around 50/50, so we know we need to sell 25k in parts and 25k in labor.
  • Do you make a profit on parts and labor? Parts profit needs to be parts 50% markup. Labor profit needs to be labor rate/labor costs at 70%.
  • Review the cash flow- #1 killer of any business. What is happening to my cash, where is it going? Why isn’t it all on the P&L? The statement of cash flows brings those two reports together and shows how much is coming and how much is going out. Net change in cash- if it’s negative then the business is spending more cash than what it’s bringing in
  • Have a cash reserve- equipment breaks, sales dip, employees need to be hired, natural disasters. How many months should a shop have? 3-6 months

Connect with the show: Subscribe on YouTube Visit us on the Web Follow on Facebook Become an Insider Buy me a coffee Important Books Check out today's partners: NAPA AutoCare’s PROimage program makes it easy for you to make the most of the NAPA brand. A PROimage upgrade lets you maintain your shop’s identity as a reliable, locally-owned business while letting your customers and potential customers know you’re partnering with NAPA, the most recognized and trusted name in the automotive aftermarket. AutoCare Centers that have completed a PROimage exterior upgrade enjoy an average 23 percent sales increase during the first year. You can also choose to go PROimage on the interior and transform your customer waiting area from merely utilitarian to warm and welcoming. You can even get a free look by visting www.NAPAAutoCare.com and clicking on the NAPA PROimage link under the NAPA PROimage tab. Of course, the AutoCare site is also the place to go to find out about all the advantages being part of the NAPA family has to offer. ARN-Logo-Wide-Blue-600px-300x84.png https://aftermarketradionetwork.com

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  • Have you checked out Joe's Latest Blog?

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      It 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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