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Financial Help For Your Team [THA 262]


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Where did you learn about finances? Did you learn it from your parents? Finances are one of the most important elements in our lives, yet most of us never really understand it or discuss it with our spouses or employees. Listen to 3 shop owners that make finances a part of the conversation in their business and for their people.

 

Frank Scandura, Frank's European, Las Vegas, NV. Frank’s previous episodes HERE. John Gustafson, Gustafson Brothers, Huntington Beach, CA. John’s previous episodes HERE Russell Crosby, Russ’s Wrench Auto Repair, Clinton, NJ. Russ’s previous episodes HERE

Key Talking Points

  • Finances aren’t taught when growing up from parents or school
  • Most don’t have income problems, it’s a spending problem
  • What are your payments?
  • Freedom and being in charge when you’re debt-free and sitting on cash
  • Credit scores will go down as you have cards paid off and stop using as much-
  • Buyers remorse and financial stress with a spouse
  • People are twice as likely to get divorced with 10k in debt and zero dollars in savings
  • We need to teach our team that we can't outrun debt with higher salaries.
  • Finances aren't a 1 conversation session
  • Little debt leads to a lot of debt
  • Never intermingle personal and business funds together
  • For those of us who have financial planners, invite them to host a lunch and learn about the positive impacts of investing. Host a book club and read books about finances and investing.
  • John offers business math and personal math courses and Dave Ramsey course
    • Second round they are welcome to bring their spouse or partner.
    • They are not required to bring exact numbers but should know what they own and what they owe.
    • They should know what they take home from all sources and what their housing, food, credit card payments etc are.
    • They do a net worth calculation, an income, and an expense list to determine cash flow (either positive or negative) then fund reserve and investments.
    • They recommend a 6-month reserve for critical expenses and an investment piggy bank.  Investing is in round 3 when they have money to invest.

 

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More Time. More Profit. Shop-Ware Shop Management getshopware.com

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See how Broadly can help YOU grow your auto shop. getbroadly.com/chat

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  • Have you checked out Joe's Latest Blog?

         4 comments
      A recent study, done by Harvard Business School, concluded that the real problem with attracting and retaining employees has more to do with the workplace environment, not pay or benefits. While the study did find that an adequate pay plan and offering an attractive benefits package did help with recruiting and retention, it’s not enough to satisfy the needs of employees, especially those of front-line workers.
      The study also stated that in 2021, many companies were convinced that giving raises, sign-on bonuses, and other perks would solve the worker shortage problem and prevent people from quitting. However, this strategy did not work. So, what does work regarding attracting quality people and keeping them employed?
      Essentially, it all comes down to the culture of your company.  Management: do all it can to consider the individual needs of your employees. Your employees want to feel that they have a voice, that their opinion counts, and that their role in your company is both respected and recognized. Yes, pay and a great benefits package will go a long way toward making your employees feel secure, but that’s only financial security. People want more than money.
      To attract and keep top talent requires creating a company that people feel proud to work for. You need to reach the hearts and minds of your employees. Become a leader that people are enthusiastic about working for. You want your employees bragging to their friends and family that your shop is a great place to work!
      Step one to attracting and retaining quality employees: Create an amazing workplace environment for your employees!  Trust me, happy employees make happy shop owners too!
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