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I am going to borrow a quote from billionaire, Warren Buffet, “The best investment you can make is in yourself,” This statement, while simplistic, speaks volumes. A shop owner is much more than a boss, a shop owner is a leader. And leaders are solely responsible for the success of their team. This means that you must work hard and commit to a life of continuous learning and improvement. It also means that if the team fails, a leader must always blame himself or herself for that failure and find ways to improve.
For your business to flourish, you must invest your time and energy in understanding what your role is in your company. It also means that you must be committed to continually improving your level of competence. This does not mean that every task is your responsibility. However, it does mean that the buck stops with you. If your business is not where it needs to be, or you are looking for increased growth, then it is your obligation to do the hard work and set goals, have the vision, perform the research, and develop the plan to achieve your overall objectives.
When you invest in yourself to become the best leader and the best businessperson you can be, others around you will feed off your energy and your passion. This sends a strong message to everyone on your team that you have what it takes to bring the company to the next level.
One last thing, another obligation to your company is assembling the right team of people around you. Once you have the right people, you need to invest in them too. Find what truly motivates them, not what you believe inspires them. Be a coach to your employees and always strive to bring out the best in them. Be strong with your convictions and expectations, build strong relationships with your employees, and don’t be afraid of admitting when you drop the ball.
While Warren Buffet is best known for making billions of dollars with his investment strategies, I want to believe that this quote has its basis in something that money cannot buy.
Pete McNeil discusses the changing needs of employees in the post-COVID workplace, particularly focusing on Gen Z employees. He talks about the importance of providing a positive customer experience and adapting to the preferences and attention span of Gen Z employees. He also discusses the challenges of hiring and retaining Gen Z employees, including the need for benefits, learning opportunities, and potential pay advantages.
Pete McNeil, McNeil’s Auto Care, Sandy and Riverton, UT. Pete’s previous episodes HERE
The Legacy of Old Car Repair Tools (00:01:39) Discussion about displaying old car repair tools in the waiting room to showcase the evolution of automotive technology. The Importance of Customer Experience (00:07:21) Highlighting the exceptional service provided by a server at a restaurant and the need to recruit service advisors from industries with a focus on customer experience. Understanding Gen Z Employees (00:08:47) Exploring the characteristics and preferences of Gen Z employees, including their shorter attention span and the need for clear direction and guidance. Gen Z Challenges in the Workplace (00:09:18) Discussion on the challenges faced by Gen Z employees entering the workplace without prior working experience. Adapting to Gen Z Preferences (00:12:19) Exploring the changing expectations of Gen Z employees during job interviews, including flexible work schedules and work-life balance. Creating Hybrid Pay Programs (00:16:38) The need for customized pay programs to meet the diverse needs and preferences of employees, with examples of different pay structures. Valuing Diagnostic Technicians (00:19:31) The need to compensate diagnostic technicians accordingly. Specialization and Rewarding Expertise (00:21:31) Highlighting the importance of specialized technicians in areas like transmissions, electrical, and HVAC, and the need to reward their knowledge and time investment. The importance of involving families in social events (00:26:34) Discussion on the significance of including employees' families in non-work related special events. Creating a positive work culture through various events (00:27:29) Exploration of different events, such as boating trips and casino nights, that the company organizes to foster camaraderie and teamwork among employees. The communication preferences of Gen Z employees (00:29:40) Insights into the communication preferences of Gen Z employees, including their preference for face-to-face interactions and the low reliance on social media for communication. The changing needs of employees (00:35:23) Discussion about the need for a new way of connecting and learning with the new age employees. Adding on to the Riverton store (00:35:47) Updates on the expansion of McNeil's Auto Care in Riverton, Utah, including adding six bays and a warehouse. Appreciation for Carm Capriotto (00:36:17) Expressing gratitude for Carm Capriotto's contributions to the automotive industry and the podcast. 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
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The ERTC (Employee Retention Tax Credit) is something Hunt has talked about in the past (See Episode 10 and 33) but this week, he wants to discuss the current status of the IRS with regard to auditing and follow-up on businesses that have claimed this credit, such as:
IRS is upping their fines if you don't disclose all funds, even the legit ones. IRS amnesty programs: From a simple "Hey, I've got this account" to "I owe you, let's settle." The IRS usually has three years to ask for back taxes, but some exceptions exist. If you've taken the ERTC money, there's a two-year period where the IRS might have you on their radar. Bigger amounts = more attention. The ERTC program's end is in sight, with some parts set to phase out soon. Want more details? Click here: https://www.irs.gov/newsroom/to-protect-taxpayers-from-scams-irs-orders-immediate-stop-to-new-employee-retention-credit-processing-amid-surge-of-questionable-claims-concerns-from-tax-pros
Thanks to our partners, NAPA TRACS and Promotive
Did you know that NAPA TRACS has onsite training plus six days a week support?
It all starts when a local representative meets with you to learn about your business and how you run it. After all, it's your shop, so it's your choice.
Let us prove to you that Tracs is the single best shop management system in the business. Find NAPA TRACS on the Web at NAPATRACS.com
It’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.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
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By Joe Marconi