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Cash: Am I Ending Up with Enough of the Pie?


Alex

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5%, 10%, 15% or even more of the income in many automotive shops wanders off every year. How much money evaporates in your shop? How well do you manage your money? Do you look for the best deal, negotiate and ask for discounts? Do you regularly compare your expenses with other shops? Do you have a budget? We'll explore these issues and many more!

 

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5%, 10%, 15% or even more of the income in many automotive shops wanders off every year. How much money evaporates in your shop? How well do you manage your money? Do you look for the best deal, negotiate and ask for discounts? Do you regularly compare your expenses with other shops? Do you have a budget? We'll explore these issues and many more!

 

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Alex:

 

I very much appreciate you mentioning one of my classes here. Of all the classes that I present, this is the money class where we really concentrate on getting rid of a lot of wasted spending. Not just a few hundred, but thousands of dollars a year. The next one will be held in Grand Rapids, MI on Thursday, Nov 13th 9am-4pm.

 

Thanks again,

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Tom, as a graduate of AMI I can attest to the fact that this training is vital to the success of the independent shops across the country. Management training often takes second place to technical training. It should be the other way around for shop owners, managers and service advisors.

 

Joe Marconi

 

The financial mess appears to be headed to an area that none of us can comprehend. The management of both personal and business finance should be first on everyone's to do list as the US economy one year from now may be unrecognizeable. The wheels may be about to come off...yet few are open to accept that possibility.

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I hate to sound like a broken record…but THIS time I truly believe that only the strong will survive. Shops that are on the fence financially and do not have the business skills to weather this economic storm will not be able to ride it out. Many shops will come out this weakened and battered. Many will be gone.

 

Joe:

 

I believe you are absolutely correct. Many will never know what hit them as this is a very fast moving situation. I would not be surprised to see the majority of legit shops gone a year from now. On the other hand this is the type of industry where countless backyard shops will open and find themselves in high demand as consumers are also rapidly wiped out. I have developed multiple plans for our shop to remain open...all shops should do the same.

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Are you saying that many of the good shops will dissapear, which will leave the door open for backyard shops to arise to power all due to the economy?????

 

Isn't this the time where the better shops who know how to plan will win out?

 

It depends. If the economic slump is mild, the reduction in the number of shops may be good for those remaining. But, we could be headed for a world not seen since the 1930's in the US or even the 1990's in Russia. In such a case, all bets are off for almost any business. Such a scenario is almost unimaginable. Worthless currency. Most business done in barter. Civil unrest. With three of the hottest selling items in the last couple of weeks being safes, guns, and ammunition one gets the impression that it is no longer just the far fringe groups making preparations. I hope it doesn't go that way, but I also do not believe that it could not happen. Can't hurt to be prepared.

 

What will you do if your bank tells you that your funds are not available at this time (this has been occurring to some extent already with some money market funds...just not making the news)?

 

Tomorrow morning would be an excellent time to review the location or all of your assets and investments. ;)

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Alex:

 

I very much appreciate you mentioning one of my classes here. Of all the classes that I present, this is the money class where we really concentrate on getting rid of a lot of wasted spending. Not just a few hundred, but thousands of dollars a year. The next one will be held in Grand Rapids, MI on Thursday, Nov 13th 9am-4pm.

 

Thanks again,

 

No Problem! Makes for a great discussion.

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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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