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Podcast Recommendation: Business by the Numbers


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By Hunt Demarest.    I heard about this guy, but only vaguely.  He was on my eventual to-listen-to list, but it hadn't bubbled up.  Who wants to listen to an accounting podcast????    Well, the timing was right and I saw a new Podcast entitled "Accounting for Internal and Warranty Work".  I listened and was pleasantly surprised.   First, a shout-out to Hunt.  He's not boring.  This is very important as I normally listen to these while commuting.  I don't want to fall asleep while driving!  He's likeable, and he covers his subjects quite well    After listening to this podcast, I immediately revamped my Warranty Work accounting method.   I know knew WHY it was important to follow his process for dealing with warranty work.  Previously, we just ate the costs and didn't document them religiously.   I spent the time to fix up all of 2022 with some correcting journal entries.

His CPA firm focuses on auto-shops.  It seems that he is crowd-sourcing his topics by asking for topics or creating topics from frequently asked questions.  There was a podcast on advertising.  How much should you spend?  Is zero enough?  Is 100K monthly enough?   There was another on Tax Tips and common questions, such as "Can I pay for my goomah with business funds?"  (OK, not really, but you get the picture).  Where are the legal boundaries with taxes?  What qualifies and what doesn't?  Is accelerated depreciation best?

TLDR:  Great podcast.  Not boring, in spite of being accounting.  Auto Shop focused.   I recommend that you listen.

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  • Have you checked out Joe's Latest Blog?

         5 comments
      I recently spoke with a friend of mine who owns a large general repair shop in the Midwest. His father founded the business in 1975. He was telling me that although he’s busy, he’s also very frustrated. When I probed him more about his frustrations, he said that it’s hard to find qualified technicians. My friend employs four technicians and is looking to hire two more. I then asked him, “How long does a technician last working for you.” He looked puzzled and replied, “I never really thought about that, but I can tell that except for one tech, most technicians don’t last working for me longer than a few years.”
      Judging from personal experience as a shop owner and from what I know about the auto repair industry, I can tell you that other than a few exceptions, the turnover rate for technicians in our industry is too high. This makes me think, do we have a technician shortage or a retention problem? Have we done the best we can over the decades to provide great pay plans, benefits packages, great work environments, and the right culture to ensure that the techs we have stay with us?
      Finding and hiring qualified automotive technicians is not a new phenomenon. This problem has been around for as long as I can remember. While we do need to attract people to our industry and provide the necessary training and mentorship, we also need to focus on retention. Having a revolving door and needing to hire techs every few years or so costs your company money. Big money! And that revolving door may be a sign of an even bigger issue: poor leadership, and poor employee management skills.
      Here’s one more thing to consider, for the most part, technicians don’t leave one job to start a new career, they leave one shop as a technician to become a technician at another shop. The reasons why they leave can be debated, but there is one fact that we cannot deny, people don’t quit the company they work for, they usually leave because of the boss or manager they work for.
      Put yourselves in the shoes of your employees. Do you have a workplace that communicates, “We appreciate you and want you to stay!”
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