Are you Open or Closed Saturdays? Who's Considering a 4- Day Work Week?
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By Joe Marconi in Joe's Blog1 commentI 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.
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By carmcapriotto
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
Aftermarket Radio Network
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
Part 2 of our labor rate discussion in the automotive aftermarket industry. Our panel emphasizes the importance of setting labor rates based on the shop's own expenses and profitability, rather than comparing them to competitors. They also stress the need for regular labor rate increases and educating staff about the financial aspects of running a shop. They address fear and mindset issues that can affect labor rates and overall success. The episode provides valuable insights and advice for shop owners in effectively setting and managing their labor rates.
Chris Cotton, AutoFix Auto Shop Coaching, Chris Cotton Weekly Blitz Podcast. Listen to Chris’ previous episodes HERE
Rick White, President and Lead Coach for 180BIZ, Listen to Rick’s previous episodes HERE. Dave Schedin, CompuTrek Automotive Management Systems. Dave’s previous episodes HERE Show Notes:
Build Your Labor Rate From The Ground Up Part 1 [THA 276]: https://remarkableresults.biz/remarkable-results-radio-podcast/a276/ Where the Money Goes – The $100 Lesson [THA 210]: https://remarkableresults.biz/remarkable-results-radio-podcast/a210/ Labor rates should not be set based on competitors (00:02:10) The importance of setting labor rates based on the shop's own expenses and profitability, rather than comparing them to competitors. Educating staff about where the money goes in the business (00:03:18) The need to teach employees about the various expenses and costs involved in running a shop, to help them understand the labor rates and the owner's income. Fear and mindset issues affecting labor rates and success (00:05:02) The fear and mindset issues that can affect labor rates and the overall success of a shop, and the importance of addressing these issues before setting labor rates. The importance of financials and owner thinking (00:07:46) Discussion on the prevalence of shop owners not having up-to-date financial statements and the need for owners to transition from technician thinking to owner thinking. Raising the Labor Rate (00:15:40) Discussion on the importance of raising labor rates and providing value to clients. Labor Rate and Value (00:17:19) Exploration of flipping the conversation from price to value and the curse of knowledge. Labor as Time vs Value (00:18:05) Insights on how labor is often tied to time, but should be based on value and the skills of technicians. Setting a Higher Standard (00:23:11) Discussion about the importance of qualifying customers and setting a higher standard for the shop's services. Firing Customers for Excellence (00:24:03) Exploration of the concept of firing customers who compromise the shop's level of excellence and professionalism. Running the Business Like a Business (00:25:58) Importance of charging correctly, controlling the schedule, and making every car count to improve the shop's profitability and efficiency. The impact of increasing labor rates on gross profit (00:31:37) The relationship between increasing labor rates and gross profit. It explains that when a technician's pay is increased, the labor rate must also be raised to maintain the same gross profit percentage. It highlights the importance of understanding the math behind labor rates and setting them proactively. The need to compete with other industries for skilled technicians (00:33:42) The challenges of attracting and retaining skilled technicians in the automotive industry. It compares the benefits and compensation offered by other industries, such as Target and emphasizes the need for competitive labor rates to attract and retain talent. It also highlights the importance of providing tools and benefits to technicians to create a profitable and sustainable industry. Building a profitable business (00:42:42) The significance of being profitable and setting labor rates that allow for a 20-25% net profit, as well as the importance of love and grace in running a successful shop. The importance of making changes now (00:44:27) The need to make changes in labor rates immediately instead of waiting and encourages shop owners to trust the advice of coaches. Thanks to our Partners Shop-Ware and Delphi Technologies
Shop-Ware: More Time. More Profit. Shop-Ware Shop Management https://getshopware.com/
Delphi Technologies: Keeping current on the latest vehicle systems and how to repair them is a must for today’s technicians. http://DelphiAftermarket.com
Connect with the Podcast
-Join our Insider List: https://remarkableresults.biz/insider
-All books mentioned on our podcasts: https://remarkableresults.biz/books
-Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom
-Buy Me a Coffee: https://www.buymeacoffee.com/carm
-The Aftermarket Radio Network: https://aftermarketradionetwork.com
-Special episode collections: https://remarkableresults.biz/collections
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
Our panel discusses the topic of language and terminology changes in the automotive aftermarket service industry. It's important to use clear and professional language with employees and customers, as well as the significance of honesty and trust in communication. They also touch on the distinction between "technician" and "mechanic" and the need for ongoing training and teamwork. We hope that our discussion will inspire you to reflect on your own communication practices and make necessary improvements.
Chris Cloutier is co-owner of Golden Rule Auto Care in Dallas Texas and CEO of Autoflow. Chris’s previous episodes HERE
Shawn Gilfillan, Automotive Magic, Kenvil and Lake Hopatcong, NJ. Shawn’s previous episodes HERE Jon Kloosterman, Director of Operations, WestSide Service, Zeeland, MI. Jon’s previous episodes HERE Show Notes:
Industry Terminology: It’s Time to Change it. Can You Get Behind This? [RR 571] The mindset shift (00:02:07) Discussion on the importance of mindset in implementing changes and improvements in the automotive business. Rock star or not? (00:03:38) Exploration of the language used to describe employees, specifically the term "rock star" and its potential negative connotations. Customers or clients? (00:06:06) The significance of referring to customers as clients and the impact it has on the professionalism and relationship-building within the business. The value of language in communication (00:07:54) Discussion on the importance of language in communication with clients and staff, and the use of terms like service writer, service advisor, and service consultant. The shift from mechanic to technician (00:11:08) Exploration of the evolving role of automotive professionals from mechanics to technicians due to advancements in technology and the need for specialized skills. Developing teamwork and efficiency (00:16:09) The benefits of pairing young technicians with experienced ones to boost efficiency and create a sense of teamwork in the shop. Using inclusive language and emphasizing teamwork (00:17:16) They talk about the importance of using inclusive language like "team members" instead of "employees" and how it fosters a sense of unity and common goals. Being mindful of communication and emotions (00:19:47) The conversation shifts to the significance of being aware of one's emotions and communication style, especially when dealing with employees, and the impact it has on team dynamics and employee retention. The importance of language and communication (00:23:28) Discussion about the need for patience and grace with young employees, the importance of using positive language with customers, and the impact of words on customer experience. Empathy towards customers (00:24:20) Emphasizing the importance of empathy and understanding towards customers, recognizing that they may be going through difficult situations, and the role of service teams as counselors. The power of effective communication (00:26:21) Highlighting the art of effective communication, the significance of practicing communication skills, and the introduction of Remarkable Results Toastmasters group for leaders in the automotive aftermarket. Creating an Identity (00:31:16) Discussion on turning actions into identities and empowering employees to take action. Affirmations and Positive Thinking (00:32:05) The importance of affirming ourselves and using positive language to combat negative thoughts. Standardizing Terminology (00:36:39) The need to standardize industry terminology and eliminate confusing acronyms when communicating with customers. The invoice vs. work order discussion (00:38:25) The hosts discuss the terminology used in the automotive industry, specifically the difference between using the terms "invoice" and "work order" when interacting with customers. Understanding AI and big data models (00:40:09) The topic of artificial intelligence (AI) and the role of big data models in shaping AI responses and interpretations. The importance of effective communication (00:44:21) The significance of effective communication within teams and with clients, highlighting the impact of words on professionalism and everyday interactions. Thanks to our Partners Shop-Ware and Delphi Technologies
Shop-Ware: More Time. More Profit. Shop-Ware Shop Management https://getshopware.com/
Delphi Technologies: Keeping current on the latest vehicle systems and how to repair them is a must for today’s technicians. http://DelphiAftermarket.com
Connect with the Podcast
-Join our Insider List: https://remarkableresults.biz/insider
-All books mentioned on our podcasts: https://remarkableresults.biz/books
-Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom
-Buy Me a Coffee: https://www.buymeacoffee.com/carm
-The Aftermarket Radio Network: https://aftermarketradionetwork.com
-Special episode collections: https://remarkableresults.biz/collections
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
This week, dive into proactive tax management. Whether you're wrapping up extended returns from 2022 or gearing up for the next tax year, now's the time to strategize. Hunt unpacks essential insights:
• Tax Extensions: Can they shield you from audits?
• Working with Accountants: Understand reasonable expectations and collaborate effectively to plan your taxes for the coming year.
• DIY Tax Forecasting: Tools to craft a ballpark tax estimate for next year, plus ways to refine those figures.
• Estimated Tax Payments: Not mandatory, but Hunt reveals why they're a wise move.
• Tax Myths Demystified: Learn the facts to minimize tax liabilities and debunk some fairly common misconceptions.
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
Aftermarket Radio Network
Click to go to the Podcast on Remarkable Results Radio
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