Opportunity Cost - Business By The Numbers
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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 Joe Marconi
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By carmcapriotto
Fernando Miranda, Aleta and Kevin Delaney and Jeremy Behling discuss their participation in the Transformers 2022 Summit in Cancun, where they took part in a team-building "Build a Bike" activity. The panel share heartwarming stories of giving bikes to local students in need and sponsoring their education. They emphasize the importance of philanthropy and how it can have a positive impact on both the community and business. Carm encourages listeners to have a giving heart and take action to help others. The episode aims to inspire listeners to make a positive impact in their own communities.
Fernando Miranda, VP Transformers Institute
Kevin and Aleta Delany, Europro Autohaus, Kelowna, Canada Jeremy Behling, Yampa Valley Tire Pros, Steamboat Springs, CO Show Notes:
Paying it Forward and Philanthropy (00:01:16) The panel discusses the importance of giving back to the community and highlights the Build a Bike program at the Transformers conference in Cancun. The bike donation and meeting the students (00:08:14) Describes the emotional experience of giving bikes to students and the impact it has on their lives. Finding out about the student's college plans (00:09:10) Discusses the conversation with the student about her plans to become an accountant and the potential for future opportunities. Matching the donation and sponsoring the student (00:11:46) Explains how Jeremy matched the donation made by the Transformers team and how Aleta and Kevin sponsored the student directly for four years of college. The importance of giving back (00:17:41) Discussion on the motivation behind philanthropy and the impact it has on individuals and communities. Financial success vs. helping others (00:19:00) Exploration of the fulfillment and positivity that comes from helping others, even if it may have a negative impact on financial success. The power of giving first (00:21:30) Personal experience of how giving back and donating money led to a positive shift in cash flow and overall business success. The universe taking care of you (00:27:38) Exploration of the belief that giving to others leads to receiving from the universe. Challenging listeners to make a difference (00:28:46) Encouragement to take action and make a positive impact in their communities. 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
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By Joe Marconi
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By carmcapriotto
Matt Fanslow discusses his concerns about relying too heavily on databases and artificial intelligence in automotive diagnostics. He emphasizes the potential long-term repercussions of this reliance on critical thinking skills and reasoning. He also brings up the issue of flat rate pay and how it can affect diagnostic work. He also mentions the challenges when a database lacks information on newer cars or technologies. This episode is a reminder of the importance of maintaining a balance between utilizing technology and preserving our critical thinking skills in the automotive industry.
The dangers of relying on databases and artificial intelligence (00:00:12) Matt discusses his concerns about relying too heavily on databases and artificial intelligence in automotive diagnostics and the potential long-term repercussions of this reliance on critical thinking skills and reasoning. Issues with flat rate pay and diagnostic work (00:01:22) Matt talks about the flaws of flat rate pay and how it can affect diagnostic work. The example of misdiagnosing a Chrysler vehicle issue (00:05:19) Matt gives an example of a Chrysler vehicle issue, highlighting the importance of developing diagnostic skills instead of solely relying on databases. The Potential Repercussions of Database Reliance (00:09:54) The potential long-term repercussions of relying on databases and not developing diagnostic skills. The Limitations of Databases and Artificial Intelligence (00:10:54) The limitations of databases and artificial intelligence, using the analogy of people getting lost without GPS. The importance of balancing short-term gains and long-term losses (00:20:17) Matt emphasizes the need to consider the long-term consequences of relying on databases and technology and suggests taking short-term hits for long-term wins.
Thanks to our Partner, NAPA AUTOTECH napaautotech.com
Email Matt: [email protected]
Diagnosing the Aftermarket A - Z YouTube Channel HERE
Aftermarket Radio Network
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By carmcapriotto
In this podcast episode, Coach Chris Cotton discusses the survey he created to understand why technicians are leaving the automotive industry, and sharing insights from the responses received so far. The top reasons include pay, benefits, work-life balance, and poor management. Coach Chris emphasizes the importance of addressing these issues to retain employees. He also highlights the need to attract more technicians to the independent sector and concludes by emphasizing the role of good owners or leaders in employee retention.
The age distribution of survey respondents [00:03:34] The speaker discusses the age range of the survey respondents, which includes people from 18 to 56 years old. Reasons for leaving the industry [00:05:58] The speaker explores the comments and opinions of technicians who have left the industry, focusing on the negative impact of dealerships. Alternative industries technicians are entering [00:08:42]. The speaker shares the various industries that technicians are transitioning into, including elevator and escalator maintenance, cybersecurity, construction, farming, and industrial mechanics. The main reasons for leaving the industry [00:11:59] Discusses the top four reasons people leave the industry: pay, benefits, work-life balance, and poor management. The importance of fixing pay and benefits [00:13:10] Emphasizes the need to address pay structure and pricing to improve pay, benefits, and work-life balance. The lack of effort to retain employees [00:16:38] Highlights that most respondents said that no one tried to keep them in the industry when they gave notice, suggesting a lack of effort from owners or leaders.
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The Weekly Blitz is brought to you by our friends over at Shop Marketing Pros. If you want to take your shop to the next level, you need great marketing. Shop Marketing Pros does top-tier marketing for top-tier shops.
Click here to learn more about Top Tier Marketing by Shop Marketing Pros and schedule a demo: https://shopmarketingpros.com/chris/
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AutoFix-Auto Shop Coaching
www.autoshopcoaching.com
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Email Chris: [email protected]
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