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Opportunity Cost - Business By The Numbers

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This week Hunt discusses the actual cost of that aging loaner fleet. Are they really as cheap as you think?

• What is an opportunity cost? How does that impact the actual cost of my loaner fleet?

• Does opportunity cost apply to me and my team equally?

• So, you spend a couple hundred dollars in parts to keep that beater on the road, but is it really "cheaper than a car payment?"

• How does opportunity cost apply to a tow truck that I also have off the road and not making me money?

Thanks to our sponsor partner NAPA TRACS


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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  • Have you checked out Joe's Latest Blog?

         1 comment
      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.
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