Memorial Day and a Reflection on Your Numbers - Business By The Numbers
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By Joe Marconi in Joe's Blog5 commentsI 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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By carmcapriotto
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/
Check out their podcast here: https://autorepairmarketing.captivate.fm/
If you would like to join their private Facebook group go here: https://www.facebook.com/groups/autorepairmarketingmastermind
In this episode, auto shop coach Chris Cotton advises auto repair shop owners on financial management. He underscores the importance of maintaining an income statement and organizing a chart of accounts for business health assessment and decision-making. Chris explains how these tools help monitor profitability, manage expenses, and comply with regulations. He also reviews a real income statement, showing how to interpret financial data for improved business outcomes. Chris advocates for the diligent use of these financial instruments to drive growth and success in the auto repair industry.
The importance of income statement (00:01:09) Emphasizing the necessity of an income statement and its role in understanding business health and performance.
Understanding the income statement (00:02:22) Explanation of the components of an income statement and its significance in financial management.
Purpose and benefits of income statement (00:04:24) Highlighting the importance of income statement in analyzing profitability, trend identification, and expense management.
The significance of chart of accounts (00:06:42) Exploring the role of chart of accounts in financial reporting and decision-making.
Integrating income statement and chart of accounts (00:08:58) Explaining how aligning income statement and chart of accounts streamlines financial management and supports decision-making.
Analyzing an income statement (00:10:17) A detailed breakdown of an income statement, including identifying areas for improvement and understanding discrepancies.
Connect with Chris:
[email protected]
Phone: 940.400.1008
www.autoshopcoaching.com
Facebook: https://www.facebook.com/
AutoFixAutoShopCoachingYoutube: https://bit.ly/3ClX0ae
#autofixautoshopcoaching #autofixbeautofixing #autoshopprofits #autoshopprofit #autoshopprofitsfirst #autoshopleadership #autoshopmanagement #autorepairshopcoaching #autorepairshopconsulting #autorepairshoptraining #autorepairshop #autorepair #serviceadvisor #serviceadvisorefficiency #autorepairshopmarketing #theweeklyblitz #autofix #shopmarketingpros #autofixautoshopcoachingbook
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
Thanks to our Partner, NAPA Auto Care Greg Buckley discusses the importance of using analytics and performance metrics in the automotive industry. He draws parallels between managing a sports team and running an auto repair shop, emphasizing the need for owners to understand their team's strengths and weaknesses. Greg explores the idea of incentivizing performance and accountability, similar to professional athletes. Greg shares his experience with nurturing technicians and the concept of having a "farm team" to develop skills. The conversation also touches on the need for better career pathing, training, and compensation methods to retain talent and improve the industry's professionalism. Greg Buckley, owner of Buckley’s Auto Care in Wilmington, and Millsboro DE. Greg’s previous episodes HERE. Show Notes
Introduction to the concept of scorecards (00:02:07) Greg introduces the concept of using scorecards and analytics to measure technician performance. Technician performance metrics (00:03:03) Discussion about technicians having access to their performance data and using it for career decisions. Contract-based employment (00:04:18) Exploring the idea of creating contracts and incentives based on performance metrics. Redefining technician compensation (00:05:20) Discussing the concept of incentives and redefining technician compensation based on performance. Building a career path (00:06:20) Exploring the idea of building a career path for technicians based on performance metrics. The role of analytics in decision-making (00:09:56) Drawing parallels between sports analytics and using analytics in the automotive industry. Training and certifications (00:11:58) Discussion about using shop management systems to track technician performance and productivity. Redefining technician levels (00:15:55) Proposing the idea of redefining technician levels and career pathing within the industry. Baseball analogies (00:16:38) Using baseball analogies to explain the concept of developing technicians through different levels. Understanding team strengths and weaknesses (00:18:16) Exploring the concept of knowing individual strengths and weaknesses to improve performance and success. Grooming technicians and creating career paths (00:19:09) The importance of grooming technicians and creating a career path for their growth and development. Enhancing compensation methods (00:25:05) Exploring the need for different methods of compensation to foster team growth and development. Agreement and rewards system (00:25:58) Discussing the concept of creating agreements and rewards systems based on performance metrics for technicians. Reflecting on baseball and strategic thinking (00:26:52) Reflecting on the strategic thinking involved in baseball and its relevance to business concepts.
Thanks to our Partner, NAPA Auto Care Learn more about NAPA Auto Care and the benefits of being part of the NAPA family by visiting https://www.napaonline.com/en/auto-care Connect with the Podcast: -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -Subscribe on YouTube: https://www.youtube.com/carmcapriotto -Follow on LinkedIn: https://www.linkedin.com/in/carmcapriotto/ -Follow on Instagram: https://www.instagram.com/remarkableresultsradiopodcast/ -Follow on Twitter: https://twitter.com/RResultsBiz -Visit the Website: https://remarkableresults.biz/ -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
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/
Check out their podcast here: https://autorepairmarketing.captivate.fm/
If you would like to join their private Facebook group go here: https://www.facebook.com/groups/autorepairmarketingmastermind
In this episode, Coach Chris Cotton from Auto Fix Auto Shop Coaching addresses auto repair business owners, focusing on revitalizing February's sluggish pace. He emphasizes the power of a goal-oriented mindset, offering actionable advice on setting objectives and adopting proactive strategies. Cotton's insights aim to help listeners transform typically slow periods into opportunities for profit and success, underscoring the significance of attitude and planning in business.
The importance of mindset (00:00:04) Discussion on the significance of a goal-driven mindset to turn February around for auto repair business owners.
Challenging the negative mindset (00:02:23) Encouraging shop owners to shift from a negative mindset about February and its impact on business performance.
Analyzing February sales data (00:04:30) Reviewing sales data from February and questioning the mindset of shop owners who did not experience significant growth.
Preparing for slow periods (00:08:05) Emphasizing the importance of long-term planning and preparation for slow months, such as February, to achieve success.
Overcoming negative mindset trap (00:09:07) Discussing the negative mindset trap and how it affects the performance and attitude of the team.
Adopting a positive mindset (00:10:16) Exploring the power of a positive mindset and proactive approach to transform slow periods into successful and profitable times.
Setting ambitious goals (00:11:11) Encouraging shop owners to set ambitious but achievable goals and involve the team in brainstorming strategies to attract more business.
Reinforcing the impact of mindset and goals (00:13:20) Highlighting the impact of mindset and goal setting on team performance and attitude, and its role in breaking the cycle of slow periods.
Driving the shop to new heights (00:15:34) Empowering shop owners to use their mindset and leadership to transform challenges into opportunities and drive their shop to new heights.
Coach Chris Cotton', '00:02:23', "I heard it like, 'Oh woe is me, February sucks, January sucks, it's always going to suck and there's nothing we can do about it.'" 'Coach Chris Cotton', '00:03:24', "If you tell all the employees, 'Hey, this is going to be the best month ever,' and you put your efforts towards that, then guess what? It will be the best month ever." 'Coach Chris Cotton', '00:09:07', "What would $25,000 have done for your shop? What would $50,000 have done for your shop in January, February, March moving forward?"
Connect with Chris:
[email protected]
Phone: 940.400.1008
www.autoshopcoaching.com
Facebook: https://www.facebook.com/
AutoFixAutoShopCoachingYoutube: https://bit.ly/3ClX0ae
#autofixautoshopcoaching #autofixbeautofixing #autoshopprofits #autoshopprofit #autoshopprofitsfirst #autoshopleadership #autoshopmanagement #autorepairshopcoaching #autorepairshopconsulting #autorepairshoptraining #autorepairshop #autorepair #serviceadvisor #serviceadvisorefficiency #autorepairshopmarketing #theweeklyblitz #autofix #shopmarketingpros #autofixautoshopcoachingbook
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
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/
Check out their podcast here: https://autorepairmarketing.captivate.fm/
If you would like to join their private Facebook group go here: https://www.facebook.com/groups/autorepairmarketingmastermind
In this podcast episode, Coach Chris Cotton from Auto Fix Auto Shop Coaching highlights the significance of always saying yes to customers in the auto repair industry. He recounts two examples where service advisors faced challenges in agreeing to customer requests. Cotton stresses the importance of customer satisfaction and the delicate balance of agreeing to customer demands without making unrealistic promises.
Saying Yes to Customers (00:02:36) Importance of prioritizing customer satisfaction and finding ways to say yes instead of no.
Handling Customer Requests (00:03:45) Addressing an instance where a service advisor struggled to manage customer expectations and deliver on promises.
Customer Service Skills (00:05:54) Emphasizing the need to take care of the customer, manage expectations, and avoid overpromising while saying yes.
Saying Yes and Managing Expectations (00:10:11) Discussing the importance of saying yes to customers while managing expectations and not overpromising.
1. Importance of not saying no to customers in the auto repair business
2. Instances of a service advisor struggling to say yes to customers
3. Emphasizing the need to prioritize customer satisfaction
4.Managing expectations while saying yes to customers
5.Not overpromising to customers
Quotes:
Coach Chris Cotton', '00:06:54', "How would you like it if you were leaving town in 24 hours and somebody said, 'Oh, you can't take your car because we can't finish it up'? It's just not the right place to be in."
'Coach Chris Cotton', '00:09:14', "The customer doesn't care about any of that; the customer just wants to know if you can help them or not."
'Coach Chris Cotton', '00:12:16', "If they're in front of you unexpectedly, say yes, smile, and be like, 'Oh, I'm so glad, Mrs. Johnson, that you're here today. I haven't seen you in a while. Absolutely, we'll take care of your crisis for you.'"
Connect with Chris:
[email protected]
Phone: 940.400.1008
www.autoshopcoaching.com
Facebook: https://www.facebook.com/
AutoFixAutoShopCoachingYoutube: https://bit.ly/3ClX0ae
#autofixautoshopcoaching #autofixbeautofixing #autoshopprofits #autoshopprofit #autoshopprofitsfirst #autoshopleadership #autoshopmanagement #autorepairshopcoaching #autorepairshopconsulting #autorepairshoptraining #autorepairshop #autorepair #serviceadvisor #serviceadvisorefficiency #autorepairshopmarketing #theweeklyblitz #autofix #shopmarketingpros #autofixautoshopcoachingbook
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
As tax season 2024 unfolds, many entrepreneurs find themselves grappling with previous years' unpaid taxes, alongside the looming obligations for the current year. This episode gets into practical solutions for managing tax debt, with real-life advice and expert insights to navigate this challenging aspect of business ownership.
• Understanding Your Options with the IRS: Setting up a payment plan with the IRS is the most common recourse for those unable to pay taxes in full. Learn about the prerequisites, process, and potential pitfalls. How does the IRS view income versus payroll tax debts? What are the crucial differences that could affect your business?
• The Truth About Offers in Compromise: Offers in Compromise (OIC) might seem like a silver bullet for tax woes, but they're often misunderstood and not as easily attainable as advertised. I I try to demystify OICs, outlining the qualifications, processes, and the reality behind settling tax debts for "pennies on the dollar." Why are these offers rarely the best solution for most taxpayers?
• Practical Tips and Real-World Strategies: Beyond understanding IRS mechanisms, this episode provides actionable advice for managing and potentially settling tax debts. From negotiating with state tax authorities to leveraging existing assets and income for a better outcome, learn strategies that could save your business significant amounts of money and stress.
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
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