Charitable Contributions Explained [E100] - Business By The Numbers
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By Joe Marconi in Joe's Blog0 commentsIt always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.
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By carmcapriotto
Join Hunt in this important discussion about financial planning for auto repair shop owners. This episode explores why breaking even isn't enough and how to set financial targets that ensure long-term business health and growth.
• Understanding Break-even: Why merely covering costs can jeopardize business sustainability, and how to calculate real financial targets.
• Strategic Planning Tips: Learn conservative financial planning techniques to safeguard your business against unexpected downturns.
• Team Communication: The importance of setting clear financial goals and maintaining transparency to motivate your team.
• Actionable Financial Advice: Step-by-step guidance on setting sales and profit targets based on your gross profit percentage.
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
Auto Parts Quality and Supply Chain Complexities [THA 379]" width="200" data-embed-src="https://www.youtube-nocookie.com/embed/VcoT113y2MI?feature=oembed"> Thanks to our Partner, NAPA TRACS and AutoFix Auto Shop Coaching Industry leaders John Hanighen, CEO of Cloyes, Matt Buchholz, CEO of Motorrad, and Andy Fiffick, CEO of a 10 store franchise chain in Cleveland, dive into the current state of the supply chain within the automotive aftermarket, addressing issues of product availability, quality concerns, and the impact of unpredictable demand. Insights into data-driven forecasting, manufacturer-distributor collaboration, and the importance of communication between suppliers and auto repair shops are also explored to give a holistic view of managing challenges in the aftermarket industry. Andy Fiffick, CEO Rad Air, 10-locations, franchise. Listen to Andy’s other episodes HERE John Hanighen, CEO at Cloyes Gear and Products. Listen to John's other episodes HERE Matt Buchholz, CEO MotoRad
Supply Chain Resilience and Whiplash (00:02:41) Discussion on the unique demand contraction and subsequent supply chain adjustments due to the COVID-19 pandemic. Quality and Fill Rate Issues in the Industry (00:05:44) Reports of decreased quality and high defect rates in automotive parts, as well as challenges related to supply chain disruptions and limited delivery services. Steps to Ensure Proper Installation and Quality Control (00:09:20) Use of QR codes and training videos to ensure proper installation, labor claim reimbursement programs, and the importance of minimizing comebacks through quality control measures. Challenges in Addressing Quality Issues (00:14:29) Discussion on the complexity of the supply chain, the need for quality parts, and the challenges in identifying and addressing part failures and defects. Cataloging and Product Quality (00:15:51) Discussion on the importance of cataloging products correctly and the impact of catalog errors on product performance. Supply Chain Logistics (00:19:26) Challenges and opportunities related to cataloging systems, data accuracy, and supply chain management. Predictive Modeling and Assortments (00:28:29) The use of data for predictive modeling and assortment recommendations at the store and distribution center levels. Data Sharing and Tracking (00:30:41) The challenges and variations in tracking and sharing data across different systems and trading partners. The supply chain management challenge (00:31:38) Discussion on using cross-referencing to identify supply chain gaps and the need for distributor approval. Impact of demand fluctuations (00:32:44) The impact of erratic demand changes and consumer confidence on the automotive industry. Adapting to market changes (00:34:46) Discussion on adapting to demand changes due to weather, election cycles, and marketing strategies. Predictive analytics and supply chain adjustments (00:35:36) Exploring the use of predictive tools and data, including weather, election cycles, and global conflicts, to adjust supply templates. Challenges in supply chain disruptions (00:36:35) The ripple effect of global conflicts and shortages in rubber products affecting supply chain resilience. Industry challenges and solutions (00:37:27) Acknowledging the complexity of the industry and the need for tolerance and collaboration to address challenges. Thanks to our Partner, NAPA TRACS NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at http://napatracs.com/ Thanks to our Partner, Auto-Fix Auto Shop Coaching Proven Auto Shop Coaching with Results. Over 61 Million in ROI with an Average ROI of 9x. Find Coach Chris Cotton at AutoFix Auto Shop Coaching on the Web at https://autoshopcoaching.com/ 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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Episode 163 - Balancing Business Ownership & Technology With Gregg Rainville & James Harris of SteerBy Changing The Industry
Episode 163 - Balancing Business Ownership & Technology With Gregg Rainville & James Harris of Steer
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By Joe Marconi
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By carmcapriotto
On this Episode of Business by the Numbers, Hunt reflects on his time at the STX conference in Nashville, sharing stories about the connections made and lessons learned from industry experts.
• Economic News Breakdown: We get into the latest economic updates that dropped last Wednesday. Hunt breaks down what these changes in numbers might mean for your wallet and business this year, especially when it comes to interest rates.
• Tax Talk and Government Spending: Hunt explains the proposed wealth tax and what the latest federal budget might mean for us. There’s a lot of talk about balancing the budget without raising taxes too much, and we'll explore what that could look like.
• Capital Gains and Your Money: We take a closer look at potential hikes in capital gains taxes and how these could affect your investments and long-term financial planning.
• Understanding the Numbers: Inflation, GDP... these terms get thrown around a lot. We’ll unpack what they really mean for the economy and for us as workers and business owners.
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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