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That EVIL Word: Profit [E130] - Diagnosing the Aftermarket A to Z


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Matt Fanslow tackles the misunderstood relationship between profit and greed in business. He references the YouTube Short "Farmer Does the Right Thing on Shark Tank," using the comments section as a springboard to discuss public perceptions of profit.

Show Notes

  • The association of profit with greed (00:00:11) Matt discusses the perception of profit as a negative concept and its association with greed in business.
  • YouTube short "Farmer Does the Right Thing Shark Tank" (00:01:14) Matt talks about a YouTube short video featuring a farmer's product pitch on Shark Tank.
  • Challenges in justifying pricing to customers (00:03:41) Matt discusses the difficulties businesses face in justifying their prices to customers and the need to educate them about the value provided.
  • Misconceptions about profit and pricing (00:06:21) Matt addresses the misconceptions regarding profit margins, and pricing strategies.
  • Tackling the association of profit with greed (00:14:36) Matt explores strategies for addressing the negative association of profit with greed and the importance of educating customers about business operations.

 

Thanks to our Partner, NAPA Autotech napaautotech.com

 

Email Matt: [email protected]

Diagnosing the Aftermarket A - Z YouTube Channel HERE

Aftermarket Radio Network: https://aftermarketradionetwork.com/

 

Click to go to the Podcast on Remarkable Results Radio

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  • Have you checked out Joe's Latest Blog?

         0 comments
      It 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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