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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 nptrb
As we kick off 2025, it’s a great time for you, an auto repair shop owner, to focus on financial organization, especially with tax season just around the corner.
Proper record-keeping isn’t just about avoiding headaches with the IRS; it’s about gaining valuable insights into your business so you can continue to grow and thrive.
In this blog post, we guide you through organizing your financial records for a smooth and efficient tax filing process so you can avoid the stress this season.
Why Organization Matters
Disorganized financial records can lead to several problems: missed deductions, inaccurate tax filings, potential audits, and, worst of all, wasted time.
By implementing a clear and streamlined system, you can avoid these tax dangers and, in turn, have a clearer picture of your shop’s financial health.
Key Financial Records to Maintain
Several crucial documents form the foundation of your financial records.
Sales Invoices
Sales invoices include the details of every transaction with your customers, including parts sold, services performed, and payment methods.
Each invoice should be numbered sequentially and include the customer’s information, date of service, and a detailed description of the work done.
Purchase Invoices
Purchase invoices include your expenses, including parts, supplies, equipment, and other business-related purchases.
It’s best practice to keep all invoices and receipts organized by vendor and date.
Bank Statements
Bank statements provide a record of all transactions that pass through your business bank accounts, including deposits, withdrawals, and electronic transfers.
Remember to reconcile your bank statements regularly to ensure accuracy.
Credit Card Statements
Credit card statements document all credit card transactions and should be kept organized and reconciled with all of your other internal records.
Payroll Records
Payroll records are crucial for tax compliance and include employee wages, salaries, taxes withheld, and other payroll-related information.
Inventory Records
These are essential for calculating your Cost of Goods Sold (COGS). This includes tracking the purchase, sale, and remaining stock of parts and supplies.
Fixed Asset Records
Fixed Asset Records document the purchase and depreciation of long-term assets such as equipment, vehicles, and building improvements.
Organization Strategies
We recommend several practical steps for organizing your financial records. These strategies should be implemented year-round so tax season is simplified every year!
Separating your business and personal finances is crucial. Maintain separate bank accounts and credit cards for business and personal expenses to simplify tracking and prevent confusion during tax season.
Accounting software like Quickbooks Online can automate many bookkeeping tasks, generate reports, and simplify tax preparation. Establish a consistent filing system, whether you prefer physical or digital files.
For physical files, use labeled folders organized by category (e.g., sales invoices, purchase invoices, bank statements).
For digital files, create folders on your computer or in a cloud storage service and use clear file names. Pro tip: If you receive physical documents, scan them and save them digitally to create a backup and make it easier to search for specific documents.
Regularly reconciling your bank and credit card statements monthly can help identify any discrepancies and ensure accuracy.
Finally, the IRS generally requires you to keep business records for at least three years from the date you filed your original return. However, some records, such as those related to asset purchases, should be kept for longer.
Benefits of Organized Records
Organized financial records offer numerous benefits beyond tax preparation. By tracking your income and expenses, you can better manage your cash flow and identify potential cash shortages. Accurate financial information provides insights into your business’s profitability and helps you make informed decisions about pricing, inventory, and investments. In the event of an audit, well-organized records will make the process much smoother and less stressful.
Implementing these strategies can streamline your financial record-keeping, simplify tax filing, and truly understand your repair shop’s financial health.
Remember, consistent effort throughout the year is key to maintaining organized records and reaping their many benefits.
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The Race to Electric: How Chinese Manufacturers are Changing the Game for Legacy Automakers [RR 989]By carmcapriotto
Thanks to our Partners, AAPEX, NAPA TRACS, and Automotive Management Network Derek Kaufmann, managing partner at Schwartz Advisors, to discuss the transformative changes in the automotive industry, particularly the rise of electric vehicles (EVs) and the influence of Chinese manufacturers. Derek shares insights on China's significant investments in EV technology and battery production, highlighting their impact on global market dynamics. The conversation also covers the challenges faced by legacy automakers in the U.S. and Europe, the competitive landscape of EVs, and the future of the automotive market. Derek Kaufman, Managing Partner, Schwartz Advisors, Listen to Derek’s previous episodes HERE. Show Notes
China's Market Impact (00:01:54) Derek predicts a complete transformation of global car markets due to Chinese competition in the next five years. Strategic Moves by China (00:03:16) Discussion on China's investment in EV battery minerals and production, establishing dominance in the EV market. Chinese EV Companies (00:04:37) Derek explains the reduction of Chinese EV companies and the emergence of viable players in the market. Chinese Exports and Global Competition (00:06:02) China's rise as the top auto exporter and the implications for U.S. brands in global markets. Sales Forecast and Market Shares (00:07:44) Overview of global vehicle sales, emphasizing China's significant market share and future growth potential. Comparative Vehicle Design (00:08:44) Discussion on the superior vehicle design and technology of Chinese manufacturers compared to U.S. automakers. Tesla vs. Chinese Competitors (00:10:21) Derek compares Tesla's Model Y with the Chinese XPeng G6, highlighting differences in pricing and technology. Future of Domestic OEMs (00:16:30) Concerns about the future competitiveness of U.S. and European automakers in light of Chinese advancements. Lessons from the Past (00:18:25) Derek draws parallels between the current situation and the 1970s Japanese auto market entry. Embracing Chinese Manufacturing (00:21:01) Derek advocates for U.S. collaboration with Chinese manufacturers to enhance competitiveness and consumer choices. Toyota's Hybrid Strategy (00:22:18) Discussion on Toyota's shift to hybrids and the importance of Tesla in the EV market. Elon Musk's UFO Development (00:22:51) Derek shares a fascinating claim about Elon Musk's development of a high-speed UFO at SpaceX. The Importance of EV Training (00:23:38) Emphasis on the necessity for aftermarket shops to embrace EV technology and training. Derek Kaufmann's Insights (00:24:37) Carm expresses appreciation for Derek's vision in the automotive industry and suggests future discussions.
Thanks to our Partners, AAPEX, NAPA TRACS, and Automotive Management Network Set your sights on Las Vegas in 2024. Mark your calendar now … November 5th-7th, 2024. AAPEX - Now more than ever. And don’t miss the next free AAPEX webinar. Register now at http://AAPEXSHOW.COM/WEBINAR 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/ Get ready to grow your business with the Automotive Management Network: Find on the Web at http://AftermarketManagementNetwork.com for information that can help you move your business ahead and for the free and informative http://LaborRateTracker.com Connect with the Podcast: -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -Join Our Virtual Toastmasters Club: https://remarkableresults.biz/toastmasters -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 X: 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 -Special episode collections: https://remarkableresults.biz/collections
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
Insights to the Vision Hi-Tech Training & Expo 2024 Class “Which Scan Tool Should I Buy?" on Thursday, February, 29, from 1pm-5pm. Our panel discusses the importance of tailoring scan tool recommendations to a technician's specific needs, including the car lines they work on, their budget, and the features they require. Don't sit on the value of seeking advice from experienced users and trainers to make informed decisions. Justin Morgan LMV Bavarian Technical Support and Trainer, ASE-Wave Technical Ambassador. Justin’s Previous Episode HERE. Tanner Brandt, Autodiag Clinic. Tanner’s previous episodes HERE. Scott Shotton, The Driveability Guys. Scott’s previous episodes HERE. Show Notes
Vision Hi-Tech Training & Expo: https://visionkc.com/ Which Scan Tool Should I Buy? Thursday, February 29, 2024, 1pm-5pm Importance of proper training (00:01:18) The need for proper training in understanding the capabilities and limitations of scan tools. Factors to consider when recommending a scan tool (00:04:35) Questions to ask when recommending a scan tool, including car lines, functionalities, and budget considerations. Impact of feedback on scan tool development (00:06:08) Discussion on the importance of feedback from users and the impact of feedback on the development and availability of scan tools. Remote access and networking (00:10:02) The benefits of remote access for professional tech support and peer-to-peer networking among technicians. Understanding the capabilities of scan tools (00:13:34) Discussion on the importance of understanding the capabilities and limitations of scan tools before making a purchase. Importance of Proper Training (00:19:42) The importance of proper training before investing in tools and the impact of buying from industry-connected vendors. The Value of Support (00:22:04) The significance of having support when using tools, illustrated by a story about receiving support for a scope issue. Learning Methods (00:25:30) Discussion on different training methods, with a focus on the effectiveness of hands-on and in-person training. Virtual Training Challenges (00:26:51) The challenges of virtual training and the importance of in-person training to understand diagnostic processes. Hybrid Training Approach (00:32:08) Exploring the idea of a hybrid training approach combining virtual classes and hands-on sessions for better learning. Thanks to our Partners, AAPEX and NAPA TRACS Set your sights on Las Vegas in 2024. Mark your calendar now … November 5th-7th, 2024. AAPEX - Now more than ever. And don’t miss the next free AAPEX webinar. Register now at http://AAPEXSHOW.COM/WEBINAR 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/ 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 topic of bankruptcy is not fun and is often filled with shame. It is painful but there is hope. Brian and Kim join automotive industry coaches and former shop owners to tell their stories and share the lessons learned, emotions, and hope of reaching the other side filled with promise and new perspectives.
Thank you to RepairPal for sponsoring The Auto Repair Marketing Podcast. Learn more about RepairPal at https://repairpal.com/shops
How To Get In Touch
Group - Auto Repair Marketing Mastermind
Website - shopmarketingpros.com
Facebook - facebook.com/shopmarketingpros
Get the Book - shopmarketingpros.com/book
Instagram - @shopmarketingpros
Questions/Ideas - [email protected]
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
How can different personality types impact leadership and success in business? Murray Voth discusses the importance of understanding personality types in business. He introduces a new acronym, CASE, which stands for Controller, Analyzer, Socializer, and Entrepreneur. The conversation also covers the role of human motivation, clear expectations and accountability in managing employees, and the importance of giving space to your partner in a marriage and how it applies to business relationships. Find out how you can create a harmonious and productive team dynamic, where individuals can play to their strengths and contribute effectively to the business. Murray Voth, RPM Training. Listen to Murray’s previous episodes HERE Show Notes
CASE: Controller, Analyzer, Socializer, Entrepreneur Defaulting to Personality Types Under Stress (00:08:42) Discussion on how individuals default to certain personality types under moments of stress, fear, and overwhelm. Understanding and Utilizing Different Personality Types in Leadership (00:09:45) Exploring how different personality types, such as controllers, analyzers, socializers, and entrepreneurs, can contribute to effective leadership and business success. Using the SOAR Acronym for Problem-Solving (00:16:19) Introduction of the SOAR acronym (Situation, Outcome, Action, Results) as a tool for problem-solving and decision-making in coaching and personal development. The Outcome and Visualization (00:17:08) Discussing the importance of imagining the desired outcome and visualizing the qualities and skills of a potential service advisor. Taking Actions (00:17:57) Exploring the necessary actions to achieve the desired outcome, such as creating an advertisement, conducting interviews, and ultimately hiring a service advisor. Dopamine and Accountability (00:18:51) Highlighting the role of dopamine in motivating and rewarding oneself throughout the process, as well as redefining accountability as providing clear expectations and tools for employees. The technician who is a serial or the visionary (00:25:22) Discusses the different types of technicians and how to effectively utilize their skills and strengths in a shop environment. The analyzer technician who spends excessive time diagnosing (00:26:17) Explores the reasons behind why some technicians feel the need to overanalyze and prove themselves, and shares a personal story about an apprentice. The importance of decision making and understanding personal strengths (00:30:46) Highlights the impact of decision making on business and personal life, and emphasizes the importance of making decisions based on strengths rather than getting stuck in analysis paralysis. The Growth Mindset vs Fixed Mindset (00:35:20) The concept of growth mindset vs fixed mindset and how it affects learning and personal development. Fear of Regret (00:37:43) The fear of regret and how it holds people back from making decisions and taking risks. The Check Engine Lights of Your Business (00:41:46) Teaching business owners to diagnose their business using KPI technology and scanning tools. Learning How to Learn (00:42:31) Beta testing the idea of using personality assessments to understand team dynamics and improve business performance. Playing to Strengths in the Shop (00:43:36) Positioning team members based on their strengths, such as having analyzers in the background and socializers at the front counter. Thanks to our Partners, AAPEX and NAPA TRACS Set your sights on Las Vegas in 2024. Mark your calendar now … November 5th-7th, 2024. AAPEX - Now more than ever. And don’t miss the next free AAPEX webinar. Register now at http://AAPEXSHOW.COM/WEBINAR 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/ Connect with the Podcast: -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -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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