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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
The turning of the seasons is a great time to fall into good habits, financial habits to be exactly. Autumn is an ideal time to reassess your financial situation and implement new strategies that will carry you through the end of the year and beyond. We believe that with the right approach, you can “fall” into good financial habits that will set you up for success.
Here are some practical tips to guide you through this autumn season:
1. Review and Refresh Your Budget
The beginning of quarter four is a great time to take a look at your budget. The holidays are just around the corner, and for many, that means an increase in spending. Review your income and expenses from the past few months to see if you need to adjust any categories.
Tip: Consider using a budgeting app or software to keep track of your spending in real time. This will help you stay on top of your finances and make necessary adjustments before the holiday rush begins.
2. Prepare for Holiday Expenses
With the new season often comes a time of increased spending with holidays such as Thanksgiving, Halloween, and Christmas coming up. It’s essential to plan ahead to avoid financial stress. Start by setting aside a specific amount each week to fund these upcoming expenses. This can help you avoid relying on credit cards and racking up debt during the holiday season.
Tip: Create a holiday-specific savings account and automate transfers from your checking account to this fund. By spreading out your saving efforts over the next few months, you’ll be better prepared for holiday expenses.
3. Evaluate Your Tax Situation
Autumn is the perfect time to review your tax situation and make adjustments if needed. If you’re a small business owner, freelancer, or self-employed, you should look at your income for the year so far and determine if you need to make estimated tax payments. Even if you’re a regular employee, it’s wise to check your withholdings to ensure you’re on track and won’t face a big tax bill come April.
Tip: Schedule a meeting with your accountant or bookkeeper to go over your tax strategy. Taking proactive steps now could save you from headaches later.
4. Reassess Your Financial Goals
Did you set financial goals at the start of the year? This would be a great time to revisit them. Are you on track to meet them? Maybe you aimed to pay off debt, save for a down payment on a home or build an emergency fund. Take stock of your progress and determine whether you need to adjust your plans.
Tip: Set short-term goals to help push through the end of the year. For example, challenge yourself to save an extra $500 before January or pay off one credit card balance.
5. Take Advantage of End-of-Year Sales
Year End sales are popular among many businesses. This is an ideal time to take advantage of them, especially if you’re a business owner looking to make investments in equipment or supplies. Many companies offer year-end deals to clear out inventory, so be on the lookout for discounts. This can also be a great time to make charitable donations or invest in assets that may offer tax benefits.
Tip: Keep an eye on Black Friday and Cyber Monday deals for both personal and business-related purchases. Just be sure to stay within your budget and avoid impulse buying.
6. Check in on Your Retirement Accounts
When was the last time you checked in on your retirement accounts? Are you maxing out your 401(k) or IRA contributions? If not, consider upping your contributions for the rest of the year. The contributions you make to these accounts can reduce your taxable income and set you up for a more secure financial future.
Tip: If your employer offers a matching contribution, try to contribute enough to take full advantage of that benefit. It’s essentially free money that helps boost your retirement savings.
7. Protect Your Assets
As you transition into autumn, it’s important to ensure that your assets are protected. Review your insurance policies—whether it’s health, auto, home, or life insurance—to ensure you have adequate coverage. This is particularly crucial if you’ve experienced any major life changes, such as getting married, having a child, or purchasing a new home.
Tip: Autumn is often the season for open enrollment, so take advantage of this time to make necessary updates to your insurance policies.
Embrace Financial Change this Fall
Autumn is all about change and preparing for what’s ahead, making it an ideal time to reset your financial habits. By refreshing your budget, planning for holiday expenses, and checking in on your long-term financial goals, you can end the year strong and set yourself up for a successful new year.
Let’s fall into good habits together!
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By Joe Marconi
When I look back at my 41 years as an auto shop owner, there is a direct link between my best and most profitable years to the quality of my employees. Contrary to that, the years I struggled in business was directly related to having the wrong team, more specifically, a bad apple or a few bad apples.
If you want to truly achieve great things in business, you need to have great people around you. Take a hard look at the people you employ now. Would you hire them again?
Think about this: If your auto repair shop is reliant on your skills, your intellect and solely on you, your business will eventually plateau and stall. You need great people around you to build your empire. The strategy of finding the right people for your company is ongoing.
Lastly, once you have assembled the right people, then you need to do all you can to give them the training, the coaching, the support, the praise and recognition to bring out the best in them.
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By carmcapriotto
Matt Fanslow and guest Margaret Light, a licensed marriage and family therapist, dive into the complexities of grief. They discuss the inevitability of loss, the importance of acknowledging grief, and strategies for self-support during the grieving process, such as maintaining routines and honoring loved ones. They also cover how to support others who are grieving, offering practical help and emotional support. The conversation touches on the challenges of dealing with grief in the workplace and the need for understanding and patience. Additionally, they explore the concept of surrendering to grief and the dangers of using work or other distractions to avoid dealing with emotions.
Show Notes with Timestamps
Margaret Light: https://www.equilibriumtherapyservices.org/ Matt's personal experience (00:01:12) Matt shares a personal experience about his father's health issues and his own feelings of grief and survivor's guilt. Understanding grief (00:05:29) Margaret explains the broad concept of grief, including different types of loss and the idea of complicated grief. The process of grief (00:12:36) Discussion on the non-linear nature of the grief process, the stages of grief, and the need to experience and process grief. Supporting individuals experiencing grief (00:18:06) Matt and Margaret discuss the challenges of navigating grief in professional settings and provide pointers on how to support individuals experiencing grief. Supporting Ourselves When Grieving (00:19:31) Tips for self-care during grief, including creating routine, seeking support, and honoring the loved one. Supporting Someone Who's Grieving (00:23:08) Practical ways to support a grieving person, such as providing childcare, acknowledging their grief, and avoiding false platitudes. Learning to Live with Loss (00:30:54) Discussion on the process of learning to live with the loss of a loved one and the challenges of accepting mortality. Dealing with Loss and Control (00:34:44) Exploration of the fear and loss of control associated with unexpected or unexplainable events, and the frustration of not being able to fix emotional pain. Grieving requires attention (00:37:28) Discussion on the intentional effort needed to be present and attentive during the grieving process. Surrendering to grief (00:38:03) Exploring the concept of surrendering to grief and accepting difficult emotions. Recognizing red flags in grief (00:41:22) Identifying signs of unhealthy coping mechanisms and behaviors in response to grief. Reintegration and moving forward (00:49:06) Exploring the reintegration phase of grief and the purpose of grief in helping individuals move forward in life. Acknowledging the value of grief (00:51:21) Recognizing the significance of grieving as a reflection of love and the importance of feeling strong emotions. Challenges in addressing emotions (00:54:35) Discussing the difficulties in addressing emotions, especially in male-dominated industries, and the need to learn to navigate and apply emotional understanding. Grief and Emotional Intelligence (00:56:33) Discussion on the benefits of emotional intelligence, the downside of suppressing emotions, and the importance of addressing grief.
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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By Changing The Industry
Episode 129 - Can Good Technicians Be Matched With Great Shops? With Joelle Pollack & Amy Gerardi
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By Joe Marconi
Featured in Ratchet and Wrench Magazine - June 2023
Steve Jobs may have been best known as the co-founder of Apple Computer and a great entrepreneur, but his style of leadership and management was highly controversial. Jobs would schedule meetings with his team, then randomly point to someone and ask, “Tell me what’s not working at this company?” After that person gave their opinion, he would then turn to the group and ask for everyone’s feedback. Then he would point to another person, and say, “Tell me what is working?” While his technique may appear divisive, Jobs placed a high value on getting valuable feedback. Which meant that he had to know the truth, no matter how ugly it might be.
For most people, it’s difficult to receive critical feedback. No one enjoys learning that we dropped the ball, or that something isn’t going right. And how often does an employee walk up to you, and pull you aside to inform you of bad news? Not very often, right? While receiving praise and recognition does motivate us, growth opportunities also exist when things go wrong. How we deal with adversity and bounce back from failure tells us a lot about our mental toughness. Great success is never dependent on everything going right all the time. That’s not reality.
Look at it this way: getting only good news all the time is mostly useless. On the contrary, bad news can be good news. And we should accept and welcome it. If employees are reluctant to bring you bad news, it’s an indication that they may fear confronting you. As the shop owner, you need to do a little self-reflection to ensure that you are a leader that is approachable, and not on the defensive when an employee wants to sit down and discuss things. Be mindful of how you interact with others too. Your body language and the tone of your voice will either draw people to you or push them away.
If you truly want to grow as a business owner and as a leader, you need to allow others to voice their opinions and let you know that your company, at times, may not be the paradise you believe it is. The question is how do you create an environment that gives people the confidence and willingness to confront you with critical issues?
Make it known that you want to create a work environment where feedback, especially when things go wrong, is accepted and welcomed. Remember, if people fear bringing you bad news or only tell you the good things, you may not have an open environment where people feel they can discuss all issues, good and bad. It’s also important to realize that to give critical feedback to others, you must be open and willing to receive critical feedback.
At the start of any team meeting, let your employees know that you will be asking for everyone’s opinions on ways to improve. Emphasize that you want to hear not only what’s going right, but also where the company is failing. People’s opinions may not be shared by everyone, but one’s perspective is their reality. We need to listen to all voices. Be transparent and let everyone know that you will listen to everyone and do your best to act on everyone’s feedback. Another thing to be aware of; don’t allow an atmosphere that encourages gossip or venting. This will promote negativity and bring down morale. You need honest, healthy feedback that everyone can accept and learn from.
The bottom line? The next time someone brings you bad news, look them straight in the eye, smile, and say, “Thank you!”
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