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I am going to borrow a quote from billionaire, Warren Buffet, “The best investment you can make is in yourself,” This statement, while simplistic, speaks volumes. A shop owner is much more than a boss, a shop owner is a leader. And leaders are solely responsible for the success of their team. This means that you must work hard and commit to a life of continuous learning and improvement. It also means that if the team fails, a leader must always blame himself or herself for that failure and find ways to improve.
For your business to flourish, you must invest your time and energy in understanding what your role is in your company. It also means that you must be committed to continually improving your level of competence. This does not mean that every task is your responsibility. However, it does mean that the buck stops with you. If your business is not where it needs to be, or you are looking for increased growth, then it is your obligation to do the hard work and set goals, have the vision, perform the research, and develop the plan to achieve your overall objectives.
When you invest in yourself to become the best leader and the best businessperson you can be, others around you will feed off your energy and your passion. This sends a strong message to everyone on your team that you have what it takes to bring the company to the next level.
One last thing, another obligation to your company is assembling the right team of people around you. Once you have the right people, you need to invest in them too. Find what truly motivates them, not what you believe inspires them. Be a coach to your employees and always strive to bring out the best in them. Be strong with your convictions and expectations, build strong relationships with your employees, and don’t be afraid of admitting when you drop the ball.
While Warren Buffet is best known for making billions of dollars with his investment strategies, I want to believe that this quote has its basis in something that money cannot buy.
By Joe Marconi
The ERTC (Employee Retention Tax Credit) is something Hunt has talked about in the past (See Episode 10 and 33) but this week, he wants to discuss the current status of the IRS with regard to auditing and follow-up on businesses that have claimed this credit, such as:
IRS is upping their fines if you don't disclose all funds, even the legit ones. IRS amnesty programs: From a simple "Hey, I've got this account" to "I owe you, let's settle." The IRS usually has three years to ask for back taxes, but some exceptions exist. If you've taken the ERTC money, there's a two-year period where the IRS might have you on their radar. Bigger amounts = more attention. The ERTC program's end is in sight, with some parts set to phase out soon. Want more details? Click here: https://www.irs.gov/newsroom/to-protect-taxpayers-from-scams-irs-orders-immediate-stop-to-new-employee-retention-credit-processing-amid-surge-of-questionable-claims-concerns-from-tax-pros
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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By Changing The Industry
Episode 130 - Business Advice Before Going Mobile With Scott Hicks
'Car Coach' Lauren Fix discusses the topic of synthetic fuel, explaining Porsche's investment in e-fuel as an alternative to electric conversion. Lauren shares her thoughts on EVs and the government's role in mandating their use. She believes in the freedom of choice when it comes to the type of vehicle one wants to drive, be it electric, hybrid, diesel, or gas.
Lauren Fix, Car Coach Reports, Total Car Score Podcast, is an automotive expert and analyst based in Buffalo, NY. She has written three books on automobiles. She has appeared on CNN, Fox News, Newsmax TV, CNBC, and USA Radio’s Daybreak USA show. Lauren’s previous episodes HERE
Watch Full Video Fuel for the Future (00:03:39) Discussion on the development of synthetic fuel by Porsche and its potential impact on the automotive industry. OEMs and Synthetic Fuel (00:08:27) Exploration of the interest and excitement among major automakers like GM, and Ford in the potential of synthetic fuel as an alternative to traditional gasoline. Electric Vehicle Range Limitations (00:09:55) Discussion on the limited range of electric vehicles and its impact on certain professions like landscaping and plumbing. Electric Vehicle Mandates and State Opposition (00:11:25) Exploration of the opposition to electric vehicle mandates, particularly in states outside of California, and the potential blockage of such mandates by Congress. Financial Implications for Car Manufacturers (00:15:04) Insights into the financial challenges faced by car manufacturers in complying with electric vehicle mandates and the potential fines for non-compliance. The transition to electric vehicles (00:16:51) Discussion on the transition from traditional vehicles to electric vehicles and the possibility of putting an ICE engine in an EV platform. Politics and government influence on the automotive industry (00:18:10) Exploration of the political factors influencing the push for windmills, solar panels, and electric cars, and the impact on the availability and affordability of alternative fuels. The impact of UAW strike on car production (00:22:36) Concerns about the potential UAW strike and its potential impact on car production, leading to a shortage of vehicles and affecting the used car market. Challenges with EPA's automobile emissions guidelines (00:27:02) Critique of the EPA's automobile emissions guidelines and the concerns about mandating electric cars. Slow growth of electric cars in the US (00:30:09) Exploration of the low adoption rate of electric cars in the US and the potential for slow growth in the market. Thanks to our Partner, Dorman Products.
Dorman gives people greater freedom to fix vehicles by constantly developing new repair solutions that put owners and technicians first. Take the Dorman Virtual Tour at www.DormanProducts.com/Tour
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