If only we had a crystal ball to peak at the next 5 years. As a shop owner, you might still be booked out 2-3 weeks, but with gas prices, inflation, the great resignation, interest rates, and new and used car costs, what do you need to pay attention to in the short term to continue to be profitable and relevant? Chris Cotton, AutoFix Auto Shop Coaching, Chris Cotton Weekly Blitz Podcast Hunt Demarest, CPA, Paar Mellis and Associates, Business by the Numbers Podcast Joe Marconi, Executive Council Member, Elite Worldwide. Joe’s Episodes HERE. Michael Smith, Managing Partner, Herzberg Smith and Co, Michael Smith’s previous episodes HERE Jaron Kleber, National Sales Manager, Repair Shop of Tomorrow
Key Talking Points
Your employees should be your greatest strength. Invest in THEM to secure their future and the future of your business. Connect the dots with their goals and the company’s goals. Don’t ignore the people in your shop. Don’t get complacent. Productivity, efficiency, and effective labor rate are the 3 most important numbers in your business Systems, operations, and procedures. SOPs will set you free! Important to train the whole team on “what right looks like” so that everyone is rowing the boat in the same direction. It’s not about the one, it’s about the all. TEAMWORK makes the dream work. The automobile service industry is undergoing a literal revolution. The boomers are increasingly aging out, the number of independent competitors is shrinking fast, being a future top-shop will require much more business sophistication in the future, and the third-party investor feeding frenzy has begun. Smart owners need a strong business strategy, steeped in their legacy and exit strategy, to lead through these changes rather than just playing catch-up. Baby boomers retiring- 80-85% aren't worth making a private equity investment Shop owners coming from outside the industry- thinking from a business perspective Elevating the industry through training and coaching Profit vs cash- cash brings personal spending habits into play, preserving cash Will it slow down? It matters what you do during the good times that will help you survive the bad times. Don’t let car count carry you. Redefine who you are and honed in
Connect with the Podcast:
Aftermarket Radio Network
Subscribe on YouTube
Visit us on the Web
Follow on Facebook
Become an Insider
Buy me a coffee
Check out today's partners:
Set your sights on Las Vegas in 2022. Mark your calendar now … November 1-3, 2022, AAPEX - Now more than ever. And don’t miss the next free AAPEX webinar. Register now at AAPEXSHOW.COM/WEBINAR.
Shop-Ware: More Time. More Profit. Shop-Ware Shop Management getshopware.com
Click to go to the Podcast on Remarkable Results Radio
By Joe Marconi
There's a lot of talk these days about a 4-day work week. Some discussions include the entire shop only being opened for 4 days, other discussions talk about rotating employees to work only four days, while the shop remains open for 5 or 6 days.
I am on the fence about this. I do see the benefits, but it's not as easy as some may think.
By Joe Marconi
I want to wish everyone a Happy July 4th Holiday! Let us take a moment and also celebrate the birth of this great nation we live in.
The Fourth of July—also known as Independence Day or July 4th—has been a federal holiday in the United States since 1941, but the tradition of Independence Day celebrations goes back to the 18th century and the American Revolution. On July 2nd, 1776, the Continental Congress voted in favor of independence, and two days later delegates from the 13 colonies adopted the Declaration of Independence, a historic document drafted by Thomas Jefferson.