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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
There’s less than one month left in 2024. Is the bookkeeping for your automotive business up to date?
If you’re anything like us, you feel like this year flew by in the blink of an eye. It’s time to ensure that your books and reports are squared away as this year comes to an end.
In this blog post, we share important steps to start the new year on a healthy financial footing.
Reconcile bank and credit card statements.
Reconciling your automotive business’s credit card and bank statements at year-end is crucial for accurate financial reporting and tax preparation.
By reconciling, you ensure all transactions are accounted for, identify discrepancies, and prevent errors that could lead to costly penalties.
Review your yearly income statement.
Close out the year with a clear understanding of your income by reviewing your yearly income statement.
Throughout your review, confirm that all of your transactions are properly categorized. Identify if there are any transactions in the miscellaneous/uncategorized account or “Ask My Accountant”.
Compare this year’s statement to the previous year’s statement for growth patterns and revenue increases. And don’t forget to calculate the gross profit percentage of net revenue.
Review your yearly balance sheet.
Analyzing and adjusting your yearly balance sheet can help you identify trends and assess your automotive business’s current financial position.
A thorough review helps you understand your business’s liquidity, solvency, and overall financial performance so you can make informed decisions in the upcoming year.
Evaluate the following three categories on your yearly balance sheet to confirm prime accuracy.
Your assets Your liabilities Your equity When reviewing each of these categories, ensure that all transactions are accurate and correctly recorded in the appropriate accounts.
Additionally, ensure that all adjusting entries are accounted for and all account balances make sense. Reconcile any discrepancies found.
Download our free end-of-year checklist.
Now that you’re ready to tackle your year-end review, we’d love to offer a free resource to support you.
When you download our free end-of-year checklist, you’ll have peace of mind that all of your bases are covered for a healthy and bright 2025!
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By Joe Marconi
This has happened to most of us: You have a series of interviews, asked all the questions you needed to ask, did your due diligence, and hire a new employee.
Two weeks, later, you realize you made a bad mistake.
What do you do, what have you learned from the wrong hire? And how long do you hold on this person?
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By Changing The Industry
Lessons Learned from Opening a New Shop #podcast #autorepairbusiness #automotivebusiness
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By nptrb
At Three Rivers Bookkeeping, our auto repair shop clients have experienced significant financial improvements this year – and we’re raising a toast to them in this post!
It is our mission to provide five-star bookkeeping services to every client we work with, and it certainly shows through the growth and success of these businesses!
Here’s a look at what we’re thankful for in 2024.
Client Revenue Increases
Many people think the sole purpose of hiring a bookkeeper is to keep financial documents and records on track. However, that’s just a sliver of what we do.
Aside from keeping your finances neat and tidy, we also offer business consulting to help you boost revenue.
We’re particularly proud to share that our clients who have been with us for at least a year have seen an average revenue increase of 10.7%.
We are patting our clients on the back for this amazing achievement. This is what happens when you have the power of strategic financial management and an experienced bookkeeping team in your corner.
Client Success Strategies
The success of our clients didn’t occur overnight. It took intentional planning and strategizing to build their income.
This is how we’ve helped our clients scale this year:
Parts Matrices: We encourage our clients to analyze parts costs and pricing. This helps optimize their inventory management and improve their profitability.
Tracking Labor Efficiencies: Our clients began to monitor their labor hours. The result? Reduced overhead costs and greater productivity across their shops.
Adjusting Pay Structures: Our clients adjusted their employee compensation structures. They analyzed whether salary or hourly was more beneficial and made decisions based on the needs of their businesses and their employees. This boosted shop morale and employee performance!
Training Investments: Clients invested in regular training programs for technicians, service advisors, and office staff. On-going education helps improve customer service, therefore boosting revenue.
Auto-Industry Business Coaching: Several of our clients reached out for expert help from business coaches that specialize in the auto industry. This equipped them with sales, marketing, and financial strategies to help their businesses grow.
Key Performance Indicator (KPI) Tracking: Several of our clients began tracking their KPIs. This gave them an accurate picture of their financial metrics and progress so they could make empowered and intentional decisions moving forward.
A Thank You From Three Rivers
We want to take a moment to express our sincere thanks to all of the auto repair shops we have had the honor of working with this year.
Our primary goal is to see our clients thrive, and we’re so grateful to be a part of your business’s success. We can’t wait to see what unfolds for you in 2025!
Cheers to your success,
The Three Rivers Bookkeeping Team
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