-
Available Subscriptions
-
Have you checked out Joe's Latest Blog?
-
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.
-
-
Similar Topics
-
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!
-
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
-
By nptrb
Summer is coming to an end, and fall is on the horizon. Now is the time for many business owners to start prepping for their annual year-end review process. Typically, this involves reflecting on the company’s performance, identifying areas for improvement, and setting goals for the future. However, the most successful year-end reviews aren’t done in isolation by management alone—they involve the entire team.
This year-end review process should involve employees to not only foster a sense of ownership and accountability but also help create a more cohesive, motivated, and productive team. Here are some key benefits of engaging your employees in the review process, along with practical strategies to help you get them involved.
Benefits of Engaging Employees in the Year-End Review Process
1. Increased Buy-In and Commitment
When employees are part of the year-end review process, they are more likely to feel a connection to the company’s goals and direction. Being asked for their input shows that their perspectives are valued, leading to a greater sense of ownership. This engagement translates to increased motivation to help achieve company goals because they had a hand in shaping them.
2. Diverse Perspectives for Better Decision-Making
Your employees are on the front lines of your business every day, often bringing unique insights that may be missed by management. When you involve them in the review process, you gain a broader perspective on what’s working, what isn’t, and what changes could improve operations. Employees may highlight inefficiencies, suggest innovations, or point out opportunities that weren’t on the radar.
3. Improved Morale and Team Cohesion
Including your team in the year-end review fosters a collaborative atmosphere. When employees see that their voices are heard and respected, it enhances morale and strengthens the sense of camaraderie. This positive culture shift can lead to higher job satisfaction, increased retention, and better performance across the board.
How to Involve Employees in the Year-End Review Process
Start with Surveys or Questionnaires This is a simple and effective way to gather input from employees is to conduct anonymous surveys or questionnaires. Ask specific questions about their experiences over the past year, challenges they’ve faced, and suggestions they have for improving the company’s operations. Be sure to include open-ended questions to allow for detailed feedback. This approach helps you collect honest opinions while giving employees a voice in the review process.
Sample Questions:
What were the biggest challenges you faced this year? What do you believe were our team’s biggest successes? How can we improve our workflow or operations? What goals do you think the company should prioritize next year?
Hold a Review Meeting Once you’ve collected feedback, bring your team together for collaborative review meetings. These can be held departmentally or with smaller cross-functional groups, depending on the size of your company. During these meetings, share key insights from the feedback and facilitate discussions about potential changes, goals, and strategies for the upcoming year.
Encourage open dialogue and make sure that everyone has an opportunity to speak. This inclusive approach helps employees feel that they are contributing to the company’s direction and creates a space for shared problem-solving.
Involve Employees in Goal Setting Goal setting is a critical part of the year-end review process, and involving your team in this aspect can be incredibly powerful. After gathering input and discussing feedback, allow employees to contribute to the creation of company-wide goals as well as department-specific or individual targets. Involving your team in this way ensures that the goals are realistic and actionable, while also fostering a sense of commitment and accountability.
Recognize Achievements and Set the Tone for the Future Year-end reviews are also an opportunity to celebrate the successes of the past year. Recognizing the contributions of your employees, both individually and as a team, boosts morale and motivates everyone for the year ahead. Take time during your meetings to acknowledge hard work, innovative ideas, and any milestones reached. Make it clear that the feedback and insights gathered from employees will be used to shape the company’s direction moving forward. This not only reinforces the value of their input but also sets a positive, forward-looking tone for the coming year.
Fostering a Culture of Ownership and Collaboration
Involving your team in the year-end review process is more than just a box to check off—it’s a way to foster a culture of ownership, collaboration, and continuous improvement. By gathering input from your employees, involving them in goal setting, and recognizing their achievements, you create a workplace where everyone feels invested in the company’s success.
-
By nptrb
If you dread your mid-year financial review, you’re certainly not the only one. Facing your finances can be mentally taxing, and the review is a long-winded process.
However, if you want to scale your auto repair business, it is a necessary evil that equips you with the information you need to do so. Read on for several suggestions to make your mid-year financial review a bit more bearable so you can reap the benefits that come with it.
Have your financial reports and documents accessible
Having your reports and documents ready to go with an organized system will make your mid-year review run smoother. I recommend having income statements, credit card statements, balance sheets, profit and loss statements, and cash flow statements on hand.
Label documents clearly, test login information for Quickbooks Online or other accounting software ahead of time, and be ready to pull up reports dating back to January of this year.
Focus on your achievements
As I’m sure you know, automotive businesses will experience ebbs and flows in their financial performance. You’re likely to notice significant spikes in your income followed by undesirable dips. These are all part of the entrepreneurial game, specifically in industries where you’re more likely to navigate slow seasons.
Don’t let the lower-income months put a damper on your success.
You’ve made strides in your achievements just by running a business. If you haven’t reached your ideal level of success yet, that’s okay. Be sure to celebrate all that you’ve accomplished so far this year, anyway.
Use income dips as an opportunity for growth
Instead of harping on income dips, use them as an opportunity to pivot your products, services, and marketing accordingly.
When you recognize patterns in your revenue, you can leverage them to help your business perform better over time. This may include adjusting your inventory, shifting your advertising, adding new services to your line-up, or subtracting ones that aren’t making sales.
Give yourself grace
Your financial mid-year review may feel daunting. If your review session is too overwhelming, give yourself permission to take a break. Your reports will be waiting for you when you’re ready to reconvene.
It can be challenging to separate your emotions from your income, but remember that money is never a measure of your self-worth.
If you’re unhappy with your mid-year review, give yourself grace. You now have the tools you need to put it on the track to success!
-
By carmcapriotto
The Weekly Blitz is brought to you by our friends over at Shop Marketing Pros. If you want to take your shop to the next level, you need great marketing. Shop Marketing Pros does top-tier marketing for top-tier shops.
Click here to learn more about Top Tier Marketing by Shop Marketing Pros and schedule a demo:https://shopmarketingpros.com/chris/
Check out their podcast here: https://autorepairmarketing.captivate.fm/
If you would like to join their private Facebook group go here: https://www.facebook.com/groups/autorepairmarketingmastermind
In this podcast episode, Chris Cotton from Auto Fix Auto Shop Coaching offers valuable insights for auto repair shop owners. He emphasizes the importance of reflecting on the first half of the year and preparing for a successful second half by recognizing achievements and overcoming hurdles. Chris provides actionable steps such as revamping marketing strategies, investing in team training, and enhancing customer experience. He stresses the significance of setting clear goals, implementing strategic changes, and maintaining accountability. The episode concludes with gratitude to listeners and a reminder to stay positive and proactive in business endeavors.
Supercharge Your Auto Repair Business (00:00:01) Introduction to the podcast episode and a brief overview of what to expect. Mid-Year Reflection (00:01:06) Reflecting on the first half of the year for auto repair shop owners and setting the stage for the second half. Assessing First Half Performance (00:02:11) Reviewing achievements and setbacks in the first half of the year for auto repair shops. Overcoming Personal Roadblocks (00:03:15) Identifying and addressing internal barriers that may have held back the shop's performance. Setting Clear Goals (00:05:23) Discussing the importance of setting ambitious and measurable goals for the second half of the year. Actionable Steps for Improvement (00:07:21) Providing eight actionable steps for auto repair shop owners to consider for business growth and improvement. Accountability and Monitoring (00:13:01) Emphasizing the importance of tracking progress, reviewing key performance indicators, and holding oneself and the team accountable. Seeking Support for Business Growth (00:15:01) Highlighting the value of seeking support, collaboration, and learning from a network of like-minded individuals for business success.
Connect with Chris:
[email protected]
Phone: 940.400.1008
www.autoshopcoaching.com
Facebook: https://www.facebook.com/
AutoFixAutoShopCoachingYoutube: https://bit.ly/3ClX0ae
#autofixautoshopcoaching #autofixbeautofixing #autoshopprofits #autoshopprofit #autoshopprofitsfirst #autoshopleadership #autoshopmanagement #autorepairshopcoaching #autorepairshopconsulting #autorepairshoptraining #autorepairshop #autorepair #serviceadvisor #serviceadvisorefficiency #autorepairshopmarketing #theweeklyblitz #autofix #shopmarketingpros #autofixautoshopcoachingbook
Click to go to the Podcast on Remarkable Results Radio
-
-
-
Our Sponsors
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now