By Joe Marconi
Shop owners, you have a little less than two months before the end of the year. And that means it's time to start thinkning about your Tax Planning for 2019. Don't procrastinate on this. Meet with accountant. Review the year, review profit. Consider things such as major equipmenet purchases and other major investments you made in 2019. Look at bottom line profit and determine if you set aside enough cash to pay your taxes come April 15, 2020.
One thing, Cash is King, So, before you purhase any major equipment before the end of the year, listen to your accoutant, not the Tool Sales-person. In many cases, it's better to pay some tax and hold on to cash for a rainy day.
A little planning now will save you big time in 2020, and also help you sleep better!
In may I quit my job of 9 years and purchased an auto repair shop. I was previously employed as a field mechanic for Cummins. At my shop we focus on general repair. It's been a whirlwind since I bought the place but i couldn't be happier to be here. I've included some pictures of the shop.
By Joe Marconi
There’s an old Japanese proverb that says, “The footsteps of the farmer are his best fertilizer.” In translation, this means that the closer you are to your crops and animals, the easier it is to observe and respond to their needs. Business owners, just as farmers, have a sixth sense about what’s happening within their company. And, for the most part, business owners are the driving force behind the success of their companies. And it’s not always because of any particular training. Many times, the mere fact that the buck stops with you gives you the mental fortitude to push forward and find solutions to daily problems. Your gut evolves into a very valuable management and survival tool.
The majority of business owners created their business with a dream and the passion to make a difference in their lives and in the automotive industry. They clearly understand the sacrifices that are needed to get a new business off the ground, and also the years of dedication it takes to reach a point where the business becomes financially stable. But, running a business takes its toll on even the toughest person, and time away from business becomes equally important. So, the question becomes, can you build your business to the point where your presence still remains when you’re away?
Before I go on, I want you to consider something—and that’s your future. I know that many of you have a young company and plan on working for decades to come. But life goes by quickly and it can also throw you a curveball. Please take my advice with this; if you’re a business owner and you are not planning for your future, you are making a big mistake. I know too many shop owners that were forced to walk away from their businesses after decades of work with nothing more than memories. Their dreams turned into nightmares due to lack of planning. Sit down and write out what your future looks like. You will probably need help with this, but you need to think about a continuity plan and an exit strategy.
OK, I got that out of the way; now back to the article. Here’s the bottom line. Taking time off and having your business run smoothly without you there should be one of your key goals. But the truth is, many shop owners can’t let go. They find it hard to take any time off, let alone leaving their baby in the hands of a manager or another key person. They even feel guilty when they’re away. And there are others who realize that in order to have a fulfilling life, the only way to continue the business is to step aside and stay away.
I don’t know what type of person you are. But what I do know with certainty after nearly 40 years in business is that, for the sake of your health and for the well-being of your family, you need to create a business that allows you the freedom to take time off. And that starts with hiring and keeping the right people; people that share your culture and work ethic. Free time away from the business also requires that you understand your numbers, can generate a consistent profit and establish strategies to continually grow the business.
Achieving your goal of taking more time off is more dependent on what you create than the actual work you do. Create a culture where people come to work because they want to. Create a management style that allows you to reach out to your employees and help them achieve the things they want out of life. Create a work environment where the people you employ feel they are part of a unified vision where everyone will enjoy the fruits of their labor. Lastly, create strong relationships with all your employees from the very first day they are hired. Building this culture will help to ensure that your employees will perform the same each day, whether you are there or not.
I know for many it will be hard to let go. After all, your business is your baby, right? You founded it; you worked hard for years and dedicated your life to it. But, every baby grows up and becomes an adult. And adults should become self-sufficient. If you build the right team with the right culture, you will gain the confidence that the people you employ can do an amazing job in your absence.
This story was originally published by Joe Marconi in Ratchet+Wrench on September 5th, 2019
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By Elite Worldwide Inc.
Our team at Elite is excited to announce that we're now offering online peer groups for shop owners through an all-new service: Elite Synergy Groups.
Our Synergy Groups have been designed to help shop owners access the guidance, support and motivation that peer groups deliver, but exclusively in an online environment with no travel required.
Shop owners who become members will be able to attend regular face-to-face web meetings with the other members in their group, and have open discussions where they can learn what’s working well for other shop owners throughout the country. Elite will also provide group members with a platform to communicate outside of the face-to-face meetings so that the shop owners in each group will have more opportunities to build relationships, and create a culture where each group member is truly invested in the success of their fellow shop owners.
Every group will be led by a shop owner with an extraordinary track record of success (who is also an Elite Business Development Coach), and each web meeting will include a presentation from the group leader on recruiting, marketing, sales, shop management or whatever the group votes is in their best interest.
Group members will also have access to a group Resource Center, where every month we’ll be adding new videos, webinars, guides and training content that will help you build a more successful auto repair business.
The first group will have its first meeting on Oct 10th, and as a special promotion, Elite is offering a $50 discount for all shop owners who enroll in the inaugural group. There is no contract with this service, so if you ever feel the group is not meeting with your expectations, you're free to discontinue at any time.
Call 800-204-3548 or visit our Synergy Group web page to reserve our spot today!