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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 carmcapriotto
Thanks to our Partners, NAPA TRACS, AutoFix Auto Shop Coaching, and Today's Class Join Dan Bryant and Heather DePriest as they discuss the transformative power of Mike Michalowicz's 'Profit First' methodology. Heather and Dan share their success stories and discuss the essential principles of cash management that have helped them grow their businesses sustainably. Tune in for insightful discussions on budgeting, cash allocation, and the critical role of business coaching. Heather DePriest, American Garage, Chinook, MT. Heather's previous episodes HERE Dan Bryant, American Pride Automotive, 5 StoreS, VA Show Notes
Starting Profit First (00:03:01) The challenges of starting the Profit First system and the benefits it brought to their business. Impact of Profit First (00:04:11) How Profit First helps with budgeting, tax payments, and managing expenses, leading to significant improvements in their business. Issues with Managing Cash (00:06:15) The consequences of not managing cash properly and the stress it can cause for business owners. Need for Coaching and Education (00:08:38) Heather and Dan emphasize the importance of coaching and education in implementing Profit First and improving business management. Core Principles of Profit First (00:10:15) Dan Bryant explains the core principles of Profit First, including setting up main accounts, allocating percentages, and removing temptation. Rhythm and Account Setup (00:15:06) Heather discusses how they simplified their accounts and the importance of finding a supportive bank for setting up multiple accounts. Inconvenient Bank and Transfers (00:16:48) Dan explains the concept of the "inconvenient bank" and the purpose of transferring funds to it, emphasizing the removal of temptation. Success and Expansion (00:18:57) Dan and Heather share their success story and how Profit First helped them manage cash and expand their business. Struggles in Business (00:19:25) Dan and Heather discuss the struggles of business ownership, including talent acquisition and financial challenges. Business Expansion and Financial Management (00:21:12) Dan shares insights on business expansion, financial management, and the importance of sustainable profit. Team Building and Family Inclusion (00:24:51) Dan discusses team building activities, including the importance of including family members for better participation. Profit First and Budgeting (00:25:17) The conversation delves into how Profit First aligns with budgeting and financial planning for the future. Tax Allocations and Financial Security (00:26:13) The importance of setting aside funds for taxes and the peace of mind it brings to business owners. Thanks to our Partner, NAPA TRACS NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at http://napatracs.com/ Thanks to our Partner, Auto-Fix Auto Shop Coaching Proven Auto Shop Coaching with Results. Over 61 Million in ROI with an Average ROI of 9x. Find Coach Chris Cotton at AutoFix Auto Shop Coaching on the Web at https://autoshopcoaching.com/ Thanks to our Partner, Today's Class Optimize training with Today's Class: In just 5 minutes daily, boost knowledge retention and improve team performance. Find Today's Class on the web at https://www.todaysclass.com/ Connect with the Podcast: -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Virtual Toastmasters Club: https://remarkableresults.biz/toastmasters -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -Subscribe on YouTube: https://www.youtube.com/carmcapriotto -Follow on LinkedIn: https://www.linkedin.com/in/carmcapriotto/ -Follow on Instagram: https://www.instagram.com/remarkableresultsradiopodcast/ -Follow on X (Twitter): https://twitter.com/RResultsBiz -Visit the Website: https://remarkableresults.biz/ -Join our Insider List: https://remarkableresults.biz/insider -All books mentioned on our podcasts: https://remarkableresults.biz/books -Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom -Buy Me a Coffee: https://www.buymeacoffee.com/carm -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Special episode collections: https://remarkableresults.biz/collections
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
Thanks to our partners, NAPA TRACS and Promotive
In this episode, Hunt Demarest, CPA with Paar Melis & Associates, discusses the importance of regularly analyzing your financials. Learn how to effectively use daily and monthly reviews to drive your shop’s profitability and productivity.
Key Takeaways:
Daily Reviews: Focus on productivity using shop management software. Monthly Reviews: Focus on profitability using financial statements. Key Metrics: Track productivity, profitability, and parts gross profit. Scientific Approach: Identify problems, hypothesize solutions, test, and analyze outcomes.
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
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
Aftermarket Radio Network
Click to go to the Podcast on Remarkable Results Radio
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By Twilight
Hello everyone,
I have a question regarding the categorization of software expenses on financial statements. Specifically, I'm wondering if I should list expenses for computer software like accounting or computer protection separately from the software I use to actually fix cars, such as updates to scan tools and management software.
How do you handle these types of software expenses in your financial statements?
Thanks in advance for your help!
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By carmcapriotto
Thanks to our Partner, NAPA Autotech napaautotech.com
Matt Fanslow discusses the importance of forming relationships with tool truck dealers. He emphasizes the benefits of sharing information and knowledge, highlighting the potential for mutual support and collaboration within the automotive industry.
Show Notes
Interactions with Tool Dealers (00:01:08) Discussion on the visits by tool dealers and the challenges in communicating needs and preferences to them. Developing Relationships (00:02:15) Importance of developing relationships with tool dealers, outside salespeople, and distributors, emphasizing the need for networking and knowledge sharing. Challenges with Tool Offerings (00:03:37) Exploration of the limitations and challenges in the offerings of tool dealers, including the lack of awareness about alternative products. Quid Pro Quo in Information Sharing (00:05:03) Discussion on the concept of quid pro quo, where information sharing with tool dealers can lead to mutual benefits over time. Challenges Faced by Tool Dealers (00:06:14) Insight into the challenges faced by tool dealers in keeping up with product knowledge. Enhancing Relationships with Tool Dealers (00:13:04) Encouragement for forming strong relationships with tool dealers, emphasizing the mutual exchange of knowledge and support. Expanding Services and Product Offerings (00:16:01) Exploration of the potential for expanding services and product offerings, including high voltage gloves and technical tools, to support the evolving needs of automotive professionals. Symbiotic Relationship with Tool Dealers (00:17:19) Emphasis on the symbiotic relationship between automotive professionals and tool dealers, highlighting the mutual benefits of collaboration.
Thanks to our Partner, NAPA Autotech napaautotech.com
Email Matt: [email protected]
Diagnosing the Aftermarket A - Z YouTube Channel HERE
Aftermarket Radio Network: https://aftermarketradionetwork.com/
Click to go to the Podcast on Remarkable Results Radio
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