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  • Similar Topics

    • By Joe Marconi
      The year was 1980 - the year I founded my company. And, like many new business owners, I didn’t have a clear understanding of what was needed to grow a successful business.  I thought that success would be determined by my technical skills and my willingness to wear the many hats of the typical shop owner. It wasn’t until I began to let go of trying to do everything that I realized that success is not just dependent on what I do, but by the collective work accomplished by the team. I eventually discovered that I was not the center of my universe.  After a few years in business, I began the transition from simply owning a job to becoming a businessman. And, while technology has reshaped our industry throughout the years—and will continue to do so—there is one constant that will never change: success in business rests largely on the people you have assembled around you.
      By the late '80s it was obvious that I was doing way too much. I looked at each role I had my hands on: shop foreman, service advisor, shuttle driver, bookkeeper to lot attendant. And, as long as I’m confessing all this to you, I need to disclose that I was also the shop’s maintenance person; making repairs to the bay doors, the slop sink and equipment. You name it, I did it. I was literally too busy to be successful.
      In order to lead my company, I had to first clearly define my responsibilities. These are working on the business, recruiting and hiring the best employees, becoming a leader of people and making sure that my business was successful. I also needed to fulfill the obligation I had to my employees. I realized that this required a deep understanding that putting people first is the best strategy for success. This was difficult at first because it requires working on things that have no immediate impact on the business. Unlike working in the trenches and having your hands on everything, working as a businessperson means that you need to spend time building for the future. The things that are most important to your success in business are the things that have a payoff down the road.  
      I also clearly defined the duties I should not be doing and assigned those tasks to others. This is a critical step for any shop owner.  Warren Buffett says that in order to be successful in whatever you do, it’s crucial to focus on the things that generates the greatest return and that you can’t do it all, and that means sometimes you have to say, “no.”  
      By the late '90s it became clear that the most valuable role I played in my business was that of coach. All the best marketing plans and the best business strategies mean nothing without a team of great people around you all pushing in the right direction. And that takes a strong leader. Not just a boss, but a leader.  Leaders inspire people. Leaders get others to reach down deep inside themselves and perform at their best because they are aligned with the leader’s vision. 
      Leaders inspire others through praise and recognition for the work they do. When people feel their work matters, they have a purpose. People are motivated by the heart, not the wallet. That’s not to say earning a decent wage isn’t important. But a focus on money alone is not a strategy for success. Focus on people first and profit will follow.  
      Spend time with your employees. Get to know them as people, not just the role they have in your company.  Find out what their dreams and goals are. And then find a way for others to achieve what they want out of life.  People cannot be motivated until they realize that what they do every day helps them to achieve what they want in their personal life.  
      There are other people in our business world that we must never forget. And that’s our customers.  If you were to ask me, who is more important, my employees or my customers? I would answer, “They are equally important.”  You cannot have a successful business without the right employees and the right customers.  
      One last bit of advice I can give you is to focus on your success, no one else’s.  Be very clear about the pathways you take and never forget about the obligation you have to others. Build a company culture of teamwork, quality and integrity.  Focus on what’s in the best interest of the customer and the people around you. Put people first, and everything else will fall into place.  
       
      This story was originally published by Joe Marconi in Ratchet+Wrench on February 4th, 2020

       

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    • By Mark Johnson
      Do you ever worry that if the credit card you’re using to make business purchases isn’t in your business name that you won’t be allowed to take the deductions?
      The good news is, that’s not the case—even if you have a separate entity!
      This doesn’t mean you should mix personal and business expenses.
      When you take a personal credit card and use it entirely for business expenses, you are essentially contributing this debt to your business.
      You can use the card the same as if it was in the company’s name and deduct every business expense you purchase on it.
      This can be a great strategy, just like with auto loans, when the company is new because it’s harder for new companies to get lines of credit without an established credit history.
      So if you’ve got a personal credit card available for business expenses, feel free to use that card and benefit from all of the rewards!
      To learn more please call 1954-324-0803 or book an appointment at https://calendly.com/markjohnsontaxplanner/45min

      View full article
    • By Mark Johnson
      To refresh, a business meal includes: meals in your area of business WITH a business colleague, or meals by yourself when you travel out of town for business.

      The key to making sure any deduction holds up in an audit is DOCUMENTATION.

      For meals specifically, there are five items you need on a receipt:
      1. The name of the restaurant
      2. The date of the meal
      3. The amount you paid
      4. Who you met with and their business relationship
      5. What business items you discussed

      The first three items are already on the receipt so you’re covered there.

      The last two, a best practice is to jot them down on the receipt right when you make a purchase and then snap a picture of that receipt so you have it!

      Remember, you want to pay as little tax as possible and also have those deductions HOLD UP if you get audited!

      Please take the proper steps to document your meals guys.
      To learn more about this and other tax saving strategies please call 1954-324-0803 or book an appointment at 
      https://calendly.com/markjohnsontaxplanner/45min

      View full article
    • By Mark Johnson
      He had been working with his accountant for 6 years. That’s over $134k in over-payments.
      The reality is most CPAs only do tax preparation not tax planning, there is a HUGE difference!
      I am offering free tax planning assessments to all group members.
      Where we will look at:
       Deductions review & Strategy planning Legal Entity Optimization Retirement Option & Plan to Hit Extra 1M by Retirement Insurance Review & Assets Protection TCJA (Trump Tax) Review  Message me direct or book your slot on my website.


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    • By Joe Marconi
      “Why are we discussing these issues when the people who need it the most are not here? We’re not reinventing the wheel. We get it. But the ones who don’t get it need to be here, too!” 
      Those were the words spoken by one of my service advisors during a recent meeting. We were discussing quality issues and ways to improve overall production, which, we determined, would improve sales and profit. I listened as Tommy (not his real name) continued for a few minutes. I could hear the frustration in his voice, so I let him speak until I felt he expressed all his feelings to the group. 
      I am a firm believer in holding regular meetings. And, while there are times when the group gives me feedback, rarely does anyone voice their opinion with such passion and intensity the way Tommy did that day. Drawing on experience, I thanked him for his openness and honesty. I also asked him if we could continue this discussion in the morning in private. He agreed. 
      The next morning, I paged Tommy and asked him to come to my office. I thanked him again for his openness and asked him to elaborate more on what he said the night before. Tommy hesitated at first, but slowly began to tell me his frustrations. It really boiled down to the level of commitment from a few techs. Tommy spoke in length about what he would like to change in the shop, and again repeated that we’re not reinventing the wheel. His words were clear and on point, “Joe, we all know what to do. We all know our goals. And we all know when we perform to the level we are supposed to. So, I just don’t understand why all of us can meet those expectations.” 
      Tommy’s insight into the work environment and the dynamics of people’s behavior was perhaps deeper than he even realized. When people within an organization feel that some of their coworkers are not pulling their weight, animosity begins to set in. Essentially, your top employees want to make sure that everyone is committed to the company’s success and doing their very best for the greater good of the team.
      We also need to remember that people look at things from their own perspective. And their perspective becomes their reality. The key thing is to keep the lines of communication open, learn from each other and try to view different situations from the viewpoint of others.  
      After nearly 30 minutes of discussion, it was time to give Tommy my input on how I viewed the situation. I let him know that, while not everyone will be in total agreement with how he views these concerns, he has made a giant step forward at letting me know the issues we have in the shop. I then asked Tommy, “Out of our 16 employees, how many people in your opinion, without giving me any names, do not live up to the expectations of the company?” Tommy thought for a moment and replied, “Well, when I think about it, just a few. Two, maybe three.” Here was my opportunity to bring logic into a very emotional discussion. “So, what you are telling me is that the majority of your coworkers do live up to the company’s expectations and do a quality job?” Tommy replied, “Yes, I didn’t see it that way.” I let Tommy know that I would take his ideas and implement them into my strategy to improve the work environment. He appreciated the fact that I listened to his concerns.  
      Here’s the bottom line. When a person speaks up like Tommy did—listen to them. Don’t shut them down. They are expressing more than their frustrations over a few of their coworkers. They are giving you real-life, from the trenches information. And although it may be from their perspective, their viewpoint can give you valuable information that will help you and your company improve. Even a few people not pulling their weight can be enough to affect morale. And others may be feeling the same way. 
      What you don’t want are “yes” people who merely agree with you because you’re the boss. No matter how uncomfortable it may be, welcome feedback and criticism from your key people.  We also need to listen more and speak less. And most of all, we need to understand that the solutions to our problems don’t always have to come from us. Sometimes, an employee’s outburst is just what we need to put things in the right perspective. 
      This story was originally published by Joe Marconi in Ratchet+Wrench on January 1st, 2020


      View full article


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