Hello everyone, I am suggesting we have a thread with comments that only relate to information regarding help for businesses or communities affected by recent events.
I will start the thread by listing relevant links I have at this time:
the U.S. Treasury Department has released a draft application for the Paycheck Protection Program (the
new forgivable loan program) created by the CARES Act. The Paycheck Protection Plan application process starts
Friday, April 3, 2020 and those eligible and interested in applying should begin that process as soon as possible:
- For a top-line overview of the program:
https://home.treasury.gov/system/files/136/PPP -- Overview.pdf
- If you’re a borrower, more information and links to SBA lenders http://www.sba.gov/ can be found here:
- The application for borrowers can be found here:
Importantly as well, we have included links to Small Business Administration (SBA) resources that will help navigate
the government subsidies, loans and programs available:
- The SBA’s Local Assistance Page, https://www.sba.gov/local-assistance which provides local resources and
information on offices and other resources around the country;
- Lender-Match, https://www.sba.gov/funding-programs/loans the SBA’s tool to find local banks and lenders
based on your needs and;
- SBA’s Coronavirus Resource Page:
By Mark Johnson
Are you a Iowa shop owner? If you have been affected by COVID-19, have 2-25 employees and have a location in the state you can get a grant of between $5,000 and $25,000 from the Iowa Small Business Relief Grant Program. (If you are not from Iowa please tell friend from the state) YOU MUST APPLY NOW! (Deadline is March 31, 2020) So what information do you need? A LOT! ● Most recent Income Statement ● Revenue Loss Analysis ● Most recent Balance Sheet ● Payroll Schedule And Analysis ● Funds utilization report ● Fill out All Paperwork You need to apply now because applications close March 31, 2020. This is FREE money, don't let it pass.
We are currently helping business owners to access this grant. For more info please call us at 1954-324-0803 or book an appointment at https://calendly.com/markjohnsontaxplanner/45min
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By Joe Marconi
A woman called her dentist the other day and asked how much would a root canal cost. Her dentist replied, “Sure, hold on, let me look that up. Ok, that’ll be around $1400 for that job. Would you like to come in and have that root canal done?” Ridiculous scenario, you’re thinking? I agree! A dentist would never give a price over the phone without first examining the patient.
Why do some shops continue to give prices over the phone? Even something as simple as a wheel alignment price can lead the customer and you in the wrong direction. Do you really know the car needs an alignment?
Pricing over the phone is the same as giving them a diagnosis. When a customer calls for a price on a water pump and you give a price, you are saying to them, “Yes, it IS the water pump and here’s the price. And then you get the car in the bay and it needs hoses, a thermostat, and the radiator is leaking, not the pump.
Giving prices over the phone also tells the caller to please judge you on price alone; a road I refuse to go down.
I know this is going to push a lot of buttons today, but my tip today is to resist giving prices over the phone. Get the car into you bay, perform the inspection and/or the proper testing and then when you know what the problem is, sell the job.
We are professionals, no different than the Dentist.
A new law in New Jersey forbids the sale of unsafe used tires. The legislation, signed by Gov. Chris Christie on Aug. 7, 2017, was supported by the U.S. Tire Manufacturers Association (USTMA), Tire Industry Association and the New Jersey Gas Station-C-Store Automotive Association.
The law fines businesses that sell tires that exhibit any of these unsafe conditions:
— tread depth of less than 1/16 inch measurable in any groove;
— damage exposing the reinforcing plies of the tire, including any cuts, cracks, bulges, punctures, scrapes or wear;
— improper repairs, including, but not limited to:
any repair to the sidewall or bead area of the tire; any repair made in the tread shoulder or belt edge area of the tire; any puncture that has not been sealed or patched on the inside and repaired with a cured rubber stem through the outside of the tire; any puncture repair of damage larger than 1/4 inch; — evidence of prior use of a temporary tire sealant without evidence of a subsequent proper repair;
defaced or missing tire identification number;
— inner liner or bead damage; or
— signs of internal separation, such as bulges or local areas of irregular tread wear.
Violators will be subject to a fine up to $500 for a first offense. A second offense will be considered a violation of the Consumer Fraud Act and subject to a penalty up to $10,000. Additional violations will be subject to a penalty of up to $20,000.
Anne Forristall Luke, CEO and president of the USTMA, said, “New Jersey has taken a bold step to protect motorists from high-risk used tires that have no business being put back into service on New Jersey roads."
The USTMA says its research shows more than 30 million used tires are available for sale nationally. The legislation does not ban all used tire sales. It targets used tires that have specific, well-established, unsafe conditions
The National Highway Traffic Safety Administration (NHTSA) says worn-out tires are three times more likely to be involved in a crash than tires with sufficient tread depth. NHTSA crash statistics indicate about 200 fatalities and 6,000 injuries are attributed to tire-related causes annually.
The law was sponsored by Democrats Shavonda Sumter and Raj Mukherji.
Sumter said, "What initially seems like a good deal ultimately can be deadly in the market for tires. Retailers who sell damaged tires to consumers endanger not only their customers but also everyone else on the road. Banning the sale of damaged tires simply is a common-sense matter of public safety."
Mukherji said, "Drivers in New Jersey should be able to buy tires and rest assured that the items they've purchased are safe. The lower cost of used tires does not warrant putting lives across the state at risk. Damaged goods that put consumers in danger simply should not be on the market, especially when it comes to tires."
By Elite Worldwide Inc.
By Bob Cooper
According to a recent article in the Wall Street Journal, some CEO’s are starting to understand the price they have to pay for quick profits, and many of them are now taking a different approach. Although all companies should consider their long-term growth and financial stability, there has been an ongoing challenge that today’s CEO’s face; the relentless demand for immediate profits that is put on them by their stockholders.
Look at it like this. Publicly traded companies (i.e., Delta Airlines, General Motors, etc.) are owned by stockholders just like you and me. Although small investors like us don’t have a voice with such large companies, there are Wall Street fund managers that do have their ear. These are the people that buy and sell stock in staggering lump sums, and in order to entice those fund managers to invest in their companies, and to then keep that money invested in their companies, the CEO’s need to show strong profits not just for the year, but for quarter after quarter. The CEO’s know that if they miss their earnings (profit) mark, then there is a strong probability the fund manager will consider pulling their investment, and investing their money elsewhere.
In summary, investors like you and me put pressure on our stockbrokers to generate good profits for us, and in order to do so they put pressure on the fund managers, who then put pressure on the CEO’s. The end result? The CEO’s know if they don’t deliver, they may very well be out of a job, which is why so many of them are far more focused on short-term profits than long-term success.
Are their exceptions? You bet, and the late Steve Jobs is a classic example of someone who had a long-term vision and who invested his profits back into Apple. Of course there are others who do so, such as Warren Buffet of Berkshire Hathaway and Bill Gates of Microsoft, but they are few in numbers compared to the CEO’s that are driven by short-term success.
So now that the Wall Street Journal is reporting a shift in how CEO’s think about squeezing the golden goose, you may want to revisit your shop’s business strategy as well. Since Steve Jobs is considered by many to have been the greatest CEO of all time, you and I should certainly feel comfortable following his lead.
How you view and operate your shop is certainly a personal decision, and I understand everyone is going to have different goals in mind, yet I feel there are some principles in business that are too good to be new. As Steve Jobs showed us, one of these principles is that we can’t let short-term interest or a quest for immediate rewards overcome our better judgement. Let your competitors make that mistake. Instead, just as Steve did, you need to set long-term goals that you believe in, you need to create a plan for reaching those goals, and then you need to constantly invest in your future. Some examples would be investing in training programs that address the newest vehicle technology, or taking the time now to implement an apprenticeship program that will help you develop your own superstar advisors and technicians in the coming years. I’d also recommend launching marketing campaigns that build your brand and focus on your principles, rather than campaigns focused on discounts that are designed to generate immediate sales. These are all surefire ways of investing in your future, and keeping you well ahead of your competitors.
If you follow the example that Steve jobs set for us by reinvesting in your company, and if you live by the principle of never putting money ahead of people, you will see what your competitors will more than likely never see; a more profitable, successful business that is good for you, your employees, your customers and the industry. I am sure you will agree that beyond the great products, Steve Jobs gave us quite the gift; a lesson in how to build an incredible business.
“Since 1990, Bob Cooper has been the president of Elite (www.EliteWorldwide.com), a company that strives to help shop owners reach their goals and live happier lives, while elevating the industry at the same time. The company offers one-on-one coaching from the industry’s top shop owners, service advisor training, peer groups, along with online and in-class sales, marketing and shop management courses. You can contact Elite at [email protected], or by calling 800-204-3548."
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