Quantcast
Jump to content

Search the Community

Showing results for tags 'auto repair financials'.



More search options

  • Search By Tags

    Type tags separated by commas.
  • Search By Author

Content Type


Forums

  • Business & Automotive Discussions
    • Auto Repair Shop Management Help? Start Here
    • General Automotive Discussion
    • Regional Specific Management Discussions
  • Business Review, Coaching, Tips & Articles
    • Business Talk - How's your shop doing?
    • Joe’s Business Tips For Shop Owners
    • Management Coaching, Business Training, Consulting
    • AutoShopOwner Articles
  • Automotive Repair Shop Management
    • Marketing, Advertising, & Promoting
    • Customer Experience & Reviews
    • Running The Shop
    • Workflow, Procedures, Shop Forms
    • Dealing With Competition
    • Pricing, Discounts, Labor Rate
    • Invoices & Estimates
    • Accounting, Profitability, & Payroll
    • Credit Cards, Payments, Financing
    • Expense Management, Rent, Taxes
    • Human Resources, Employees
    • Education & Training
    • Shop Insurance, Certifications, Laws, Legal
    • Management Software, Web Sites & Internet
  • Automotive Parts, Service & Technical
    • Automotive Parts & Suppliers
    • Repair & Maintenance Services
    • Tires and Tire Services
    • Fleet Service and Contracts
    • Automotive Shop Tools & Equipment
    • Technician Corner - Discussions
    • Repair/Diagnostic Help & Tech Tips!
  • Buying and Selling your Auto Shop Business
    • New Repair Shop, Partnerships, Bank Loans
    • Exit Strategy, Retirement, Selling Your Repair Shop
  • Shop Programs and Franchising
    • Auto Parts Banner Programs
    • Auto Shop Franchises
    • Shop Warranty Programs
  • Auto Body Collision Shop Business
    • Auto Body Shop Discussions
  • Non-Business Related Discussions
    • Non-Automotive Discussions
    • Automotive News
    • New Member's Area
    • AutoShopOwner Announcements
  • Automotive Shop Classifieds, Resources & Events
    • Automotive Classifieds
    • Automotive Business Opportunities
    • Events & Trade Shows
  • The Car Count Fixer's Fix Your Car Count.... and more!
  • The Car Count Fixer's New Release
  • Shop Website Help's Website Tips
  • Shop Website Help's Post Your Website
  • Credit Card Processing's Topics

Categories

  • Automotive Advertising
  • Automotive Industry
  • Automotive Customer Service
  • Automotive Management
  • Automotive Marketing
  • Automotive Networking
  • Selling Automotive Repair
  • Gonzo's Tool Box
  • Reviews

Categories

  • Shop Technician Forms
  • Customer Service Forms
  • Management Forms
  • Reports and Publications

Blogs

There are no results to display.

There are no results to display.

Calendars

  • AutoShopOwner Website Events
  • Automotive Industry Trade Shows
  • Auto Shop Events
  • Car Show Events
  • Webinars
  • Training Events
  • Other Events

Product Groups

  • Converted Subscriptions
  • Advertising

Find results in...

Find results that contain...


Date Created

  • Start

    End


Last Updated

  • Start

    End


Filter by number of...

Joined

  • Start

    End


Group


Type of Business


Shop Labor Rate

 
or  

Website


Certifications

Found 2 results

  1. Due to COVID-19, many repair shops experienced a severe economic downturn, some with a drop in sales over 50%. Without a strong cash reserve and/or SBA funding help, many shops would have gone under. My 40 years as a shop owner has taught me to always have a cash reserve. However, never would I have ever imagined a downturn like the one with COVID-19. So, how do we plan for the next financial crisis. And, it will happen. Perhaps not as bad as the the virus crisis, but it will happen. Here are a few things to consider: Have a separate, and hard to access, cash reserve bank account that has least two months of expenses. Also, secure a line of credit for at least one to two months of expenses. Also, know your numbers, keep payroll in line, and make sure your prices are fair to you too, not just your customers. Keep in good standing with all your vendors and keep your credit score high! The bottom line here, is truly the bottom line. To weather the next financial downturn, you need a strong balance sheet and net profit to the bottom line. What other strategies are you considering or implementing?
  2. I know none of us wants to hear this, but there will be a next crisis of some sort. I have lived through many downturns in my 40 years in business, the COVID-19 was the worst. But, out of every crisis comes lessons to be learned. So create your Crisis Plan today. Start by understanding your numbers and knowing your breakeven. Then add to your breakeven a percentage of profit you want to earn. Equally important is creating a cash reserve in a dedicated bank account that will be used only in a severe emergency. Set your financial goals and stick to them! Often overlook is your staff. Assemble the best team around you. This is a crucial part to ensure your future business sucess. Lower your debt, get your credit rating up and maintain a good standing with all vendors. Lastly, talk to your bank about a line of credit that can remain inactive until you need to use it. What other key things can we all share to help us through the next crisis?


×
×
  • Create New...