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Found 4 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 ac
  2. As part of our debt reduction, I revamped all of our usual marketing and advertising and put those dollars into customer service and social media. For example, we ramped up our shuttle pickup and delivery service, extended our hours of service, made sure we spend a lot of time with each customer and made sure we called as many customers as possible. We also stepped up our meet and greet process and made sure will followed up with customer after the repair. Lastly, we increased our social media posts and increases ads and boosting. This has made a huge impact on our customer and already starti
  3. 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 st
  4. There are some interesting statistics about the industry, in this article: http://campaign.r20.constantcontact.com/render?m=1101171307072&ca=661034f5-54fb-4cde-a898-627f75ff2711 What do you think the challenges and opportunities are for you and your business?


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