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Rebound in New York

Joe Marconi
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JimO Collaborator

JimO

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We have been trailing NY by 1-2 weeks with everything concerning the pandemic and our indoor malls still remain closed at this time. Stores that are accessible from the street have recently reopened which does make me feel like we are getting back to normal as Joe indicated. My location is surrounded by corporate offices which also remain closed. I have been told that when they do get a green light to open that most will only allow 10% of employees to return per month. Most or all have also announced that it is ok to not return to the office and continue working from home. We may not see 50% occupancy at the corporate offices until December or later which is a concern. 

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autoguy Rising Star

autoguy

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On 6/21/2020 at 7:52 PM, JimO said:

indoor malls still remain closed at this time

In NY malls are staying closed from what it sounds like and they'll have to put in HEPA filtration systems. Most of these malls have anchor stores and they can open though if they have an outdoor entrance. 

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JimO Collaborator

JimO

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2 hours ago, Joe Marconi said:

I wonder what the long term effects will be wtih some businesses.  Many resturants are still not operating at full customer capacity and many other businesses are taking a hit. While there are many positive economic signs, will those businesses that are still impacted by the virus have an effect on the entire economy?

I suggest a very conserative strategy at this point, build a cash reserve, pay down debt as best you can and do not incurr new debt.  If nothing bad happens, you will still be in a better economic position. 

Your thoughts? 

 

I share Joe’s concern and believe that we will still continue to feel the economic turmoil that Covid has caused. To many variables in play right now with so many marginalized businesses that have tried to hang on but seem to be slowly dropping off and closing. I accept the fact that in many cases Covid did not directly cause the failure but in most cases it was the tipping point. 

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dfrisby Collaborator

dfrisby

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Summer was great for me in Minnesota, but so so going into winter. We will see what 2021 brings, but I'm trying to be prepared for an almost guaranteed downturn in the economy going forward.  I'm probably insane, but I'm adding equipment to my shop for fabrication work vs. repair equipment. Trying to expand into other markets as my repair work seems to be pretty stagnant even with added equipment such as the alignment machine and another lift.

We shall see what happens going forward, but it's my boat and I'll either float it or go down with it. 

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      It 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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