Amazing Women in Automotive [RR 681]

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Tiffany Sherado, Lifetime Transmissions, Broken Arrow, OK, AWIA Coordinator. Tiffany's favorite part of working in the auto industry is working with the high schools and tech colleges in developing programs to assist with the tech shortage and networking and sharing knowledge and experiences with other passionate people in the industry. She looks forward to watching the family transmission business and her personal accomplishments flourish. Tiffany's main objective as leader of Amazing Women in Automotive is to support the automotive industry. She is doing this by helping to provide resources and support for women currently in the industry and increase the number of females entering the field and ensuring we retain them.

Find Tiffany's previous episodes HERE

Maylan Newton from ESI – Educational Seminars Institute is a business coach, trainer and industry speaker. Maylan is no stranger to the podcast having paid it forward many times. He is a much sought our speaker at industry events in the US. Maylan’s purpose is to educate leaders to be a better owner or service writer.

Find Maylan’s previous episodes HERE.

Key Talking Points

• • Virtual bookkeeping- software is accessed virtually, receipt management via email/scanner/text
  • CPA/Business Coach/Bookkeeper- “Where the magic happens.” The bookkeeper gets financial reports ready and organized to pass along to the CPA and has communication with the business owner and coach on weekly/monthly reports. Are there variables that are affecting your bottom line? Is it your culture? Is it an employee?
  • Know the breakeven point- know how much money you need to generate to pay the expenses. Two types of expenses – fixed and variable. Fixed expenses - constant every month like rent and mortgage. Variable – vary from month to month but are usually fairly predictable, parts cost, labor cost. Know all the expenses, including what to pay the owner.  Example: Shop A has expenses of around $50k per month. we know parts/labor needs to be around 50/50, so we know we need to sell 25k in parts and 25k in labor.
  • Do you make a profit on parts and labor? Parts profit needs to be parts 50% markup. Labor profit needs to be labor rate/labor costs at 70%.
  • Review the cash flow- #1 killer of any business. What is happening to my cash, where is it going? Why isn’t it all on the P&L? The statement of cash flows brings those two reports together and shows how much is coming and how much is going out. Net change in cash- if it’s negative then the business is spending more cash than what it’s bringing in
  • Have a cash reserve- equipment breaks, sales dip, employees need to be hired, natural disasters. How many months should a shop have? 3-6 months
  • Amazing Women in Automotive Website

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Important Books

Check out today's partners:

The NAPA Smart Sign, previously known as Digital Menu Board, gives your shop a professional, state-of-the-art look and feel. It’s a great way to educate and inform your customers about needed repairs and service, plus increase awareness of your current promotions. NAPA AutoCare Center that have installed a Digital Menu Board found one out of five consumers ask for a repair or service they’ve seen on the board. Targeted promotions resulted in double-digit increases. You choose the content from a library of auto care service and repair topics. The latest NAPA national promotions are downloaded to you automatically. And with the Digital Menu Board it’s easy to change your services, prices, and video content anytime you’d like. Talk to your servicing NAPA store to find out more.

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