Preparing For The Next Five Years [RR 778]

[carmcapriotto]

If only we had a crystal ball to peak at the next 5 years. As a shop owner, you might still be booked out 2-3 weeks, but with gas prices, inflation, the great resignation, interest rates, and new and used car costs, what do you need to pay attention to in the short term to continue to be profitable and relevant?  Chris Cotton, AutoFix Auto Shop Coaching, Chris Cotton Weekly Blitz Podcast Hunt Demarest, CPA, Paar Mellis and Associates, Business by the Numbers Podcast Joe Marconi, Executive Council Member, Elite Worldwide. Joe’s Episodes HERE. Michael Smith, Managing Partner, Herzberg Smith and Co, Michael Smith’s previous episodes HERE Jaron Kleber, National Sales Manager, Repair Shop of Tomorrow

Key Talking Points

• Your employees should be your greatest strength. Invest in THEM to secure their future and the future of your business. Connect the dots with their goals and the company’s goals. Don’t ignore the people in your shop. Don’t get complacent.
• Productivity, efficiency, and effective labor rate are the 3 most important numbers in your business
• Systems, operations, and procedures. SOPs will set you free! Important to train the whole team on “what right looks like” so that everyone is rowing the boat in the same direction. It’s not about the one, it’s about the all. TEAMWORK makes the dream work.
• The automobile service industry is undergoing a literal revolution. The boomers are increasingly aging out, the number of independent competitors is shrinking fast, being a future top-shop will require much more business sophistication in the future, and the third-party investor feeding frenzy has begun. Smart owners need a strong business strategy, steeped in their legacy and exit strategy, to lead through these changes rather than just playing catch-up.
• Baby boomers retiring- 80-85% aren't worth making a private equity investment
• Shop owners coming from outside the industry- thinking from a business perspective 
• Elevating the industry through training and coaching
• Profit vs cash- cash brings personal spending habits into play, preserving cash
• Will it slow down? It matters what you do during the good times that will help you survive the bad times. Don’t let car count carry you. Redefine who you are and honed in

 

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