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The Weekly Blitz is brought to you by our friends over at Shop Marketing Pros. If you want to take your shop to the next level, you need great marketing. Shop Marketing Pros does top-tier marketing for top-tier shops.

Click here to learn more about Top Tier Marketing by Shop Marketing Pros and schedule a demo:https://shopmarketingpros.com/chris/

Check out their podcast here: https://autorepairmarketing.captivate.fm/

 

If you would like to join their private facebook group go here: https://www.facebook.com/groups/autorepairmarketingmastermind

 

In this episode of the Weekly Blitz podcast, auto shop coach Chris Cotton and accountant Hunt Demarest discuss the critical nature of financial management in auto repair businesses. They explore the necessity of reconciling accounts to prevent fraud, the complexities of sales tax compliance, and the importance of financial oversight to avoid mismanagement. Real-world examples of theft and the consequences of non-compliance with tax laws are shared to illustrate the risks. The conversation also covers the need for contingency planning for business continuity. The episode wraps up with a call to action for strategic decision-making and lifelong learning to achieve success in the auto repair industry.

 

  • Introduction (00:00:21) Introducing the podcast and the guests, discussing the importance of business innovation and industry expertise.
  • Reconciling Accounts (00:02:45) Importance of reconciling bank accounts, parts accounts, and expenses for accurate financial statements and fraud prevention.
  • Discrepancies in Financial Statements (00:05:16) The impact of inaccurate financial statements on business decisions and the frustration caused by unreliable financials.
  • Reconciling Bank and Parts Accounts (00:09:01) The importance of reconciling bank accounts and parts accounts to ensure accuracy and prevent loss of income.
  • Fraud Prevention and Accountability (00:10:43) The role of reconciliations in fraud prevention and the need for proper processes and procedures to maintain accountability.
  • Owner Theft and Fraud Prevention (00:12:56) Discussion on owner theft, cash manipulation, and leveraging hobbies for tax deductions, and the impact on financial statements.
  • Creative Fraud Cases (00:14:45) Examples of creative fraud cases, including theft by employees and family members, and the importance of reconciling to catch discrepancies.
  • Lessons Learned (00:17:32) Personal experiences and lessons learned from detecting fraud and the importance of implementing proper financial controls.
  • Reconciling Accounts and Trust but Verify (00:17:58) Importance of reconciling accounts, trust but verify approach, and vulnerability to fraud in auto repair businesses.
  • Fraud and Theft in Financial Management (00:19:31) Personal experiences and insights related to theft, fraud, and the need for transparency and accountability in managing financial matters.
  • Impact of Sales Tax and Audits (00:21:26) Consequences of sales tax fraud, penalties, and interest, and the impact of audits on business operations.
  • Sales Tax and Financial Management (00:26:49) Discussion on the placement of sales tax on income statements, implications of not collecting sales tax, and state-specific sales tax rules.
  • Fraud Prevention and Business Evaluation (00:34:10) Teaching fraud prevention, evaluating a business, and transitioning to a second-in-command in auto repair businesses.
  • Reconciling accounts (00:35:22) Importance of reconciling accounts, paying state taxes, and keeping the business running smoothly.
  • Auto repair success (00:36:10) Strategic decisions, effective management, and the thirst for knowledge in the world of auto repair businesses.
  • Acknowledgments and sign-off (00:36:06) Acknowledgment of the show's listeners and sponsor, Shop Marketing Pros, and the sign-off by Coach Chris Cotton.

 

 

 

Connect with Chris:

[email protected]

Phone: 940.400.1008

www.autoshopcoaching.com

Facebook: https://www.facebook.com/

AutoFixAutoShopCoachingYoutube: https://bit.ly/3ClX0ae

 

#autofixautoshopcoaching #autofixbeautofixing #autoshopprofits #autoshopprofit #autoshopprofitsfirst #autoshopleadership #autoshopmanagement #autorepairshopcoaching #autorepairshopconsulting #autorepairshoptraining #autorepairshop #autorepair #serviceadvisor #serviceadvisorefficiency #autorepairshopmarketing #theweeklyblitz #autofix #shopmarketingpros

Click to go to the Podcast on Remarkable Results Radio

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  • Have you checked out Joe's Latest Blog?

         0 comments
      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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    • By carmcapriotto
      Want to make your February marketing a win for your auto repair shop? Join Brian Walker and Caroline LeGrand as they share engaging, practical ideas for February’s marketing—from fun Valentine's Day campaigns that show love to your customers and vehicles, to creative ways to highlight your shop's culture.
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      Thank you to RepairPal for sponsoring The Auto Repair Marketing Podcast. Learn more about RepairPal at https://repairpal.com/shops
      Are you ready to convert clients to members? App Fueled specializes in creating custom apps tailored specifically for professional auto repair businesses. Visit Appfueled.com to get started today. Keep your shop top of mind on the mobile device they love.
      Lagniappe (Books, Links, Other Podcasts, etc)
      https://shopmarketingpros.com/126 - Preparing For January’s Marketing 
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      Group - Auto Repair Marketing Mastermind
      Website - shopmarketingpros.com 
      Facebook - facebook.com/shopmarketingpros 
      Get the Book - shopmarketingpros.com/book
      Instagram - @shopmarketingpros 
      Questions/Ideas - [email protected] 
      Click to go to the Podcast on Remarkable Results Radio


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