Avoid These Money Mistakes! [RR 967]
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By Joe Marconi in Joe's Blog0 commentsIt 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 Twilight
Hello everyone,
I have a question regarding the categorization of software expenses on financial statements. Specifically, I'm wondering if I should list expenses for computer software like accounting or computer protection separately from the software I use to actually fix cars, such as updates to scan tools and management software.
How do you handle these types of software expenses in your financial statements?
Thanks in advance for your help!
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By carmcapriotto
Thanks to our partners, NAPA TRACS and Promotive
More listener questions answered! This week is all about S Corporation tax benefits, determining fair market rent when renting property to yourself, and the details of sales tax on internal transactions. Optimize your tax strategy and enhance your business operations.
• Understanding the advantages and state-specific impacts of transitioning to an S Corporation.
• The importance of charging fair market rent to avoid future complications when selling your business.
• Clarifying the difference between sales tax and use tax for internal transactions and ensuring compliance.
• Real-life examples and answers to common tax planning and business structuring questions from listeners.
https://www.tn.gov/revenue/2024franchisetax.html
Thanks to our partners, NAPA TRACS and Promotive
Did you know that NAPA TRACS has onsite training plus six days a week support?
It all starts when a local representative meets with you to learn about your business and how you run it. After all, it's your shop, so it's your choice.
Let us prove to you that Tracs is the single best shop management system in the business. Find NAPA TRACS on the Web at NAPATRACS.com
Paar Melis and Associates – Accountants Specializing in Automotive Repair
Visit us Online: www.paarmelis.com
Email Hunt: [email protected]
Get a copy of my Book: Download Here
Aftermarket Radio Network
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
Thanks to our Partners, NAPA TRACS, AutoFix Auto Shop Coaching, and Today's Class Tenise and Weston Chapman, owners of Black Hills Tire in Rapid City, South Dakota, discuss their initiative, Camp Drive. This hands-on camp introduces young people to the automotive industry through engaging activities like brake and alignment modules, electrical scans, and engine performance sessions. The Chapmans discuss the Camp's positive impact on participants, support from local schools and businesses, and plans for expansion. They highlight the importance of inspiring the next generation of automotive professionals and the enthusiastic feedback from both kids and parents. Tenise and Weston Chapman, Black Hills Tire, Rapid City, SD. Listen to previous episodes HERE Show Notes
Camp Drive Concept (00:01:50) Introduction to Camp Drive initiative, its purpose, and the importance of skilled trades for young people. Camp Drive Activities (00:03:08) Description of the activities and sessions at Camp Drive, including the waiting list for participation. Engaging the Participants (00:05:19) Discussion on the hands-on activities and the excitement of the participants during the camp. Parent and Community Feedback (00:08:31) Feedback from parents and the community regarding the impact of Camp Drive on the participants. Support and Sponsorship (00:11:02) Support from aftermarket suppliers, tool companies, and businesses, as well as the non-profit status of the initiative. Expanding Camp Drive (00:12:14) Expansion of Camp Drive to include more stations and activities, including welding and HVAC modules. Logistics and Community Support (00:14:01) Management of time and community involvement in providing additional experiences for the participants. Engagement and Participation (00:15:02) The engagement of participants and the approach to ensuring their focus and involvement during the camp activities. The smiling and excited kids (00:15:42) A discussion about a young participant's enthusiasm and transformation during the camp. Interviewing students and industry encouragement (00:19:13) The importance of encouraging young people to pursue careers in the automotive industry. Dane's experience and career aspirations (00:24:28) An interview with a student, Dane, who shares his experience at the camp and expresses his career aspirations in the automotive industry. Savannah's interest in welding and automotive technology (00:31:44) An interview with Savannah, who shares her interest in welding and her experience at the camp. The competition (00:33:22) Discussion about an upcoming competition and the number of teams participating. Exploring different stations (00:33:39)The various stations at the camp, including HVAC, alignment, scanning, engines, welding, changing tires, and changing oil. Learning about automotive skills (00:34:10) The participant talks about learning to change oil, spark plugs, and brakes, and gaining knowledge about suspensions and spark plugs. Impact of the Camp (00:35:24) A participant shares their positive experience at the camp and how they learned about it through radio advertising. Career prospects (00:36:27) Discussion about the potential career opportunities in the automotive industry and the high-tech nature of the field. Experience of a 12-year-old participant (00:38:09) An interview with a 12-year-old participant who shares their excitement about welding and other activities at the camp. Engagement and hands-on learning (00:42:49) A station leader discusses the engagement and excitement of the young participants and the hands-on learning approach at the camp. Community involvement and career prospects (00:45:17) Discussion about the importance of community involvement and events like Camp Drive to introduce young people to the automotive industry as a high-tech career option. Success of the Camp and future plans (00:46:30) Reflection on the success of the camp, the engagement of the young participants, and plans for future editions, including potential additions like a plasma cutter. The importance of engaging young people (00:49:42) Discussion on the need for the automotive industry to engage with young people to secure its future workforce. Thanks to our Partner, NAPA TRACS NAPA TRACS will move your shop into the SMS fast lane with onsite training and six days a week of support and local representation. Find NAPA TRACS on the Web at http://napatracs.com/ Thanks to our Partner, Auto-Fix Auto Shop Coaching Proven Auto Shop Coaching with Results. Over 61 Million in ROI with an Average ROI of 9x. Find Coach Chris Cotton at AutoFix Auto Shop Coaching on the Web at https://autoshopcoaching.com/ Thanks to our Partner, Today's Class Optimize training with Today's Class: In just 5 minutes daily, boost knowledge retention and improve team performance. Find Today's Class on the web at https://www.todaysclass.com/ Connect with the Podcast: -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -Subscribe on YouTube: https://www.youtube.com/carmcapriotto -Follow on LinkedIn: https://www.linkedin.com/in/carmcapriotto/ -Follow on Instagram: https://www.instagram.com/remarkableresultsradiopodcast/ -Follow on X (Twitter): https://twitter.com/RResultsBiz -Visit the Website: https://remarkableresults.biz/ -Join our Insider List: https://remarkableresults.biz/insider -All books mentioned on our podcasts: https://remarkableresults.biz/books -Our Classroom page for personal or team learning: https://remarkableresults.biz/classroom -Buy Me a Coffee: https://www.buymeacoffee.com/carm -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Special episode collections: https://remarkableresults.biz/collections
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By carmcapriotto
In this episode of the Auto Repair Marketing Podcast, hosts Brian and Kim Walker are joined by Rena Rennebohm to discuss the crucial role of service advisors in customer retention. Part of a customer retention series, this conversation highlights the importance of tailored, one-on-one service advisor training. Key topics include the shop owner's role in setting expectations, the benefits of a one-to-one advisor-to-technician ratio, and common mistakes in advisor interactions. Rena emphasizes the need for clear communication, empathy, and consistent follow-up to build trust and enhance customer loyalty, ultimately driving better business outcomes.
Thank you to RepairPal for sponsoring The Auto Repair Marketing Podcast. Learn more about RepairPal at https://repairpal.com/shops
How To Get In Touch
Group - Auto Repair Marketing Mastermind
Website - shopmarketingpros.com
Facebook - facebook.com/shopmarketingpros
Get the Book - shopmarketingpros.com/book
Instagram - @shopmarketingpros
Questions/Ideas - [email protected]
Lagniappe (Books, Links, Other Podcasts, etc)
Rena Rennebohm: [email protected]
Website: empoweryouradvisor.com
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
NO SHOW NOTES YET!!
Thanks to our partners, NAPA TRACS and Promotive
Did you know that NAPA TRACS has onsite training plus six days a week support?
It all starts when a local representative meets with you to learn about your business and how you run it. After all, it's your shop, so it's your choice.
Let us prove to you that Tracs is the single best shop management system in the business. Find NAPA TRACS on the Web at NAPATRACS.com
It’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.
In this episode of Business by the Numbers, Hunt Demarest, CPA at Paar Melis and Associates, discusses the growing trend of owner financing in the auto repair industry. With high interest rates making traditional bank loans less attractive, owner financing offers a viable alternative for both buyers and sellers.
Evaluating the benefits and risks of owner financing for auto repair shops. Key considerations for sellers, including buyer types and financial stability. The importance of environmental assessments in real estate transactions. Strategies for mitigating risks and ensuring successful deals. Insights into current interest rates and market conditions for owner financing.
Paar Melis and Associates – Accountants Specializing in Automotive Repair
Visit us Online: www.paarmelis.com
Email Hunt: [email protected]
Get a copy of my Book: Download Here
Aftermarket Radio Network
Click to go to the Podcast on Remarkable Results Radio
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