Profit First Update: Cash Management Revolution [THA 389]
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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 Joe Marconi
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By carmcapriotto
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, Coach Chris Cotton from Auto Fix Auto Shop Coaching delves into a range of strategies designed to help auto repair shop owners elevate their business operations through the implementation of the "Profit First" methodology. This approach is centered around the critical aspects of cash flow management, profitability enhancement, and the adoption of effective financial practices. Chris underscores the significance of establishing separate accounts specifically for profit, taxes, and operating expenses to ensure a clear and organized financial structure. He also highlights the necessity of having supportive financial partners, such as banks and accountants, who can provide valuable guidance and support.
Furthermore, Chris encourages shop owners to take proactive steps towards improving their financial health by engaging with educational resources, such as watching a webinar or seeking additional guidance tailored to their specific needs. This episode is proudly sponsored by Shop Marketing Pros, a company dedicated to providing specialized marketing strategies aimed at boosting the visibility and success of auto repair shops. Through their sponsorship, Shop Marketing Pros underscores their commitment to supporting the growth and development of businesses within the auto repair industry.
Introduction to the Episode (00:00:04)
Coach Chris Cotton introduces the podcast and its focus on auto repair business strategies.
Importance of Profit First (00:01:01)
Chris discusses the significance of adopting the Profit First mentality for auto repair businesses.
Webinar Promotion (00:02:20)
Information about an upcoming webinar on implementing the Profit First system is provided.
Understanding Cash Flow (00:03:24)
The necessity of managing cash flow for successful auto repair operations is emphasized.
Challenges with Traditional Accounting (00:04:35)
Critique of traditional accounting methods and their inadequacy for auto repair shops.
Profit First Methodology Explained (00:05:46)
Overview of the Profit First approach and its application in the auto repair industry.
Setting Up Separate Accounts (00:06:58)
The importance of establishing separate accounts for profit, taxes, and expenses is discussed.
Bank and Accountant Collaboration (00:08:02)
Challenges in getting banks and accountants on board with the Profit First system are explored.
Incorporating Dave Ramsey's Principles (00:10:16)
Integration of financial control principles from Dave Ramsey is highlighted for better financial management.
Results of Implementing the System (00:11:27)
The positive outcomes of using the auto shop profits and cash flow system are outlined.
Call to Action (00:14:44)
Chris encourages listeners to take proactive steps in managing their shop's finances effectively.
https://autoshopcoaching.com/
https://connect.autoshopcoaching.com/profits-cashflow-webinar-form
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 #autofixautoshopcoachingbook
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
'Our shop managers, our shop owners, they don't know what they have, and because they don't know what they have, they don't know how to use it to the fullest extent.' This episode is packed with valuable advice for shop owners who want to maximize their Shop Management System and ensure their business runs seamlessly and profitably. Learn More About: Maximizing Your SMS: Many shop owners underutilize their SMS, treating it merely as an invoicing tool. Inventory Control: Effective inventory management is crucial. Discover how simple tweaks can save you money and improve service efficiency. Labor Matrix: Track and analyze labor efficiency with ease. Implement strategies that can lead to increased profitability. Recommended Services: Tap into the maintenance market. Present recommended services effectively. Don't miss this engaging and informative discussion! Jon Luttrell and Ben Dexter, NAPA TRACS Show Notes
A Better Road to Success: Navigating Your SMS and Customer Rapport [RR 945]: https://remarkableresults.biz/remarkable-results-radio-podcast/e945/ Common Issues with SMS (00:02:05) Widespread issues among shop owners regarding their lack of knowledge about shop management systems. Understanding Labor Matrix (00:02:30) The importance of understanding and utilizing the labor matrix feature in SMS. Realization of SMS Capabilities (00:03:17) Ben describes the moment when shop owners realize SMS can influence profitability beyond invoicing. Owner's Role in Learning SMS (00:05:15) Discussion on the necessity for shop owners to be knowledgeable about their SMS and not delegate responsibility. Absentee Ownership Challenges (00:06:25) The dangers of absentee ownership in effectively managing shop systems and ensuring accountability. In-Person Training Benefits (00:11:54) Ben highlights the advantages of in-person training for accommodating different learning styles. Key Features of NAPA TRACS (00:12:28) Ben discusses top features of NAPA TRACS that excite shop owners, including inventory control and labor matrices. Inventory Control Insights (00:13:25) Ben emphasizes the significance of proper inventory management in enhancing shop profitability. Proactive Inventory Management (00:16:02) Discussion on the importance of maintaining appropriate inventory levels based on market demand. Client Service Rep's Role (00:16:43) Jon discusses the value of having a knowledgeable client service representative to assist with inventory management. Choosing the Right SMS (00:18:58) Emphasizes the need for local representation in selecting and customizing shop management systems. Reflecting on 2023 (00:20:05) Encourages shop owners to assess their previous year and consider changes for improvement. Profitability and Productivity (00:21:12) Explores the relationship between profitability and productivity in shop management systems. Understanding Pricing and Labor (00:22:06) Discusses the importance of pricing strategies for parts and labor to increase shop profitability. Utilizing Parts Matrix (00:23:30) Introduction of parts matrix profiles to simplify pricing. Reporting and Accountability (00:25:01) Highlights the importance of reporting tools for tracking productivity and sales performance. Dashboards for Quick Insights (00:26:45) Describes the use of dashboards to visualize performance metrics and accountability. The Role of a Profit Coach (00:27:57) Stresses the necessity of having a profit coach for business accountability and growth. Templates for SMS (00:29:09) Discussion on the availability of templates for parts and labor to aid new users. User Control Over Features (00:30:57) Explains user flexibility in activating or deactivating features in the shop management system. Human Element in Pricing (00:32:02) Discusses balancing scientific pricing with human judgment in service pricing. Recommended Services (00:32:59) Focuses on effectively communicating recommended services to customers. Maintenance Awareness (00:35:41) Encourages understanding the necessity of regular maintenance for vehicle reliability and safety. Embracing SMS Tools (00:36:33) Concludes with the importance of actively using shop management systems for business success. The Importance of User Feedback (00:36:53) Discussion on how passionate users have guided the development of the application. Maximizing System Utilization (00:37:27) Encouragement for shop owners to explore and fully utilize their shop management systems. Commitment to Training (00:37:53) Emphasis on knowing the SMS for effective shop management. Acknowledgment of Sponsorship (00:38:18) Thanks to NAPA TRACS for sponsoring the podcast at an upcoming training event in North Carolina. ASTA EXPO: https://astaexpo.com/aste-classes/
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: -The Aftermarket Radio Network: https://aftermarketradionetwork.com -Follow on Facebook: https://www.facebook.com/RemarkableResultsRadioPodcast/ -Join Our Private Facebook Community: https://www.facebook.com/groups/1734687266778976 -Join Our Virtual Toastmasters Club: https://remarkableresults.biz/toastmasters -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: 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 -Special episode collections: https://remarkableresults.biz/collections
Click to go to the Podcast on Remarkable Results Radio
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By carmcapriotto
When running your auto repair shop, burnout, stress, and exhaustion can feel like constant companions. How do you reignite your passion and find balance amidst the daily challenges?
In this episode of the Auto Repair Marketing Podcast, Kim Walker hosts a solo cast with guest Jeff Salzenstein, a former professional tennis player turned coach and speaker.
Jeff shares his transformative journey from the tennis courts to becoming a coach focused on holistic well-being. He offers invaluable insights on overcoming adversity, redefining success, and managing burnout and stress through practical techniques like heart-focused breathing and tapping.
Jeff’s emphasis on resilience, mindset, and the interconnectedness of mind, body, and soul will inspire and equip you with tools to enhance your personal and professional well-being.
Tune in for an episode packed with actionable strategies to help you thrive in both your business and personal life. Don’t miss it!
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 With The Guest
https://www.jeffsalzenstein.com/
https://www.instagram.com/jeffsalzenstein/
https://www.facebook.com/jeffsalzensteinspeaker
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]
Click to go to the Podcast on Remarkable Results Radio
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