The Power of Strong Financial Statements
No question that knowing the value of your Profit and Loss Statement helps you grow a strong, viable and profitable company. Many shop owners have not gotten intimate enough with the value of their financial statements.
The episode with Maryann Croce from Croce Transmissions in Norwalk, CT, Mark Roberts from Schertz Auto Service in Schertz, TX and Bob Greenwood, AMAM, president of Automotive Aftermarket e-Learning Center show the power of an accurate P & L.
We also talk about the Balance Sheet and the extreme value in accurate finical statements if you are going to sell your business or buy one. Also discussed is where on the P & L is it indicated that you can afford raises and that your emotions will try to override the numbers, because they tell the real story.Listen and view episode notes
Many Problems Are Found in A Lack Of Communications; Therefore Good Communications Can Prevent Come Backs.
Improving Communications Between the Service Adviser and Technician with Jude Larson from Valley Repair in Tenino, WA and also with JML Real Solutions, also Darrin Barney, Owner of Barney Brothers Off Road in Grand Junction, CO and Donnie Carter, Service Manager at Little Wolf Automotive in Waupaca, WI.
Communication is an important tenant in any service business. It is up to the service advisor to bring the ‘novel’ to the technician. Listen hard to the customer and write down the details of their issue or concern.
Technicians results are dependent on getting a good path to follow. Give them a great opportunity to succeed with clear in-depth information. Techs need to do their part and provide clear information back to the service advisor to support the recommendations they are going to provide as a value to the customer.Listen and view episode notes
Shop Owner For Only 2 ½ Years Makes Big Moves: Buys a Building And Retrofits It Into a State Of The Art Facility.
Christopher Petersen from Northwest Automotive in Kalispell, MT has only been a shop owner for 2 ½ years. A twenty-two-year industry veteran, Chris made the leap to shop ownership and found himself owning two properties. He shares the story and explains that his bank showed the confidence in him to support these transactions.
Good take-a-ways here on DVI, and staying on the cutting edge of change. Chris says If it is not documented, then it didn’t happen. He’s got a porter on staff and he shares how important his people are to his culture and that his loyal and happy customers are a direct reflection of him putting his people first.Listen and view episode notes
The Digital Shop: A Discussion.
If you are contemplating the future and know you’ll need to get there maybe sooner rather than later this roundtable discussion has a lot of information for you. Panelists are Joe Sevart from I70 Auto Service from Kansas City, MO, Bill Connor the General Manager form Craig’s’ Car Care in Allen, TX and AutoVitals CEO Uwe Kleinschmidt.
There are many important info points here to help you and guide you in this inevitable change to your business that will be as important as having lifts in the bays. You may not be ready to implement a totally digital inspection, CRM, and workflow system, however, you’ll want to invest the time in this episode, to you keep your learning curve high and hear from shop owners who have done it and are so happy they did.
The digital strategy is to have the service advisor to do more advising and less busy work. Digital also allows the customer to be anywhere and still see the problems via still pictures and videos.Listen and view episode notes
Find A Blue Print Outlined For Finding Success If You Are Going To Open An Automotive Aftermarket Service Repair Shop.
There is some secret Sause shared here including a few preferred methods on how to start, setting up your spending plan, how important location is and the need to know the demographics of that local community. Is the income level such that money can be spent on vehicle service and maintenance?
We talk financial, (knowing your numbers) debt, cash flow. All very important parts of a CEO’s responsibility. May great technicians, who are unemployable, strive to start their own business because they want to do things their way. Most find out it is not an easy task. There are responsibilities beyond financial and cash flow like, marketing, the tax man, HR laws and that is just the tip of the iceberg.
This panel does a great job of explaining the challenges you’ll need to deal with, so you can find your successes sooner rather than later. It is a slow process, but success shouldn’t take years to achieve.Listen and view episode notes
How To Sell Diagnostics at a Profit?
This is not an easy question to answer. Service professionals must be paid for their expertise because the cost of doing diagnostics is the most expensive service you have in your building.
It is time to move from diagnostics to testing and analyzing. Every shop needs to build a premium product around testing and analyzing. You need to be known as the ‘we can fix anything right the first time shop’. Your motto: “We have the best technicians.” Your shops testing and analyzing skills is the premium product you sell and are known for in your marketplace. No need to go anywhere else. We do the research, test, analyze and discover what is wrong. We present the solution then you decide.
Marketing this premium product requires a strong testing/analyzing process that both the service advisor and technician are totally in agreement with. The benefits allow the SA to confidently sell testing and analyzing.
The diagnostician knows that the SA will sell the value and benefits to the customer because the process dictates the work to be done. A very strong discussion and powerful take-a-ways that will arrest the black hole in your business of profitable diagnostic time.Listen and view episode notes
Growth Strategy: Fleets
Fleet business can sustain your revenue during the up and down times of the year. Get started and be willing to change and adjust as you move along. These three experts agree that it may be time for you to ‘Get out of your comfort zone’ and jump into the fleet business.
Learn from Tom Palermo from Preferred Automotive Specialists in Jenkintown, PA, John Constantin from Bison Fleet Service in Buffalo, NY and Bill Nalu from Interstate Auto Care in Madison Heights, MI.
We talk how to recruit fleet customer, obvious reasons to get into fleet business, the how and the challenges of implementing and growing fleet revenue.Listen and view episode notes
Customer Transaction Data is a Powerful Resource for Organic Growth
With a business and computer science education, Jorge Antico identified the aftermarkets need for transactional service-data aggregation. In essence, a family-owned vehicle fleet service management system.
The data that sits on your server contains a treasure of information that can be served up in just the right way. With the right AI software for natural language predictive CRM, you can do a lot with your information. Antico shares the power of growing your business using the data you already own.
This episode will provide much insight, from a tech perspective. There are many strong thinking moments here that will energize your systems and marketing talents and inspire you to grow your business.Listen and view episode notes
Do you need a quick new idea to implement that will give you an edge?
In this Academy lesson get 21 TIPS (Part 2) to help give you an edge over the competition. These are some very simple ideas that have been collected from successful service professionals in the industry.
Implementation will be the big payoff. If you listen to learn just one thing and do not implement you will not benefit from this listen.Listen and view episode notes
Building a strong business culture can be one of the hardest things a business owner can do yet the most rewarding.
It is one of the key principles in the business that you cannot touch. It’s the soft stuff. For many, it is tough to get your hands around it. This academy panel does a great job explaining culture and shows you many ways to implement and lead it.
The power of a strong business culture can be one of your biggest differentiators as a business and a strong reason you attract top talent.Listen and view episode notes
When was the last time you actively recruited qualified candidates to fill your bench strength?
Kevin Vaught, Business Development Coach from Elite Worldwide, Ryan Blair from Blair Automotive and Robert Sexton from First Tire and Automotive bring their strategies, tactics and ideas to the discussion.
We cover networking, building your pipeline of qualified candidates, and your people as recruiters. They all agree that recruiting is a long game that needs daily attention. You must invest the time.
We talk about marketing efforts and being involved in secondary and post-secondary education. Many more great ideas and gems of wisdom from the Academy panel who make recruiting a ‘must do’ piece of their responsibility to their companiesListen and view episode notes
Communications is the driving foundation of what meetings are about.
Many superior take-a-ways in this Academy lesson. If you are contemplating holding meetings or are holding them and you want to check in on other strategies, this is the perfect seminar.
Your team must know how important their presence is in a meeting. Meetings can help you innovate and stay in touch with the needs of your people and you can share the needs of the company.
Also, innovation requires you need to stick stuff up on the wall and meetings is a great place to make that happen. Always remember to never hog the meeting. Share the wealth. Everyone talks. Many different styles from a casual to formal agendas. Always remember the meeting is for your people.Listen and view episode notes
Is Your Labor Rate Keeping Up with Inflation and Your Cost Doing Business?
A tough subject to discuss, however many great ideas shared on the mechanics of setting a labor rate, but most importantly being valued and getting paid for all that you know and do for your customer.
The correct labor is a big factor in profitability among other critical measures in a service business. Learn from the discussion.Listen and view episode notes
What You Can Learn from Your Dentist on Setting Appointments.
John Burkhauser, the Director of Educational Programs at Bolt-On Technology has a storied career as an automotive technician and as a post-secondary automotive educator. He is finding his career path has set him up for this current job.
John says the service process really hasn’t changed in 30 years. For many shops, it is still a day of putting out fires and trying to keep one’s head above water. He has his opinions on finding techs in post-secondary schools, the importance of best practices, and insights on digital vehicles inspections.Listen and view episode notes