Posts Tagged ‘Financial’

THA 057: Your Profit & Loss Statement. Learn it. Love it.

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.

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THA 051: First Moves When Opening a New Shop

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.

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THA 044: The Importance of Back Office Operations – Part 1

The Power Center of your Business is in the Back Office.

In this Part One Amy Mattinat, Jacquie Walter Hower, Maryann Croce and Kim Auernheimer discuss controls, operations and accounting/finance.

Highlights: Cash accountability, bank statements, trust and verify. The three stages of a business and the power of communication. With good systems, you can find where any breakdown occurred. Also discussed is team buy-in, QuickBooks, keeping good records, budgeting and cash flow.

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RR 268: Scott Wheeler from Automotive Consultants Group

Let’s Do Some Math on the Foundations of a Million Dollar a Year Shop.

As a 36 years industry veteran and he’s been a business coach for the last 17 Scott Wheeler holds numerous ASE credentials and we jump into some extremely important topics of discussion that will have you engaged and shaking your head slowly up and down as you will relate to many of our key talking points.

Don’t shy away from the financial discussion. These are some of the most critical topics for a successful business. Life is a big math problem and we do some of it here.

From the tech shortage to learning leadership qualities and the extreme importance of good financial statements Scott Wheeler covers a broad range of important aftermarket subjects.

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THA 030: Nine Reasons Why Labor Rates Need To Increase

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.

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THA 013: Expense Control – Best Practices

Expense Control and Other Money Saving Ideas. This Town Hall Academy hits on budgets, expense control being a team effort, expense leakage, delegating certain tasks, When an expense is not an expense and developing relationships in the community among other key cost reduction ideas.

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