THA 061: Know Your Daily Sales Break Even Number
The Rule of Holes: Know When To Stop Digging
Knowing your break-even point — the point at which total cost and total revenue are equal is important to running a business. It is not just good enough to reach your daily break even, you must exceed it if you are to stay in business.
Knowing the break-even point is helpful in deciding gross margin on parts, labor rates, setting sales budgets and preparing a business plan. If you do not reach your daily break-even then there is a great chance that you had a loss of profit for the day.
This episode provides a worksheet download for calculating break-even. The numbers will come from your financial statements. Your accountant can also provide them. The key to knowing your break-even set the tone when you are reaching for your profitable sales goal. You’ll know what the minimum excepted number is without digging yourself into a hole.
THA 060: How To Get Value From Recorded Service Calls
How To Get Value From Recorded Service Calls
Listen and learn from Rena Rennebohm, service advisor coach and the Chief Training Officer of ACT Group, Keith Williamson, president of Williamson’s Repair and Tire in Bondurant, IA and service advisor Lauren Giver, from Los Gatos Auto Service in Campbell, CA.
Listening to just one side of a customer call does not do justice in improving and training your service advisor. Service advisers need quality training, no different than technicians and business owners and the recorded phone call is an important element to that training. Save good calls and go over what a good call sounds like. If your shop does not record calls, then get your shop secret shopped. You’ll be convinced.
Find one phone call that works play it over and share it with your team; you will grow your business. Recorded calls and coaching helps to convert and opens the learning to be a better communicator. A great outcome of recorded calls is the opportunity to make changes to your policies. You’ll discover what works and what doesn’t.
THA 059: Critical Daily Actions That Matter
Shop Owners Must Do’s: Daily Actions that Matter: Why Routine Matters.
We had a very deep discussion on critical daily actions that will keep your business compliant and running smoothly. You’ll walk away with a strong sense of discipline in building a daily task list that you stick with. Without proper planning and a strong checklist, that you are accountable for (or that you delegate), too many slips through the cracks and eventually crashes into your well-intentioned routine.
Bambi Crozier wife and co-owner with Neil Crozier, of Car Clinic in Lowell, AR, Mark Goldsmith Mark’s Independent Service in Chatsworth, CA and Rick White Rick is President and Lead Coach for 180BIZ bring their great insights on the importance of planning to be a strong business leader and watchdog.
THA 058: How to Become the Employer of Choice
How to Become the Employer of Choice.
Join Ryan Clo from Dubwerx in Cincinnati, Dwayne Myers from Dynamic Automotive in Frederick, MD and the Director of Training at RLO, Barry Barrett.
You have an opportunity to listen to three of your aftermarket colleagues who will share their perspective on becoming the employer of choice. We opened up some great thinking pathways to help you create and improve your position in the marketplace when it come to attacking and keeping great talent.
We talk the extreme importance of creating and having a great business culture, career ladders, putting your people front and center in your business, pay, reputation and so much more.
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.
THA 056: Your Ideal Customer – Defining Your Avatar
Your Idea Customer – Defining Your Avatar
Knowing your ideal customer is an important part of very successful businesses and helps define who you want as your customer. Commonly called your customer avatar, or your cardboard cut-out you are defining a customer that trusts you and are advocates for you.
These customers are least likely to stray are most likely to recommend you, because they are also advocates. You must talk to your ideal customer and find out what makes them tick.
In this episode find out the many ways you can connect with your avatar, a recommendation on how to get started and who to involve inside your company to help define who is your ideal customer. Hear from Ron Inchausti Coast Motor Werks in Irvine, CA, a multi-shop owner, Brian Weeks from [atc] Auto Center, a 3rd generation multi-shop owners from Augusta, GA and Patrick McHugh from Bimmer Rescue in Richmond, VA.
THA 055: The Importance of Back Office Operations – Part 2
The Power Center of your Business is in the Back Office PART 2
Amy Mattinat, Jacquie Walter Hower, Maryann Croce and Kim Auernheimer discuss Human Resources and Marketing. Two very important responsibilities of the CEO and back office team.
Highlights: The legal document called an employee handbook, hire slow-fire fast, know your candidate’s personality and hire for a culture fit.
Track your marketing efforts, never shoot in the dark you may not be spending your money wisely. Have a good referral program for your advocate customer and your brand’s image needs to be consistent and must match the face you put in the web and social media. This group also shares some great marketing ideas.
THA 054: Stay Up on Social Media – Facebook Changes and your Marketing Efforts 2018
Stay Up On Social Media. What do the Facebook Changes Mean to Your Marketing Effort?
Facebook announced sweeping changes in early 2018. Our Academy panel provides great advice on becoming 2018 ‘Social Savvy’ and improving and changing your social media strategy.
Key talking points: You are your brand, your brand is you. Build a sales funnel around the assets you own like your website and your mailing list. Put your customer out front. Use Facebook Live because video will get preference from Facebook. And among so many other great insights you need to document instead of create content.
THA 053: Improve Communication Between the Service Advisor & Technician
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.
THA 052: Lessons I Learned When I Sold My Shop
Lessons I Learned When I Sold My Shop
Three former shop owners tell their story on selling their business. With Margie van Lierop, Formerly of Beach Cities Garage in Laguna Hills, CA; Scott ‘Gonzo’ Weaver formerly of Superior Auto Electric, Tulsa, OK (You also know Scott from Gonzo’s Tool Box) and Dave Winters formerly of Swedish Automotive in Seattle, WA, share their experience.
Among the talking points, confidentiality, transparent and normalized profit and loss statement, valuation, business broker, asset values, being a landlord and eventual tax liability, among others.
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.
THA 050: Finding The Right Business Coach
Finding The Right Business Coach.
A strong group of successful service professionals credits a business coach or consultant for their success. This Academy panel is in agreement on the steps you must weigh when considering hiring a business coach or consultant.
Be prepared to put your pride on the shelf and learn how to grow your business to new heights. Let the coach Identify your problems with profit, productivity, training, marketing, pricing labor and parts among others.
Your coach will teach you how to identify your problems and show you ways to fix it yourself. Business coaches/consultants help business owners develop skills to become reliant on their own. You will also be held accountable for your goals and production.
THA 049: How to Sell Diagnostics
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.
THA 048: Grow Your Fleet Business | AMi Credit
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.
THA 047: Twenty-One TIPS to Get an Edge on the Competition – Part 2
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.
THA 046: Revving Up Your Business Culture | AMi Credit
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.
THA 045: Installing Customers Parts – A Discussion | AMi Credit
This panel’s perspective is meant to excite a dialogue, to present ideas and concepts to support your decision or to inspire you to take a stand; one way or the other.
This topic is a worthy discussion because of the growth rate of e-commerce part availability, transparency in pricing, and ease of self-diagnosis on the internet.
At risk can be your reputation based on the quality of part being installed. You own the cause of their concern. This panel has not gotten one new great customer from ever installing parts for walk-in customers.
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.
THA 043: Book Club – Favorite Books That Have Made Me A Better Leader/CEO
Books That Have Made Me a Better Leader and CEO
Harry Truman said, “Not all readers are leaders but all leaders are readers.” Our Academy panel will share with you the books that have impacted them. They’ll explain their big take-a-ways that have impacted their lives both personal and business.
Many service professionals, that have shared their story on the podcast, credit books as an important resource for building their knowledge on leadership, business culture and personal growth.
THA 042: Impacting a Difference For Those Struggling For Success
The Power of Peer To Peer Help.
When you commit to helping a struggling service professional you help lift all ships. The tough part is starting the engagement. When a shop owner asks for guidance that is the first step to really make change. The teacher arrives only when the student does.
It is very altruistic in nature to help a colleague. These actions help the entire industry. Marginal operations contribute to a negative image problem. A stronger independent service industry brings strength to the industry and compounds success.
Together everyone blossoms and grows as servants to the motoring public. This episode shares a few examples and starts to write the action items you need to take to build a stronger aftermarket.
THA 041: The Value of Knowing Your Customers Observable Behavior (DISC) | AMi Credit
Become A Better Communicator By Learning The Power Of Observable Human Behavior.
Kim Auernheimer, Shari Pheasant and Jeremy O’Neal bring their wealth of knowledge using the DISC profiles in their businesses. You need to understand that DISC is an evaluation of your four basic behaviors. There is a science element to our discussion but don’t let that get in the way of this very powerful communication tool.
The value of knowing your DISC and how to discover your customers or co-workers behavior traits and then communicate in their basic way is the power of this lesson. Once you know them the world is your oyster because you can now start to converse with them in their language, not yours.
THA 040: The Extreme Value in Doing a SWOT On Your Business
The Power of Performing a SWOT (Strengths, Weaknesses, Opportunity, Threats) Review of Your Business.
Join Maryann Croce, Greg Bunch and Murray Voth for a wide-open discussion on the power and value doing a SWOT on your business. These three aftermarket professionals know the worth and outcome of a well-done SWOT.
Involve your team, assign priorities to the outcome and create a timeline to do the things discovered in this exercise. You are creating a strategic plan to best prepare your company for doing business in today’s market and into the future.
Go to the show notes page for this Academy episode #40 to download support tools.
THA 039: Eight Ways To Recruit and Build Your Team | AMi Credit
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 companies
THA 038: Is the Goal to Bring Cars Into the Bay or Clients Into the Business?
Are you viewing your client and their car as one?
There are too many disruptions in the industry that drives big reasons to hold strong relations with your customer. Understanding your customer and their vehicle as ‘one life condition’ is the foundation of this Academy discussion.
Jeremy O’Neal, Greg Buckley and Jason Malo discuss the power of moving from transactional to ‘relationship holding values’.
They say future technology will minimize the number of calls that come in the shop, therefore, you cannot see the vehicle without seeing the customer. It must be personal.
There are plenty of cars to repair, and you must maximize your staff’s training and extract their intelligence to move your business to new heights and even into other markets. They conclude that the culture of the shop creates the clients.
THA 037: Multiple Labor Rates & Matrix Parts Margins in your SMS
Multiple Labor Rates Can Make A Shop Competitive Depending On Jobs. It Is Easy To Set Up Parts Matrixes On Your SMS.
A big fear in our industry is we fear someone questioning our price. We need to be proud of why and what we do. We must understand the value we do for our customer.
Understanding how parts matrix’s work in your SMS and understanding the strategy behind it will improve your parts margins overnight. Also, parts pricing transparency in the industry may change parts margins in the future.
Become the CEO of your company and you’ll start to see the differences in your sales, costs and profits when you pay attention to what the CEO must do for the company.