Hear from 3 shop owners that provide financial education for their employees. Setting our employees up for success in life goes beyond signing paychecks.
Why Can’t Every Shop Owner Be Profitable? [RR 682]
Too many business owners are silently struggling and think they are the only ones. Or maybe they do want to elevate their business to the next level but have been stuck in the day to day…that leads to month to month and then year over year struggle. Before you know it, the only thing progressing forward is time. And the only constant is change. In this episode Scott Wheeler highlights the key foundations needed for a successful automotive business. He also references his book “How to Make Money (& Stay Sane) in the Automotive Service Industry” which reads like a blueprint for your business, full of charts, graphs and formulas.
remarkableresults.biz/e682Listen and view episode notes
Guest host shop owner Charlie Marcotte, from American Pride Automotive, 4 Locations serving the Virginia Peninsula. Virtual shop tour with Brenda and her son Riley O’Neal from Repair One Automotive, The Woodlands, TX. The Trivia Challenge: In What Year Did the US have 1,000,000 registered cars?Listen and view episode notes
THA 210 Where the Money Goes – The $100 Lesson
How many times do you get a great idea on an exercise you can share with your team …. one that helps your people respect and understand the costs of running a business? My guest Patrick McHugh and I will show you a fun and profound exercise on what happens to a $100 transaction … exactly where the money goes. Welcome to the 210th episode of the Town Hall Academy.
It is important that your people get a chance to see your Profit and Loss Statement, but for many, it will be a very difficult learning curve. We have a very simple way to do it that will make respecting margin, costs, and net profits in a whole new way.
This exercise will change the way you and your people look at the numbers and what it takes to grow a strong and profitable business.
My guest today is Patrick McHugh from Bimmer Rescue in Richmond, VA. and we have a story for you! This episode’s key talking points are already done for you at remarkableresults.biz/a210.Listen and view episode notes
Chris Cloutier is co-owner of Golden Rule Auto Care in Dallas Texas and CEO of Auto Tex Me. He spent many years in the software industry developing solutions for companies like Southwest Airlines, and Wyndham Intl. He’s worked for companies that understood the marriage of service and software, and have applied it in an effective way.…Listen and view episode notes
For many small shop owners, you’ve learned how to implement smart practices and holding yourself accountable. You’ve joined networking groups, maybe even hired a coach to bring business acumen to your world.
If you’ve done a lot to become a better marketer and leader you’ll be OK. If not, it is not too late. There is some good business advice in this episode, that if you implement it you will come out the other side of this Covid-19 challenge.
You’ll value this discussion with Dwayne Myers, Greg Buckley, Matt Fanslow, Danny Sanchez and Bob Greenwood. …. and my pledge to keep you flowing with thoughts and ideas from your fellow colleagues continues.
Keep in mind it is still not too late to do the right things for your family, employees, business and customers. If there is anything I can do to help you … like find a peer network, talk to a friend, find a coach join an association …. reach out to me firstname.lastname@example.org.Listen and view episode notes
David Justice has been an auto care professional for over 30 years. He grew up in the family business working for his father. At, a young age David purchased his father’s business and went on his own. Over the years David had multiple Shell Gas stations. Find David’s other episodes HERE. Cecil Bullard is President of the Institute for…Listen and view episode notes
THA 149Top Financial Challenges to Overcome- An Owners Perspective
We’re serving up a strong discussion on Financial Challenges with me are shop owners John Long, Schertz Automotive, Schertz, TX, Tom Ham, Auto Centric, Grand Rapids, MI and Andy Massoll, Detroit Garage, Farmington, MI
You may not be surprised as to the big take-a-way from this episode. It is only logical and will have a huge impact on your business immediately. The panel agrees that your family needs to be on board with any financial decision you make in the business. You’ll get advice on what to do if you get into financial trouble, also the power of sharing your financial status with your team and if you are in financial trouble, you are not alone.Listen and view episode notes
THA 147 Overcoming Debt
A big problem for many service professionals is learning how to manage cash flow. The cash in the bank isn’t there for spending. It is generated by sales and the gross margin dollars that are earned on those sales is used to pay expenses. The remainder is profit. If cash is spent before allocations then it is very difficult to pay obligations. In many instances, loans are taken to pay bills and overspending stresses the business and the owner.
The panel for this Town Hall Academy includes Kim Walker from Shop Marketing Pros and former shop owner, AJ Nealey from Nealey Auto Service, Edgewater, MD and Tom Lambert owner of Shadetree Automotive. They each have a story on how to manage or eradicate debt, grow sales and scrutinize expenses. Knowing your financial states including Profit or Loss Statement and most importantly your Balance Sheet will help. Knowing what your metrics or tolerances of spending and cash management will lessen your dependence on borrowing and putting your company in harm’s way.Listen and view episode notes
Implementing Profit First – Shop Owners Thrilled With Results
This episode will change your thinking as it relates to a new profit discipline and cash management. I know you know that cash is king in any business, so start being a better manager of it.
Listen in on Danielle Bohlmann, owner with husband Brett in Highway 7 Service Center, Newell, IA, Kenny Wedow from Fine Tuned Auto, Broomfield, CO and Chris Cotton, Certified Profit First Professional from AutoFix SOS coaching company and a former shop owner.
They nailed the benefits of a strong and disciplined cash management system. Both these shop owners say they are in a better place because of implementing Profit First. Danielle and her husband Brett always plowed all their money back in their business. Now hear what they are doing and are better for it.Listen and view episode notes
RR 445: Chris Cotton – On Cash Management
My guest Chris Cotton is a business coach and helps shop owners understand the fundamentals of money and the decision-making behind it. He helps us manage our cash and how to set aside money obligations.
Chris’s AutoFix SOS coaching company is. His experience as a former shop owner relates to the struggles of shop owners to maximize their profits.
If you have ever wanted to know where your money goes, ever had a tough time paying your bills, meeting your tax obligations, or ever held cashing your paycheck because you knew it will bounce; this podcast is for you.Listen and view episode notes
New Aftermarket Measurement – Cost Per Billed Hour
I’m with Bob Greenwood, President, and C.E.O. of Automotive Aftermarket E-Learning Centre Ltd. We are discussing how cost per billed hour affects the site’s total efficiency in maximizing net profits.
This episode tackles measuring your site’s efficiency with cost per billed hour as a new aftermarket measurement to maximize your net profits. The calculation reflects on all aspects of your labor rate, workflow, charging for diag time, and other critical performance metrics.
Important note for this episode. Since Bob is demonstrating his strategy and findings through formulas we decided to record the video of this episode so you can see how Bob arrives at the conclusion to his formulas. You can find the video version on the show notes page at remarkableresultsradio.com/e424 or on my Carm Capriotto youtube channel.Listen and view episode notes
Mike Michalowicz – Making Your Profitability a Habit
What is profit? It is the difference between the amount earned and the amount spent. Mike Michalowicz tells you that you subtract profit from sales and then learn to manage your expenses. Therefore Sales – Profit = Expenses. We discuss Mike Michalowicz great book ‘Profit First’.
Mike will give you his innovative processes on profitability. He will provide insights on understanding the core principles and processes of financial gain. It will also shed light on cash flow management system, revenue, support network, profitability, efficiency, and the 5 core fundamental accounts you need to work your business from.
The episode is painting vivid pictures of how profitability works on the business canvas. It will open your mind to systems and processes to make profitability a habit. I urge you to read Mike’s Book Profit First, cover to cover. You can find it on the books page on the website.Listen and view episode notes
Low Hanging Financial Fruit That Will Improve Your Profits
The cost of doing business rises each year. Net profits that are necessary to move your business forward are challenged each day.
Our panel talks about the value of inspections on your sales, association membership, and billing for all parts and fluids used on a repair. We get into some cost savings ideas and using the power of a company credit card to help with training costs.Listen and view episode notes
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.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
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.Listen and view episode notes
Stop with the millennial Nonsense
Dennis McCarron, formerly Bridgestone’s National Management Instructor, joined Dealer Strategic Planning, Inc. (DSP) as a group facilitator and is now Executive Director.
At DSP, Dennis and his team help independent aftermarket dealers manage the financial, branding, and human resource aspects of running a business.
Dennis shares his passion on the value of twenty groups, the importance of cash reserves, the power of payroll management and suggests that it is time to embrace the millennials as great customers and employees. A solid interview with great lessons.Listen and view episode notes