Profit First Update: Cash Management Revolution [THA 389]
Join Dan Bryant and Heather DePriest as they discuss the transformative power of Mike Michalowicz’s ‘Profit First’ methodology. Heather and Dan share their success stories and discuss the essential principles of cash management that have helped them grow their businesses sustainably. Tune in for insightful discussions on budgeting, cash allocation, and the critical role of business coaching.
remarkableresults.biz/a389
Tracking Parts and Expenses with Data Mining: Discover Your Weaknesses [RR 970]
Alex Saladna from WickedFile discusses the challenges shop owners face in tracking parts, expenses, and managing profit margins. With real-life examples of shop owners discovering hidden costs and inefficiencies, this episode is a must-listen for anyone looking to optimize their business operations.
remarkableresults.biz/e970
The Business Partner You Didn’t Know You Needed: A Coach [THA 387]
Brin Kline shares his journey from technician to successful shop owner, highlighting the crucial role of his business coach, Bill Haas. They delve into the importance of having an accountability partner, the role of coaching in reducing stress, and how personalized guidance can help shop owners reach their full potential. Perfect for shop owners looking for insights on business coaching, this episode is packed with valuable advice and industry wisdom.
remarkableresults.biz/a387
Avoid These Money Mistakes! [RR 967]
‘Business by the Numbers’ Podcast host Hunt Demarest discusses common financial mistakes, emphasizing the importance of building long-term wealth through prudent financial management and investment. The conversation covers managing personal and business expenses, the impact of government programs, and the necessity of maintaining financial reserves.
remarkableresults.biz/e965
Mastering Systems, Operations, and Procedures [RR 966]
Corey Evaldi and Dave Justice provide a wealth of insights into the importance of systems, operations, and procedures in the automotive industry. By focusing on effective communication, continuous education, incentivizing employees, and building strong client relationships, automotive professionals can drive success in their businesses. The episode also highlights servicing electric and hybrid vehicles, and the value of peer learning and industry networking.
remarkableresults.biz/e966
Effective Language Shift For Shop Owners: From Labor Rate to Service Rate [RR 964]
Murray Voth, owner of RPM Training, discusses the importance of language in the automotive industry, advocating for a shift from “labor rate” to “service rate” to better reflect the value provided. He also dives into financial strategies for shops, emphasizing the significance of setting the right service rate and understanding gross profit to ensure business profitability.
remarkableresults.biz/e964
The Untapped Potential of Tire Sales [RR 958]
Darren Mclea shares his passion for tires and offers valuable insights on how tire sales can significantly boost a shop’s profitability and customer loyalty. He discusses strategies for shop owners to incorporate tire sales, the support available from tire distributors, and the benefits of creating a one-stop-shop experience for customers.
remarkableresults.biz/e958
2024 Outlook with the Aftermarket Radio Network [THA 367]
Industry experts discuss the future of the automotive industry, focusing on training, technology, and business strategies. They explore the importance of simplifying communication, utilizing video content for customer education, and the benefits of in-person versus virtual training. The panel also discusses the challenges of management training and the need for a holistic approach to business issues, emphasizing collaboration and a positive company culture. The episode provides insights into adapting to economic changes and fostering industry growth through shared knowledge and experiences.
remarkableresults.biz/a367
Coaches Lab: When Will Shops Stop Doing Work That They Don’t Get Paid For? [THA 363]
It’s time to find the hidden costs of ‘busyness’ in auto repair shops. It’s not just about the work you do; it’s about the work you’re actually getting paid for. Measuring technician productivity is crucial – because if you’re not measuring it, you can’t manage it. It’s a wake-up call for shops everywhere to stop leaving money on the table.
remarkableresults.biz/a363
Labor Rate Tracker Update: A Valuable Tool [RR 914]
Tom Ham discusses the labor rate tracker tool, which can be found on the Automotive Management Network. The conversation includes the variability of labor rates among different types of automotive shops and across states and the influence of location and shop type on rates. Tom shares that the tracker has grown to 3,000 shops reporting their rates, providing a more comprehensive view of the market. The episode also covers the importance of having a labor rate that reflects a shop’s quality and customer trust. Find out why the labor rate tracker is a valuable tool for both shop owners and industry coaches to gauge market rates and inform business strategies.
remarkableresults.biz/e914
Technician Productivity Redefined [AW 189]
Joe Marconi discusses the importance of team collaboration, efficiency, and continuous training in the automotive industry. He highlights the need for effective leadership, a positive company culture, and sound systems and procedures to guide technicians and improve productivity. The conversation also covers the significance of accurate estimating and effective labor rates, the rising costs in various industries, and the importance of a positive and growth mindset in business.
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From Zero to Hero: How did Bret Turn His Struggling Family Business Around? [AW 188]
“40 plus years in business and we had zero money in the bank.”
Bret shares his journey from struggling to successful business owner, emphasizing the importance of seeking outside help and continuous learning. He discusses the transformation of his business into a profitable venture with the help of a coaching company and the implementation of key profit indicators. Brett also highlights the significance of team training and understanding generational differences in the workplace.
remarkableresults.biz/aw188
Keeping an Eye on Bay Productivity [THA 356]
Did you know most shops only utilize 20-30% of their bay capacity? Let’s explore the concept of effective bay rate and the potential benefits of monitoring and analyzing bay usage. What is the potential revenue that can be realized by addressing these inefficiencies?
Our panel highlights the importance of focusing on bay efficiency rather than just technician efficiency and the need for shops to adopt lean six sigma principles to maximize productivity.
remarkableresults.biz/a356
Are You Turning Wrenches or Turning Profits? The Impact of Business Coaching [RR 897]
Recorded Live at ASTE 2023 Maryann Croce and Maylan Newton highlight the importance of readiness for coaching, understanding motivations and goals, and the commitment required for positive change. The conversation also covers the significance of financial literacy, the challenges of understanding financials, and the role of coaches in helping individuals make better business decisions.
remarkableresults.biz/e897
Unlocking Higher Levels of Learning [896]
Recorded Live at ASTE 2023, Jim Cokonis kicks off the conversation with a mention of the late Anthony Williams and his innovative concept of “the Sage on the Stage” in training and education. This approach emphasizes the importance of learners discovering knowledge on their own, rather than being passive recipients of information. Jim also discusses his role as the Executive Director of the Auto Talent Co-Op led by John Gustafson in California, a non-profit organization aimed to solve the talent gap and technician shortage in the industry.
remarkableresults.biz/e896
Are You Stealing From Yourself? [THA 351]
“When you take cash from the business, you are strangling cash flow, and you end up in a situation where you can’t pay your bills.”
Murray Voth, Rick White, and Bill Haas discuss the consequences of not reporting income, the importance of understanding cash flow in business, the pitfalls of tax evasion, and using personal credit cards for business expenses. It’s not just about making money, but also about managing it effectively.
remarkableresults.biz/a351
Defining Mentoring and Its Role in Implementing Change [AW 179]
Gary Gunn discusses how mentoring differs from coaching and how it can benefit shop owners in defining their own success and implementing necessary changes in their businesses. Gary shares his experience as a mentor and offers tools and strategies for shop owners to implement new ideas and overcome challenges. He emphasizes the importance of working on the business and oneself, creating a scoreboard for business performance, and understanding the true cost of doing business. Gary also explains the role of a true mentor and the value of assessments in tailoring mentoring approaches. Carm and Gary believe that mentoring can enhance the value of coaching and help shop owners gain confidence and make informed decisions.
remarkableresults.biz/aw179
Employee Fraud: Tips to Prevent Fraud and Profit Leaks [RR 890]
Vic Tarasik is eager to share his insights and personal experiences with fraud, a subject that’s not always pleasant but is crucial to address. As Ronald Reagan famously said, “Trust but verify.” Trust is vital in business relationships, but so is verification. Vic highlights the need for proper documentation, procedures, systems in place to prevent fraud, cash management and the potential for fraud in parts purchases. He advises shop owners not to assume they are immune to fraud.
remarkableresults.biz/e890
Build Your Labor Rate From the Ground Up: Part 2 [THA 346]
Part 2 of our labor rate discussion in the automotive aftermarket industry. Our panel emphasizes the importance of setting labor rates based on the shop’s own expenses and profitability, rather than comparing them to competitors. They also stress the need for regular labor rate increases and educating staff about the financial aspects of running a shop. They address fear and mindset issues that can affect labor rates and overall success. The episode provides valuable insights and advice for shop owners in effectively setting and managing their labor rates.
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The Roadmap to Success: Work Smarter Not Harder [RR 884]
Dan Taylor discusses various aspects of running a successful automotive repair business. He emphasizes the importance of having a roadmap to success, repackaging information to resonate with different people, utilizing reliable shop management systems, client and employee retention, effective marketing strategies, well-defined processes and procedures, and artificial intelligence in the industry. The episode concludes with a discussion on the importance of making money in the automotive repair industry and the need for a paradigm shift towards maintenance and customer service.
remarkableresults.biz/e884
Are You Really Overbooked? [THA 339]
Being overbooked doesn’t necessarily equate to higher productivity or profitability. In this episode, our panel discusses the challenges and impact of being overbooked in the automotive repair industry. They emphasize the importance of understanding productivity numbers, managing customer expectations, avoiding burnout for the team, optimizing scheduling, and utilizing technicians’ strengths. Think twice before you boast about being overbooked!
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Listen and view episode notesParadigm Shift: Predicting Customer Needs with Artificial Intelligence [RR 870]
Dave Schedin and Jorge Antico discuss the importance of showing care and compassion for customers, effective communication, and the use of technology to improve customer service. Did you know technology can help overcome the shortage of qualified staff by providing comprehensive information to service writers, demonstrating expertise, and offering cost-effective maintenance programs? They also emphasize the significance of preventative maintenance in reducing breakdowns and improving customer satisfaction. They encourage a paradigm shift in the industry to prioritize customer care and proper maintenance.
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From Training to Triumph: Breathe Leadership Into Your People [RR 868]
COO’S Max Orsborn and Dave Askwith discuss the importance of training and defined leadership in automotive businesses. They highlight the need for effective training that goes beyond just checking boxes, emphasizing accountability and pressure on individuals who attend training sessions. The conversation also touches on the significance of transparency and communication within organizations, focusing on clear communication during promotions and changes. Max and Dave share their experiences as leaders, with insights on admitting mistakes and making adjustments in hiring, as well as the importance of staying true to one’s beliefs and vision.
remarkableresults.biz/e868
Is Your Shop Butcher Clean? [RR 866]
COO’S Andrew Marcotte and Melissa Parker discuss growth and succession in the industry, emphasizing the importance of having a sellable business. They share their experiences with acquiring and managing new shops, highlighting the value of cultural fit over work experience. Andrew and Melissa also encourage others to build relationships within the industry, learn from other operations and have a ‘butcher clean’ shop!
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Cheers to Success: Building a Thriving Business and a Craft Brewery [RR 851]
Are you a fan of craft beer? Then you won’t want to miss this interview with Kimberly and Andrew Taylor, owners of Titan Auto and the upcoming Hidden Wit Brewing Company in Mosley, Virginia. In this episode, they share their passion for brewing and their exciting plans for their 10,000 square foot facility. With a brewmaster who is an award-winning home brewer, they plan to offer 12 beers on tap and eventually expand to 18, including flagship beers and special releases.
But their success doesn’t stop at brewing. They also discuss their entrepreneurialism and the expansion of their auto shop business, which includes maintaining a consistent culture across all their locations and finding creative solutions to adapt to changes in the industry and world.
remarkableresults.biz/e851