RR 445: Cash Management with Chris Cotton
Chris Cotton discusses good cash management. Chris has been in the customer service industry for over 40 years and has been in the auto repair industry for over 25 years. He is a former shop owner that has dedicated his life to helping YOU to get your business where you want it to be and helping you FOCUS on the things that matter to you.
Key Talking Points:
- Parkinson’s Law- toothpaste
- If you have a project due in 6 months it will take 6 months to do
- The less you have the more you’ll stretch it out- toothpaste
- Where does my money go?Need to look at the balance sheet and profit/loss
- Good businessPaying all bills and feel good about it
- Vendors, sales tax, money set aside for yourself, money left over in expense account, not a general account
- A rising tide lifts all boatsShop owners need to communicate with each other
- Business coach/mentor to share struggles- if you keep thinking you’re not ready for a business coach then you’ll never be ready
Resources:
- Thanks to Chris Cotton for his contribution to the aftermarket’s premier podcast.
- Link to the ‘BOOKS‘ page highlighting all books discussed in the podcast library HERE. Leaders are readers.
- Leave me an honest review on iTunes. Your ratings and reviews really help and I read each one of them.
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NAPA Autotech Training helps your technicians keep their skills sharp and their NAPA Know How up to date. It’s the highest quality technical training that covers almost every vehicle system and every make and model. NAPA Autotech is presented by experienced instructors who are ASE master certified technicians. Even after a class is over, techs can access course information online with ClassPass. So when questions come up later they can get the answers. AutoCare Center owners who have taken advantage of Autotech Training say that well-trained technicians are helping to increase their shop’s repair capability and raise bay productivity. That results in fewer comebacks, more satisfied shop customers, and reduced technician turnover. 
Learn more about NAPA AutoCare and the benefits of being part of the NAPA family by visiting www.NAPAAutoCare.com.