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.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
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.Listen and view episode notes
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.Listen and view episode notes
Are your Performance Reviews Creating the Best Behaviors from Your Team?
Performance reviews for many business owners never get done. There are many reasons why not and this episode tackles them head on and the best way to get them done.
There is great wisdom from the Academy panel like the review starts at the interview, that reviews need to be used to create personal performance goals, reviews is a formal way to be sure accountability sticks, and your core values are the key points to apply all behavior against.
There are over 20 key talking points that will help you in your process or get you started on the right path. The panel agrees that becoming a better leader will be key to using performance reviews to grow your business culture with performance reviewsListen and view episode notes