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I don’t have a crystal ball. And I can’t predict the future. But there are some things I do know about what is coming in 2023 based on the current direction of our economy. And none of it looks pretty. Continued Inflation Inflation has been at an all time high for the past year and it’s not going to suddenly go down. Thanks to government spending and the printing of money to pay for that spending, inflation has spiked. And normal inflation which comes from increasing costs of goods and services is still a factor. All that to say, inflation is going to continue to impact the economy and business finances well into 2023. Less Disposable Income With inflation and increased cost of living comes a decrease in disposable income. A factor we are beginning to see, even now, is the reduction of unnecessary spending in low income households. While it starts by affecting low income households, it will begin to affect middle class households very soon. Many local businesses depend on people being willing and able to spend money on non-essential items. More IRS Involvement Last year saw the largest increase to the IRS in decades. The number of agents that have been added is a sign of increased focus on small businesses and increased audits. Expect to pay more in taxes or to be stuck dealing with surprise audits as the government attempts to crack down on errors in filing and those who evade payment. Preparation is Essential Local businesses fail first. When the economy suffers, the mom and pop style stores will bear the brunt of the problems as they don’t have the resources to spread out the losses. Survival requires preparation. You have to start making decisions now if you don’t want to get caught off guard by increased financial hardships.That’s where a review of your current financial situation can be extremely helpful. If you want to be prepared, I would be happy to sit down with you and discuss some solutions. Just set up a no-obligation appointment to get started! View full article

Hi all. I'm training to start a new business, and am tasked to learn the top goals and challenges of auto repair shop owners. I know you don't know me... but I hope you wouldn't mind taking 60 seconds to help. From your experience, what's the #1 most urgent or worrisome pain point a repair shop seeks to overcome? And was the answer something else, before COVID-19? Thanks in advance.

Fellow shop owners and entrepreneurs, Over the last several months, I've spoken to hundreds of shop owners and managers who have all seemed to have a different issue in their shop, resulting in slow business (or sometimes, no business at all). These issues seem to range from not enough car count, disgruntled employees, inability to turn a profit, can't find a good tech, high turnover, marketing isn't working, and the list goes on. For most of these shops, the conversation I've had with them has either been able to assist in solving their biggest problem, or at the very least, steer them in the right direction. I wanted to take this topic over here to AutoShopOwner and generate a better understanding of the biggest problems that shops are having right now - whether they are based on season, shop placement, or circumstance. Please leave your reply below and I am sure that I'll either be able to help, or steer you in the right direction.