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By Metric Motors · Posted
We provide major equipment and some specialty tools, but for the most part, the technicians are responsible for providing their own tools. Having said that, Offering a spiff or a bonus of a credit on the tool truck can be a great incentive to increase performance or productivity. Especially for a tech in his first few years trying to build up their tool collection. -
Some of our ASE certified technicians have in excess of $50K. When it comes to specialty tools, it depends if we will use it again or not. We have a small box to keep shop tools in if they are not owned by the technician. What happens if that tech moves on, he thinks they are his. In Oregon, not all shops, but if the person in charge of PP tax has now decided we have to pay tax on their tools. I have argued we don't own them. Their reasoning is but you make money off of them. I asked if all the dealerships pay PP tax on the tech's tools. No only if we find out. What does that mean? -
Is your lack of financial planning for a successful future keeping you up at night? If so, you’re not alone. In fact, over 50% of Americans don’t plan for their financial future regularly. Many times, this is because they’re unaware of what to plan for, so they sweep it under the rug to deal with another day. As a business owner, it’s critical that you have your assets in place for when the future arrives! Read on for five must-have strategies to help you secure a healthier financial future. Create a budget. Giving every dollar in your business a job will help you utilize your money intentionally. When you have a defined budget, you know exactly where your money is going so you can make the right decisions for a financially fit future. To create a budget, estimate your monthly expenses and revenue and create your budget from there to ensure you remain profitable. This will help you identify where you can cut costs, increase revenue, and put more profit in your pocket for the future. Here’s an example of a budget breakdown. *Note: Please keep in mind that yours may look different depending on your specific needs. Business expenses such as rent, utilities, equipment, inventory, etc.: 55% Employee expenses such as salary & payroll taxes: 25% Business insurance: 5% Retirement: 5% Paying yourself: 10% Online software programs like Tekmetric are designed to help automotive businesses create a budget, manage inventory, and stay on track with real-time data. Build an emergency fund. Unforeseen events will arise in your business from time to time. An emergency fund will act as a cushion when these occur. Having extra funds for those just-in-case moments will help you navigate emergencies without accruing unwanted credit card debt or loans. We recommend building an emergency fund with enough cash to cover six months of expenses. Creating a separate account for this will help you avoid accidentally dipping into these savings. Diversify your revenue streams. The market can be unpredictable, which is why we encourage our clients NOT to put all of their revenue eggs in one basket. Relying on one income stream can be risky because there is always the potential for it to dry up. Instead, explore different ways to sell your services and products. Can you market your products and services to other demographics? Can you develop partnerships with other businesses in the industry? Can you expand your sales channels to include additional platforms? Can you create customer retention strategies such as loyalty programs? Invest in your employees. Your employees are the cogs that keep your business running. Investing in them will set the wheel up for sustainable growth. Providing quarterly or yearly training to keep up with market trends and updates gives your business a competitive edge and a well-known reputation in the community. Healthy reviews and positive word-of-mouth due to top-notch service lead to more customers through the door for an increase in revenue over time. However, we understand that employee retention can be a concern when it comes to investing in their careers. What if you spend money on training, and they decide to quit a few months later? Consider implementing an employee incentive program to help reduce the risk of wasted funds. Performance-based bonuses, recognition awards, and employee appreciation gifts are just a few of the ways to promote a healthy work environment that will help retain your team. Have the right insurance policies. Insurance policies give you peace of mind that you will have financial security despite any bumps in the business road. Different types of insurance offer different benefits, so it’s important to carefully consider policies appropriate for your business. A few types to explore include general liability insurance, property insurance, business interruption insurance, worker’s compensation insurance, commercial auto insurance, product liability insurance, and employment practices liability insurance. -
By Changing The Industry · Posted
Is Pennsylvania In The Midwest? #podcast #autorepairshop #autorepairbusiness #carrepair -
Episode 163 - Balancing Business Ownership & Technology With Gregg Rainville & James Harris of Steer
By Changing The Industry · Posted
Episode 163 - Balancing Business Ownership & Technology With Gregg Rainville & James Harris of Steer -
By juanpablo4219 · Posted
Wow, 55 Year in Business, That's an accomplishment! ...with that amount of years, your business is a land mark for the city/town where you live. Your business is 55 years old, I am 52 years old and my business is 10 years old. We have had our ups and downs but I started this business from scratch.. I don't considered myself a mechanic since I did not go to school for that. I am an Entrepreneur/accountant that got retrained 10 years back to do Brakes & Suspension work. ...and Yes, I come from a family of Mechanics, I just did not enjoyed it when I was young, now I loved it It's harder for a younger business to even consider the thought of competing with a 55 year old. HOW? The business itself has it's path and journey, at that age of a business, somebody will come through the front door, it could be minor activity or a lot of it. Now reaching goals and owner's expectation is something totally different! Congratulation I just hope one day our business can reach to that age, and that would be up to my kids... -
Hi! I got a bunch of engine and cabin filters - leftovers from my store. What's the best way to get rid off the inventory? eBay sales are slow and not an option due to the time it takes to list a filter and due to expensive cost of shipping. Many thanks in advance, Mike -
I need to correct my 39% up for the year should have said up $39,000 Sorry. I should proof read what I write.
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