Auto Repair Shop Money Management might be an uncomfortable topic, but we need to cover it! Gary Gunn quizzes our YNR panel of automotive shop owners on how they can better manage their finances.
Defining Money – Repair Shop Money ManagementGary starts off with an unusual question for our panel of shop owners. “How do you define money?” It may seem silly to ask a question like this. However, when we get to the root of what money really is, we can take a deeper dive into repair shop money management.
When Pam replies, she defines money as an item we exchange in lieu of barter. We have assigned a value to it, so it drives commodities in our markets.
Fred measures money in time. Customers pay us for our employees’ time when they perform automotive repair services. We then pay those employees for their time. Finally, we pay ourselves for the time we put in guiding our team and steering the ship.
Joe adds that the government assigns money a value based on the gold that backs it. We can then exchange that valuable paper for a good or service. Jerry then uses the analogy of money as a fuel for an engine. That engine exists to move our business or personal life forward. Money management is how we fine tune that engine.
Gary makes the point that we can run out of the “gas” that is money and end up stuck on the proverbial freeway. Sometimes our business’s cash on hand can ebb and flow. However, our repair shop money management skills will determine will determine if we reach our long term destination.
Do lack direction on repair shop money management? Perhaps your business plan has stalled out, and you need an experienced automotive industry coach to help you. Then why not schedule a FREE business strategy session with Brian? You’ve got nothing to lose, so sign up today!
Gary Gunn polls our YNR group on Repair Shop Staff Roles. What should we expect from our people? How do we make that clear, and what must we do to help them meet our expectations?
Defining People – Repair Shop Staff RolesThis clip from our Leadership Process opens up with Gary requesting class members to define “people”. Broad? Maybe. Simple? Definitely not.
Pam believes all people are created by God for specific purposes. She also believes it is impossible to actually “manage people”. Fred adds that people are just “impossible” altogether! A good manager’s role is to identify each staff member’s strengths and weaknesses and help them fit in, if possible. Managers manage the systems, and the systems manage the people.
Are you an owner or manager who hates dealing with customers? Then you don’t need to take on the repair shop staff roles of Service Writer or Service Advisor! A good manager can also recognize what their own best role is. Maybe it’s in the back helping train technicians.
Joe made the point that two people can observe the same object or concept and see completely different things. Mike points out that this is because those two people have different worldviews and agendas. Every repair shop hire may bring their own baggage in. Likewise, an astute leader can recognize said baggage.
Gary reminds us that we as auto repair shop owners and managers are all people ourselves! Like it or not, we are all in the people business. Whether you work with customers at the front counter or technicians in the back of the house, it’s up to you to recognize your systems and how to help staff run them.
Does your auto repair shop lack direction? Perhaps your business plan has stalled out, so you need an experienced automotive industry coach to help you. Then why not schedule a FREE business strategy session with Brian? You’ve got nothing to lose, so sign up today!
