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 Management
Gary 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’s Response
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.
Learn More – Get Your FREE Strategy Session
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!
In this clip from our Leadership Process Webinar, Brian Gillis explains silent thieves in the form of poor systems and processes. These thieves can cause our automotive repair shops to literally bleed money! Listen up to learn what areas of your shop that these burglars could be lurking in. Then, join us for future sessions to see how we can identify them and kick them out the door, for good!
Where could they be hiding in your automotive repair shops
Silent thieves in your auto repair shop may not be as obvious as a technician stealing tools!
Every shop is unique, but, generally speaking, we all have weak points in certain areas. These poor systems and processes may include:
Leadership
Management
Front Counter
How-to Manual
People and Staffing
Daily Operations
Financial
Luckily, You Net Results offers weekly rotational meetings you can join, in order to focus on these specific areas. Through group calls, as well as written systems and processes you can customize for your auto repair business, we can work together to stop silent thieves dead in their tracks.
Finally, Brian lists six steps to get started. Put these steps into place in order to build your own Leadership Process. Real change in business can only be made from the top down. Are you both ready and willing to do what it takes to implement change? Put these six steps into practice today, and get on the road to improvement:
Thinking
Words
Action
Habits
Perseverance
Attainment
Learn More About Eliminating These Silent Thieves – Get Your FREE Strategy Session
You know that you need to kick these silent thieves out of your shop, but you’re not sure where to begin. Why not schedule a FREE business strategy session with Brian, so you can discuss your needs? You’ve got nothing to lose, so sign up today!
Defining Money – Repair Shop Money Management
