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true cost of doing business

Photo by Tim Mossholder On UnsplashPhoto by Tim Mossholder On Unsplash

We will soon bid farewell to the old year and welcome the new. Now is the perfect time to reflect on your auto repair business and set some realistic auto repair New Years resolutions. At You Net Results, we understand the unique challenges auto repair shop owners face. Hence, in this blog, we’ll guide you through some key goals that can change your auto repair shop and set you on a path to long-term success. Let’s examine them.

Auto Repair New Years Resolutions #1: Streamline Operations

One of the most crucial resolutions for an auto repair business is streamlining operations. This means optimizing your workflow, reducing unnecessary downtime, and ensuring that your team operates efficiently. Consider automating routine tasks, implementing a reliable software system, and providing regular training for your staff. Our Auto Service Advisor Training can help you achieve these goals, so your shop will be more efficient and profitable.

#2: Invest in Training and Development 

Your team is your greatest asset. In the auto repair industry, staying updated with the latest technologies and repair techniques is essential. Resolve to invest in training and development programs for your service advisors, technicians, and customer service staff. You Net Results offers comprehensive training programs in order to improve your team’s knowledge and skills, which will enhance the customer experience.

#3: Enhance Customer Experience 

Customer satisfaction should always be a top priority. Make a resolution to go the extra mile in providing excellent customer service. Encourage your service advisors to communicate clearly with clients, explain repairs, and offer honest estimates. Happy customers not only return but also refer others to your shop. Our ARA (Auto Repair Advisor) program equips your team with the skills to exceed customer expectations.

Auto Repair New Years Resolutions #4: Set Clear Financial Goals 

Financial stability is key to the long-term success of your auto repair business. Set specific financial goals for the year, such as growing revenue, reducing expenses, or raising profit margins. Regularly monitor your financial performance, then make necessary adjustments. You Net Results offers financial coaching to help you navigate the financial aspect of your business successfully.

#5: Embrace Technology 

The auto repair industry is constantly evolving with new technologies and diagnostic tools. Staying up-to-date is essential for providing high-quality service. Resolve to embrace technology and invest in the latest equipment. You Net Results can help you select the right tools and technology in order to improve diagnostics and efficiency.

#6: Implement a Marketing Plan 

Effective marketing is important for attracting new customers and retaining existing ones. Make a resolution in order to create a marketing plan for your auto repair business. Utilize online marketing, social media, and email campaigns so you can reach your target audience. Our website has a dedicated blog on “Auto Service Advisor Marketing Strategies” that can provide more info.

Auto Repair New Years Resolutions #7: Monitor Key Performance Indicators (KPIs)

In order to track your progress, establish a set of key performance indicators (KPIs) for your business. This can include metrics such as customer retention rates, average repair order value, and technician productivity. Regularly review these KPIs so you can use the data to make informed decisions and improvements.

We Can Help You Reach Your New Years Goals!

The beginning of a new year is the perfect time to set goals for your auto repair business. By following all that we have mentioned in this blog, you can position your business for growth and success in 2024.

At You Net Results, we’re here to help you keep these resolutions. Our Auto Service Advisor Training and other programs empower both auto repair shop owners and their teams. Make 2024 a year of prosperity and excellence for your business by taking the first step toward improving. Contact You Net Results today, so we can help you get started. Book a complimentary consultation. Brian Gillis and our team will help you create the best marketing strategy for your business. Build trust, showcase expertise, and ensure repeat business. Let’s make 2024 the best year of your business life!

Financials on All Cylinders

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  • Financials on All Cylinders #4 Hexagon
  • Money Machine and how it works
  • Mastering Your Results – all 6 Processes
  • Six Section Concept Binder
  • Triangle Review
  • TCODB (Base)
  • Snapshot (Left Side)
  • Scorecard (Right Side)

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Financial Process

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Think Tank Questions Discussed

  • Are you in the Financial Genius Zone or Financial Danger Zone?
  • Would you be satisfied if you repeated 2022 in 2023? If so, why?  If not, why?
  • Mastering Your Results Financial Process Review
  • TCODB Tracker Tab Year to date Nov.2020 / Nov. 2021 / Nov. 2022 review
  • Utilizing the Anchor Report and established formulas to calculate your TCODB

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If you’re watching this video, the odds are that you are an automotive shop owner. One of the ten knowledge principles we at You Net Results teach is to know your True Cost of Doing Business. What does that mean? You need to ask yourself how much it takes to build an automotive repair shop that is financially healthy.

There are so many pitfalls and mistakes that repair shop owners can make. It’s up to you to make the effort to understand your profit and losses, as well as regularly review your score sheets. Only then can you stack up cash and set yourself up for success long term.

Calculate the true cost of doing business for your auto repair shop business.True Cost of Doing Business Discussion Recap

Gary Gunn, AAM opens up this clip, in which he is detailing the ten financial knowledge principles. Knowing the true cost of business means knowing what it takes to be financially healthy in the automotive repair industry. Knowing your numbers, as well as how to read them, is essential for any auto repair shop owner.

He went on to tell a story of an owner in his class years ago. This owner declared that he planned to slash repair prices because he had paid off his shop’s building. Gary literally asked him to leave the class. This kind of thinking doesn’t come from a smart business mentality. Rather than subtracting from his monthly income, he should have invested the money he previously put toward his building expense. Stacking up cash today could mean weathering a major storm in your future, or even retiring early!

Educate yourself. Look at your scorecard daily, weekly, monthly, and annually. If you estimate your true cost of doing business too high, then you are putting undue pressure on yourself and your team.

Stack Up Cash In Your Auto Repair Shop!

If this sounds intimidating, fear not! You Net Results is here to guide you to learn the true cost of doing business and stack up cash for your shop. Learn more about our Anchor Financial Reporting group monthly program here!

Anchor Financial Process

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SOP Formation and Review

WOIT Discussion and Notes Formation and Review

  • #407–8-SOP-TCODB Tracker
  • ScoreCard Review
  • TCDB In Depth Discussion
  • Mastering Your Results Review

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SOP True Cost of Doing Business Tracker

Financial Process Webinar

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  • Checking Under the Hood (Point 2)
  • The True Cost of Doing Business
  • Stacking Up Cash
  • Interesting items as Expenses
    • Rhett Smith’s Email (See Slide)
    • EIGHT Financial Tools (See Slide 19 -20)
    •  TCODB QWIK Calculation (Using Budget Spreadsheet) [start time 28:59 – 53:30 end time]

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TCODB QWIK Calculation Budgeting for Profit Spreadsheet

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YNR Building Blocks

  • Confidence
  • BrandScript
  • Thieves

Turnaround Point Book

  • Fixing A Low Gross-Profit Margin p.72-73, PLUS Takeaways and Golden Nuggets
  • Checking Under The Hood Point TWO: TCODB = True Cost Of Doing Business,

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  • FREE Seven Rotational Tuesday Zooms Promo
  • Board Huddles: “A” Players Huddle, “A” Players match ISO and PMI Daily $$
  • Front Counter Workshop Monthly Promo

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