- 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)
true cost of doing business
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
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.
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!
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
- 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]
YNR Building Blocks
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,
- FREE Seven Rotational Tuesday Zooms Promo
- Board Huddles: “A” Players Huddle, “A” Players match ISO and PMI Daily $$
- Front Counter Workshop Monthly Promo