THA 150: Three Financial Challenges – Coaches Perspective - a podcast by Carm Capriotto, AAP

from 2019-12-19T00:15

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https://youtu.be/PaUb_v28Qfk

David Justice has been an auto care professional for over 30 years. He grew up in the family business working for his father. At, a young age David purchased his father’s business and went on his own. Over the years David had multiple Shell Gas stations. Find David’s other episodes HERE.

Cecil Bullard is President of the Institute for Automotive Business Excellence. He is a trainer and business coach in the automotive aftermarket working closely with service professionals. Previous episodes featuring or mentioning Cecil, click HERE.

Maylan Newton from ESI – Educational Seminars is a business coach, trainer and industry speaker. Maylan is no stranger to the podcast having paid it forward on two episodes … 108 and 140. He is a much sought our speaker at industry events in the US and Maylan will speak at this year’s Automechanika among others. Find Maylan’s other episodes HERE.

Key Talking Points:
 
  • Labor rates will make the biggest impact on the shop
  • This can be the hardest to understand and manage
  • Understand the KPIs behind productivity
  • You’ve got to understand your labor costs
  • Like effective labor rate
  • Shop owner has to overcome the emotional part of the money to raise the hourly rate
  • Customers are not affected by this
  • Only the shop down the street who is trying to stay under you by $10
  • Attorney’s charge $700 an hour. We do things as difficult as they do
  • Become a businessman and stop making emotional decisions
  • We need to get paid for what we know
  • If you had a slow week it is not because you have a high labor rate. It usually has nothing to do with what you charge.
  • Too many shop owners manage their cash from a general fund
  •  A high percent of Profit and Loss statements are incorrect
  • Managing the business through the numbers are foreign to many shop owners
  • It is dramatic to see what real earnings can do for a shop
  • Implementation is the key. Accountability drives change and success
  • Money is not made by fixing cars. It is made by the pencil.
  • Town Hall Academy

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