Auto Repair Shops Finance and Taxes
Increase Your Auto Repair Profits … Today!

When I was still in the auto repair business, I learned an invaluable secret from a remarkable man named Sol Price. For those of you not familiar with the name, he was the founder of Price Club; the company known today as Costco. Sol was able to take himself out of the price comparison game, and the way he did it was by making sure that every appliance he sold was unique to Price Club.

Sales Down? Before You Blame Your Service Advisors …

If you are falling short of your sales goals, before you start blaming your service advisors, you need to make sure that your technicians are providing them with the adequate recommendations.

Do You Know Your Customer’s Lifetime Value?

Let’s talk about the lifetime value of a customer and what that value means to you. Lifetime value has many meanings and has been analyzed by folks who are a whole lot smarter than me.

Managing Company Assets To Enhance Your Shop’s Revenue Potential

Financial subjects are dry and usually at the bottom of the shop owner’s list of desirable activities, but, typically, they are the number one reason for poor performance or failure.

The Falsehoods of Credit Card Terminology

The statement you receive from your credit card processing company every month or quarter contains a lot of complex information. There are words and numbers everywhere that may or may not mean what you think. Understanding your statement, what you are being charged and why is critical to being an informed shop owner and may even save you a lot of money.

Business Maintenance for Peak Performance: Internal Analysis will Rev Up Your Business, Part 1

From my experience, cars and companies have a lot in
common when it comes to keeping them running smoothly
and achieving top performance. The owner’s manual for any business is the strategic plan that has been developed. The
gauges are the financial reports that are generated on a daily, weekly, monthly, quarterly and annual basis.

The Buck Stops Here

Some business owners and managers continue to be stuck in the past. They fail to realize by squeezing out the last drop of productivity, cutting their overhead to the bare bones, trying to cut costs, working harder, and continuing to do business the same way with the same old customers and the same projects won’t cut it today.

Year-End Tax Planning for Businesses

Businesses can take several measures at the end of the year to reduce their tax burdens in 2010. Here’s a rundown of best options.

Buy Now, Depreciate Now: What Does Section 179 of the Tax Code do for Capital Equipment Purchases in 2010?

Almost every shop owner can recall what he/she paid for a
piece of capital equipment in his/her shop. Smart shop owners
can even tell what year of depreciation a piece of capital
equipment is in, and how much was claimed on the shop’s taxes. But, a recent rewriting of the tax code has changed this practice.

Tips for Revving Up Your Credit and Debit Transactions

“Cash moves everything around me.” It’s a common thought for many automotive repair shop owners. Cash flow is one of the biggest and most important challenges many business people face, especially in the service business. Capital equipment payments and rent are both expensive, not to mention parts purchases and payroll.