Financial Insights from a Successful Shop Owner
As many of you know, it takes a lot more than excellent mechanical knowledge to run a successful automotive repair business. In fact, you could have the best mind in the world for vehicle service and diagnostics, but, at the end of the day, you need at least a nodding acquaintance with what it takes to turn a profit.
Things to Consider Before Opening Your Second Shop, Part 4
I heard a statistic years ago (can’t remember the source) that stuck in my head and my experience working with shops over the years has reinforced it. The average shop owner makes 3% net operating profit. Meaning that the shop that does $1 million in annual sales nets about $30,000 at the end of the year, before taxes.
Direct Mail Campaigns: Targeted Marketing Strategies, Part 2
In the January/February issue of Shop Owner magazine, I discussed why I believe direct mail is the most effective advertising tool for shop owners. This month, I’m going to provide some guidance to help you measure your direct mail campaign efforts.
Stephens Automotive Earns Rave Reviews with Customer-Centric Focus
In tough economic times, retail customers can neglect vehicle maintenance, severely impacting the bottom line of some independent service centers. But Stephens Automotive owner Joe Stephens, who says his fleet business started because he was, “in the right place at the right time,” has seen his Palatine, IL-based business continue to thrive as it’s evolved from a single-nameplate shop when he first opened his doors 16-plus years ago to a profitable shop that services a wide range of makes as well as a full fleet of service vans.
Executive Interview: Jeff Stauffer, Senior Vice President, Global Marketing, Affinia Brake & Chassis Group
Jeff Stauffer has more than 30 years of experience working with many of the aftermarket industry’s premier brands like Monroe, MOOG, and now leads the marketing and brand strategy, planning and programs support for Raybestos brakes and chassis.
Motivating Employees Through Recognition
In the last issue of Shop Owner, I talked about the need for receiving feedback from your employees and how important it
is to improving your leadership abilities. Another element of an effective leader is that he or she delivers feedback to employees in the form of recognition.
If You Win the Argument, You Lose the Sale
The true test of a business’ customer service effort is not when things are going right but, rather, what is done when things go wrong.
Be Careful with Your E-mail
We’ve all sent and received email messages by mistake. Whether they’re sloppy, misleading or just plain indecipherable, they all scream the same thing: unprofessionalism.
Five Tips to Improving as a Leader in 2011
If you are like a shop owner friend of mine from New Hampshire, you probably don’t think of yourself as a leader; most good
leaders don’t. They just do what they do … lead, and they do
it so well, that others take notice.
Executive Interview: Michael Proud, Director of Marketing, North America, Federal-Mogul Corporation
Federal-Mogul is a premier global OE and aftermarket manufacturer with such leading brands as ANCO wipers, Champion spark plugs and performance additives, Carter fuel delivery products, Fel-Pro gaskets, MOOG steering and suspension components, National hub assemblies, Sealed Power and Speed-Pro engine parts, Wagner ThermoQuiet brakes, and Wagner lighting products.
Business Maintenance for Peak Performance: Internal Analysis Will Rev Up Your Business, Part 2
In Part 1 of this article, we discussed how shop owners should follow a routine of daily monitoring and maintenance to ensure that performance is meeting business targets. Now, we turn to monthly, quarterly and annual checks to keep your business running smoothly and profitably all year long.
Taking the Mystery Out of Leasing
For the typical shop owner, the world of leasing can seem like a confusing landscape of options and costs. You may have heard conflicting information; some good, some bad, some neutral. I’m going to attempt to clear up this financial maze called leasing and suggest what to avoid and what to pay attention to.