From Struggling to Thriving: How to Generate 704.78 More in Weekly Net Profit! [E142]
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In this podcast episode, Coach Chris Cotton from Auto Fix Auto Shop Coaching shares strategies to increase net profit in auto repair businesses. He advises against unnecessary purchases and unused subscriptions, which could save around $200 per week.
He also stresses the importance of analyzing labor rates and suggests that even a small increase could significantly boost profits. Cotton emphasizes improving productivity with existing staff rather than hiring more.
He concludes by encouraging struggling shop owners to seek resources like podcasts and business coaches, and underlines the importance of strategic decisions, effective management, and continuous learning in the industry.
Stop buying unnecessary items (00:03:11) Coach Chris Cotton advises to avoid impulsive purchases and save $100 a week by not buying unnecessary items for the auto repair shop.
Analyze and reduce expenses (00:04:20) He suggests looking at expenses, stopping payments for unused items, and renegotiating contracts to save money and increase net profit by $100 a week.
Increase labor rates and improve technician productivity (00:05:25) Coach Chris Cotton discusses the importance of raising labor rates and conducting a competitive labor rate analysis. He also emphasizes the need to improve technician productivity to reach 80% or more, resulting in an additional $10,248 in net profit per week.
Increase net profit through productivity (00:10:07) Coach Chris Cotton discusses the importance of productivity in increasing net profit and provides tips on improving technician productivity.
The potential net profit increase (00:11:11) Coach Chris Cotton calculates the potential net profit increase by implementing the tips shared earlier, highlighting the significant impact it can have on small and big auto repair shops.
Closing thoughts and resources for success (00:12:27) Coach Chris Cotton encourages struggling auto repair shop owners to seek resources such as podcasts and business coaches to help them advance their businesses in the coming year. He emphasizes the importance of strategic decisions, effective management, and a thirst for knowledge in achieving success.
Connect with Chris:
chris@autofixsos.com
Phone: 940.400.1008
www.autoshopcoaching.com
Facebook: https://www.facebook.com/
AutoFixAutoShopCoachingYoutube: https://bit.ly/3ClX0ae
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