Every auto repair shop experiences a slowdown now and then. Maybe it’s the post-holiday lull, off-season dips, or just unpredictable market shifts. Whatever the cause, a slowdown doesn’t have to mean lost momentum (or money). With a few strategic adjustments, your shop can stay profitable, productive, and even poised for growth, even during the quiet […]
Running an auto repair shop means staying busy with customer vehicles, managing your techs, ordering parts, and trying to find time to breathe. But halfway through the year is the perfect moment to hit pause and look under the hood of your auto repair business finances. A mid-year financial checkup for auto repair shops helps […]
Let’s take a look at three financial reports, balance sheet, income statement, statement of cash flows. You should read/review each of these monthly. Looking at the numbers from these three reports is a clear picture of your shop’s financial health. This is a road map to planning your future. Let’s begin with the balance sheet. […]
Many small businesses use the owners personal checking account for all of their business transactions. This can cause problems when it comes time to balance the books, pay taxes, and create an bookkeeping nightmare. Piercing the Corporate Veil Another, perhaps more critical consideration is that using a personal account for business has the potential of […]
A lot of businesses are suffering tremendously and while many shops seem to be seeing a slow down in numbers, overall, auto repair shops seem to be faring much better than some other industries during this time, like the restaurant industry or the tourism industry. However, that doesn’t mean that things aren’t difficult but there […]
