When Will My Auto Repair Shop Break Even?

How to figure the Break-Even Point (BEP) is one of the biggest questions you need to answer before you open your shop. When is does your shop cash flow positive on the way to the business becoming profitable. If you bought your shop from another owner, that answer should have been in the financial reports. […]

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WARNING: Here’s What Every Automotive Repair Shop Owner Needs To Know About Their Balance Sheet

Check out this post to learn about the three parts of your balance sheet; Assets, Liabilities, and Equity. We’ll break them apart but first here’s a statement about a balance sheet in general. A balance sheet is a financial statement that provides a snapshot of what a company owns and owes, as well as the […]

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Three key financial reports every business should review monthly

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. […]

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What Is The Income Statement And How Is It Useful For Business Owners?

Last time we took a quick look at three financial reports: Balance sheet Income statement Statement of cash flows We talked about how you should read/review each of these monthly like reading the financial GPS to your repair shop’s finances. How financially healthy is your shop? Not-so-subtle hint, if you haven’t talked to your bookkeeper […]

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Why you need to manage cash flow and how to do it

Ok, this is going to be a long post but it’s an extremely important one for business owners of all sizes. Today, we are going to talk about cash flow forecasting. The main reason I chose this topic today is because of the current situation that has business owners across the world wondering if they […]

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