Auto Shop Profits & CashFlow
The Auto Shop Profits & Cashflow system that AutoFix- Auto Shop Coaching has gives you a process to control your money and a procedure to allow your cash to flow through your business the way you want it to! This process puts you in control of your business instead of you being at its mercy.
Most shop owners have a “hobby,” living paycheck to paycheck. 83% of small businesses are in survival mode. This percentage holds in the Auto Repair Industry. Roughly put, that means for every 100 shop owners who read this, 83 of you live paycheck to paycheck. Even worse, some of you have paychecks in your top desk drawer that are uncashed, or you don’t even bother writing them. Everyone else gets paid before you do! That SUCKS! It’s time to stop the madness! The reason why I do what I do is to eliminate Auto Repair Shop Owner Poverty!
Stop making your profits a leftover. It’s ok to pay yourself first. It’s not a sin to make and keep a profit in your business!
If you follow our plan and process, you will ALWAYS have the money in your accounts to pay: Sales Tax, Payroll, and the Parts Bill on time every time and have money to pay the IRS as well as taking a Profit Disbursement for yourself!
So what does the Profits & Cashflow process look like?
The first thing is, we have to make sure you have a foundation for success. We have to have the income statement or P or L to see where you’re at financially.
- Zoom call with Chris to learn more about you and your business as it sits now and what your goals and dreams are for the future.
- Review your income statement to learn more about the actual health of your business.
- Chris then takes what he learned from these steps and helps make sure your chart of accounts gives an accurate understanding of your business, is in the correct format, and is in a simple and quickly readable format. Your income statement ( P or L) should be as few pages as possible.
- Chris then asks you to be transparent and honest with your debt situation. He needs you to list all debt with amounts to know precisely how much money we need to allocate to the debt account.
- After that’s complete, Chris builds out your allocation worksheet. This is where you will enter your income for the current period, and it will auto-populate where your money should be deposited. This step generally takes up to a few discussions. We want to get the allocations as close as possible to start. Keep in mind, Chris has done several of these for auto repair shops just like yours!
- The hardest step: setting up the bank accounts! You wouldn’t think so, but this is where most shop owners give up without having an accountability partner like Chris to push them through to the next step.
- Time to start doing allocations! This could be difficult for some, but Chris is right there with you every step of the way to answer tough questions as they arise.
- At the end of the quarter, Chris will walk you through the allocations for the Profit Hold, Debt Hold, and Tax Hold accounts, helping you decide, if needed, what to change your allocation percentages too.
I wanted to let you know that we paid off a little under $20,000 in debt in the month of June. Plus, we really liked that we had our June sales tax dollars all set side and ready to go. We did not even sweat it this month.”