Get in Control of Your Finances with the Profits and Cash Flow System
Do you live paycheck to paycheck despite owning your own auto shop? If so, you’re not alone. Even when making over $250,000 a year, 33% of Americans still struggle to stay afloat and cover their expenses. Fortunately, it doesn’t have to be that way.
With help from the AutoFix Auto Shop Coaching team, it’s possible to get your money working for you. You just need to tap into the power of our Auto Shop Profits and Cash Flow system to get out of survival mode once and for all.
If you’re simply tired of being at the mercy of your business, it’s time to take back control of your finances with our help. You just need to partner with Chris Cotton and his auto shop coaching team to start this journey.
What is the Profits and Cash Flow System?
The Auto Shop Profits and Cash Flow system allows you to stop the madness and gain control of your finances. Instead of letting your profits serve as an afterthought, you get to pay yourself first while still having all the funds you need to cover all your expenses.
Upon putting this system to work for your auto repair shop, you’ll never again have to worry about where to get money for payroll, parts invoices, or sales tax. Plus, you will have the opportunity to take regular profit disbursements every month, reminding you why you’re in this business anyway.
What to Expect During the Profits and Cash Flow Process
When you go all in with the Profits and Cash Flow system, your automotive business coach will kick start the process with a Zoom call.
During that call, your coach will set out to learn all about your auto repair shop status, goals, and more.
Afterward, you’ll need to send over your profit and loss statements plus debt info, so your auto repair shop coach can gauge the financial health of your business.
With those informative documents in hand, your coach can start creating your profits and cash flow optimization plan by following these steps.
1. Income Statement Review
Your auto repair shop coach will look at the money coming into your shop each month, then compare it to your expenses. Through that process, they’ll be able to determine your business’s financial standing and see where to make key improvements.
2. Chart of Accounts Optimization
For an accurate understanding of your business, your profit and loss statement should be clear, concise, and as few pages as possible. If it’s overly complicated, your coach will put it in a simple, easy-to-read format.
3. Debt Statement Exploration
Debt can weigh down your auto repair shop, so it’s important to allocate enough money to pay down the accounts as quickly as reasonably possible. To do that, your auto repair coach needs to take a deep dive into your debt situation.
4. Allocation Worksheet Completion
With a clear understanding of your shop’s financial situation, your coach can build out your digital allocation worksheet. This intuitive form auto-populates your regular allocation amounts by simply inputting your income for the current period.
Then, all you have to do is deposit the quantities displayed in the right accounts to allocate your funds painlessly.
5. Set Up Your Bank Accounts
Your auto shop coach will stick by your side as you set up all the bank accounts needed for your allocated funds. Although this might seem like a simple step, it’s anything but. Thankfully, your coach will serve as a valuable partner in this journey, helping you get your finances straight from day one.
6. Start Allocating Funds
With your allocation worksheet, you can start calculating how much money to put away each period and then deposit it in the proper accounts.
At this point, it’s quite tempting to revert to your old ways, but your auto repair shop coach will help you stay on track. Eventually, this process will become a regular habit, especially as you start to see how much freedom the Profits and Cash Flow system gives you.
At the end of each quarter, your automotive business coach will review your profit, debt, and tax hold account balances with you. If they match the necessary payouts, then you’re good to go. Otherwise, you’ll get help deciding how to change the allocation percentages to better meet your needs.
Check out this review from a client who tried the Auto Shop Profits and Cash Flow System:
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.”
Profits and Cash Flow FAQs
Cash flow refers to the money moving in and out of your business over time. The money coming in from your customers is your revenues, while the funds going out are your expenses. The profits are anything left over after your cover all your expenses.
You build solid cash flow by charging the right labor amount, keeping your bays full of work, and maximizing your average repair orders.
You can then get your cash flow working for your business by allocating the funds into the right accounts. With that move, you’ll never have to wonder how you will cover your taxes or other expenses.
As a small business owner, you can pay yourself as much as you’d like each month. Many business owners take 50% of their profits and put the rest back into growing their company.
But before you do that, use a smart profit and cash flow system to allocate funds for your expenses accurately. That way, you know how much profits you have to work with each pay period.
Ready to Improve the Financial Health of Your Auto Repair Shop?
If you’d like to say goodbye to living paycheck to paycheck, the Auto Shop Profits and Cash Flow system is the way to go. To get started, simply reach out to AutoFix Auto Shop Coaching with a call at 940-400-1008.
We’re happy to provide all the insights, guidance, and support you need to elevate the success of your auto repair shop in every way possible. Feel free to reach out whenever you’re ready to get started.