Control your financials to keep your business strong By James E. Guyette, News Correspondent With a deathly ill economy languishing in critical condition, owners of collision repair shops are being urged to conduct a triage and take the financial temperature of your business – stat!
A thorough examination of sales dollars coming in and cost dollars going out will help render a diagnosis of what might be ailing your operation, ultimately leading to an effective treatment regimen.
The process involves minding your key performance indicators (KPIs) and benchmarks. Benchmarks are standardized industry percentage goals, while KPIs encompass the figures your business is generating at this moment. READ MORE
Business management expertise available through many channels By James E. Guyette, News Correspondent If the prospect of reviewing your financials leaves you feeling feverish and queasy, there is plenty of help available from within the collision industry. READ MORE
Invest wisely during tough times By Brian Albright, News Correspondent The economic downturn has led to some belt tightening in the collision industry. Operating costs have increased during the past five years, while business in some regions has declined.
In order to survive and thrive, though, collision shop owners have to continually reinvest in their businesses to keep pace with changes in repair technology. Those investments have to be made judiciously when resources are stretched thin. READ MORE
Eight ways to save costs By Brian Albright, News Correspondent As more collision shops feel the affects of the sluggish economy, owners have had to make difficult decisions about where to cut expenses. Many body shops, though, feel they’ve already shaved expenses down to the bone, and have struggled to find ways to keep costs down without laying off employees.READ MORE
Your financial temperature By Tim Sramcik, Editor-in-Chief Tax day was yesterday, so I’m sure a lot of us are breathing a huge sigh of relief today. No doubt many of you have been going over your business numbers or working with an accountant to make sure you’ve paid the tax you owe.
So now we can all get back to business as usual.
That may not be such a good thing. April 15 should be a reminder of how all of us should be minding our finances and watching our business numbers regularly. Apparently, that’s not as common as it should be in the collision repair industry.
