A Top Shop Owner’s Tip on Managing Payroll

Superstar shop owner and Elite Business Development Coach Greg Skolnik shares a tip on managing payroll and staying prepared in case of emergencies.

For additional help building a more successful auto repair business, learn how you can team up with a superstar shop owner like Greg through Elite Top Shop 360: Top Shop 360

Transcript:

Bob Cooper:
Hi, I’m Bob Cooper, the president of Elite. And today, I’m joined by a real rock star when it comes to the business. Greg Skolnick. He owns a company called Motor Works in the great state of Maryland. And I got to tell you, he’s a business development coach with us. But more importantly than that, listen to this. His store is only open four days a week and he does bring numbers so great. You’ve really got a great handle on the business. Earlier, you were sharing a tip with me that had to do with reserves. Would you be so kind as to share that with our audience today?

Greg Skolnik:

Absolutely. Well, if you’re a business owner like me, you at some point you’re been wondering where payroll is going to come from, right? Well, so so be proactive about this and take a few extra percent of whatever you’re making in that particular week and transfer it into a reserve account or a payroll account. And pretty soon you’ll see that that number starts to grow. Right now, I’m up to about two and a half payrolls in mind, so I’m ahead of it and I really appreciate that. So it’s really nice. So it’s always there, whether something happens catastrophically to your business, for whatever reason, you’re always able to cover payroll. But I can tell you that not having to worry about it is crucial. I just love not having to worry about where it money’s coming from.

Bob Cooper:

There you go. What a great tip from a really great business operator. Thanks so much for joining us. Applied. You’re going to be thrilled with the results. Good.