Shop Tip – Knowing your numbers
In this short video, Elite Business Development Coach Joe Marconi emphasizes how important it is to know all the numbers in your shop and how understanding profit is crucial to being successful.
“Know your numbers. A lot of shop owners fail because they don’t realize what the numbers mean. They’re in the trenches every single day, but they don’t realize, you’ve got to know those key performance indicators. Your car counts, your average ARO. You’ve got to know everything about what you’re doing; your profit margins. There has to be a fine balance, a delicate balance between being profitable and being competitive. But the bottom line is, “profit” is not a dirty word. It’s not a four-letter word, and we need to understand profit. And this is where a coach can come in to help you too, because a coach can help you set those budgets, understand how to allocate money here or allocate money there; so, actually understand the delicate balance between being profitable and being competitive.”