Mastering Gross Profit: Real World Stories from Shop Owners [THA 401]
Episode 401 •
4th October 2024 • Remarkable Results Radio Podcast • Carm Capriotto, AAP
00:00:00
00:36:19
Shownotes
Recorded at the 2024 Automotive Aftermarket Retailers of Ontario (AARO) Business Management and Lindertech Training Trade Show, our panel discusses strategies for increasing gross profit, team harmony, and the significance of training the next generation of automotive professionals. By understanding and managing gross profit, embracing expert guidance, and fostering a culture of continuous improvement, shop owners can navigate the challenges of the industry and achieve long-term success.
Murray Voth, RPM Training. Listen to Murray’s previous episodes HERE. murrayvoth@rpmtraining.net
David Coelho, Village Auto Care, London, ON
Nick Schonenberger, Kaufman’s Garage, Kitchener, ON
Show Notes
- Watch Full Video Episode
- Automotive Aftermarket Retailers of Ontario (AARO): https://www.aaro.ca/
- Murray Voth's Coaching Impact (00:02:57) Nick discusses how Murray's coaching and app changed his approach to gross profit.
- Building Profit into Gross Profit (00:03:06) The importance of integrating net profit into gross profit for better financial management is emphasized.
- Understanding Gross Profit (00:05:33) Nick reflects on the realization that gross profit is essential for covering all business expenses.
- The Role of Mastermind Groups (00:07:29) Discussion on how belonging to mastermind groups can open shop owners' eyes to new possibilities.
- The Journey from Shop Owner to Business Owner (00:09:36) The fear and misconceptions that prevent shop owners from embracing their roles.
- Efficiency in a Two-Bay Shop (00:11:08) David shares how he improved efficiency and processes in his shop after facing challenges.
- The Harmony of Teamwork (00:14:20) The importance of collaboration and teamwork in achieving high productivity is highlighted.
- Training and Developing Technicians (00:15:20) David explains how his team trains together, ensuring consistent processes and high performance.
- Balancing Growth and Team Well-being (00:16:06) The discussion concludes with thoughts on managing growth without overwhelming the existing team.
- Introduction and Improvement Ideas (00:16:16) Discussion on the need for better communication and vision in shop management.
- Reflecting on 2023 and Future Changes (00:18:01) Encouragement for shop owners to assess last year’s performance and consider necessary changes.
- Training and Team Development (00:19:05) Introducing impactful training methods accessible to all team members for continuous improvement.
- Understanding Gross Profit Metrics (00:22:10) Clarifying the difference between markup and gross margin in shop pricing strategies.
- Teaching and Inspiring Future Technicians (00:26:57) David discusses his role as an educator and the importance of attracting young talent to the trade.
- Building a Professional Image in the Industry (00:29:00) Emphasizing the need for a positive image of the automotive trade to attract new entrants.
- Flexibility in Shop Management (00:30:40) David reflects on the flexibility he has as a shop owner to balance teaching and managing effectively.
- Service Training Insights (00:33:24) Discussion on the importance of service training and the impact on student confidence in customer relationships.
