The Shop Management Show, AutoLeap’s new podcast, is back to cover more shop finance topics.Â
What steps can you take to build a solid foundation for your shop finances? And how can you develop healthy habits in this area?Â
Recap from episode eighteen
In episode 18 of The Shop Management Show, I was thrilled to be joined again by Chris Cotton, Owner of AutoFix Auto Shop Coaching.Â
Chris and I discussed:Â
- Approaches to optimize your shop financesÂ
- The role of shop management softwareÂ
- Automating your finance processes
- And much more
Let’s review some highlights!Â
Productive finance habits for shop owners
There are many productive habits you can adopt to improve your shop’s finance management.Â
Chris cites shop management software as one opportunity. He mentions that many shop owners only take advantage of about 30% of the capabilities in their SMS. But many functions, including daily tracking tools, can help you become more proactive with your shop finances.Â
Chris discusses another healthy habit of reviewing your income statement every week. You don’t want to make changes after the fact or have your accountant point out a significant financial problem because you weren’t monitoring this regularly. At that point, it’s far too late.Â
Last but certainly not least, capitalize on industry resources! There are so many podcasts, management classes, and peer groups out there. Sharpen your business accounting knowledge to turn a potential weakness into a strength.Â
Advice for managing shop finances
Are you used to throwing all your shop’s income into one bank account?
Chris recommends that you don’t mix your personal finances with the business. Create separate accounts. And don’t get used to pulling out the company credit card at social events in your free time.
Closing thoughts
Download this episode today for more expert insights to optimize your shop finances. Â
Subscribe to the Shop Management Show today! The podcast is available on Apple Podcasts, Spotify and most popular streaming services.
