Five Tips to Manage Auto Repair Shop Financials like a Boss
Owning your own auto repair business is as rewarding as it is frustrating. Handling the daily, weekly, monthly, and yearly financials of your shop is an on-going challenge. Just like with any business, there will be leaner periods of time than others where you’ll have to fight to stay afloat. But when the good times are good – they are really good. Thankfully, there are several best practices to keep you thriving as much as possible. Let’s discuss five tips for managing your financials as an auto repair owner.
Diversify Your Accounts
Make sure all your money isn’t going to the same place. You should have multiple business accounts for different purposes that you are investing in every week.
- Reserve account
- Payroll account
- Savings account
If you can build these accounts a little over time, you’ll start to see more financial stability in your business. In those leaner times, you won’t be as worried about your business’s future
Set Realistic Financial Goals
Goalsetting is important to any business plan. But if your financial goals are unrealistic, you will always feel like your business is behind. Make realistic, achievable goals for your business and make sure you’re doing what you need to achieve those goals. If you have a goal, you’ll be more likely to make it.
Think About the Cost of Customer Acquisition
As an auto repair shop owner, you need to know how much it costs you to get just one new customer. Making one new customer might mean sending out several thousand coupons and flyers in the mail, taking out billboards around town, executing social media campaigns and advertising on radio and tv. How much money are you investing to get that one new customer? Is it worth it?
Regardless of your business model, marketing dollars are precious. Being honest about the cost of customer acquisition is where many auto repair business owners fail. Don’t fall into this trap! Realistically evaluate your marketing efforts and discontinue those that aren’t working and invest heavily in those that are. Figuring out the answer to this question could be as easy as asking new customers, “How did you hear about us?”
Specialize Your Services
If you have a certain auto repair focus or talent, market it. Whether it is working on Teslas or one-hour oil changes, mechanic shops that specialize in one type of service or repair tend to be more profitable than general auto repairs. Find what auto repair service is untapped in your area and focus your marketing efforts on that area.
Invest in Low-Cost Credit Card Processing
People rarely pay in cash these days, but they use it even less often at auto repair shops. People prefer credit for these larger purchases. Because of this, you’re probably used to feeling the pain of high credit card processing fees a little more than the average business owner. It’s especially important for you to find a low-cost credit card processing company like Wholesale Payments Direct.
We offer extensive support to help you with any technical difficulties you might experience. Our software and hardware solutions are easy-to-use and fast to operate. Your customers will appreciate the speed and reliability of our payment processing terminals. If you’re dissatisfied with your current credit card processing company, the time to make the switch to low-cost credit card processing is now!
Call Wholesale Payments Direct to learn about how we’re different from other credit card processing companies. We’re easy to work with and affordable! Make your auto repair business the best it can be with low-cost credit card processing from Wholesale Payments Direct!