November 05, 2024

Unstoppable Framework for Auto Shop Owners Part 2: Mastering Your Finances [RRR 1004]

33 minutes

Thanks to our Partner, NAPA Auto Care

Part 2 of the "Unstoppable" series, the episode focuses on "Mastering Your Finances." Maryann Croce emphasizes the importance of understanding financial statements, calculating profit margins, and managing cash flow. She shares practical advice on building financial reserves and separating personal and business finances. The conversation aims to empower shop owners with financial literacy, enabling them to make informed decisions and ensure business sustainability.

Maryann, Small Biz Vantage. Maryann’s previous episodes HERE.

Show Notes

Watch Full Video Episode

Unstoppable Framework for Auto Shop Owners Part 1: Core Values and Vision [RR 997]: https://remarkableresults.biz/remarkable-results-radio-podcast/e997/

Here is the link to the worksheet for Episode 2: Mastering Your Finances https://bit.ly/3BBCOnb

Mastering Your Finances (00:01:19)

Understanding Financials (00:02:10)

Importance of Healthy Profits (00:03:24)

Mastering Financial Dashboard (00:05:04)

Calculating Profit Margins (00:07:02)

Industry Benchmarking (00:09:11)

Understanding True Profit (00:10:08)

Cash Flow Management (00:12:42)

Personal Story on Cash Flow (00:13:49)

Invoicing Best Practices (00:17:51)

Emotional Aspects of Money (00:19:45)

Cash Flow Management (00:20:02)

Expense Control Strategies (00:21:06)

Personal vs. Business Accounts (00:22:16)

Normalizing Profit and Loss Statements (00:22:18)

Building Financial Reserves (00:24:21)

Cash Reserve Calculation (00:25:36)

Strategic Decision-Making (00:26:28)

Financial Literacy Development (00:28:45)

Learning Financial Concepts (00:30:09)

Building Cash Flow Confidence (00:31:20)

Encouragement to Seek Help (00:32:21)

Thanks to our Partner, NAPA Auto Care

Learn more about NAPA Auto Care and the benefits of being part of the NAPA family by visiting https://www.napaonline.com/en/auto-care

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By Carm Capriotto, AAP

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