In this week’s episode of Beyond the Wrench, Arun Coumar, Founder and CEO, Driven Capital Partners joins us. Arun shares his expertise on pain points in running a business, the importance of having processes and procedures in place, and advice on managing your finances.
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Pain Points in Running a Business
- When dealing with struggles in your business, it breaks down into one of three areas: Strategy, operations, and finance.
- Shops struggle with hiring, customer disputes, and efficiency. All of which leads to the operation of the shop involving budgeting, cash flow, and profitability.
- As a shop owner, take a step back to work on your business and see where you need to improve your strategy, operations, and finances.
- Shops need to focus on building trust with their customers because there are people out there who believe shops are going to screw them over.
Process and Procedure
- Processes allow shop owners to actually get to a project and put business plans together. It provides comfort in knowing things are getting done the right way.
- You have to go slow to go fast. Take things slow and take a step back. Ask yourself, “Why are you in business in the first place? What do you want your business to look like? What are you trying to be proud of in 10 years?”
- Your life can be dictated by outside factors unless you look from the outside in. Take that step back to get an inside look at your shop.
- Hold yourself to the highest standard possible, and you will see everything around you go up as well. You can look at your shop and make changes, but you won’t see improvements unless you take the time to look in the mirror and say, “Am I doing my best?”
Managing Your Finances
- Your books are only as good as you allow them to be. If you’re exhausting all of your efforts, you’re going to fall short.
- Using your personal credit card for business expenses is going to lead you down a dangerous road. Focus on clean financials. Keep your business accounts with the business and your personal accounts with your personal life.
- There are three main steps to managing your financials:
- Separate your business financials.
- Track your business financials.
- Know how to read your financials.
- Once you can properly track your margins, it’s easy to make decisions. Think about what will make you more money so you can pay your employees more, invest in more training, and provide better benefits.
- If you’re not profitable, you’re going to be stressed. If you’re stressed, you’re going to cut corners. If you cut corners, you’re going to ruin the image of the industry.
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Fullbay is an industry-leading software solution for Heavy-Duty Repair shops. Their platform enables shops to receive repair requests, invoice customers, and everything in between. With Fullbay, owners and employees get into the shop, get their work done, and get back to their friends and families. To learn more about Fullbay visit fullbay.com/wrenchway.
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