July 22, 2024 • 17 mins
Episode Notes:
Have you ever considered that the best investment you can make is in yourself?
Did you know the key investments you need to make in your business are well within your grasp?
Would you like to learn how to use these keys to get past your “nut” and beyond the break-even point?
This week on the MindWrench Podcast, I unpack the critical importance of self-investment as the driving force behind business success. Sharing from my own journey, I reveal how nurturing your personal growth can transform your mindset and elevate your achievements.
You must fill your own cup, before you can pour into others.
We’ll shed light on the often-ignored gap in financial literacy among shop owners, taking actionable advice on mastering key financial metrics like profit and loss statements and share why prioritizing education in business management is an indispensable ingredient for long-term profitability.
Picture a scenario where personal investments in education, health, spirituality, and financial wellness propel you past the break-even point in business & in life. I lay down strategies to leverage free resources and professional guidance to amplify these investments. We'll also explore the transformative power of enhancing your business's physical appearance and equipment, creating a professional and inviting atmosphere that wins over customers and retains employees. Finally, I emphasize the paramount importance of investing in your team—and ensuring you start planning ahead for your eventual transition out of the shop and into your “golden years”, whatever that looks like for you!
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Need one-on-one Mindset or Personal Development coaching? – drop me a note @ Personal Coaching – Rick Selover
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Did you ever stop to think and I really want this to
sink in that you are yourbusiness's greatest asset?
Well, it's exactly what you are.
It's the one thing most of usoverlook when investing in
everything else, from CDs toshop equipment.
Your best investment willalways be in your own self, and
I'm not just talking aboutfinancially.
(00:20):
There's much more to investingin yourself than that.
I learned this from myselfseveral years ago and quickly
realized no one's going to do itfor you and there's nobody here
to save you.
You have to do it on your own.
Speaker 2 (00:38):
Welcome to the MindWrench podcast with your
host, Rick Sellover, where minoradjustments produce major
improvements in mindset,personal growth and success.
This is the place to be everyMonday, where we make small
improvements and take positiveactions in our business and
personal lives that will make amajor impact in our success,
(00:58):
next-level growth and quality oflife quality of life.
Speaker 1 (01:10):
Hey, what's up everybody?
Welcome to the MindWrenchPodcast.
I'm your host, rick Silover.
Thanks so much for stopping in.
If you're a returning listenerand haven't done so already,
please take a minute and clickthe follow or subscribe button,
and then rate and review theshow.
When you rate and review theshow, the algorithms for Apple,
spotify, google review the show.
When you write and review theshow, the algorithms for Apple,
spotify, google Podcasts,iheartradio, amazon Music and
all the other platforms will seethat it's valuable and show it
to more people that have neverseen it before, and hopefully it
(01:33):
can help them too.
I would really, really reallyappreciate your help sharing
this word with your friends andfamily as well, and if you're a
brand new listener, welcome.
I hope you find something ofvalue here that helps you in
your personal or professionallife as well.
Please make sure to click thesubscribe or follow button so
you never miss another episode.
Seems lately there's been a lotof focus both in the news and
(01:54):
within our own industry, oninvestments.
Sure, the stock market's beenpretty favorable the last couple
years and CDs have finally hadsome good short-term rates.
Cryptocurrencies are all overthe place.
Meanwhile, the aging babyboomer generation has been
making its last final tweaks intheir portfolios before hitting
that old retirement button, sothat focus seems to make good
(02:15):
sense.
Right In our collision repairindustry, there's been a massive
amount of attention and focuson investing in the new
technologies to keep up withwhat's required to correctly
repair today's vehicles,investing in new tools and
equipment, investing in newsoftware to help us better
manage the repair process orassist us with the CRS duties,
or setting our shops up tohandle the growing number of
(02:37):
ADAS calibrations needed,investing in training and
education for our technicians,our employees, not to mention
investing in our buildings tocreate a better work atmosphere,
culture, or maybe just expandour footprint.
Right, but I noticed somethinglacking that same focus.
Now, before I go any furtherinto this discussion, I must
advise you I'm absolutely not aninvestment banker, wealth
(03:01):
strategist or financial planner.
No, far from it.
Hell, I didn't even go tocollege, but I did spend plenty
of years at the School of HardKnocks, where I learned some
very valuable insight that I'llshare today.
In fact, for many years, evendecades, I didn't save money.
I was spending it as fast as Iearned it.
I didn't invest anything untilI worked for a company that
(03:21):
offered a 401k.
But even then, my process ofpicking investments for my
hard-earned dollars was the oldeeny meeny, miny moe method,
until I finally startededucating myself on how to make
good, sound financial decisions.
But be warned, I'm not aprofessional advisor, just
looking to share a little commonsense that may help you.
Okay, that's my officialdisclaimer.
(03:43):
If you know me at all, you knowthat I spent about the past 30
plus years of my career visitinghundreds, if not thousands, of
shops.
As a jobber, met lots of greatpeople Not all the most
financially savvy people.
One outside the industry wouldthink.
No a majority were far from that, but great, hard working people
nonetheless.
Unfortunately, many ownerscouldn't tell you what their
(04:06):
sales were for the last month,nor did they understand their
costs.
When I'd ask them about a P&L,they would say, eh, let me get
with my CPA or accountant andsee what they say.
And, just as a side note, mostCPAs really don't understand how
different collision repairbusiness is.
So when you're choosing one,make sure they do know, anyways.
(04:26):
But then they would also tellme that they made their nut last
month.
Really, what is your nut andhow do you know you made it.
Now, I don't want you to takethis wrong way, but I do
understand.
A large portion of today's shopowners were yesterday's
technicians that wanted to workon their own dreams open up
their own shop or maybe juststop lining someone else's
(04:46):
pockets with their sweat equity.
I get it, I really do.
But most of them never took abusiness class and haven't got a
clue on how to handle thefinancial side of their business
.
But they do know how.
To get a mangled car back topre-accident condition Doesn't
make them bad people, justunder-educated on what makes a
business profitable orsuccessful.
I mean, you simply don't knowwhat you don't know, right?
(05:08):
If they paid all their billslast month, paid their employees
, paid their vendors or maybejust successfully put them off
for another 30 days not thatI've ever had that happen to me
without borrowing from thesavings account they made their
nut, right.
If there's still something leftin the checkbook at the end of
the month, they are profitable,right?
(05:29):
Hmm, not too sure about thatone.
Without measurements like aprofit and loss sheet or
break-even number, it's reallyhard to quantify.
But just for argument's sake,let's just say those shops are
making their nut.
Is that all you really want?
Out of risking everything youhad to start a business?
It's just a break-even.
That probably wasn't yourlife's dream or ultimate goal,
(05:50):
was it?
So why settle for break-even?
Why not go beyond the nut?
Why not go for what you deserveas a business owner, pouring
his or her soul into somethingfor years?
Why not reach for a little bitmore?
Why not start investing insomething really important?
We are talking about investing,right.
Why not invest in yourself?
Did you ever stop to think andI really want this to sink in
(06:14):
that you are your business'sgreatest asset?
Well, it's exactly what you are.
It's the one thing most of usoverlook.
When investing in everythingelse, from CDs to shop equipment
, your best investment willalways be in your own self, and
I'm not just talking aboutfinancially.
There's much more to investingin yourself than that.
I learned this from myselfseveral years ago and quickly
(06:37):
realized no one's going to do itfor you and there's nobody here
to save you.
You have to do it on your own.
It's 100% up to you to investin learning what you need to
make positive changes in allaspects of your life that'll
produce results like you'venever experienced before.
If you're looking for acompetitive edge for your
business or a more effectivejumpstart to your personal
(06:58):
development in 2024, I'll makeyour first step super simple.
It is a fact that an incrediblenumber of the most successful
business owners, nearly half ofthe Fortune 500 companies,
top-earning professionalathletes, entertainers and
industry leaders likeMicrosoft's Bill Gates, former
President Bill Clinton, richardBranson, amazon's Jeff Bezos and
(07:19):
Salesforce Mark Benioff allhave one thing in common they
all have at least one coach andsome have several that they work
with on a consistent basis,someone that helps guide, mentor
and support them, challengethem, help them set and achieve
goals that move them forward andthen hold them accountable to
follow through driving personaland professional growth.
Working with a coach has manysubstantial benefits.
(07:41):
Just for an example, 80% ofcoaching clients report improved
self-esteem or self-confidencethanks to coaching, 99% of
individuals and companies thathire a coach report being very
satisfied and 96% would do itagain.
If, deep down, you know it'stime to make those improvements
in your business, your personallife, that you've kicked down
the road year after year.
(08:02):
If you're tired of knowingthere's a better version of you
waiting to shine, but unsure ofhow to bring that version to
light.
If you're tired of wanting toenjoy a more successful business
but not sure how to start.
And if you don't want to goanother 12 months without better
results, but you don't want togo it alone, then take the first
step.
It's super simple.
Sometimes talking to the rightperson can make all the
(08:23):
difference.
Go to wwwrixelovercom contactand I'll set you up with a free
consultation.
Call with me to see ifone-on-one coaching is right for
you.
I can't say it's particularlyeasy, nor was it extremely hard.
More just a matter of makingthose needed investments a
priority in your life.
Putting in the effort workingtowards improving, implementing
(08:46):
whatever changes are needed canbe perceived as hard work, but
nothing worthwhile comes withoutsome sacrifice.
This week I wanted to sharewith you four key investments
you can make, both in yourselfand your business that should
get you way past your nut, pastthe break-even status in life.
Number one start with yourself.
Always start with yourselfBefore you can make quality
(09:09):
investments in other areas ofyour life.
Making that needed investmentin your education, your health,
body and mind, spiritual andfinancial wellness always needs
to come first.
There's an old saying youcannot pour into others unless
you fill your own cup first.
Investments in expanding youreducation and knowledge are
actually very easy low to zerocost, as there's so much free
(09:33):
training and webinars on everysubject, youtube videos etc.
Available 24-7, 365, on theinternet as well as books and if
you hate reading audiobooks onAmazon, you'll be amazed at how
quickly you can learn somethingnew that'll improve your life.
Investing into attendingindustry-related seminars,
(09:55):
events and trade shows orsigning up for personal coaching
related seminars, events andtrade shows or signing up for
personal coaching Hell, maybeeven joining a mastermind can
elevate your mindset and skillset to a whole new level.
As Tony Robbins preaches, theonly thing that generates real
happiness in life is progress.
Not achievement or success, butmaking constant progress.
(10:21):
Making a simple investment inimproving your overall health,
be it new exercise or fitnessroutine, maybe reducing your
daily sugar intake, eating alittle lighter, a little cleaner
, joining a gym boxing class orjust getting that old bike off
the garage wall and actuallystart using it, can have a
massive effect on your personalwell-being.
Find something that fills yoursoul, whether it's religion,
spending time in nature orcontribution to something bigger
(10:42):
than your own needs can be aworthwhile investment in your
spirituality.
Lastly, making well-thought-outfinancial investments toward
your future should not be anafterthought or something left
to chance.
Take the time to research yourbest moves.
Better yet, hire a professionalinvestment advisor or wealth
strategist to help you makethose right moves.
(11:03):
A few years ago I finally gotout of that I-can-do-this-myself
mindset and enlisted a greatadvisor.
It's been the best financialmove I've ever made.
I can sleep soundly every night, knowing I have someone looking
out for me and my money.
Number two your business.
Your shop's physical appearanceinside and out front to back
(11:25):
parking lot entrance, all theway to the detail area, the
condition of your equipment orthe lack of needed equipment can
be a direct reflection of whatkind of business owner you are
and where your focus is or isn't.
A dimly lit, dirty, unorganizedshop with broken,
semi-operational or maybemissing equipment, years of old
parts, old broken tools andabandoned personal projects
(11:48):
clogging up your availableproduction space may still be
able to produce some income,maybe even allow you to make
your nut every month, but ittells your employees, adjusters,
your vendors and, mostimportantly, your customers that
you do not invest in yourbusiness and they will probably
assume that you don't care Tocompete in today's repair
environment with these highlytechnical new cars costing 40
(12:11):
grand or more, consumers wouldexpect a professional-looking,
well-equipped repair center.
That would be the norm, and ifyour shop currently doesn't
qualify, now would be a goodtime to start investing in your
shop.
Just a simple investment oftime.
Maybe some paint and lightingcan transform the look of your
shop.
A complete cleaning anddecluttering of your shop, maybe
(12:31):
a coat of white or light graypaint throughout the whole
building, only costs you time,sweat equity and a few hundred
bucks, but it's so worth theresults.
If you have non-operational ormissing equipment needed to
repair today's vehicles, investin a small business loan if
necessary, or ask your localequipment supplier if they have
financing available, but be sureyou have the right tools and
(12:53):
equipment to fix your carscorrectly.
This is critical.
These actions will send a clearmessage to both your customers
and your stakeholders.
It'll create a better culturewithin your business, and that's
a step in the right directiontowards longer-term employee
retention.
Which leads me to number threeyour team.
We've all been hearing forseveral years about that severe
(13:13):
lack of techs in our industry,as well as most of the other
blue-collar services, and themassive void between technicians
needed and what's available.
It's truly a dire situation.
While there are manyorganizations and associations
like CREF, which is theCollision Repair Education
Foundation, that are workinghard to entice, train and
(13:34):
educate younger generations onthe amazing opportunities
available in the repair industry, the void is still undeniable.
Investing in your people, yourloyal employees, your crew, is
now more important than I canemphasize here in this podcast.
Like I just mentioned, offeringa clean, uncluttered, well-lit
working environment and havingmodern working equipment and
(13:57):
tools to work with are a greatstart, but there's more to
creating a desirable culturethan just that.
Great technicians are very wellaware of the tech shortage and
they know they can pick anywhereto work right now.
They know they're capable ofmaking a great income at any
busy shop, so if they have anopportunity to work somewhere
with a superior culture, it'sonly going to be a matter of
(14:18):
time before they jump.
A couple simple things you couldincorporate today without any
cost is showing them that youactually care about them.
Simply ask for their feedbackor their input on issues with
your shop, and then here's theimportant part Listen to them,
take notes and then, ifappropriate, take action to make
those needed changes.
(14:39):
Try sharing your vision ofwhere you'd like the future of
your shop to go.
They'll be more connected andfeel like they're part of
something bigger than themselves.
Invest in the training that'llmake them more efficient or
knowledgeable technicians andthen create a positive work
environment.
Maybe have a clean area foremployees to eat or take a break
.
Do things together as a team.
(15:00):
Simple things like shopcookouts, lunch and learns with
your vendors, field trips tosome industry-related place like
a race car shop or OEM planttour, or anything, can help
build fantastic culture.
And then, number four, yourfuture.
Last but not least, be sureyou're investing in your own
(15:20):
future.
You'll spend a vast majority ofyour adult life working.
Owning your own business onlyadds more responsibility to that
time frame and usually adds afew more working years as well.
You will have well earned thatright to enjoy every minute of
your retirement or your goldenyears, but that won't happen
without being intentional aboutplanning, investing wisely now,
(15:42):
whether the dream is to sell thebusiness by itself or add a
couple more shops and sell thefootprint to a growing MSO,
maybe pass down to your children, your relatives, or have some
key employees take over, ormaybe just shut the doors and
move to the beach.
Invest some time on a plan.
If planning to sell, there aresome really great resources out
(16:03):
there right now that can guideyou through that process.
And if, passing the businessdown to family, there's a few
generational wealth experts aswell.
Just reach out to me for moreinformation.
If you haven't done so yet,invest the time and a
consultation fee in talking witha financial planner or wealth
strategist to start mapping outwhat that looks like for you.
(16:24):
So there you go Four keyinvestments that should be in
the forefront of your to-do listand four good ways to get past
your nut and start reaping thebenefits of your hard work.
Number one invest in yourself.
Number two invest in yourbusiness.
Number three invest in yourteam.
And number four invest in yourfuture.
And remember my disclaimerearlier if you can't get a
(16:46):
handle on number two throughfour, absolutely be sure to
invest in number one.
You Always invest in yourself.
You'll never regret it.
You Always invest in yourself.
You'll never regret it.
Well, that's all I had for youtoday.
Thanks again for tuning in.
I really appreciate yoursupport and I hope you have a
great week.
I can always be reached atwwwrixelovercom, where you can
(17:11):
find all my social media linkspodcast episodes, blog posts and
much more.
Did you ever stop to think and I really want this to
sink in that you are yourbusiness's greatest asset?
Well, it's exactly what you are.
It's the one thing most of usoverlook when investing in
everything else, from CDs toshop equipment.
Your best investment willalways be in your own self, and
I'm not just talking aboutfinancially.
(00:20):
There's much more to investingin yourself than that.
I learned this from myselfseveral years ago and quickly
realized no one's going to do itfor you and there's nobody here
to save you.
You have to do it on your own.
Speaker 2 (00:38):
Welcome to the MindWrench podcast with your
host, Rick Sellover, where minoradjustments produce major
improvements in mindset,personal growth and success.
This is the place to be everyMonday, where we make small
improvements and take positiveactions in our business and
personal lives that will make amajor impact in our success,
(00:58):
next-level growth and quality oflife quality of life.
Speaker 1 (01:10):
Hey, what's up everybody?
Welcome to the MindWrenchPodcast.
I'm your host, rick Silover.
Thanks so much for stopping in.
If you're a returning listenerand haven't done so already,
please take a minute and clickthe follow or subscribe button,
and then rate and review theshow.
When you rate and review theshow, the algorithms for Apple,
spotify, google review the show.
When you write and review theshow, the algorithms for Apple,
spotify, google Podcasts,iheartradio, amazon Music and
all the other platforms will seethat it's valuable and show it
to more people that have neverseen it before, and hopefully it
(01:33):
can help them too.
I would really, really reallyappreciate your help sharing
this word with your friends andfamily as well, and if you're a
brand new listener, welcome.
I hope you find something ofvalue here that helps you in
your personal or professionallife as well.
Please make sure to click thesubscribe or follow button so
you never miss another episode.
Seems lately there's been a lotof focus both in the news and
(01:54):
within our own industry, oninvestments.
Sure, the stock market's beenpretty favorable the last couple
years and CDs have finally hadsome good short-term rates.
Cryptocurrencies are all overthe place.
Meanwhile, the aging babyboomer generation has been
making its last final tweaks intheir portfolios before hitting
that old retirement button, sothat focus seems to make good
(02:15):
sense.
Right In our collision repairindustry, there's been a massive
amount of attention and focuson investing in the new
technologies to keep up withwhat's required to correctly
repair today's vehicles,investing in new tools and
equipment, investing in newsoftware to help us better
manage the repair process orassist us with the CRS duties,
or setting our shops up tohandle the growing number of
(02:37):
ADAS calibrations needed,investing in training and
education for our technicians,our employees, not to mention
investing in our buildings tocreate a better work atmosphere,
culture, or maybe just expandour footprint.
Right, but I noticed somethinglacking that same focus.
Now, before I go any furtherinto this discussion, I must
advise you I'm absolutely not aninvestment banker, wealth
(03:01):
strategist or financial planner.
No, far from it.
Hell, I didn't even go tocollege, but I did spend plenty
of years at the School of HardKnocks, where I learned some
very valuable insight that I'llshare today.
In fact, for many years, evendecades, I didn't save money.
I was spending it as fast as Iearned it.
I didn't invest anything untilI worked for a company that
(03:21):
offered a 401k.
But even then, my process ofpicking investments for my
hard-earned dollars was the oldeeny meeny, miny moe method,
until I finally startededucating myself on how to make
good, sound financial decisions.
But be warned, I'm not aprofessional advisor, just
looking to share a little commonsense that may help you.
Okay, that's my officialdisclaimer.
(03:43):
If you know me at all, you knowthat I spent about the past 30
plus years of my career visitinghundreds, if not thousands, of
shops.
As a jobber, met lots of greatpeople Not all the most
financially savvy people.
One outside the industry wouldthink.
No a majority were far from that, but great, hard working people
nonetheless.
Unfortunately, many ownerscouldn't tell you what their
(04:06):
sales were for the last month,nor did they understand their
costs.
When I'd ask them about a P&L,they would say, eh, let me get
with my CPA or accountant andsee what they say.
And, just as a side note, mostCPAs really don't understand how
different collision repairbusiness is.
So when you're choosing one,make sure they do know, anyways.
(04:26):
But then they would also tellme that they made their nut last
month.
Really, what is your nut andhow do you know you made it.
Now, I don't want you to takethis wrong way, but I do
understand.
A large portion of today's shopowners were yesterday's
technicians that wanted to workon their own dreams open up
their own shop or maybe juststop lining someone else's
(04:46):
pockets with their sweat equity.
I get it, I really do.
But most of them never took abusiness class and haven't got a
clue on how to handle thefinancial side of their business
.
But they do know how.
To get a mangled car back topre-accident condition Doesn't
make them bad people, justunder-educated on what makes a
business profitable orsuccessful.
I mean, you simply don't knowwhat you don't know, right?
(05:08):
If they paid all their billslast month, paid their employees
, paid their vendors or maybejust successfully put them off
for another 30 days not thatI've ever had that happen to me
without borrowing from thesavings account they made their
nut, right.
If there's still something leftin the checkbook at the end of
the month, they are profitable,right?
(05:29):
Hmm, not too sure about thatone.
Without measurements like aprofit and loss sheet or
break-even number, it's reallyhard to quantify.
But just for argument's sake,let's just say those shops are
making their nut.
Is that all you really want?
Out of risking everything youhad to start a business?
It's just a break-even.
That probably wasn't yourlife's dream or ultimate goal,
(05:50):
was it?
So why settle for break-even?
Why not go beyond the nut?
Why not go for what you deserveas a business owner, pouring
his or her soul into somethingfor years?
Why not reach for a little bitmore?
Why not start investing insomething really important?
We are talking about investing,right.
Why not invest in yourself?
Did you ever stop to think andI really want this to sink in
(06:14):
that you are your business'sgreatest asset?
Well, it's exactly what you are.
It's the one thing most of usoverlook.
When investing in everythingelse, from CDs to shop equipment
, your best investment willalways be in your own self, and
I'm not just talking aboutfinancially.
There's much more to investingin yourself than that.
I learned this from myselfseveral years ago and quickly
(06:37):
realized no one's going to do itfor you and there's nobody here
to save you.
You have to do it on your own.
It's 100% up to you to investin learning what you need to
make positive changes in allaspects of your life that'll
produce results like you'venever experienced before.
If you're looking for acompetitive edge for your
business or a more effectivejumpstart to your personal
(06:58):
development in 2024, I'll makeyour first step super simple.
It is a fact that an incrediblenumber of the most successful
business owners, nearly half ofthe Fortune 500 companies,
top-earning professionalathletes, entertainers and
industry leaders likeMicrosoft's Bill Gates, former
President Bill Clinton, richardBranson, amazon's Jeff Bezos and
(07:19):
Salesforce Mark Benioff allhave one thing in common they
all have at least one coach andsome have several that they work
with on a consistent basis,someone that helps guide, mentor
and support them, challengethem, help them set and achieve
goals that move them forward andthen hold them accountable to
follow through driving personaland professional growth.
Working with a coach has manysubstantial benefits.
(07:41):
Just for an example, 80% ofcoaching clients report improved
self-esteem or self-confidencethanks to coaching, 99% of
individuals and companies thathire a coach report being very
satisfied and 96% would do itagain.
If, deep down, you know it'stime to make those improvements
in your business, your personallife, that you've kicked down
the road year after year.
(08:02):
If you're tired of knowingthere's a better version of you
waiting to shine, but unsure ofhow to bring that version to
light.
If you're tired of wanting toenjoy a more successful business
but not sure how to start.
And if you don't want to goanother 12 months without better
results, but you don't want togo it alone, then take the first
step.
It's super simple.
Sometimes talking to the rightperson can make all the
(08:23):
difference.
Go to wwwrixelovercom contactand I'll set you up with a free
consultation.
Call with me to see ifone-on-one coaching is right for
you.
I can't say it's particularlyeasy, nor was it extremely hard.
More just a matter of makingthose needed investments a
priority in your life.
Putting in the effort workingtowards improving, implementing
(08:46):
whatever changes are needed canbe perceived as hard work, but
nothing worthwhile comes withoutsome sacrifice.
This week I wanted to sharewith you four key investments
you can make, both in yourselfand your business that should
get you way past your nut, pastthe break-even status in life.
Number one start with yourself.
Always start with yourselfBefore you can make quality
(09:09):
investments in other areas ofyour life.
Making that needed investmentin your education, your health,
body and mind, spiritual andfinancial wellness always needs
to come first.
There's an old saying youcannot pour into others unless
you fill your own cup first.
Investments in expanding youreducation and knowledge are
actually very easy low to zerocost, as there's so much free
(09:33):
training and webinars on everysubject, youtube videos etc.
Available 24-7, 365, on theinternet as well as books and if
you hate reading audiobooks onAmazon, you'll be amazed at how
quickly you can learn somethingnew that'll improve your life.
Investing into attendingindustry-related seminars,
(09:55):
events and trade shows orsigning up for personal coaching
related seminars, events andtrade shows or signing up for
personal coaching Hell, maybeeven joining a mastermind can
elevate your mindset and skillset to a whole new level.
As Tony Robbins preaches, theonly thing that generates real
happiness in life is progress.
Not achievement or success, butmaking constant progress.
(10:21):
Making a simple investment inimproving your overall health,
be it new exercise or fitnessroutine, maybe reducing your
daily sugar intake, eating alittle lighter, a little cleaner
, joining a gym boxing class orjust getting that old bike off
the garage wall and actuallystart using it, can have a
massive effect on your personalwell-being.
Find something that fills yoursoul, whether it's religion,
spending time in nature orcontribution to something bigger
(10:42):
than your own needs can be aworthwhile investment in your
spirituality.
Lastly, making well-thought-outfinancial investments toward
your future should not be anafterthought or something left
to chance.
Take the time to research yourbest moves.
Better yet, hire a professionalinvestment advisor or wealth
strategist to help you makethose right moves.
(11:03):
A few years ago I finally gotout of that I-can-do-this-myself
mindset and enlisted a greatadvisor.
It's been the best financialmove I've ever made.
I can sleep soundly every night, knowing I have someone looking
out for me and my money.
Number two your business.
Your shop's physical appearanceinside and out front to back
(11:25):
parking lot entrance, all theway to the detail area, the
condition of your equipment orthe lack of needed equipment can
be a direct reflection of whatkind of business owner you are
and where your focus is or isn't.
A dimly lit, dirty, unorganizedshop with broken,
semi-operational or maybemissing equipment, years of old
parts, old broken tools andabandoned personal projects
(11:48):
clogging up your availableproduction space may still be
able to produce some income,maybe even allow you to make
your nut every month, but ittells your employees, adjusters,
your vendors and, mostimportantly, your customers that
you do not invest in yourbusiness and they will probably
assume that you don't care Tocompete in today's repair
environment with these highlytechnical new cars costing 40
(12:11):
grand or more, consumers wouldexpect a professional-looking,
well-equipped repair center.
That would be the norm, and ifyour shop currently doesn't
qualify, now would be a goodtime to start investing in your
shop.
Just a simple investment oftime.
Maybe some paint and lightingcan transform the look of your
shop.
A complete cleaning anddecluttering of your shop, maybe
(12:31):
a coat of white or light graypaint throughout the whole
building, only costs you time,sweat equity and a few hundred
bucks, but it's so worth theresults.
If you have non-operational ormissing equipment needed to
repair today's vehicles, investin a small business loan if
necessary, or ask your localequipment supplier if they have
financing available, but be sureyou have the right tools and
(12:53):
equipment to fix your carscorrectly.
This is critical.
These actions will send a clearmessage to both your customers
and your stakeholders.
It'll create a better culturewithin your business, and that's
a step in the right directiontowards longer-term employee
retention.
Which leads me to number threeyour team.
We've all been hearing forseveral years about that severe
(13:13):
lack of techs in our industry,as well as most of the other
blue-collar services, and themassive void between technicians
needed and what's available.
It's truly a dire situation.
While there are manyorganizations and associations
like CREF, which is theCollision Repair Education
Foundation, that are workinghard to entice, train and
(13:34):
educate younger generations onthe amazing opportunities
available in the repair industry, the void is still undeniable.
Investing in your people, yourloyal employees, your crew, is
now more important than I canemphasize here in this podcast.
Like I just mentioned, offeringa clean, uncluttered, well-lit
working environment and havingmodern working equipment and
(13:57):
tools to work with are a greatstart, but there's more to
creating a desirable culturethan just that.
Great technicians are very wellaware of the tech shortage and
they know they can pick anywhereto work right now.
They know they're capable ofmaking a great income at any
busy shop, so if they have anopportunity to work somewhere
with a superior culture, it'sonly going to be a matter of
(14:18):
time before they jump.
A couple simple things you couldincorporate today without any
cost is showing them that youactually care about them.
Simply ask for their feedbackor their input on issues with
your shop, and then here's theimportant part Listen to them,
take notes and then, ifappropriate, take action to make
those needed changes.
(14:39):
Try sharing your vision ofwhere you'd like the future of
your shop to go.
They'll be more connected andfeel like they're part of
something bigger than themselves.
Invest in the training that'llmake them more efficient or
knowledgeable technicians andthen create a positive work
environment.
Maybe have a clean area foremployees to eat or take a break
.
Do things together as a team.
(15:00):
Simple things like shopcookouts, lunch and learns with
your vendors, field trips tosome industry-related place like
a race car shop or OEM planttour, or anything, can help
build fantastic culture.
And then, number four, yourfuture.
Last but not least, be sureyou're investing in your own
(15:20):
future.
You'll spend a vast majority ofyour adult life working.
Owning your own business onlyadds more responsibility to that
time frame and usually adds afew more working years as well.
You will have well earned thatright to enjoy every minute of
your retirement or your goldenyears, but that won't happen
without being intentional aboutplanning, investing wisely now,
(15:42):
whether the dream is to sell thebusiness by itself or add a
couple more shops and sell thefootprint to a growing MSO,
maybe pass down to your children, your relatives, or have some
key employees take over, ormaybe just shut the doors and
move to the beach.
Invest some time on a plan.
If planning to sell, there aresome really great resources out
(16:03):
there right now that can guideyou through that process.
And if, passing the businessdown to family, there's a few
generational wealth experts aswell.
Just reach out to me for moreinformation.
If you haven't done so yet,invest the time and a
consultation fee in talking witha financial planner or wealth
strategist to start mapping outwhat that looks like for you.
(16:24):
So there you go Four keyinvestments that should be in
the forefront of your to-do listand four good ways to get past
your nut and start reaping thebenefits of your hard work.
Number one invest in yourself.
Number two invest in yourbusiness.
Number three invest in yourteam.
And number four invest in yourfuture.
And remember my disclaimerearlier if you can't get a
(16:46):
handle on number two throughfour, absolutely be sure to
invest in number one.
You Always invest in yourself.
You'll never regret it.
You Always invest in yourself.
You'll never regret it.
Well, that's all I had for youtoday.
Thanks again for tuning in.
I really appreciate yoursupport and I hope you have a
great week.
I can always be reached atwwwrixelovercom, where you can
(17:11):
find all my social media linkspodcast episodes, blog posts and
much more.
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