Technology has changed the way you can request and accept payment. This episode is presented by 360 Payments.
In preparation for a better 2021, here are a few financial reminders of things that might help.
Just as everyone should see his or her physician for an annual check-up, it makes sense to do the same for your business.
Without cash, an automotive repair shop will inevitably shut down, regardless of how profitable it looks on paper. You can be “rich” in accounts receivable and inventory, but cash poor if these assets are not convertible into cash to meet current obligations. In fact, cash is the only asset a company needs to stay in business.
Payroll is the largest expense item in the monthly financials, and dramatically affects the bottom line. It’s so easy for this to get out of hand if it’s not monitored on an ongoing basis.
Jim’s Auto Repair and Tire has been a fixture in a Midwest community for 31 years. Jim is now 64 years old and has agonized about when to retire for the past couple of years. The business has enabled him to live a good life despite the ups and downs of the local economy, put his two children through college and spend more time lately on his hobbies.
There was a time when you could take care of your customers and your people and the rest would take care of itself. It’s a lot more complicated than that today to run a successful business.
