Episode #178 - 4 Key Investments in Your Business & Yourself!

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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Chapters

• 0:00 Investing in Yourself for Success
• 8:34 Maximizing Investments for Future Success

Transcript

Speaker 1: 0:00

Did you ever stop to think and I really want this to sink in that you are your business's greatest asset? Well, it's exactly what you are. It's the one thing most of us overlook when investing in everything else, from CDs to shop equipment. Your best investment will always be in your own self, and I'm not just talking about financially. There's much more to investing in yourself than that. I learned this from myself several years ago and quickly realized no one's going to do it for you and there's nobody here to save you. You have to do it on your own.

Speaker 2: 0:38

Welcome to the MindWrench podcast with your host, Rick Sellover, where minor adjustments produce major improvements in mindset, personal growth and success. This is the place to be every Monday, where we make small improvements and take positive actions in our business and personal lives that will make a major impact in our success, next-level growth and quality of life quality of life.

Speaker 1: 1:10

Hey, what's up everybody? Welcome to the MindWrench Podcast. I'm your host, rick Silover. Thanks so much for stopping in. If you're a returning listener and haven't done so already, please take a minute and click the follow or subscribe button, and then rate and review the show. When you rate and review the show, the algorithms for Apple, spotify, google review the show. When you write and review the show, the algorithms for Apple, spotify, google Podcasts, iheartradio, amazon Music and all the other platforms will see that it's valuable and show it to more people that have never seen it before, and hopefully it can help them too. I would really, really really appreciate your help sharing this word with your friends and family as well, and if you're a brand new listener, welcome. I hope you find something of value here that helps you in your personal or professional life as well. Please make sure to click the subscribe or follow button so you never miss another episode.

Speaker 1: 1:51

Seems lately there's been a lot of focus both in the news and within our own industry, on investments. Sure, the stock market's been pretty favorable the last couple years and CDs have finally had some good short-term rates. Cryptocurrencies are all over the place. Meanwhile, the aging baby boomer generation has been making its last final tweaks in their portfolios before hitting that old retirement button, so that focus seems to make good sense. Right In our collision repair industry, there's been a massive amount of attention and focus on investing in the new technologies to keep up with what's required to correctly repair today's vehicles, investing in new tools and equipment, investing in new software to help us better manage the repair process or assist us with the CRS duties, or setting our shops up to handle the growing number of ADAS calibrations needed, investing in training and education for our technicians, our employees, not to mention investing in our buildings to create a better work atmosphere, culture, or maybe just expand our footprint. Right, but I noticed something lacking that same focus.

Speaker 1: 2:54

Now, before I go any further into this discussion, I must advise you I'm absolutely not an investment banker, wealth strategist or financial planner. No, far from it. Hell, I didn't even go to college, but I did spend plenty of years at the School of Hard Knocks, where I learned some very valuable insight that I'll share today. In fact, for many years, even decades, I didn't save money. I was spending it as fast as I earned it. I didn't invest anything until I worked for a company that offered a 401k. But even then, my process of picking investments for my hard-earned dollars was the old eeny meeny, miny moe method, until I finally started educating myself on how to make good, sound financial decisions.

Speaker 1: 3:35

But be warned, I'm not a professional advisor, just looking to share a little common sense that may help you. Okay, that's my official disclaimer. If you know me at all, you know that I spent about the past 30 plus years of my career visiting hundreds, if not thousands, of shops. As a jobber, met lots of great people Not all the most financially savvy people. One outside the industry would think.

Speaker 1: 3:58

No a majority were far from that, but great, hard working people nonetheless. Unfortunately, many owners couldn't tell you what their 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 and see what they say. And, just as a side note, most CPAs really don't understand how different collision repair business is. So when you're choosing one, make sure they do know, anyways. But then they would also tell me that they made their nut last month. Really, what is your nut and how do you know you made it. Now, I don't want you to take this wrong way, but I do understand.

Speaker 1: 4:37

A large portion of today's shop owners were yesterday's technicians that wanted to work on their own dreams open up their own shop or maybe just stop lining someone else's pockets with their sweat equity. I get it, I really do. But most of them never took a business class and haven't got a clue on how to handle the financial side of their business. But they do know how. To get a mangled car back to pre-accident condition Doesn't make them bad people, just under-educated on what makes a business profitable or successful. I mean, you simply don't know what you don't know, right? If they paid all their bills last month, paid their employees, paid their vendors or maybe just successfully put them off for another 30 days not that I've ever had that happen to me without borrowing from the savings account they made their nut, right. If there's still something left in the checkbook at the end of the month, they are profitable, right? Hmm, not too sure about that one. Without measurements like a profit and loss sheet or break-even number, it's really hard to quantify. But just for argument's sake, let's just say those shops are making their nut.

Speaker 1: 5:42

Is that all you really want? Out of risking everything you had to start a business? It's just a break-even. That probably wasn't your life's dream or ultimate goal, was it? So why settle for break-even? Why not go beyond the nut? Why not go for what you deserve as a business owner, pouring his or her soul into something for years? Why not reach for a little bit more? Why not start investing in something really important?

Speaker 1: 6:06

We are talking about investing, right. Why not invest in yourself? Did you ever stop to think and I really want this to sink in that you are your business's greatest asset? Well, it's exactly what you are. It's the one thing most of us overlook. When investing in everything else, from CDs to shop equipment, your best investment will always be in your own self, and I'm not just talking about financially. There's much more to investing in yourself than that. I learned this from myself several years ago and quickly realized no one's going to do it for you and there's nobody here to save you. You have to do it on your own. It's 100% up to you to invest in learning what you need to make positive changes in all aspects of your life that'll produce results like you've never experienced before. If you're looking for a competitive edge for your business or a more effective jumpstart to your personal development in 2024, I'll make your first step super simple.

Speaker 1: 7:02

It is a fact that an incredible number of the most successful business owners, nearly half of the Fortune 500 companies, top-earning professional athletes, entertainers and industry leaders like Microsoft's Bill Gates, former President Bill Clinton, richard Branson, amazon's Jeff Bezos and Salesforce Mark Benioff all have one thing in common they all have at least one coach and some have several that they work with on a consistent basis, someone that helps guide, mentor and support them, challenge them, help them set and achieve goals that move them forward and then hold them accountable to follow through driving personal and professional growth. Working with a coach has many substantial benefits. Just for an example, 80% of coaching clients report improved self-esteem or self-confidence thanks to coaching, 99% of individuals and companies that hire a coach report being very satisfied and 96% would do it again. If, deep down, you know it's time to make those improvements in your business, your personal life, that you've kicked down the road year after year. If you're tired of knowing there's a better version of you waiting to shine, but unsure of how to bring that version to light. If you're tired of wanting to enjoy a more successful business but not sure how to start. And if you don't want to go another 12 months without better results, but you don't want to go it alone, then take the first step. It's super simple. Sometimes talking to the right person can make all the difference. Go to wwwrixelovercom contact and I'll set you up with a free consultation. Call with me to see if one-on-one coaching is right for you.

Speaker 1: 8:34

I can't say it's particularly easy, nor was it extremely hard. More just a matter of making those needed investments a priority in your life. Putting in the effort working towards improving, implementing whatever changes are needed can be perceived as hard work, but nothing worthwhile comes without some sacrifice. This week I wanted to share with you four key investments you can make, both in yourself and your business that should get you way past your nut, past the break-even status in life. Number one start with yourself. Always start with yourself Before you can make quality investments in other areas of your life. Making that needed investment in your education, your health, body and mind, spiritual and financial wellness always needs to come first. There's an old saying you cannot pour into others unless you fill your own cup first. Investments in expanding your education and knowledge are actually very easy low to zero cost, as there's so much free training and webinars on every subject, youtube videos etc. Available 24-7, 365, on the internet as well as books and if you hate reading audiobooks on Amazon, you'll be amazed at how quickly you can learn something new that'll improve your life.

Speaker 1: 9:52

Investing into attending industry-related seminars, events and trade shows or signing up for personal coaching related seminars, events and trade shows or signing up for personal coaching Hell, maybe even joining a mastermind can elevate your mindset and skill set to a whole new level. As Tony Robbins preaches, the only thing that generates real happiness in life is progress. Not achievement or success, but making constant progress. Making a simple investment in improving your overall health, be it new exercise or fitness routine, maybe reducing your daily sugar intake, eating a little lighter, a little cleaner, joining a gym boxing class or just getting that old bike off the garage wall and actually start using it, can have a massive effect on your personal well-being. Find something that fills your soul, whether it's religion, spending time in nature or contribution to something bigger than your own needs can be a worthwhile investment in your spirituality. Lastly, making well-thought-out financial investments toward your future should not be an afterthought or something left to chance. Take the time to research your best moves. Better yet, hire a professional investment advisor or wealth strategist to help you make those right moves. A few years ago I finally got out of that I-can-do-this-myself mindset and enlisted a great advisor. It's been the best financial move I've ever made. I can sleep soundly every night, knowing I have someone looking out for me and my money.

Speaker 1: 11:18

Number two your business. Your shop's physical appearance inside and out front to back parking lot entrance, all the way to the detail area, the condition of your equipment or the lack of needed equipment can be a direct reflection of what kind of business owner you are and where your focus is or isn't. A dimly lit, dirty, unorganized shop with broken, semi-operational or maybe missing equipment, years of old parts, old broken tools and abandoned personal projects clogging up your available production space may still be able to produce some income, maybe even allow you to make your nut every month, but it tells your employees, adjusters, your vendors and, most importantly, your customers that you do not invest in your business and they will probably assume that you don't care To compete in today's repair environment with these highly technical new cars costing 40 grand or more, consumers would expect a professional-looking, well-equipped repair center. That would be the norm, and if your shop currently doesn't qualify, now would be a good time to start investing in your shop. Just a simple investment of time. Maybe some paint and lighting can transform the look of your shop. A complete cleaning and decluttering of your shop, maybe a coat of white or light gray paint throughout the whole building, only costs you time, sweat equity and a few hundred bucks, but it's so worth the results. If you have non-operational or missing equipment needed to repair today's vehicles, invest in a small business loan if necessary, or ask your local equipment supplier if they have financing available, but be sure you have the right tools and equipment to fix your cars correctly. This is critical. These actions will send a clear message to both your customers and your stakeholders. It'll create a better culture within your business, and that's a step in the right direction towards longer-term employee retention. Which leads me to number three your team.

Speaker 1: 13:11

We've all been hearing for several years about that severe lack of techs in our industry, as well as most of the other blue-collar services, and the massive void between technicians needed and what's available. It's truly a dire situation. While there are many organizations and associations like CREF, which is the Collision Repair Education Foundation, that are working hard to entice, train and educate younger generations on the amazing opportunities available in the repair industry, the void is still undeniable. Investing in your people, your loyal employees, your crew, is now more important than I can emphasize here in this podcast. Like I just mentioned, offering a clean, uncluttered, well-lit working environment and having modern working equipment and tools to work with are a great start, but there's more to creating a desirable culture than just that. Great technicians are very well aware of the tech shortage and they know they can pick anywhere to work right now. They know they're capable of making a great income at any busy shop, so if they have an opportunity to work somewhere with a superior culture, it's only going to be a matter of time before they jump.

Speaker 1: 14:20

A couple simple things you could incorporate today without any cost is showing them that you actually care about them. Simply ask for their feedback or their input on issues with your shop, and then here's the important part Listen to them, take notes and then, if appropriate, take action to make those needed changes. Try sharing your vision of where you'd like the future of your shop to go. They'll be more connected and feel like they're part of something bigger than themselves. Invest in the training that'll make them more efficient or knowledgeable technicians and then create a positive work environment. Maybe have a clean area for employees to eat or take a break. Do things together as a team. Simple things like shop cookouts, lunch and learns with your vendors, field trips to some industry-related place like a race car shop or OEM plant tour, or anything, can help build fantastic culture.

Speaker 1: 15:15

And then, number four, your future. Last but not least, be sure you're investing in your own future. You'll spend a vast majority of your adult life working. Owning your own business only adds more responsibility to that time frame and usually adds a few more working years as well. You will have well earned that right to enjoy every minute of your retirement or your golden years, but that won't happen without being intentional about planning, investing wisely now, whether the dream is to sell the business by itself or add a couple more shops and sell the footprint to a growing MSO, maybe pass down to your children, your relatives, or have some key employees take over, or maybe just shut the doors and move to the beach.

Speaker 1: 15:58

Invest some time on a plan. If planning to sell, there are some really great resources out there right now that can guide you through that process. And if, passing the business down to family, there's a few generational wealth experts as well. Just reach out to me for more information. If you haven't done so yet, invest the time and a consultation fee in talking with a financial planner or wealth strategist to start mapping out what that looks like for you.

Speaker 1: 16:24

So there you go Four key investments that should be in the forefront of your to-do list and four good ways to get past your nut and start reaping the benefits of your hard work. Number one invest in yourself. Number two invest in your business. Number three invest in your team. And number four invest in your future. And remember my disclaimer earlier if you can't get a handle on number two through four, 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 you today. Thanks again for tuning in. I really appreciate your support and I hope you have a great week. I can always be reached at wwwrixelovercom, where you can find all my social media links podcast episodes, blog posts and much more.