Businesses can grow and flourish if they have the capital, a strong team, and the right strategies. However, the same businesses become multi-generational legacies when business owners go down to the brass tacks and improve on four qualities.
Matt DiFrancesco elaborates on these qualities and how you can utilize them in your business. If you want to discuss your business situation or require financial assistance, schedule a free 20-minute conversation with Matt DiFrancesco from HighLift Financial.
The Common Pattern of the Auto Repair Industry
There are common traits in all business owners in the auto repair industry. First, all shop owners start in the trenches and work their way up. They have learned the business from the ground up.
When they’re looking to transition, whether it’s into retirement or where do I go? This is where they see a fork in the road. As they get old, the business becomes physically demanding. So, they have to figure out what they will do for their transition.
The plans depend on where in the timeline they’re at. Are they looking for additional growth or staying the status quo? They’ve got a plan out 5 to 10 years in all cases. So they need to know what direction they truly want to take or what their final decisions will be in the next 5 to 10 years to make the decisions to get them to that point.
Lack of Planning
Due to a lack of planning and an absence of a roadmap, there are three scenarios business owners can face. They shut their doors and close their shops in the first instance, usually because the owner has no plan for continuing the business.
In the second case, they might sell to a larger shop. It is a usual and increasing case in the industry. According to several industry experts, this happens because the shop owner never developed the management and entrepreneurial skills to grow the business. The third scenario is where the business owners continue to grow and evolve their business. It is what sets them apart from some of these other business owners.
There are four qualities of successful business owners. Each of them has allowed them to grow their businesses and create a multi-generational legacy.
Quality One – Possess a Growth Mindset
An Auto Shop owner. These individuals are grinders, and they do everything. They’re building their business one job at a time. It’s one car at a time!
That is because they have a certain amount of capacity to do everything. And that capacity is just a state of mind. So, even if they keep on adding people, if they don’t work on freeing up their time, they cannot gain much when it comes to a transition.
Successful owners are bold enough to look at ways to start serving more customers. They constantly scour for opportunities that can help them take off things from their plate so that they can focus on the bigger picture.
Quality Two – Emotionally Intelligent
Business owners who are emotionally intelligent care about their customers and employees. The key is to look at the customers as they are your clients. The difference between a customer and a client is that a customer is somebody who comes in and buys something, whether it’s a product or a service.
On the other hand, the client keeps coming back as they make repeat purchases; so, your job is to maintain loyalty and increase lifetime value. Be helpful at every stage of the process so that you can become their regular source for all their automotive needs.
Secondly, you should also care about your employees. Successful owners value their employees and want to help them grow as people. The key is to work hard to develop a culture of trust and caring. It includes going the extra mile to assist the workforce. For instance, invest in training and provide the tools they need to do the job.
Quality Three – They Think Differently
As an entrepreneur, they keep asking themselves, “how can I evolve? How can I change?” So, they start to look at their capacity and identify the gaps. To fill these spaces, they hire more technicians. In addition, they look at support staff and check how they can better serve the customers. So, they work on customer service and hire customer relationship managers.
Moreover, they look at ways they operate and begin to develop new systems that will make them more effective. So whether that’s process tracking, where a car is in a particular process, either mechanical or a collision repair, they look at new technologies that are out there and see if they can improve the processes.
So, the third quality is all about business owners keeping a sharp eye on the trends. They think about making their shops better and are not afraid to try new ideas. In short, they can think outside the box!
Quality Four – Invest in Themselves
According to my coach, I should invest 10% of the revenue into personal development. By doing this, I will be improving myself, equipping myself with the mindset to help the business grow. So, owners should be mindful of realizing that something is missing, and they need to learn the skill to make the processes more efficient.
Also, these individuals are not hesitant to seek outside experts to help their businesses. Whether it’s technical experts teaching their employees or third parties to help with other aspects of their businesses, they aren’t afraid to ask for assistance.
Moreover, they can bring in financial experts. For instance, ask for assistance from HighLift Financial. We will help bring their families and business together, create a vision, and execute a plan to accomplish that vision.
How to Reach Matt?
Whether you have had years of success in your business or are just starting, High Lift Financial can assist you in creating a multi-generational legacy. When you hire us, you get a team that will help different areas of your family business. So, schedule a private consultation session to discuss your situation.
If you want to know more about HighLift Financial, our team, the services we provide, and how successful business owners made it to the top, then go through my blog posts or podcasts.
Disclaimer
The information compiled and posted here solely represents the opinions and views of the guest. It might not necessarily be similar to the opinions and views of High Lift Financial. The availability of this content only serves educational and informational purposes. It is not a substitute for tax or legal advice or professional investment.
Always make sure to consult your financial advisor with any queries related to personal or business planning. DiFrancesco Financial Concierge, LLC. d/b/a HighLift Financial is a Registered Investment Advisor registered with the State of Pennsylvania and subject to the State of Pennsylvania’s regulatory oversight.