It's December - Are You Prepared for 2015? - Engine Builder Magazine

It’s December – Are You Prepared for 2015?

With the winter here and the holidays upon us, there’s a lot going on these days. But as a business owner, you need to consider that 2015 is right around the corner. The better you prepare now, the more successful you will be in the New Year and beyond.

New Year 2015 formed from sparking digits over black backgroundI know that there are many things on your mind this time of the year. With the winter here and the holidays upon us, there’s a lot going on these days. But as a business owner, you need to consider that 2015 is right around the corner. The better you prepare now, the more successful you will be in the New Year and beyond. I have put together a short To-Do list to help you prepare.

1. Review all the numbers for the first 11 months of 2014 and compare those numbers with the same 11 months in 2013 and 2012.

2. Based on the numbers, you can now begin to plan out your 2015 budget.

3. If you have not done so yet, have a meeting with your accountant. Review all the numbers for 2014. You want to know now about projected taxes you may owe; don’t wait until April 15. Also, make sure you get a current checklist from your accountant on what is needed for yearend 2014.

4. Review your inventory. This goes hand in hand with your tax strategy. It will also help you identify dead stock that hurts your cash flow.

5. Are there any tools, equipment, improvements to your facility or any other expenses that you can use in 2015 to reduce your tax liability for 2014?

6. Review all your goals for 2014. Did you achieve all your goals? If you did not, don’t worry; that’s to be expected. Reestablish your personal and business goals now, before the end of the year. Also, start thinking about your future training and equipment needs.

7. Contact your financial adviser and discuss any financial issues and retirement plans.

8. Have an end of the year shop meeting. Outline all the accomplishments of 2014 and outline your goals and objectives for 2015 and your vision of the future. Most importantly, thank each and every team member for their efforts, and make sure you convey to everyone that it’s the efforts of the team that determines success.

9. If you have not done so in a while, have one-on-one meetings with your employees. Do not make it a beat up session. Promote the positive attributes of the employee, ask for feedback on how the employee views the business, and ask for ideas and suggestions on ways to improve the business.

10. Lastly, make sure you set aside time to work on self-improvement. As the leader of your company, all eyes are on you. It’s your vision, your leadership qualities and your positive attitude that ultimately determines your success. Remember, you can achieve what you want in life, if you help others achieve what they want.

I hope you had a good year, and best of luck in 2015 and beyond!

This article was contributed by Joe Marconi, one of the 1-on-1 business coaches that helps shop owners through the Elite Coaching Program.

You May Also Like

HP Academy Teaches EFI Online

The HP Academy was started to fulfill the need for some sort of formal training for EFI tuning. Two New Zealanders, Andre Simon and Ben Silcock, founded HPA in 2010.

With the ongoing COVID-19 situation, classrooms, as we know them, are not in session. You can’t physically distance in a small class in real life, but you can online. Virtual learning is now the new norm across the country. The racing industry is getting a leg up thanks to one school that is dedicated to online education. 

Utilizing Instagram

“When we started, we had no business at all… that’s when I started using Instagram,” Yaghoubian says. “Back then I didn’t know a lot about social media, but it works for business really well, and especially the automotive industry on Instagram.”

Higher Revving Education

We’ve all seen the ads in magazines and online for schools, classes and seminars on tuning an ever-increasing number of engines and even transmissions in today’s cars and trucks. The better ones will include the use of a chassis dyno to show real-time results of the step-by-step methods they teach.

Chassis vs Engine Dyno

We spoke with a couple shops that utilize both dyno types to get their take on the advantages, disadvantages and reasons to have one over the other or both.

Tradeshow Season

While the rest of the world tends to slow down in the fourth quarter, our industry is starting to rev up. That’s because it’s tradeshow season, and the excitement for next year is always palpable!

Other Posts

Don’t Put the Cart Before the Horse

Happy New Year everyone! I trust you all enjoyed the holiday season and are hitting the gas full throttle now that we’re in a new year and January is already flying by. Personally, I’m not generally big on making resolutions – at least not ones that require tons of effort or ones I know I

OE Parts vs. the Aftermarket

Many of your customers believe that OEM parts are better than aftermarket parts. We wanted to dispel some of the myths once and for all. Without getting into the mud about which brands are better. It is important to note that not all parts are created equal, and this includes both aftermarket and OE replacement parts.

Setting Up an Instagram Account

The old saying goes, “A picture is worth 1,000 words.” Well, in the world of social media, that same picture is not just worth 1,000 words, but could also be worth thousands of dollars in new business for your engine shop. By now you’ve likely seen our features on setting up and utilizing Facebook for your business. Next on our ‘to-do list’ is an introduction to Instagram for those of you who haven’t started utilizing this social media platform.

The Potential in Differential

Is growth part of your business strategy? It comes in a lot of different forms, but when it’s adding a new service offering or product for your customers, it can be nerve-racking at the very least. The additional investment in tools, equipment, training or people weighed against the unknown outcome leaves you holding all the risk, unless there is something that’s a perfect fit.