BROADCASTS.com

b'Raising labor rates is not just about increasing prices. It\'s about finding more value in the industry and positioning ourselves as professionals.\\n\\nJoin our panel as they highlight the need for understanding the concept of effective labor rate, ensuring services are charged appropriately, viewing the business as a professional entity, providing a positive customer experience and addressing core business problems before raising labor rates. Our panelists encourage shop owners to take a comprehensive approach to their business strategy, considering all factors and not just focusing on raising labor rates.\\n\\nAaron Woods,\\xa0X-tra Mile Auto Care, Stillwater, OK. Institute for Automotive Business Excellence. Listen to Aaron\\u2019s previous episodes HERE\\n\\nBrent Fleischman,\\xa0Yocum Automotive, Republic, MO. AutoFix Auto Shop Coaching. Listen to Brent\'s previous episodes HERE\\n\\nJennifer Hulbert,\\xa0Service Plus Automotive, Calcium, NY. Institute for Automotive Business Excellence. Listen to Jennifer\'s previous episodes HERE\\n\\nShow Notes:\\n

\\n \\t
• Watch Full Video
\\n \\t
• Raising Labor Rates: Importance and Impact (00:00:01)\\xa0Discussion on the reasons to raise labor rates, the impact it can have on a business, and the need for a long-term strategy.
\\n \\t
• Factors to Consider Besides Labor Rate (00:04:14)\\xa0Exploration of other factors that contribute to a business\'s success, such as overall business strategy and addressing pain points.
\\n \\t
• Calculating Effective Labor Rate (00:07:34)\\xa0Importance of understanding and calculating effective labor rate, including the need to charge appropriately for all services provided.
\\n \\t
• The mindset shift and the need to raise labor rates (00:08:33)\\xa0Discussion on the importance of raising labor rates and positioning the industry as valuable and professional.
\\n \\t
• The impact of undervaluing the industry (00:09:52)\\xa0The negative effects of undervaluing the automotive industry, including difficulty in attracting technicians and obtaining loans.
\\n \\t
• The bottom line and approaching the business as a business (00:12:10)\\xa0The importance of considering the bottom line and treating the automotive business as a professional enterprise rather than a hobby.
\\n \\t
• The importance of customer experience (00:17:59)\\xa0Discussion on how people buy feelings and the need to focus on providing a positive experience in the automotive industry.
\\n \\t
• Sharing new labor rates with the team (00:18:39)\\xa0Importance of communicating labor rate changes to the team and how it helps maintain profit structure and make investments.
\\n \\t
• Effective labor rate and its impact (00:19:03)\\xa0Exploration of effective labor rate, its calculation, and the need to consider menu jobs and their effect on gross profit dollars per hour.
\\n \\t
• The importance of personnel and procedural issues (00:27:40)\\xa0Discussion on identifying whether the problem lies with personnel or procedural issues in a shop and the need to align the shop\'s mission and vision statements...'