SERVICE SEMINARS
Fundamentals of Financial Analysis for the Service Department
In today’s busy service departments many managers stay closely tied with the tactical, day-to-day side of the business. They work hard putting out fires and solving problems for customers, technicians, and management. They may not have the time (or don’t take the time), however, to truly understand the financial statement, which is essentially service’s ultimate report card. In order to be effective in reaching all of a dealership’s goals, managers need to develop solutions and action plans that work. This course can help even the seasoned manager prioritize and improve his effectiveness in managing the service department.
Overview:
Students are provided with an understanding of the financial indicators essential to service profitability. Includes basic financial terminology and discussions, such as cost of sales, fixed coverage, effective labor rate, customer paid ratio, markup vs. gross, work in process, receivables, fixed expense, variable expense, etc. Also provides insight into real world performance goals and objectives as well as establishing benchmarks, while providing ways to analyze department performance.
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