Community-driven Garage Management Software, Garage Hive has released its highly anticipated 2024 gross profit calculator. Free to download, the resource helps workshops establish their gross profit and the efficiency required to cover daily business running costs.
Garages simply enter their overheads into the spreadsheet template to automatically generate daily and monthly gross profit targets.
The updated calculator accounts for an extra three working days due to the leap year, one less bank holiday and one less weekend day compared to 2023.
“I’d strongly recommend doing this exercise before the next calendar year,” said Alex Lindley, Director of Garage Hive. “With this data you can plan-ahead and be intentional about business changes. It’s about making informed decisions.”
Unveiling the true cost of doing business, the gross profit calculator considers fixed expenses, such as rent or mortgage, utilities, and software subscriptions. Loans and repayments, dividend payments, wages, and all additional expenses such as training, building maintenance and office supplies, are calculated.
Workshops can customise the overhead fields to suit their needs and versions are available for garages in both the UK and Ireland.
During a recent episode of The Blend Podcast, Alex highlighted the pivotal role the calculator plays in business planning. “With high inflation, you might want to consider inflationary pay rises for staff,” said Alex. “To understand what that looks like for your business, you need to know your operational costs. Adjusting labour rates to cover these costs makes implementing pay rises less daunting and more manageable.”
Garage Hive was recently named Garage Management System of the Year at the Independent Garage Association’s (IGA) British Independent Garage (BIG) Awards 2023. The system helps garages to streamline operations, optimise workflow, and enhance overall efficiency to ultimately achieve the targets set out by the calculator.
The gross profit calculator can be downloaded for free here: https://www.ghlaunch.com/gp For further information on how Garage Hive helps independent garages operate more profitably, visit www.garagehive.co.uk.