Garage Hive has released its 2024 gross profit calculator, which helps workshops establish their gross profit and the efficiency required to cover daily business running costs.
Garages will need to 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.
Alex Lindley, Director of Garage Hive, said: “I’d strongly recommend doing this exercise before the next calendar year. 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/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.
The gross profit calculator can be downloaded for free here.
