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• Kitchen & Bath: Business and Project Management
• Sponsor
• About the National Kitchen & Bath Association
• Table of Contents
• Introduction
• Acknowledgements
• 1 Getting Started
• DO YOU HAVE WHAT IT TAKES?
• It All Starts with an Idea
• Business Success
• Evaluating Yourself
• Leadership Traits
• EVALUATE YOURSELF
• BEFORE YOU START
• What Are Your Career and Business Goals?
• Separate Home from Business
• How Well Do You Understand Business?
• WHY MANY COMPANIES DO NOT MAKE IT
• Failure Factors and Characteristics of Entrepreneurs Who Have Failed
• Success Factors and Characteristics of Entrepreneurs Who Have Succeeded
• AVOID THESE COMMON MISTAKES
• GETTING HELP FROM ADVISORS AND MENTORS
• SUMMARY
• REVIEW QUESTIONS
• 2 Planning Your Business
• WHAT TYPE OF KITCHEN AND BATH BUSINESS ARE YOU GOING TO OPERATE?
• Business Model No. 1: A Designer’s Studio
• Business Model No. 2: A Design Practice Firm
• Business Model No. 3: A Design Business Firm
• YOUR BUSINESS SELECTION CRITERIA
• What to Do after You Have an Idea
• DECIDING ON THE RIGHT BUSINESS
• CHOOSING A NAME FOR YOUR BUSINESS
• STAGES OF COMPANY GROWTH
• Idea Stage
• Planning Stage
• Funding Stage
• Start-up Stage
• Ramp-up Stage
• Evolution Stage
• Sustaining Stage
• SHORT- AND LONG-TERM PLANNING
• HOW TO CREATE A STRATEGIC BUSINESS PLAN FOR A KITCHEN/BATH DEALER
• A Road Map
• Difference between a Strategy and a Plan
• Profit Is the Reason for a Business to Exist but Offers No Direction
• Profit Is the Result of a Successful Strategy
• Vision and Mission of Your Company
• Strategy
• Identify the Target Consumer
• Developing the Business Plan
• Formatting the Business Plan
• Keys to Success
• RESEARCHING THE MARKET
• Getting Help
• Knowing What to Look For
• Examining Your Market Potential
• PREPARING YOUR BUSINESS PLAN
• Getting Ready
• Step-by-Step Guide
• Ethics and Your Plan
• REVIEWING YOUR PLAN
• SUMMARY
• REVIEW QUESTIONS
• 3 Business Start-up Issues
• CHOOSING THE BUSINESS LEGAL STRUCTURE
• Sole Proprietorship
• Partnership
• Corporation
• Limited Liability Company
• Choosing Your Legal Structure
• OTHER REQUIREMENTS AND CONSIDERATIONS
• Business Licenses and Permits
• Business Name
• Tax Payments
• Collection of Sales Tax
• Operating in More than One State/Province
• LOCATION, LOCATION, LOCATION
• Tax Ramifications of Claiming an Office in Your Home
• FINANCING THE BUSINESS
• Warning
• Funding Sources
• When You Have the Money
• A LOOK AT TAXES
• Keep Good Records
• What You Need to Pay and When
• Obtain Good Professional Help
• SELECTING VENDOR PARTNERS
• BUYING GROUPS—SHARING EXPERTISE
• Advantages of Participating in a Buying Group
• Why Dealers Have Not Joined Buying Groups
• JOINING THE BUSINESS COMMUNITY
• TAKING ADVANTAGE OF OUTSIDE HELP
• Consider Your Banker a Key Business Associate
• National Kitchen & Bath Association
• Advisory Board
• SUMMARY
• REVIEW QUESTIONS
• 4 Accounting and Record Keeping
• WHY YOU NEED TO KEEP GOOD RECORDS
• Monitor and Track Performance of Your Business
• Pay Your Taxes
• Pay Yourself and Others
• Manage the Business
• Sell the Business
• Borrow Money
• ESTABLISHING BOOKKEEPING PROCEDURES
• CHOOSING AN ACCOUNTING SYSTEM
• Cash Method
• Accrual Method
• Selecting a Single- or Double-Entry System
• Establishing Your Fiscal Year
• There Are No Shortcuts
• WHAT TO KEEP TRACK OF
• Accounts Receivable
• Accounts Payable
• General Ledger
• Balance Sheet
• Operating or Income Statement
• Job Costing
• ACCOUNTING SOFTWARE FOR YOUR BUSINESS
• Accounting Software
• RECORD-KEEPING AND ADMINISTRATIVE NEEDS
• HIRING AN ACCOUNTANT OR BOOKKEEPER
• BUDGETING FOR PROFIT AND CASH FLOW
• What Is a Budget?
• Difference between Budgeting and P&L Statements
• How to Develop a Business Budget
• The Revenue Stream: A Sales Plan
• Study Your Expenses
• Budget: Your Road Map
• SUMMARY
• REVIEW QUESTIONS
• 5 Financial Controls
• UNDERSTANDING FINANCIAL STATEMENTS
• Basic Financial Statements
• CHART OF ACCOUNTS
• Follow Industry Leaders
• Income Statement
• Sales Revenues
• Expenses
• BALANCE SHEET
• Assets
• Liabilities
• Paying Taxes Is a Good Thing to Do
• CASH FLOW ANALYSIS
• Cash Flow Forecast
• Accounts Receivable Aging Report
• FINANCIAL RATIO ANALYSIS
• Gross Profit Margin Ratio
• Profit Ratio
• Current Ratio
• Quick Ratio
• GROSS MARGIN
• Difference between Profit and Markup
• Gross Profit Margin Adjustment
• Do You Charge the Same Markup on All Parts of the Project?
• IDEAS ON HOW TO IMPROVE GROSS MARGINS
• The Great Cash Hunt
• SUMMARY
• REVIEW QUESTIONS
• 6 Protecting Your Business
• BUSINESS LEGAL STRUCTURE
• PROFESSIONAL ADVICE
• CONTRACTUAL AGREEMENTS AND PERSONAL GUARANTEES
• EXTENSION OF CREDIT TO YOUR CUSTOMERS
• COPYRIGHTING YOUR DRAWINGS
• DEVELOPING AN INSURANCE PROGRAM
• Business Interruption Insurance
• Burglary, Robbery, and Theft Insurance
• Disability Insurance
• Errors and Omissions Insurance
• Fire Insurance
• Health Insurance
• Key Person Insurance
• Liability Insurance
• Life Insurance
• Owner’s Disability Insurance
• Workers’ Compensation Insurance
• Guidelines for Developing Your Insurance Coverage Package
• PROTECTING YOUR BUSINESS FROM THEFT
• Employee Theft
• Protect Yourself
• SUMMARY
• REVIEW QUESTIONS
• 7 Basic Tax Management
• SMALL BUSINESS TAX MANAGEMENT
• SPECIAL RULES FOR SMALL BUSINESSES
• Reporting Income
• Claiming Deductions
• TAX RESPONSIBILITIES
• SPECIFIC SUBSTANTIATION REQUIREMENTS FOR CERTAIN EXPENSES
• HINTS ON PREVENTING AN AUDIT
• HELP FROM THE IRS
• OTHER TAXES
• SUMMARY
• REVIEW QUESTIONS
• 8 The Basics of Human Resource (People) Management
• THE BROAD PICTURE OF HUMAN RESOURCES
• You Are the Human Resource Manager
• Outsourcing May Be the Answer
• FUTURE HUMAN RESOURCE TRENDS
• Managing the Human Side of Change
• Adapting to the Changing Nature of Jobs
• Workforce Diversity
• Using Technology to Help Manage Human Resources
• Rules and Regulations
• Becoming Family Friendly
• DETERMINING YOUR NEEDS
• Document the Job
• Document the Hiring Plan
• Building Competency Models
• Developing an Employee’s Skill Inventory
• Segments of the Employee’s Skills Inventory
• Developing a Job Description
• Alternatives to Full-time Employees
• Is the New Position Exempt or Nonexempt?
• Human Resource Forecasting
• DECIDING ON THE RIGHT COMPENSATION SYSTEM FOR YOUR SALES TEAM
• Basics of Employee Compensation
• Setting the Foundation for an Effective Compensation System
• Establishing a Compensation Philosophy
• Common Compensation Plans
• EXAMPLES OF COMPENSATION PLANS
• Running the Numbers
• Employment Contracts
• RESOURCEFUL RECRUITING
• Recruiting Is More than a Numbers Game
• Getting Started
• Make Recruitment an Ongoing Process
• Create a Strategy
• Keeps Tabs on Your Progress
• Recruiting from Within
• Classified Advertisements
• NARROWING DOWN THE LIST: APPLICATIONS, RÉSUMÉS, AND TESTING
• Job Applications
• Screening System
• Analyzing Résumés
• Testing
• ART OF INTERVIEWING
• Five Deadly Sins of Job Interviewing
• Setting the Stage
• Introduction (Warming Up)
• The Art of Questions and Answers
• General Interview Questions
• Closing on the Right Note
• MAKING THE FINAL HIRING DECISION
• What to Look For
• Making the Offer
• SUMMARY
• REVIEW QUESTIONS
• 9 Human Resource Management—After the Decision Is Made
• THE ORIENTATION PERIOD
• Mentoring: The Secret to Success
• TRAINING AND DEVELOPMENT
• NKBA Professional Development
• POLICY AND PROCEDURES MANUAL
• CREATING AN EMPLOYEE-FRIENDLY WORK ENVIRONMENT
• Basics of an Employee-Friendly Workplace
• ALTERNATE WORKING ARRANGEMENTS
• KEEP TABS ON COMPANY MORALE
• CONDUCT REGULAR MEETINGS
• MEASURING EMPLOYEE PERFORMANCE
• Overview of the Process
• Preparing for the Evaluation
• Conducting the Performance Evaluation
• Performance Evaluation Legal Issues
• In Summary
• DEVELOPING DISCIPLINARY PROCEDURES
• DEFINING AT-WILL EMPLOYMENT
• TERMINATING AN EMPLOYEE
• Who Should Do It and Where
• Preparation
• TERMINATION FOR “JUST CAUSE”
• Are You a Candidate for a Top 10 CEO Award?
• SUMMARY
• REVIEW QUESTIONS
• 10 Marketing
• MARKETING AND SALES ARE NOT THE SAME
• THE BIG PICTURE: THE MARKETING “WHEEL OF FORTUNE”
• To Fee or Not to Fee
• MAKE THE TIME
• Measuring Your Market Strength
• YOUR MARKETING PLAN AND BUDGET
• Timing Is Everything
• MARKETING BUDGETS
• How Much Should You Spend?
• What Percentage Is Right for You?
• Partner with Suppliers
• Can You Afford Professional Help to Develop the Advertising Segment of Your Marketing Plan?
• KNOWING WHO YOUR CUSTOMERS ARE
• Using NKBA’s Business Management Form System
• Anatomy of a Customer
• Who Are Your Customers?
• ARE YOU OFFERING THE RIGHT PRODUCT/SERVICE PACKAGE?
• Making Customer Service a Core Value
• Analyze Your Product and Service Mix
• KNOWING WHO YOUR COMPETITORS ARE
• Defining Your Direct Competition
• “Mystery Shop” Your Competitors
• BUSINESS IMAGE AND BRANDING
• Analyze Display Effectiveness
• Customers’ First Impression of Your Showroom
• What Is It Like to Be a Customer of Your Business?
• Are Your Marketing Communications Consistent?
• ESTABLISHING YOUR BRAND
• FINDING AND FILLING A MEANINGFUL MARKET POSITION
• How Positioning Happens
• WHY IT’S IMPORTANT TO HAVE A GREAT WEB SITE
• A New Business Card Idea
• Advertising
• DEVELOP AN ADVERTISING CAMPAIGN
• Public Relations
• Promotions
• GETTING YOUR WORK PUBLISHED
• Taking the Mystery out of Local Publicity
• Working with Editors
• Become a Local Expert
• Going National
• Submitting Projects
• When the Editor Calls
• Meet the Press: Tips for Preparing a Press Release
• SOCIAL MEDIA MARKETING
• Definitions
• 10 Tips to Make Social Media Work for You
• What Does Social Media Cost?
• SALES AND SELLING
• HOW TO GET STARTED
• Seven-Step Selling Cycle
• After the Sale Follow-Through
• YOUR SALES TEAM NEEDS A STRONG LEADER
• Promotional Ideas
• SUMMARY OF HOW TO BUILD A MARKETING PLAN
• IN CLOSING . . .
• SUMMARY
• REVIEW QUESTIONS
• 11 Professional and Profitable Project Management
• INTRODUCTION
• PROJECT MANAGEMENT FUNDAMENTALS: FROM INFORMATION GATHERING TO VISITING THE FINISHED ROOM
• The Planning and Estimating Process
• The Scheduling and Ordering Process
• The Installation Process
• Postinstallation Review
• Prepare and Review Project Cost Accounting
• SUMMARY
• REVIEW QUESTIONS
• 12 Responsibilities of the Business Owner/Manager
• THE INSTALLATION DELIVERY SYSTEM
• Types of Installations
• JOB SITE DYNAMICS: NEW HOUSE VERSUS OLD HOUSE
• JOB SITE DYNAMICS: SINGLE-FAMILY DWELLING VERSUS MULTIFAMILY
• INSTALLATION SERVICE BUSINESS MODELS
• Model 1: Design Firm with a Project Manager
• Model 2: Design Firm without a Project Manager
• Model 3: Design Firm with Subcontractors
• Model 4: Design Firm Provides Referrals Only
• Model 5: Design Firm Offers neither Installationnor Referrals
• KEY COMPETENCIES OF INSTALLATION SPECIALISTS
• DEVELOPING SUCCESSFUL WORKING RELATIONSHIPS
• Relationship with a Subcontractor/Trade Partner
• SYSTEMATIC APPROACH TO PROJECT MANAGEMENT
• Time Management
• Communication Technology
• A Business Management System
• Gathering Project Details
• Installer/Subcontractor Agreement
• Contractual Agreements
• The Job Progress Management System
• Protecting Your Profits
• ROLE OF A MANFACTURER’S REPRESENTATIVE
• Field Inspection
• Communications
• IMPORTANCE OF JOB COSTING
• SUMMARY
• REVIEW QUESTIONS
• 13 Responsibilities of Designer of Record
• “WIN-WIN” STRATEGY
• DESIGNER’S ROLE DURING PROJECT DOCUMENTATION PROCESS
• Relationship between the Designer and the Installer
• SUCCESSFUL DESIGNERS ARE DETAIL ORIENTED
• UNDERSTANDING CONSTRUCTION CONSTRAINTS
• About the Fit (Relationship between Adjacent Materials and Equipment)
• Impact of an Imperfect Room on the Cabinet Layout
• Accommodating Adjacent Material Overhang Requirements
• SUMMARY
• REVIEW QUESTIONS
• 14 Managing Client Expectations and the Job Site
• UNDERSTANDING “REMODELING FEVER”
• MANAGING THE CLIENT AND THE PROJECT
• Step 1: Organize Team So Each Member Understands Their Responsibility
• Step 2: Forecast the Installation Timeline for the Client
• Step 3: Explain to Clients What to Expect during Remodeling
• Step 4: Have Organized Collection and Staging Areas
• Step 5: Conduct a Pre-construction Conference
• Step 6: Organize the Job Site Project Binder
• Step 7: Have a Plan to Manage Change Orders
• Step 8: Expect a Punch List: Manage the List and the Client
• Step 9: Train Everyone on Your Team in “People Management”
• SUMMARY
• REVIEW QUESTIONS
• 15 Industry Standards for Molding Order Procedures and Cabinet Installation
• ORDERING MOLDING
• HOW TO INSTALL KITCHEN CABINETS
• SUMARY
• REVIEW QUESTIONS
• Index
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