Kitchen and Bath Business and Project Management

introduction xv Acknowledgements xxi CHAPTER 1 Getting Started 1 Do You have What it Takes? 2 Evaluate Yourself 4 Before You Start 8 Why Many Companies Do Not Make It 10 Avoid These Common Mistakes 11 Getting Help from Advisors and Mentors 12 Summary 12 Review Questions 12 CHAPTER 2 Planning Your Business 15 What Type of Kitchen and Bath Business are You Going to Operate? 15 Your Business Selection Criteria 17 Deciding on the Right Business 17 Choosing a Name for Your Business 18 Stages of Company Growth 18 Short- and Long-Term Planning 20 How to Create a Strategic Business Plan for a Kitchen/Bath Dealer 21 Researching the Market 33 Preparing Your Business Plan 35 Reviewing Your Plan 40 Summary 40 Review Questions 41 CHAPTER 3 Business Start-up Issues 43 Choosing the Business Legal Structure 43 Other Requirements and Considerations 50 Location, Location, Location 51 Financing the Business 55 A Look at Taxes 60 Selecting Vendor Partners 61 Buying Groups--Sharing Expertise 63 Joining the Business Community 64 Taking Advantage of Outside Help 65 Summary 66 Review Questions 66 CHAPTER 4 Accounting and Record Keeping 67 Why You Need to Keep Good Records 69 Establishing Bookkeeping Procedures 70 Choosing an Accounting System 70 What to Keep Track of 71 Accounting Software for Your Business 73 Record-Keeping and Administrative Needs 74 Hiring an Accountant or Bookkeeper 76 Budgeting for Profit and Cash Flow 76 Summary 83 Review Questions 83 CHAPTER 5 Financial Controls 85 Understanding Financial Statements 85 Chart of Accounts 86 Balance Sheet 95 Cash Flow Analysis 98 Financial Ratio Analysis 103 Gross Margin 105 Ideas on How to Improve Gross Margins 108 Summary 120 Review Questions 120 CHAPTER 6 Protecting Your Business 121 Business Legal Structure 122 Professional Advice 122 Contractual Agreements and Personal Guarantees 122 Extension of Credit to Your Customers 123 Copyrighting Your Drawings 123 Developing an Insurance Program 124 Protecting Your Business from Theft 129 Summary 130 Review Questions 130 CHAPTER 7 Basic Tax Management 131 Small Business Tax Management 131 Special Rules for Small Businesses 132 Tax Responsibilities 134 Specific Substantiation Requirements for Certain Expenses 134 Hints on Preventing an Audit 135 Help from the IRS 135 Other Taxes 136 Summary 137 Review Questions 137 CHAPTER 8 The Basics of Human Resource (People) Management 139 The Broad Picture of Human Resources 141 Future Human Resource Trends 142 Determining Your Needs 144 Deciding on the Right Compensation System for Your Sales Team 151 Examples of Compensation Plans 155 Resourceful Recruiting 159 Narrowing Down the List: Applications, Résumés, and Testing 162 Art of Interviewing 164 Making the Final Hiring Decision 167 Summary 171 Review Questions 171 CHAPTER 9 Human Resource Management--after the Decision Is Made 173 The Orientation Period 173 Training and Development 175 Policy and Procedures Manual 177 Creating an Employee-Friendly Work Environment 180 Alternate Working Arrangements 181 Keep Tabs on Company Morale 182 Conduct Regular Meetings 182 Measuring Employee Performance 184 Developing Disciplinary Procedures 188 Defining at-will Employment 189 Terminating an Employee 189 Termination for "Just Cause" 190 Summary 208 Review Questions 208 CHAPTER 10 Marketing 209 Marketing and Sales are not the Same 210 The Big Picture: The Marketing "Wheel of Fortune" 210 Make the Time 214 Your Marketing Plan and Budget 215 Marketing Budgets 217 Knowing Who Your Customers are 222 Are You Offering the Right Product/Service Package? 224 Knowing Who Your Competitors are 227 Business Image and Branding 230 Establishing Your Brand 235 Finding and Filling a Meaningful Market Position 236 Why It's Important to Have a Great Web Site 237 Develop an Advertising Campaign 238 Getting Your Work Published 240 Social Media Marketing 244 Sales and Selling 247 How to Get Started 247 Your Sales Team Needs a Strong Leader 254 Summary of How to Build a Marketing Plan 256 In Closing 257 Summary 258 Review Questions 258 CHAPTER 11 Professional and Profitable Project Management 259 Introduction 259 Project Management Fundamentals: From Information Gathering to Visiting the Finished Room 260 Summary 265 Review Questions 266 CHAPTER 12 Responsibilities of the Business Owner/Manager 267 The Installation Delivery System 267 Job Site Dynamics: New House versus Old House 268 Job Site Dynamics: Single-Family Dwelling versus Multifamily 269 Installation Service Business Models 269 Key Competencies of Installation Specialists 271 Developing Successful Working Relationships 272 Systematic Approach to Project Management 274 Role of a Manfacturer's Representative 286 Importance of Job Costing 288 Summary 289 Review Questions 289 CHAPTER 13 Responsibilities of Designer of Record 291 "Win-Win" Strategy 291 Designer's Role during Project Documentation Process 292 Successful Designers are Detail Oriented 293 Understanding Construction Constraints 293 Summary 311 Review Questions 311 CHAPTER 14 Managing Client Expectations and the Job Site 313 Understanding "Remodeling Fever" 313 Managing the Client and the Project 314 Summary 331 Review Questions 331 CHAPTER 15 Industry Standards for Molding Order Procedures and Cabinet Installation 333 Ordering Molding 333 How to Install Kitchen Cabinets 336 Summary 344 Review Questions 344 index 345