Kitchen & Bath Design News

MAY 2015

Kitchen & Bath Design News is the industry's leading business, design and product resource for the kitchen and bath trade.

Issue link: http://kitchenbathdesign.epubxp.com/i/514365

Contents of this Issue

Navigation

Page 23 of 77

22 | Kitchen & Bath Design News | May 2015 financial nirvana without precise planning and automated systems to achieve it? Or are we just "too busy," perhaps too lazy, or, worse, too arro- gant to put in the time? For sure, we haven't gotten strong- er yet, generating multiple years of 8-10% pretax net profts (after own- er's market-rate salary), accumulating at least 12 months of fxed expenses and parking those dollars in a liquid investment portfolio (separate from retirement accounts) for ready access. Do we really still think that our cur- rent business models can generate that level of proftability year after year, re- gardless of the economic roller coaster, and become enduringly successful op- erations for decades on end? And we haven't engaged industry- specifc business coaches to help zoom in on our operations and intimately advise us how to gen- erate positive ROLs. Do we really think we can do this ourselves when those thousands of kitch- en/bath owners couldn't see the fatal faws in their own business models? Or couldn't strategize a successful course for their opera- tions to follow with the market reversals that precipitated the Great Recession? These owners simply lacked the perspective to see the problem and execute the correct remedial action. Was it just their foolish pride that prevented them from actively seeking third-party assistance? Is that also what's holding back owners today? At least for most of us, none of this – getting smarter, better, or stronger – has happened as yet. That's because we are "too busy" riding the wave of a posi- tive economic sea at the moment. Ours is a creative indus- try that hasn't come close to reaching its revenue and proft potential because dealer/own- ers haven't managed their luck very well. Of all the luck we can get, Collins reports that the most critically important luck is "peo- ple luck." The luck of fnding the right teammate, manager, coach, peer group or advisory board is key. The best way to discover a strong current of good luck – to earn a great ROL – is to bring on board the best skilled, most committed people to help crew your boat. People who would rush to your business to help save it, and for whom you would do the same. All you have to do is fnd them. They are out there. And now is the best time to do it, while the industry's swell of prosperity is still on the rise. Ken Peterson, CKD, LPBC, is presi- dent of the Chapel Hill, NC-based SEN Design Group. For more info about this topic, please contact Peterson at 1-800-991-1711 or kpeterson@sendesign.com. Peterson also welcomes com- ments, questions or concerns. Bettering Your Bottom Line { Ken Peterson, CKD, LPBC } www.kartellbylaufen.com Laufen Bathrooms North America 7610 NE 4th Court, Suite 104 • Miami, FL 33138 • Tel: 866.696.2493 • usa@laufen.com • www.us.laufen.com Circle No. 14 on Product Card

Articles in this issue

Links on this page

Archives of this issue

view archives of Kitchen & Bath Design News - MAY 2015