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IWF Education: Understanding the True Costs of Running a Business

27. May 2020 15:26
       

By: Chris Zizza, NWFA Chairman of the Board & President of C&R Flooring

Most wood flooring professionals are highly skilled individuals who perform a variety of hands-on tasks every day.  They might be completely comfortable designing and installing a complicated parquet wood floor, or restoring a wood floor that has been damaged by water, or disassembling and repairing a big machine, but they might not be as comfortable with other aspects of their businesses that are equally as important.

Administrative tasks are just one example.  They are not a lot of fun, but they are crucial in running a successful business.  This can include things like interviewing and hiring employees, scheduling appointments, and handling company finances.

Other tasks are not as obvious, but are critical to achieve real profits.  In our industry, this can include things like calculating labor costs, overhead, annual expenses, administrative costs, travel, and materials on every job, and including those costs in every bid.  Without doing so, it is nearly impossible to achieve real profits for your business.

Whether you’re a specifier, a sales professional, or an installer, mastering the behind-the-scenes skills will help ensure you position your business for growth and profits.  They are just as important as the hands-on skills we bring to the job every day.

Learn more about this topic during Chris's presentation at the Wood Flooring Symposium during the IWF 2020 Education Conference.

 
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