FLOORING INDUSTRY BLOG & NEWS

Running Your Business
by the Numbers

waiting for a call

3 keys to getting your voicemails returned

Why don’t your prospects call you back?  You have a great proposal or bid you want them to hear about or you want feedback on the one you sent. All you get is crickets! The truth.  Your messaging is boring, irrelevant and unoriginal. Ouch!  (It’s true though). Let’s talk about that olde technology, invented by…

briefcase

How to manage your portfolio to optimize profit and cash

Our stock phrase is Revenue is Vanity, Profit is Sanity & Cash is King. We know there can be good revenue and not so good, or bad revenue. GOOD revenue has the characteristics: Sold and delivered CONSISTENTLY Reliable Has the required profit margins Converted to CASH in less than 60 days We can extend this…

repeat 2

Annuity revenues from selling to end-users

One of the most common challenges our commercial flooring customers ask us to help with is the lumpy nature of their business. From a financial context some months (mainly the summer) they do fairly well. Cash is always tight during these months, but profits are acceptable. The problem is that the outcome is significantly reversed…

chicken or egg

What comes first? The salesperson or the pipeline?

Like the proverbial chicken and the egg, the enigma of whether the salesperson creates the pipeline or the pipeline begets a salesperson is a profoundly deep conundrum. You may hold a strong conviction that the salesperson creates their pipeline (especially if you are in sales!) Salespeople opine on the depth of their “relationships” and selling…

Goals

Convert your goals into tangible results

When the word planning is used, the normal association is a process that takes a long time and often has limited results. Having a little planning structure can make the process a lot easier. A goal is a dream with a deadline. – Napoleon Hill The GOST formula is a good way to translate your…

Delight

3 ways to delight your GC

We enjoyed having Jerry Freeman of Spec-Intel on our Flooring by the Numbers LIVE! Show a couple of weeks ago.  If you want to watch the replay you can find it here https://www.youtube.com/watch?v=uJhTifxIn0Q He surveyed many GC’S and asked the question “what are the biggest issues you face in working with your subcontractors” Three things consistently…

buyers (1)

Companies don’t buy floors. People do

In working with over 20 commercial flooring companies we have benchmarked the activities of their salespeople:  Only 6% of their time is spent prospecting for new business.  Nearly 50% of their time is spent tracking, emailing, estimating, and pricing their bids. And then they only win 1 in 5 of those opportunities! Let’s assume you…

ways to grow

4 ways to grow your business

Post pandemic all of us are rebuilding our backlogs and seeking ways to grow our revenues.  What is the best way to do this? There are 4 ways to grow as depicted below: We’ve seen all four strategies deployed.  But it is worth considering the associated risks. One example strategy is to open a new…

Hamster

How to escape the hamster wheel

Do you feel you are running on a hamster wheel or a flywheel? Jim Collins wrote about the flywheel effect in his seminal work “Good to Great”— Pushing with great effort, you get the flywheel to inch forward, moving almost imperceptibly at first. You keep pushing and, after two or three hours of persistent effort,…

Commercial Flooring Headwinds 7 implications

Commercial Flooring Headwinds and 7 Implications for 2021

We have worked and spoken with many commercial flooring companies and identified new business patterns having significant ramifications for owners in 2021 and beyond. Here’s a summary and the 7 biggest implications for your business.   Market Dynamics   1Q 2020 was booming before the advent of Covid.  12 months on and there has been…

carnivore salesman

Are your salespeople carnivores or cannibals?

New sales hires look great on paper.  Their resumes are packed with successes and they are a delight to interview.  You expect your sales to explode after hiring them. Our clients tell us the reality is very different. “How is it we hired 5 salespeople over the last two years and our revenues have remained…

Takeoff 1200x600

Don’t take off on the takeoff. Think about the customer first

This week’s blog is an exciting guest contribution from Jessica Harrison. Jessica is second-generation flooring and part of the leadership team at DCO Commercial Floors.  Her experience is broad and, in this blog, displays her affection for the preconstruction function of the business. There is nothing more exciting to a Preconstruction team than fresh bid…