FLOORING INDUSTRY BLOG & NEWS
Running Your Business
by the Numbers
Are You Losing the Bidding War
We have seen the big bid death spiral play out in multiple flooring companies. It goes like this: Salespeople default to the easiest option for new work. They go to the bid board. This creates the bid frenzy death spiral: 1. Owner: “We need more work as our existing accounts have shrunk” 2. Salesperson: Goes to…
How to win and deliver more of your large job opportunities
On this week’s episode of Flooring by the Numbers LIVE! Show we discussed the importance of taking a strategic approach to winning and then successfully delivering large jobs. Our simple definition of a large job is one that represents as much as 50% of your net profit. If your net profit is $1million then a…
Sales is a verb not an adjective
We learned this at school: A verb is a doing word. An adjective is a describing word. Many people describe themselves as “being in sales”. They aren’t. Rainmakers “do” sales. Sales is a verb. It means to take action and sell stuff. It does not mean passively scanning the bid board and lobbing a job…
Listen First. Speak later
When we observe salespeople engaging with potential customers we often find salespeople do most of the talking They like to tell the customer about their company and what they do. This behavior is telling rather than selling. And there is a place for this in the right context. You will be more persuasive if you…
The secret to solving the underbilling nightmare
Last week we spoke about the problem of underbillings. We identified several reasons why this happens but primarily the root cause is a lack of attention and will to bill effectively and in a timely manner. Many salespeople believe it to be a chore. The greater the chore the more we just want to get…
Are you overworked and underbilled?
In this week’s Flooring by the Numbers LIVE! Show, (watch the replay here) we discussed how important it is to have lean mean balance sheet machine and minimizing working capital. A key component of working capital is underbillings. Specifically this work that has been performed but has not yet been billed. Hence the title of…
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…
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…
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…
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…
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…
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…