Alter Mindset to Grow Your Kitchen and Bath Firm, Consultant Says

Alter Mindset to Grow Your Kitchen and Bath Firm, Consultant Says

Being a successful kitchen/bath industry entrepreneur in the 21st century requires some shifts in the basic way most business professionals think. So says personal and business success coach Patricia O'Malley, who offers the following suggestions, aimed at changing the basic mindset of most kitchen/ bath retailers:

  • Rather than being revenue- and growth-driven, shift to being profit-driven. "What you take home at the end of the day is what your business is really worth," O'Malley observes. "Bringing in $700,000 this year is not that impressive if you spend $695,000 making it. Rely on profits to make improvements and promote growth instead of going into debt to do this."
     
  • Rather than being driven and stressed, shift to being energized. "Look at where you're getting your basic needs met," says O'Malley. "Do you have energy for other things and other people in your life, or does your business consume all of your hours and all of your energy? Being consumed by the business is often a signal that you're counting on the business to meet all your needs: for accomplishment, recognition, creativity, sense of community, etc. Once you have your basic needs met, you can focus on the customer's needs, which will make buying from you much more attractive."
     
  • Rather than operating on the edge, shift to having financial reserves. "Too many retailers are using the deposit on the newest job to pay for jobs already installed, instead of holding that deposit in escrow to pay for the job currently being performed," O'Malley notes.
     
  • Shift from working in your business to working on your business. When you work in your business, you're the 'go to' guy, the problem solver. You do everything, and your energy, time and creativity are constantly in demand," O'Malley says. "When you shift to working on your business, your employees are empowered, and you provide leadership. You do what you do best and you trust your employees to handle everyday problems as they occur."

    O'Malley adds: "When you're the only problem-solver in a business, it takes a psychic toll. Because all of the problems come to you, you see nothing but problems constantly. Before long, you can get the idea that everything is going wrong with your business, because you never see the things that go right."

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