Kitchen & Bath Business Project Management, Second Edition is a comprehensive guide to professional practice for the kitchen and bath professional. This one-stop reference is based on the real-world experiences of kitchen and bath experts to ensure success in business and professional life. Kitchen & Bath Business Project Management, Second Edition is illustrated in full color throughout with improved graphic design so that visual learners can easily absorb both technical and professional practice information. This book also includes access to a companion website with easily customizable forms for increased efficiency, and an Instructor s Manual.
A comprehensive guide to operating a kitchen and bath firm and completing projects successfully Combining Kitchen & Bath Business Management and Kitchen & Bath Project Management, this is a definitive guide to professional practice for the kitchen and bath industry. The book shares winning strategies for achieving business goals and avoiding common pitfalls in running a firm. It offers vital project management guidance on product installation, estimating, and the people skills needed to handle both tradespeople and clients. The book also features access to a companion website with customizable forms and an instructor's manual. Kitchen & Bath Business and Project Management is one of a series of volumes in the National Kitchen & Bath Association's Professional Resource Library. As the only not-for-profit trade association dedicated exclusively to the kitchen and bath industry, the NKBA is the leading source of information and education for professionals. Essential information on: Business Management * Business Plans * Financial Controls * Human Resources * Vendor Selection * Branding and Marketing Project Management * Project Preparation * Project Scheduling * Preinstallation Conference and Checklist * Realistic Product Expectations * Managing the Jobsite
introduction xv
Acknowledgements xxi
CHAPTER 1 Getting Started 1
Do You have What it Takes? 2
Evaluate Yourself 4
Before You Start 8
Why Many Companies Do Not Make It 10
Avoid These Common Mistakes 11
Getting Help from Advisors and Mentors 12
Summary 12
Review Questions 12
CHAPTER 2 Planning Your Business 15
What Type of Kitchen and Bath Business are You Going to Operate? 15
Your Business Selection Criteria 17
Deciding on the Right Business 17
Choosing a Name for Your Business 18
Stages of Company Growth 18
Short- and Long-Term Planning 20
How to Create a Strategic Business Plan for a Kitchen/Bath Dealer 21
Researching the Market 33
Preparing Your Business Plan 35
Reviewing Your Plan 40
Summary 40
Review Questions 41
CHAPTER 3 Business Start-up Issues 43
Choosing the Business Legal Structure 43
Other Requirements and Considerations 50
Location, Location, Location 51
Financing the Business 55
A Look at Taxes 60
Selecting Vendor Partners 61
Buying Groups--Sharing Expertise 63
Joining the Business Community 64
Taking Advantage of Outside Help 65
Summary 66
Review Questions 66
CHAPTER 4 Accounting and Record Keeping 67
Why You Need to Keep Good Records 69
Establishing Bookkeeping Procedures 70
Choosing an Accounting System 70
What to Keep Track of 71
Accounting Software for Your Business 73
Record-Keeping and Administrative Needs 74
Hiring an Accountant or Bookkeeper 76
Budgeting for Profit and Cash Flow 76
Summary 83
Review Questions 83
CHAPTER 5 Financial Controls 85
Understanding Financial Statements 85
Chart of Accounts 86
Balance Sheet 95
Cash Flow Analysis 98
Financial Ratio Analysis 103
Gross Margin 105
Ideas on How to Improve Gross Margins 108
Summary 120
Review Questions 120
CHAPTER 6 Protecting Your Business 121
Business Legal Structure 122
Professional Advice 122
Contractual Agreements and Personal Guarantees 122
Extension of Credit to Your Customers 123
Copyrighting Your Drawings 123
Developing an Insurance Program 124
Protecting Your Business from Theft 129
Summary 130
Review Questions 130
CHAPTER 7 Basic Tax Management 131
Small Business Tax Management 131
Special Rules for Small Businesses 132
Tax Responsibilities 134
Specific Substantiation Requirements for Certain Expenses 134
Hints on Preventing an Audit 135
Help from the IRS 135
Other Taxes 136
Summary 137
Review Questions 137
CHAPTER 8 The Basics of Human Resource (People) Management 139
The Broad Picture of Human Resources 141
Future Human Resource Trends 142
Determining Your Needs 144
Deciding on the Right Compensation System for Your Sales Team 151
Examples of Compensation Plans 155
Resourceful Recruiting 159
Narrowing Down the List: Applications, Résumés, and Testing 162
Art of Interviewing 164
Making the Final Hiring Decision 167
Summary 171
Review Questions 171
CHAPTER 9 Human Resource Management--after the Decision Is M
Kitchen & Bath Business Project Management, Second Edition is a comprehensive guide to professional practice for the kitchen and bath professional. This one-stop reference is based on the real-world experiences of kitchen and bath experts to ensure success in business and professional life.