Hardwood Floors October/November 2024

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“Hiring is key. You know what your staff structure needs to look like, but the sequencing of who you hire, when you hire, and staying ahead of costs and revenue while you are growing is the most significant factor when it comes to getting through those middle years of your business.” – Doug Howard NWFA Real Answers – NWFA Leadership Summit – Increasing Your Profitability in 2024 and Beyond

“You need to be competitive and operate efficiently. You also have to know when to grow your business. A lot of people grow just because their sales have increased, but they forget that they're getting paid perhaps every 60 or 90 days. If they don't have the cash to support that cost of capital, they are setting themselves up for failure. Before you grow, you need to make sure you are sustainable and that you grow strategically. So many people have grown themselves right out of business. People think the startup phase is the toughest, but growth is harder.”

– Lynette Watson NWFA Real Answers

“Everyone should have a business plan, but also remember that it is an evolving piece of

– Outpacing the Competition: Growth and Financial Mastery for Wood Flooring Businesses

your business. We recommend that you dust off your company's business plan and take a look at it every year, as it will need to be modified. Operations change, your needs change, and your business's clientele may change. All of these things are vital to your business and how you operate it, so you have to make sure you keep it up-to-date.” – Thomas Yochim NWFA Real Answers – Small Business Administration Basics and the NWFA Small Business Workshop

“Common problems I see on jobsites revolve around

contractors being forced to start work before the material is acclimated. I see general contractors and designers pressuring them to push the job forward. It's a real struggle to watch guys get stuck in that position. It's really important not to get pushed around. I also get a lot of homeowner calls from people trying to go around their contractor, which is also extremely frustrating.”

– Sean James NWFA Wood Talk – A Conversation with Sean James of Pallmann

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