It’s frustrating when the numbers just don't add up, and the profit margins seem slimmer than a saw blade.
The stress and frustration of scraping by can make even the most seasoned cabinet maker question their sanity.
So, I've teamed up with the one and only Brandon Neely to bring you five game-changing steps to make more money and reclaim peace of mind.
Brandon is a published author of "Five Smooth Stones" - a Financial Centering Journal where he shares exercises based on proven financial strategies. His approach draws upon the work of Mike Michalowicz since Brandon is a certified Profit First Professional.
Read on and discover how to boost profits in your cabinet shop while keeping your sanity intact.
The Profit First is a comprehensive cash management system - but for some folks, it can feel a bit too much to start with.
That's why Brandon came up with the 5-Step S.T.I.L.L method.
While inspired by The Profit First method S.T.I.L.L is a simplified yet effective approach to regain control of your finances without all the overwhelm.
S.T.I.L.L lets you take a moment to step back, reflect, and chart out your path forward in a way that makes sense for you. So here are the five steps.
Alright, let's kick things off with step number one: set your sights.
That means having a clear goal.
Sounds simple but it can make all the difference in the world.
So ask yourself: what's your goal?
Whether it's a dream vacation to Disney World or something as simple as making more money, it's important to know what you're aiming for.
Because no one's gonna tell you what you should aim for.
So, take a moment, sit down with a cup of coffee (or two), and really think about it.
What do you want?
What's that big, audacious goal that's gonna keep you motivated even when times get tough?
Because once you've got that goal locked in, everything else finds a way to fall into place.
Maintain a clear understanding of your business's financial health.
You need to diligently track both income and expenses.
This level of financial awareness enables informed decision-making and helps mitigate cash flow challenges.
So track financial metrics - whether it's through accounting software, spreadsheets, or hired financial professionals.
By regularly monitoring financial performance, you can identify trends, spot potential issues early, and make proactive adjustments to stay on course toward your goals.
You also need to inspect progress toward your business objectives.
This means more than just looking at numbers.
Take account of operational efficiency, customer satisfaction, and strategic alignment.
Regular check-ins will allow you to evaluate whether your actions are yielding desired results, so you can identify areas for improvement.
Set aside dedicated time for reflection and analysis, whether it's through weekly meetings, monthly reviews, or quarterly assessments.
Alright, let's dive into step number four: Look For 1% Adjustments.
Why just 1%?
Shouldn't you be aiming for the stars?
Well, making 100% changes can be a bit like building a sandcastle too close to the ocean.
It might look impressive for a minute, but then the tide comes in, and poof, it's gone.
Instead, focus on those tiny, seemingly insignificant 1% adjustments.
Why? Because they stick.
With my coaching clients, we focus on making a simple adjustment every week.
And guess what?
By the end of the year, that business owner has made 52 small changes – one for each week.
Sure, they might seem tiny at first, but when they look back they realize they’ve made huge leaps.
It's like fine-tuning a cabinet: you got to make sure every angle is just right.
Because even the slightest measurement off can throw the whole thing out of whack.
So, let's embrace those 1% adjustments because over time they do add up.
You can’t just set a goal and forget about it.
You gotta keep coming back to it, checking in on progress, and make those necessary tweaks along the way.
Constantly ask yourself:
"Are you on track? What do you need to do next?"
Operating without a plan is a disaster waiting to happen.
And speaking of disasters, ever seen a house built without plans?
Yeah, those things are called slums for a reason.
So, we need that solid foundation to build upon.
Many business owners risk everything because they don’t build a stable financial foundation.
So, take the time to build it, so that you can go faster and further than you ever thought possible. It's all about setting yourself up for success, one deliberate step at a time.
For more insights on how to increase profits in your cabinet shop listen in to the full episode of The Cabinet Maker Profit Systems podcast with Brandon Neely.
Show Notes:
Guest Bio:
Brandon Neely - Co-Founder and CEO, Wealth Wisdom Financial
Brandon Neely is a seasoned Cash Flow Specialist with over 6 years of experience at The Wealth Wisdom Financial. He’s also trained in The Profit First cash management system by Mike Michalowicz.
And while he now leads a financial firm, he's not a stranger to “hands-on” work. In the past, he has installed cabinets with his father-in-law and even owned a coffee shop. He believes that just as you need a plan for crafting great cabinets, you also need one for your finances.
Key Points:
The 5-Step S.T.I.L.L method: a simplified cash management approach inspired by The Profit First system
- Why you shouldn’t put off financial planning until after you win the lottery
Step #1. Set Your Sights:
- Importance of setting clear goals for financial success
- How to “slow down to speed up” when creating financial plans
Step #2. Track Your In And Out:
- How to track both income and expenses to gain more control over your cabinet business
Step #3. Inspect Your Progress
- How to evaluate progress towards your business goals
Step #4. Look For 1% Adjustments
- The power of making 1% adjustments for long-term profitability
Step #5. Living Deliberately:
- The key for seeing BIG goals to the end
- The 20-minute exercise to start running your business on purpose
- The crucial role of scheduled thinking time
- How to deal with the GUILT of making a profit
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