Fred Reikowsky explains how to strengthen a K&B operation.
By Loren Kessell
Owning a kitchen and bath business can be rewarding and challenging, but it doesn’t need to involve strenuous or unreasonable sacrifice. Establishing boundaries is important for business growth, longevity and overall wellness.
Fred Reikowsky, a Certified Professional Business Coach and Principal of Legacy Business Leaders LLC, was previously a kitchen and bath specialist. He now works with business owners in the industry to help them achieve key business disciplines for long-term profitability. During KBIS Virtual he presented “The Five Functions of a Successful Kitchen and Bath Business.”
1. Purpose
“In life, it’s important to establish why we’re doing something,” says Reikowsky. “This principle holds true for managing a business as well, and a company needs its ‘why’ to build its foundation for everything else.” Reikowsky calls out the “zone of creative tension,” and this is what happens when business owners start to embark on their journey to change practices. Good leaders must become accustomed to discomfort in this zone in order to begin working on the foundation. He points out how people’s success is determined by how they respond to creative tension.
Establishing purpose means taking inventory and determining the following core four topics: 1) What do we stand for? 2) Vision, 3) Mission and 4) Goals. Employers and their employees need to establish this so those who join them have a clear understanding of expectations and what is considered a win.
2. Leadership
Though it may seem obvious, it means more than what people initially think. Being a good leader means more than simply delegating and expecting work to be completed. It means becoming someone who is impactful and influential, while considering all aspects of the job — including employee wellness and growth.
Reikowsky notes that a good leader fosters an environment where people willingly choose to follow without being asked, and then they willingly contribute to the greater good of the organization. He also listed the four main attributes a leader needs: 1) Awareness, 2) Trust, 3) Unconditional Respect and 4) Steadfast Resolve. Anyone in this role needs be observant and trust their employees while also knowing when it’s time for the tough conversations.
3. Own Your Numbers
“Your business should be working for you — not the reverse,” Reikowsky says.
Finances can be stressful for many during business ownership, but Reikowsky provides ways to track spending, profit and more to successfully earn money and track monetary goals. Successful businesses should have a net profit goal, a target gross profit, overhead budget, a revenue goal and a key performance indicator (KPI) dashboard to measure results. Establishing these numbers and properly tracking them leads to the overall goal of defending profit.
4. Get Organized
Creating roles and responsibilities that are clear and easy to understand is essential for a business to properly function. When hiring someone or guiding current employees, a leader needs to provide someone with a trajectory and an explanation of how that person fits into the framework of the company.
Reikowsky suggests setting up a clear organization chart for best delivery of results, job descriptions focused on results, trade partner agreements, a detailed employee handbook and documented systems. “Help your employees see and understand your vision so they know where you’re going and how they can help you get there.”
5. People
Without dedicated employees, a company cannot operate to its fullest potential. The first step is to interview for character and attitude, followed by competence. The candidate should also be selfless and someone who is an independent thinker with “people smarts.” A good candidate also is a great problem solver and constantly thinks ahead.
The next step is to identify staff and explore how to help them grow, or as Reikowsky says, get them in the “right seats.” Shift people around based on where you see them excelling and growing and challenge them to broaden their scope.
“If they love doing something and they’re ultra-productive at it, put them in that role and get out of their way,” Reikowsky says.
Integrating these principles means every action has one goal and thinking globally. What is put into motion trickles down throughout the company.
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