Starting 2015 The Right Way
Prepare for a Busier Framing Season
As we wrap up 2014, there are many signs that the upcoming year will be one of improved sales for our industry. At KB Consulting, we worked with dozens of framers who experienced more consistent sales in 2014, and the outlook for 2015 is more of the same as consumers continue to show more confidence in the economy.
All good news, but are you ready? It’s been awhile since most frame shops have been consistently busy. Staffs have been reduced, procedures may not be as sharp and deadlines may not be honored like they once were.
If your shop gets busier, are you ready?
Ways To Help You Meet Increased Demand:
- Create a budget for income and expenses for every month and then record your actual income and expenses next to your projections. Why? Doing this forces you project what could very well happen this year based on 2014 results and changes your anticipate for 2015. Posting actual results as 2015 progresses lets you understand the reality and make timely changes based on what is happening. Doing this can help you make the decisions needed to increase your profitability.
- Determine the number of projects your team can produce per day, week and month. Knowing this will help you understand if you have enough manpower to meet increased demand. A simple way to do this is to take your planned monthly sales and divide them by your average ticket. This will give you a rough idea of how many projects you do per month. Time studies we conduct show that an average project takes about one hour to complete (this varies of course by the type of project, but we are keeping it simple here). Now look at how many hours you have scheduled to complete the number of projects you will be producing. Is it close to the number of projects you expect to have?
- Get everyone on the same page. If you determine you need more help, then giving new team members the best chance to be successful is critical. That means you must have a company manual and a training program in place before you hire additional help. If you need a company manual our template for framers can help you do this in just a few hours. Need a sales training manual? We’ll have that for you too- a new complete training manual will be introduced at WCAF.
Are You Pricing Correctly?
Being profitable in custom framing means having the right pricing strategy. A correct pricing strategy is one based on your individual company expenses and income. If you don’t have the right pricing, you won’t make money- it’s just that simple. In 2014 we helped dozens of LifeSaver POS customers maximize their profits. The average framer improved their profits by 8%! That’s $8,000 that was added to the cash flow of a frame shop selling $100,000 in custom framing. We do all the work remotely. Could you use some extra money for your hard work? Check out our program.
2015 West Coast Art & Frame Conference
Hard to believe, but it’s almost here again. I’ll be presenting the seminars listed below. Will I see you there?
Total Business Makeover (P3030)
Monday January 26th: 9 a.m. -12 p.m.
Does your store need a makeover? Join Ken Baur and Meg Glasgow in this fast-paced, informative presentation of great, creative ideas that are easy to implement without spending a lot of money. These strategies include many of the concepts used by Ken and Meg at the winner of the Tru Vue Complete Store Makeover contest, Fourth Corner Frames in Bellingham, WA. From start to finish, Ken and Meg will show you lots of quick, realistic changes you can make that will have an immediate impact and get you started on your own total business makeover. Compliments of Tru Vue.
Things Your Accountant Won’t Tell You About the Framing Business (P3020)
Monday January 26th 3:30 p.m.- 5:30 p.m.
Are you as profitable as you’d like? If you’re relying on your accountant to know exactly where your business stands, you may be missing out on the bigger picture. Few businesses combine retailing and manufacturing like a frame shop does. Ken will walk you through profit margins, pricing, salary costs, marketing investments, and much more while identifying key challenges unique to the framing industry. Sponsored by Larson-Juhl.
Creating the Perfect Team (P3028)
Tuesday January 27th 9 a.m.- 11 a.m.
Many owners challenge themselves by taking on too much. They focus on business basics while trying to handle production at the same time without preparing employees to successfully handle their responsibilities. Join us as we discuss proven tactics for strategically hiring, training, and empowering team members to reliably grow your business.
Understanding Your Customer: The Psychology of Selling (S595)
Tuesday January 27th 1 p.m.- 3 p.m.
Have you ever noticed how the sales process with certain customers may come easier than others? Personality type often plays a very large role in your ability to sell effectively, particularly when working with custom designed products. This session will show you how to identify each type of distinctive personality you may encounter. Ken will also show you the challenges facing the industry and why they exist. Sponsored by Kool Tack.