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4 Key Strategies to Create Abundance as a Home Improvement Contractor

Have you ever asked yourself this question: “What am I doing all of this for?” All too often, entrepreneurs can get caught up in the day-to-day challenges of running a business and lose sight of the most important aspects of the journey.

We take on the challenge of building a business because we’re passionate about what we do, and we all know the sacrifice that it takes.  We all know the dedication that is required, when no one is watching, to launch, sustain and grow an enterprise.

But at the end of the day, what ARE you doing all of this for?

Is it to simply “have a job”?  Is it just to SAY you’re a business owner?  Of course not.

The reason we fight every day is to create VALUE.  Or better said, from my perspective, it is to create ABUNDANCE.

It is to create resources for ourselves, and for our families. It is to create the wealth  that provides us with the time to have a more engaging and fulfilling life. It is to create the abundance that allows us to GIVE.  Give to others. Give to our community. Give to our family.

One of the biggest challenges to small business owners, is to keep our eyes on the strategic part of this mission. Like I said, we all get caught up in the day-to-day challenges, but what I want to encourage you to do is to keep an eye on your overall strategy.

You must have a goal, or a target. You must have a mission in mind. And your strategy is the gameplan you execute to get there.

Here are some questions you might have:

  1. How can I keep my “eyes on the prize”?
  2. What strategies can I focus on to build wealth and abundance?

There are quite a few answers we could discuss, but for now, I’d like to offer you four key strategies.

Key Strategy No. 1:  You MUST Have Financial Discipline

Sounds pretty basic, right? You would be shocked how many home improvement companies do not keep accurate and up to date financials. (Or wouldn’t you?)

Producing financial statements for your business is absolutely critical. At the end of the day, your profitability is what determines whether your business will survive long-term, produce the wealth and resources that allow you to improve the quality of life for yourself and your family, and service the homeowners who have entrusted their projects to you.

And there are a lot of variables that go into your profits, aren’t there?

  • Product and install costs;
  • Cost of lead generation;
  • Commissions;
  • Service and repairs;
  • Rent and utilities;
  • Insurance, and;
  • Etc…

A detailed and accurate financial statement is what gives you a representation of the financial health of your business. But what do I mean by “financial statements”?

Without getting too far into the weeds, I am essentially talking about a budget.

You must prepare a budget for your business, preferably on an annual basis, and you must be able to compare the real financial results you produce, to the budget (plan or “pro forma”) that you created in advance.

This comparison helps you to make critical decisions about your business, before it’s too late.

What’s too late?  Here’s an example: When you realize that you’ve been spending more than you’re earning for the past year, and you suddenly owe more than you’ve got in the bank!

Have you ever been in this position? Do you really know that you’re producing consistent profits?

Tips to Establish Financial Discipline

  1. Create an annual budget, right now. You must forecast your sales and expenses for the year.
  2. Keep regular financial records. If you’re not comfortable doing this in-house, hire an accountant. They’ll give you a list of information that must be supplied on a monthly basis, and produce the statements for you.
  3. Do a financial review once per month, or minimally once per quarter.

Again, I know. Sounds pretty basic, right? But believe me, unless you’re committed to this process, and your monthly/quarterly review, you’re steering your ship with a blindfold on.

Commit to These Principles

  1. I MUST have an annual budget for my business.
  2. I MUST produce financial reports for my business every month.
  3. I MUST review financials monthly or quarterly.

Once you do this, not only will you be able to make critical decisions to consistently better your business, but you’ll also sleep much better knowing that your business is heading in the right direction.

Stay tuned for the remaining three keys next month.

Ed Kalaher is the president and CEO of Window Depot USA in Canfield, Ohio.

Source

https://www.dwmmag.com/4-key-strategies-to-create-abundance-as-a-home-improvement-contractor/

Kitchen Home Improvement

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This kitchen renovation created a place of refuge

In an ordinary Victorian row house in a modest corner of Toronto’s west end is a place filled with profound meaning for the five teen refugees and two house-parents — themselves former refugees — who live there.

It is the newest of four homes operated by Matthew House, Refugee Reception Services, Toronto. The non-profit agency offers safe, supportive shelter and a sense of family — for teens who come on their own — from far-away countries such as Eritrea, Zimbabwe, Afghanistan and Sudan.

“They need that desperately,” says Karen Francis, executive director of Matthew House (matthewhouse.ca). “Unlike sponsored refugees, there is no one waiting for these kids at the airport. Many who reside at these homes were wandering the streets unsure of where to go, who to connect with, what to do.”

The entire home, which had been purchased by a community partner in the fall of 2017 in the city’s Little Portugal neighbourhood, required some work before it could open this past December. But no room was in as much need of renovation as the kitchen, which Francis hoped would be the heart of the home.

Francis called interior designer Danielle Nicholas-Bryk, of Studio Nicholas, who had already worked on the redesign of another Matthew House location. That experience taught her how important a simple kitchen reno could be.

“Every day at lunchtime these incredible smells would start wafting down,” Nicholas-Bryk explains. “It was a home-cooked meal prepared by volunteers. All the residents, the staff — everybody — sat down at this massive, beautiful table and shared a meal. That’s when I realized they were creating a family for people who had left theirs behind, and really understood why the kitchen is a great place to start.”

From left, Matthew House executive director Karen Francis with designers Samantha Pynn and Danielle Bryk who created the revamped kitchen and forged partnerships with companies to donate the needed materials. ‘Everybody got so excited, and went right to work,’ says Pynn.  (Vince Talotta / Toronto Star)

A subway tile-design, in Senio Earth tiles donated by Ceragres, was used for the backsplash.  (Vince Talotta / Toronto Star)

Alarmed but undaunted by the short, weeks-only timeline, Nicholas-Bryk contacted fellow designer Samantha Pynn, whom she knew from working together on HGVT’s “Home to Win” series.

Pynn reacted by calling the schedule “bonkers,” then quickly brought on board Ikea, who donated much of the material. “They immediately agreed to help, and said it was right up their alley,” says Pynn. “Everybody got so excited, and went right to work.”

The cosmic laws of renovation being what they are, what was supposed to be merely a cosmetic kitchen refresh hit a few bumps; upon taking down existing cabinets it became clear that a gutting would be needed in order to move mechanicals, and that fumigation was also required.

Nicholas-Bryk then turned the cramped L-shaped space into a bright, storage-rich galley kitchen that could accommodate up to eight people.

Cabinetry is a mix of Ikea’s Ringhult — which also fronts the dishwasher — in a glossy, highly reflective white, and Kungsbacka, a new line made entirely from recycled plastic bottles and reclaimed industrial wood, executed in a flat anthracite.

“The flat slab is easy to clean, and it’s very urban — and this is an urban home,” says Nicholas-Bryk, adding that uninterrupted lines in neutral tones make the space feel larger and more open.

Ringhult cabinetry, including drawer organizers for the renovated kitchen in Matthew House’s newest location, were donated by Ikea.  (Vince Talotta/Toronto Star)

Counters are Artisan Grey quartz from HanStone and Ceragres Senio Earth tiles were used for the backsplash. Both were donated.

On the opposite wall, a colour-soaked piece donated by Toronto-based digital painter Alan McKee provides a cheerful focal point.

The floor is a patterned rubber for high traffic. “Instead of doing a fake wood, for example, I decided to just call it what is. It’s very big in the U.K. right now. I think it’s chic. It’s also really easy to keep clean.”

Storage is generous. Open shelving near the sink puts dishware within easy reach. The table is flanked by closed cabinetry on both sides and above. There’s more storage under the banquette, which has quickly become a favourite spot for eating, hanging out and doing homework. Behind it, there’s a chalkboard wall for notes and reminders.

Reconfigured into a more open galley design, upper-level storage was added with anthracite-toned, donated Ikea cabinetry over a tone-on-tone backsplash that sits above a contrasting Artisan Grewy quartz countertop, donated by HanStone.  (Vince Talotta/Toronto Star)

Housemates participate in the cooking. “Making meals together in a central place, where everyone can gather and share food, along with their culture, and their stories, and their challenges, is a good foundation for creating that feeling of community and belonging,” says Francis.

While their circumstances are unique, in many ways the residents are typical teens. “They all have part-time jobs. They have extracurricular events. They are doing well in school,” says Francis. “They are all 16, 17, 18 — so university and is top of mind for them.”

Most kids who live in the home will have already spent several months at Matthew House’s main location, on Dundas St. W., where between 50 and 70 people will stay each year while going through the refugee claimant process.

As residents, they can access support for mental health, refugee claims and employment issues, as well as special services provided by such organizations as the Canadian Centre for Victims of Torture.

Behind a new banquette at the kitchen table is a chalkboard wall for greetings, notes and reminders. Flowers, a fruit basket and cushions lend a sense of ‘home.’  (Vince Talotta/Toronto Star)

There’s no time limit on how long kids can stay. “It’s opened-ended. I want to support them until they are able to come to me and say they are ready,” says Francis, adding that the end of high school, when many begin university, seems to be a natural transition time. “If they are feeling confident enough to go out on their own, I feel like we have done our job. “

NIMBY-ism has so far not raised its head around the home, which is largely funded by private donations, charitable foundations, as well as local church and community partners.

“The reaction has been fantastic. That’s part of what makes this a great Toronto story — I have been touched by the generosity of people, and how they are so moved by the plight of refugees.”

Source

http://thestar.com/life/homes/2018/02/22/kitchen-renovation-creates-a-place-of-refuge.html

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Need help or ideas fixing up your house? Time to visit the NARI Home Improvement Show

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The milder weather coming means all the renovations projects we’ve been dreaming about this winter can now become a reality.  Just in time, the NARI Spring Home Improvement Show starts today, and it might be what you need to kick-start the process.

This annual event features 250 different remodeling vendors. Organizers say come with an open mind and be ready to interview builders and renovators you could eventually hire to get the job done.

The remodeling show runs through Sunday.  You can get ideas for both inside and outside your home.  Click here to find out all the vendors represented.

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Source

http://cbs58.com/news/need-help-or-ideas-fixing-up-your-home

Home Depot 4th quarter profit rides strong home improvement market

FILE – In this July 13, 2015, file photo, Vicente Aguiar loads garage door trims into his pickup truck outside a Home Depot in Hialeah, Fla. Home Depot reports financial results Tuesday, Feb. 20, 2018. (AP Photo/Alan Diaz, File)

FILE – In this July 13, 2015, file…

Photo by Alan Diaz

A strong home-improvement market pushed Home Depot’s profit higher in the fourth quarter, topping expectations.

The Atlanta company’s profit rose 5.6 percent to $1.78 billion, or $1.52 per share, for the three months ended Jan. 28. Earnings, adjusted for pretax expenses, were $1.69 per share.

Revenue rose 7.5 percent to $23.88 billion on an increase in customers at existing stores. Same-store sales, a key measure of a retailer’s health, increased 7.5 percent.

Along with a strong housing market pushing more people to invest in their homes, hurricane recovery efforts in Southern states and Puerto Rico also helped boost revenue.

Analysts surveyed by Zacks Investment Research expected a quarterly profit of $1.62 per share and $23.66 billion in revenue.

Shares closed down 6 cents to close at $186.71 on Tuesday.

For the full year, Home Depot’s profit climbed 8.5 percent to $8.63 billion as revenue jumped 6.7 percent to $100.9 billion.

Home Depot Inc. is heading into its busy spring season and recently said that it would hire more than 80,000 seasonal workers. It also announced an app to allow for self-scheduling interviews.

Looking ahead, Home Depot foresees sales climbing 6.5 percent in the new fiscal year, with a profit of $9.31 per share. Analysts polled by FactSet expect earnings of $9.36 per share.

The outlook comes amid a persistently strong housing market, though mortgage rates have been creeping higher.

The pace of Americans signing contracts to buy homes increased for a third straight month in December, raising an index of pending home sales by 0.5 percent, according to The National Association of Realtors.

Source

http://timesfreepress.com/news/business/aroundregion/story/2018/feb/21/home-depot-4q-profit-rides-strong-home-improv/464209/