by Jeff Finney
email@example.com SMALL SHOP
10 things I wish I knew before
starting my cabinet shop
A successful cabinetry manufacturer shares some 20-20 hindsight on the business.
Iwant to dive into the top 10 things I wish I would have known before I got into business almost 15 years ago. Not only would these things
have helped me to make better-educated
decisions, but they possibly could have
put our shop on a different trajectory
from day one.
I wish I would have understood the
importance of vision before starting my
business. Vision is essentially a roadmap
– it is a line that you follow closely and
can base all your decisions around. When
something comes up, a question or an
opportunity or an issue, you can see if it
ultimately aligns with your vision or not.
It also allows you and everybody in your
organization to be on the same page – to
know where you are, where you are going,
and how you plan to get there together.
I wish I would have understood the true
meaning of a profit-loss statement, what
a balance sheet was and how cash flow
works. I wish I would have known what
affect break-even has on the business. I
also wish I would have known the impor-
tance of understanding margins and how
much they affect the bottom line – and
how much making small tweaks in your
business can really affect your bottom
line in a huge way.
To really get a grip on your finances,
start reading finance articles from Anneal Business Coaching or, better yet, attend one of their “Know Your Numbers”
events. Also, feel free to contact me if
you want to better understand a certain
financial topic in your shop. I’ve learned
I wish I would have known (or maybe it’s best that I didn’t know) the number of hours it takes just to get a business off the ground.