Business Archives - Page 3 of 7

The goal of any refinisher is to establish a happy and healthy relationship with their clients, and most of the time this is not an issue. However, disputes with clients do happen. Tempers can run a little high during projects that are time-consuming or that do not go as planned, and it is important for refinishers to know how to deal with these types of situations. Below are some steps you can take to defuse and resolve problems with angry clients.

Keep a Cool Head

professional refinisher When a client gets angry, it is easy to get defensive and fire back, especially if they are yelling at one of your workers. However, this type of response is not beneficial for anyone involved. You don’t want to ruin a relationship with a client over one hot-headed moment. Not only would this ensure you won’t receive this client’s business in the future, but they will most likely not recommend you to anyone else they know. Make sure to respond to complaints as politely as possible to preserve your working relationship.

Have Policies in Place

It is very important to have documents in place that outline what the protocols are in a contentious situation. These usually take the form of stipulations written into the contract that both the refinisher and the homeowner sign at the beginning of project work. Having written guidelines available can aid in the communication process and help protect refinishers from issues that arise that may be out of their control. These policies are very helpful to refer to when negotiating solutions to various issues.

Establish Common Ground

Once the client understands your set policies, you must work toward finding an acceptable solution for both sides. The “customer is always right” mentality is important in this type of scenario, so you do want to be courteous and generous with what you are willing to supply. However, make sure not to sell yourself short. Point out all the good work that you and your team have done so far to remind the client of your honesty and high-quality. Hopefully, you will both be able to agree on next steps.

A dissatisfied client is always a tricky situation, so we hope these steps will help you in navigating these issues. As always, NAPCO is here to provide resources and support you on and off the job. Give us a call if you need more help in navigating conflict resolution with your clients.

You own your own small refinishing business, maybe just you and a couple other people. You have some clients, but want to take your work to the next level. Well, here are some important steps that you can take to expand the reach of your business and ensure its success season after season.

Get Into Social Media

In this day and age, having a social media presence is necessary to ensure confidence and communication with customers. Even though you may think that your business is small enough to not need a Facebook page, clients like to see that the people they are working with are “with it” and plugged-in to what is going on in the world. This also makes it easier to interact with customers on a regular basis. Social media for your business does not have to be a huge project, just posting once or twice per week is sufficient!

Overestimate What You Need

Every client has different needs, and as such each project you work on is going to be different in some way. Whether this means different amounts of time or materials needed, it is always better to overestimate than to underestimate. Make sure you do not accidentally overbook yourself or run out out of supplies on the job! That would be a tough mistake to explain to clients.

Learn From The Competition

Keep an eye out for what tactics your competitors are using to gain and maintain business, and emulate their successful strategies. Business generated through word-of-mouth recommendation is great, but you also need to do what you can to get yourself out there. Conduct your own research and see what other small businesses in your field are doing to get their name recognized.

Don’t Be Afraid to Make Mistakes

Getting your business out there can be scary, and you may feel apprehensive about stepping into the fierce marketing competition. However, don’t let this stop you from trying new things! It may take a few different tries before you find the system that works best for you. Most people would rather see a business try something and fail, than not try anything at all.

Get your refinishing business up and moving with these four tips for small business owners! And remember, NAPCO is always here to provide support and guidance with whatever you may need.

We know that running your small business is more than just mastering the art of refinishing bathtubs and kitchen countertops. Of course, you have to be an excellent professional refinisher to attract clients, but we know all too well that there are many aspects to running an effective business that go beyond providing a great service and superior product.

Set Up Systems for Your Small Business

Putting the right systems in place can give you peace of mind that your business is running smoothly and efficiently. From a process to make sure you always have the right NAPCO refinishing products on hand, to a system to efficiently schedule jobs, putting in place processes to help manage these important aspects of your business will keep things humming along.
Thankfully, there are an abundance of tools and resources available to help. Additionally, these systems don’t have to be expensive, in fact, there are even some free options that can help you out.

At the NAPCO corporate office, we utilize the EOS (Entrepreneurial Operating System) Model. This model helps us manage everything from making sure each and every one of us is accountable to each other and our work to helping us innovate better ways to serve you, our customer. The EOS website has some great free resources, including a 20-question organizational checkup. Whether you work by yourself or have a crew to support you, this organizational checkup can help identify where your business is strong and areas that could use some attention.

Another great free tool is Trello, which is a free project management tool with the motto “organize anything.” This tool is based on the Kanban system, which was initially developed by Toyota. Kanban is a lean manufacturing system that aims to promote efficiency and reduce errors. However, given the power of digital integrations, Trello goes well beyond its Kanban origins and can be used for everything from managing a sales pipeline to running an architecture firm.

Engage in Trial and Error

Both of these two tools give a framework for running your business. Ultimately, it may take some trial and error to figure out what works best for you and your organization. But, what we can tell you from working with thousands of small business owners is that taking the time to assess the current state of your business and working towards implementing systems and processes to help you grow your refinishing business is time well spent towards success.
Need help? We’re always here. Just give us a call.

If you’ve purchased, financed or leased equipment for your business recently, it pays to get familiar with a tax deduction you don’t want to overlook. It’s called the Section 179 Deduction and it allows a business owner to potentially deduct the full purchase price of the equipment. To qualify, you need to have purchased and used the equipment after January 1^st of the tax year you’re claiming.

What are examples of equipment that qualify?

Here’s the good news: If you pass the calendar year test above, there are a number of items that you can possibly deduct, including:

Equipment purchased for business use
Computers
“Off-the-Shelf” computer software
Office equipment
Office furniture
Air conditioning and heating units (placed into service this year)

Even your business vehicle might qualify!

That’s right. If you use your car, truck or van for business more than 50% of the time and the vehicle has a gross weight of above 6,000 lbs., you may qualify for expensing it up to $25,000. Remember to keep the business and personal lines firmly on the “business” side – you’ll be unlikely to be able to claim a deduction here if the vehicle was ever used in the past first and foremost for personal trips and is now primarily your business vehicle. If you just purchased the vehicle, it’s OK if you use it occasionally for personal reasons, but the more you use it for business, the better.

Starting this year, you can expense even more.

Thanks to a new bill signed by Congress in mid-December, businesses can deduct up to $500,000 on qualified purchases, including the ones under the Section 179 deduction mentioned here. So if your purchases qualify, you may be in for more tax relief than you thought.

Use it or lose it!

If you’re going to write it off, you can’t wait until next year because any deductions you take on that equipment will expire on December 31^st. So why not aim to write off the equipment you already bought and are using today?

Talk to a seasoned tax professional about your options for taking the Section 179 tax deduction by listing all of the possible equipment that may qualify. Any extra help from Uncle Sam to benefit your bottom line is always a good thing.

It’s easy to picture the young millennial in their late 20’s buying a home in the city, right in the middle of all the hustle and bustle of cosmopolitan life. But a new report on home buying trends from the National Association of Realtors suggests that when millennials are ready to buy, more of them are becoming suburban dwellers and purchasing homes beyond the city limits. In fact, millennials comprised 35% of home buyers last year, giving them the largest share of any generational group.

What’s driving them?

A better question is what’s driving them out of town. NAR’s report finds that once a millennial closes in on their 30’s, they often find that buying a home in the city comes with too high of a price tag and that they can get more for their money in the suburbs. As a result, just 17% of millennials bought a home in an urban area last year, down from 21%. A lack of affordable homes on the market in the city is forcing their hand to expand their search geographically.

Suddenly, in a suburban home, millennials find that they don’t have to sacrifice as much space in a home that offers them an extra bathroom, perhaps a little bit bigger kitchen, a yard and actual space to park a car or two. For millennial couples, having this kind of space is key as they think about the next stage of their lives in having children who can grow into the home.

Still, what about the fact that millennials may have jobs in the city and the costs of commuting? At least for now, that’s less of an issue as the price of gas is highly reasonable overall. That decreased hit to the wallet brings down another financial barrier for the suburbs.

Beyond the buyer, the suburbs themselves are changing. More than ever, outposts of popular city restaurants, bars and retail stores have found their way to the suburbs. The stereotypical quiet life of suburban dwelling doesn’t necessarily apply to certain areas that offer solid options for dining and entertainment. So, depending on the area, potential millennial home buyers are pleasantly surprised to find that they don’t have to sacrifice as much on that front.

What about their student loans as a barrier to buying?

Yes, we’ve remarked in past articles how millennials may be pushing off home buying and other major life events due to student loan concerns. That’s still true in that they’re postponing saving for a down payment by an average of three years.

However, a surprising finding from the study is that Gen X and younger boomers have even more debt on average to confront than millennials – their debt being related more to credit card debt than student loans. This makes a 20% down payment on a home challenging for a variety of generations, not just millennials.

As they move into these more affordable homes in the suburbs, millennials don’t want to be “house poor” as a result of high-priced renovations. But they do desire certain upgrades that won’t break the bank and aren’t major disruptions to implement. That’s where contractors who improve the look of kitchens and bathrooms through refinishing can offer millennial home buyers the affordable upgrade of a bathtub or countertop that looks good as new. And they can start enjoying this attractive feature of the room much sooner as they begin a new phase of their lives as home buyers.

You’re starting to wonder where your next refinishing project is going to come from. Then the phone rings – it’s not a past customer sending you a referral but it’s someone practically as worthwhile – one of your strategic partners. He says he’s been doing work on a small renovation project and in passing, the homeowner mentioned how they’re considering doing work in the kitchen or bathroom, but are concerned about the cost of a full-scale renovation. Naturally, your friend offered up your name as potential solution that might achieve what the homeowner wants for far less money.

How great is that? You’re well on your way to earning new business and you didn’t have to do anything to get it.

For many tradesmen, looking out for each other as strategic partners is an outstanding way to efficiently win business you might not otherwise obtain. But how do you make a strategic partnership really work for you consistently?

Start With Someone Closer To Your Business

We don’t mean physically closer but closer in terms of a person who could complement what you do. Does the bulk of their work involve repairing or improving the look of the home? They should be different enough from what you do so there’s no overlap but not so far removed that there’s little chance they’ll ever refer you business. For example, an interior designer, flooring installer, electrician and more are the kind of people who find themselves working on-site. Or a real estate agent has a vested interest in upgrading the look of the home while putting the property on the market sooner rather than later – so she doesn’t necessarily want a huge renovation project with potentially big delays if a refinishing project can mean a quicker turnaround with a beautiful result.

Contrast this with professional service people who work in office buildings – attorneys or accountants, for example. How does what they sell compare to what you sell? Night and day, right? So how likely is it that home projects may come up in their conversations? It’s not impossible, but it’s less likely than those people who work in design or with industrial tools to fix and beautify the home. The customer they serve today could be yours tomorrow and vice versa.

Share Promotional Costs

If someone aligns well with you as a complementary service and is “knocking” on very similar prospect doors to yours, explore sharing the costs of advertising and promotions. Could an ad in a local paper with both of you featured make sense? What about a guest blog post on each other’s websites talking about tips for the homeowner’s benefit? For that matter, could you have a section of your site labeled “Partners” or “Recommended Vendors” that highlights their business while they return the favor for you on their website?

Tracking The Give-And-Take

A great referral relationship, including a strategic partnership, has to go both ways. You can’t give a partner 20 qualified referrals while they barely give you one. Meeting with them regularly such as monthly helps ensure you’re on the same page for tracking activity. They mentioned they might have a referral for you two weeks ago. What happened with that? Use the time to follow up.

Teach Them (Don’t Assume They Know Your Whole Story)!

“Face time” with your partner is important so you can communicate and re-affirm who you want to meet, what you do best and what kinds of things your partner should be listening in order to say, “I know someone who may be able to help you with that!” Grab a coffee with them at least once a month for not only guiding them but also to share what’s working with each other on the new business front. What networking groups are worth your time? Which ones aren’t? Is direct mail working? Or is digital media the way to go? Compare notes with someone closer to your inner circle.

Don’t Forget To Reward!

It’s not really about spending a lot to say “thank you” for a successful referral – it’s about recognizing it and encouraging your partner to refer again. A small gift card could be just fine. One suggestion: It’s not enough for them to merely give you a name. It should be a name that becomes a real, qualified customer.

At its best, a relationship with several strategic partners can provide you with the help you need to add qualified leads to your new business pipeline. With all the hats you have to wear as a business owner, it’s good to share the load on this particular role any way you can.

While we’re still in the first quarter of the year, now might be an ideal opportunity to sit down with an insurance agent to review your business insurance policies.

For most small business owners, business insurance is an absolute necessity. Still, properly covering yourself doesn’t always start and end with the purchase of a policy. If that purchase happened years ago, think about how your business might’ve changed a bit since then. And are you sure you know all the possible risks out there to your bottom line? Even if you think you do, you’d be surprised by where some holes in your liability may exist.

Peace of mind comes from having an outside party who is educated on business insurance and changes in the market consult with you.

Here are a few of the business insurance policies a contractor like you may consider adding or enhancing to your protection mix with an agent’s guidance:

Commercial General Liability Insurance

When you’re doing work on site, there’s always some potential for an accident or injury of some manner to occur. What if there’s damage to the property or someone encounters bodily harm? You can’t predict these incidents but you can prepare better for them with Commercial General Liability Insurance. Find out what the extent of your coverage is should you be faced with a lawsuit – this insurance may be able to cover a substantial portion of your defense costs.

Commercial Property Insurance

Tools can be stolen. A computer with sensitive business information can be damaged in a fire. You probably won’t see incidents like these coming but having a Commercial Property Insurance policy in place may be a very good thing. Some people tend to think of property as buildings but it’s often much more, including all of the property you own with a business space. Ensure that you have a policy that takes these items into consideration, including covering you for the time you might be unable to do business without them as they’re being replaced or repaired.

Professional Liability Insurance

Damage isn’t always experienced in physical form but through the errors your business can make as you provide a service. Ask your agent if Professional Liability Insurance (or errors and omissions insurance) applies. It may offer an extra layer of protection for inadvertent errors that impact customers.

Commercial Auto Insurance

If you use a vehicle primarily for your business, that vehicle needs appropriate coverage in the event that you cause or are in an accident. Commercial Auto Insurance may be essential to have here.

What other areas of coverage should you keep in mind?

Many contractors don’t have other employees, but if you have just one, it’s important to review the state of your Workers’ Compensation Insurance, Unemployment Insurance, Disability Insurance and more. There may even be some “miscellaneous” areas of the business that aren’t neatly covered by a particular insurance category but your agent can steer you toward.

Granted, you probably won’t need all of the above business insurance policies for your work, but taking the time to review them now and adjusting accordingly is well worth it – and beats being ever caught off guard.

While we’re still in the first quarter of the year, now might be an ideal opportunity to sit down with an insurance agent to review your business insurance policies. For most small business owners, business insurance is an absolute necessity. Still, properly covering yourself doesn’t always start and end with the purchase of a policy. […]

Instead, try letting them talk themselves into buying what you’re offering. How?

First, ask them why they want to consider a refinishing job in the kitchen or bathroom. They may start by listing one thing, but that’s probably not the only reason.

“I just hate the way this tub is starting to look.”

So there’s a feeling of pride, which can be an emotional driver. Reinforce their point a little by saying something along the lines of, “Sure, I can see that it’s not looking the best right now. And it certainly isn’t going to get any better on its own.”

Still, don’t let this reason be the only one they may be interested in refinishing. Probe them for more reasons gently. Why else do they want to consider a refinishing project?

“We’ve been talking about putting the house on the market in the near future. We have to look at some areas of the house to improve before we do that, though.”

Aha! There’s another driver for getting an improvement project going – financial returns. They can’t have a buyer walk through their home and see a shabby looking tub or countertop, can they? While that may not be a deal-breaker in itself, why take a chance in not addressing it?

You may consider saying something such as, “Whether you put the house on the market now or six months from now, refinishing isn’t an intensive project that takes months. And I know from experience that two big places a buyer will look in evaluating a home are the bathroom and kitchen. So there might be some peace of mind in getting it out of the way.”

Now you’re painting a picture for them. You’re educating them on the length of time it may take to complete a project, so there won’t be a great upheaval in their lives while you’re doing the work. Plus, you’re giving them an image of the consequences of what might happen if they don’t go forward with refinishing when they should. Keep going on that financial path by giving them the real story on your value.

How? Right now, they may just be viewing refinishing-or-not as their only choice. Don’t make it quite that simple. Instead, frame it as educating between refinishing and a complete replacement. After all, we know they don’t like how the tub looks now and they want to get as much of a return as possible. It’s easier to envision getting a good return for spending hundreds vs. spending thousands.

“I’m just wondering about the cost. I’m concerned about what the price is.”
“Well, one way you may want to look at it is this – if you could have a tub that looks as good as new, would you rather spend hundreds of dollars or thousands of dollars to obtain that kind of tub?”

“Obviously, hundreds of dollars.”

“That’s exactly what refinishing affords you compared to the potential cost of replacing a tub altogether later on. It involves less money, less labor and less time overall for a very high quality result.”

Even if they don’t put the house on the market next week, they have to look at that tub in its current shabby state all the time. Why put up with that when they don’t have to? You’re guarding against the prospect backing out by sharing the feeling they might have every day from seeing a tub that needs work. It’s not just a potential long-term scenario here so lightly build a sense of urgency.

NAPCO's bathtub and tile resurfacing products and countertop refinishing products can help you succeed after you get the sale.

If you think of yourself as more of a resurfacer than a natural born seller, you’re not alone. But that doesn’t mean you have to go into a prospective job “pitching” people with some heavy sales-ish approach that turns them off. Instead, try letting them talk themselves into buying what you’re offering. How? First, ask them […]

When it comes down to it, no two rooms might have more impact on whether or not someone decides to buy a home than the kitchen and bathroom. For the seller, these two areas can hold a great deal of weight in resale value as well – and it doesn’t necessarily require a giant renovation project. In fact, this year’s Cost Vs. Value report from Remodeling magazine continues to show that kitchen and bathroom projects under $5,000 rank very high for cost recouped.

With this consistent trend in mind, it begs the question: Why aren’t more contractors who refinish kitchen countertops and bathroom tubs pricing what they’re worth?

Generally speaking, we’ve seen another trend in our industry in which the price for refinishing a tub or countertop hasn’t changed in at least a decade, if not longer.

When minor improvement projects generate very good value in return, the opportunity is certainly there for you to raise the value of your work by pricing it higher.

So you might be thinking, “Sure, I don’t mind making some more money per job, but how do I make my case for what I’m charging?”

First, consider what happens if someone doesn’t protect the quality of their bathtub. What occurs?

Over time, you might start to see chips and cracks. Corrosive materials can build up. Think about the homeowner’s predicament at this point: If they don’t take action, they’re likely looking at a complete tub replacement that could easily cost them several thousands of dollars. Especially when you include not only the cost of replacing the tub itself but also demolition, removal and reattachment of pipes.

What would that homeowner then pay to avoid such a costly fix? An investment that’s nowhere near that amount – and here’s where the opportunity for refinishers like you to obtain more dollars per job. To be clear, we’re not talking about taking advantage of the customer whatsoever but rather seeing your work for its true and higher value.

“So how much more could I price my work?”

According to recent cost data by HomeAdvisor, a refinisher may be able to charge as high as $900 for a bathtub project. If you’re not comfortable going that much higher than your current rate, ask yourself if you’re charging at least $462. If not, you’re charging less than the average national value for tub refinishing jobs – and that’s the average. If you consider the quality of your work higher than average, you’ve got room for an increase.

Compare the same data from HomeAdvisor on a new tub install – on average, homeowners nationally will spend $2,866 for a tub replacement.

Just in comparing the averages, we can see that a tub refinish could save the homeowner approximately $2400!

For delivering a cost savings of several thousands of dollars and giving the homeowner a tub that looks good as new, aren’t you worth a few hundred dollars more?

Of course you are. Yes, another contractor may charge less. But you’re never going to win by continually racing to the bottom to earn business. Remember, you’re protecting one of the most important areas of the home for resale value and saving the homeowner good money in the process.

What would a higher price per job mean to your business by the end of the year?

It’s time to go for it and set the pace for what you can truly make, creating a statement about the higher caliber of work you provide.

Someone is going to command more. It might as well be you. Using NAPCO's countertop refinishing products and bathtub and tile refinishing products can make doing a topnotch job a lot easier.

Homeowners are always looking to upgrade their homes. Kitchens and bathrooms are usually on the list. However, major remodels of either of these may not be the best option when you consider how much the homeowner will recoup when the sell the house.

Take kitchens as an example, according to a 2016 report by remodelling.hw.net, major kitchen remodels usually cost around $60K but yield only $39K in resale value, or 65%. Instead of going down to the studs, a minor kitchen remodel costs around $20K but gives back a whopping 83% in resale value, or $16.7K. It doesn’t take a rocket scientist to see how this plays into the hands of bathtub resurfacers.

Using NAPCO’s High Build Primer, cabinet refinishers can hide old paint or wood grain, providing a suitable surface for top coats. This is so much less expensive than even refacing cabinets. In most cases, older kitchen counters are in good shape, they just look tired. You can breathe new life into them using NAPCO’s faux-granite topcoat, Flintstone. It comes in tons of colors to appeal to any customer. Again, the cost to refinish counters saves thousands over replacement.

According to the remodelling.hw.net report, a complete bathroom remodel will cost $18K and yield $11.7K at resale; a return of just 65.7%. They don’t measure a minor bathroom remodel costs, but we know it would cost much, much less, even if we resurfaced the tub, tile and vanity top. Again, for many homeowners it is hard to justify doing a complete remodel.

How can you use this information? Take your time talking to prospects. Ask them what they are trying to achieve or what they don’t like about their kitchen or bathroom. If you can get them talking, they might tell you they are considering a complete remodel. Before you email them a quote, send them a link to the study. They can see for themselves how much they would save and how get back on resale.

The complete report is online here.

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