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PSI Members Bone Up On Business Basics

By Kelly Faloon
September 1, 2010

At the Plumbers’ Success International Summit in St. Louis Aug 2-6, members brushed up on business basics such as “The 10 Commandents of Plumbing,” tracking company vital statistics and building a budget.

PSI President Terry Nicholson apprised members of the Direct Energy/Clockwork Home Services merger and how it will benefit the group. He then went on to explain the 10 Commandments of Plumbing, which were compiled from the financials of the some of the groups best companies - those that had 20 percent or more profitability.

He further explained some vital statistics that service company owners needed to “examine the health” of their businesses. These include revenue per employee, CSR call conversion ratio, average service invoice, service call closing ratio, service fee, club memberships (service agreements), pricing, departmentalized financials, financial/accounting/management software, budget and marketing plan.

Rebecca Cassel, president of Clockwork Home Services’ Client Services Group, took attendees through a step-by-step plan to build a budget for their business. “A budget is a protection for your business,” she said. “It’s a great way to set expectations, measure performance and enforce accountability.” Service companies with no budget “wander aimlessly through the business world” with no idea whether they are making or losing money until they do their taxes each year.

The next meeting will be Feb. 28- March 4, 2011, at the Bellagio in Las Vegas.

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Kelly june 2015 200

Kelly Faloon was a former editor of Plumbing & Mechanical as well as the BNP Media Plumbing Group’s Integrated Content Development Specialist. She also was a former editor of the Radiant Comfort Guide the Radiant & Hydronics Report — both official publications of the Radiant Professionals Alliance — and twice-monthly Radiant & Hydronics eNews, an enewsletter for anyone interested in the world of heating with hot water.

Her editorial specialties included women in plumbing, recruiting for the trades, green construction techniques, water conservation, water treatment, hydronic heating, radiant heating and cooling, snow melt, solar thermal and geothermal.

After a 3½-year stint at sister publication Supply House Times, Faloon joined the PM staff in December 2001 as senior editor. She was named PM’s managing editor in 2006 and editor in 2013.

Previously, she spent nearly 10 years at CCH, a publishing firm specializing in business and tax law, where she wore many hats — proofreader, writer/editor for a daily tax publication, and Internal Revenue Code editor.

 A native of Michigan’s northern Lower Peninsula, Faloon is a 1986 journalism graduate of Michigan State University. 

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