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 PresidentTerry Nicholsonapprised 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.