Commit to Profitability Make the decision to be profitable — that’s where it all starts. You must commit to that goal — no matter what it takes, to do what is necessary to be profitable. From buying right, pric- ing properly, staffing only for what is needed, and controlling every expense, you must be disciplined and intentional to achieve profitability. Not surprisingly, when I came across
shops that showed a good bottom line (net profit), they were all invariably well- run businesses. Design, of course, was important. After all, beautiful design is what attracts the customer, but not at the expense of the bottom line.
Don’t Fret Over Competition Knowing who your competition is and is not, being aware of what they are doing, and even learning some things from them are all important. However, com- petition should not be your focus. I like to think of competitors as peers who share a common interest in flowers and in most cases can be my friends, because there is room for everyone. Your shop’s customer base tends to be nearby. Your customers generally won’t go across town to a competitor if they get a good product and service from you. Worrying about competitors is a
waste of time. Other than being a good competitor, you can’t do anything signifi- cant to change your competitor. Focus on your specific customers and
their needs. Do your best to communicate with those individuals, meet their needs, and serve them better than anyone else. Spend your time building relationships with your customers, and let them know how important they are to you.
Get to Know the Floral Industry Even though the floral industry is made up primarily of small businesses, many of which are family owned, the industry is quite large. Florists in the United States account for more than $5 billion in sales annually, according to First Research, a market research firm. When most people think of the
flower business, they primarily see the retail florist or mass markets. However, behind those retailers is a big and very
Focus on your specific customers and their needs. Do your best to communicate with those individuals, meet their needs, and serve them better than anyone else. Spend your time building relationships with your customers, and let them know how important they are to you.
interesting supply chain made up of wholesalers, growers, manufacturers and others. Take advantage of every opportunity to understand how the supply chain works and network with all these players. I strongly encourage you to be active
in your local and/or regional floral associations. At a minimum, attend meetings and shows. And don’t forget our only national trade association – the Society of American Florists. Make it a goal to attend the SAF’s annual conventions (SAF Phoenix 2025 is Aug. 11-14 in Scottsdale, Arizona). It will open your eyes to this incredible industry and provide education and networking opportunities with peers and the businesses up the supply chain. Include the expense of attending in your yearly budget.
Seek Education I love education. There are always new things to learn about products, services, finances and much more. Most floral associations make education a corner- stone of their meetings and events. And usually, it is available at a very reason- able price. Education is not only for owners and
managers. All employees can benefit from continuing education. When your employees learn something new, it will benefit your business. Put this continu- ing education into your budget as well. Pay for the fees and consider paying your employees for their attendance. Another plus of attending seminars
sponsored by your local, regional or national associations is that vendors par- ticipate. Visiting vendor tables or booths during breaks in the education program is a great way to meet your suppliers and make good purchasing decisions that can save you time or money.
Find a Balance Life is much more than running a suc- cessful business. Your well-being, family, faith, friends and recreation are all needed for a rewarding, fulfilling and happy life. It’s way too easy to take the day’s problems home with you, and while it’s okay to occasionally share frustrations or seek some help to solve a problem, make sure you also share some of the positives and things you are excited about. Many family businesses would like to see the children continue in the business. Dominating dinnertime with talk of problems at the shop is sure to deter that. Most of us have experienced burnout
at one time or another. Burnout can happen to anyone — employee, manager or owner. It often leads to turnover among employees. But if you’re the owner, it’s more difficult to quit, and it takes some time and planning to exit the business. When this happens, make sure to
take a break. Smell the roses (outside the shop). Do something different and fun. No one looks back on their life wishing they had spent more time at the office or shop. They wish they had spent more time with family and friends. I feel very blessed because I was
lucky enough to have a career in the floral industry for over 50 years. It’s an incredible industry filled with wonderful people who enrich the work. And after all, who doesn’t love flowers? I hope you can feel the same way at the end of your career.
Paul Goodman, MBA, AAF, PFCI, is a former CPA and the founder of Floral Finance Business Services in Tulsa, Oklahoma, editor of Floral Finance, and author of “The Profit-Minded Florist.”
The magazine of the Society of American Florists (SAF)
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