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Sent to you at your request by Tom Shay and Profits Plus Seminars
Visit our website at www.profitsplus.org

From the retail news front
Recently, we saw an article for the restaurant industry aimed not at the owner or manager, but at waitresses and waiters. In the article the writer gave recognition of how demanding customers can be. It seems every industry that has to deal with the public has its' situations. And every time you gather people who have to serve the public, the "war stories" begin to fly.

However, the article was designed to focus on the little things that can be done to increase tips. Many of the ideas would increase the tips by "double digits". Some of the most interesting suggestions were:

Kneel so that you can make eye contact with the customer on the same level.

Touch the customer on the hand or should to acknowledge their request.

Write "thank you" on the bill.

Call them by name if you know it or have obtained it by seeing their charge card.

Instead of just reciting the specials of the day, ask the customer what type of food they like, and then give only one or two specials.

Did you notice that none of these ideas required any special training or knowledge? All that is necessary is an effort to make the customer feel appreciated.

Precision Shopping
Have you heard the term "precision shopping"? One of the large research firms coined the phrase. It deals with the need to save the time of a customer as they shop. The report said customers are making more frequent trips to the store, but are spending less time browsing.

If customers are making more trips to the store, how do you make sure they are making those trips to your business? There were five suggestions:
Use the names and addresses you obtain from customers to create promotional events.
Ask your customers what other products or categories they think you should carry.
Educate your employees.
Have a customer loyalty program (your own frequent flyer program).
Suggestive selling.

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MAY 2024
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Small Business

AdvisorieS

The May Small Business Advisory is titled "Planning for a successful accountant" and is appropriate for many with the April 15 tax deadline having passed.

 

Did you work with your accountant? Or, did you just give them a bunch of papers and wait to receive a completed tax return?

 

Successfully working with an accountant requires a partnership. This month's Small Business Advisory gives suggestions of how to make this happen in 2024.

Small Business

News

Top Story

We see that many small business owners have too much of a focus on the "top line" of their income statement.

 

Increasing revenue is great, but it is not a cure all for any challenges your business is facing. And sometimes, incresing revenue can create a challenge.

Article of the Month

Who is your customer? Some small businesses have no focus. Their customer is whoever calls or walks in the door.

 

And some small businesses have determined which customers, in sufficient numbers, they should spend their efforts to attract.

 

The article of the month shares an old Southern rhyming couplet about business; "The bertter you niche, the more you get rich."


Book of the Month

Lean Startup by Eric Reis is our suggested book for May.

 

As the title suggests, the reader of the book would be someone that is starting their business. However, we see more value than just that.

 

Perhaps you have been in business for many years. We think this book could give insight to items, and methods, that a small business owner should think about with their business today.

BOOK US

With over 25 years of frontline experience Tom Shay is America's leading Small Business Management Expert. He's a "Must Have" for your next event.

Small Business

Advisories

The May Small Business Advisory is titled "Planning for a successful accountant" and is appropriate for many with the April 15 tax deadline having passed.

 

Did you work with your accountant? Or, did you just give them a bunch of papers and wait to receive a completed tax return?

 

Successfully working with an accountant requires a partnership. This month's Small Business Advisory gives suggestions of how to make this happen in 2024.

Small Business

News

 

Top Story

We see that many small business owners have too much of a focus on the "top line" of their income statement.

 

Increasing revenue is great, but it is not a cure all for any challenges your business is facing. And sometimes, incresing revenue can create a challenge.


Article of the Month

Who is your customer? Some small businesses have no focus. Their customer is whoever calls or walks in the door.

 

And some small businesses have determined which customers, in sufficient numbers, they should spend their efforts to attract.

 

The article of the month shares an old Southern rhyming couplet about business; "The bertter you niche, the more you get rich."


Book of the Month

Lean Startup by Eric Reis is our suggested book for May.

 

As the title suggests, the reader of the book would be someone that is starting their business. However, we see more value than just that.

 

Perhaps you have been in business for many years. We think this book could give insight to items, and methods, that a small business owner should think about with their business today.