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You are always selling more than one thing Whatever product or service you sell, you are always selling more than one thing. Unfortunately too many businesses, in determining the price for a product or service see only one item. Selling a soft drink? Has it been sitting on a shelf? Or is it icy cold and ready to drink? Those are two very different products. There should be two prices. Your business is lawn maintenance; too many people give a quote by simply looking at the size of the area to be maintained. However, in a residential situation, would most people want their grass cut on a Monday or a Friday? Again, two different services and the opportunity for two prices. When determining the price of a product or service, the cost is irrelevant. The question is, "How much will the customer pay?" And in getting to the answer, you have to notice all that you are selling and what the customer wants to buy.
Article of the Month - Pretty as a picture One of the best potential advantages a business has comes with the visual appeal as a customer walks into the business. Does your business peak their curiosity so that a customer wants to walk through the entire business to see all that you have to offer? We have some ideas to share so that your business is pretty as a picture.
Who is visiting Small Business Converations this month? - Chris Ramey Chris Ramey was a very interesting interview when he was last on Small Business Conversations. With this visit we are going to look at pandemic selling and the changes in customer loyalty. Watch your email for the invitation to attend the live program on a Thursday evening this month.
Book of the Month - Brandscaping by Andrew M. Davis During the pandemic did you notice the number, and types of businesses that struggled more because of the products or services they offered? In the interviews we participated in, we suggested businesses finding ways to partner so that both businesses could continue to serve their customers. Partnering could also bring new customers to your business. And that is why we selected Brandscaping by Andrew M. Davis as the book for January 2021. You will read about some great ways you can reach customers by way of a partnership.
Internet Tool for Your Business - What is your debt to net worth ratio? One of the most important measurements of your business is the debt to net worth ratio. It compares how much net worth (equity) you have in the business to the amount of debt you have. If you are borrowing money, the lender is definitely going to be looking at this ratio as they decide if they are going to loan money and what the interest rate will be. It is also a number you will want to know to help you see that as you borrow money you are also increasing the value (money) you have in the business.
Staff Incentive for Your Business - Recognizing essential People who are "essential"; as the pandemic has continued, how many times have you seen or heard of people being essential? If you are on Facebook you have likely seen postings of recognition of all kinds of jobs being essential. Your staff is essential to your business. Are you recognizing them for their effort? Recognition is appreciated and can do a lot to remove stress from the workplace. We want to recognize A Carrot A Day by Adrian Gostick and Chester Elton, whose book provides the basis for each month's incentive idea.
What's coming up that you can promote? - Give your existing and potential customers a reason to celebrate. We collect information from National Day Calendar and share certain events that we know you could include as a part of your promotional efforts. We are adding this new feature to help you create events for several reasons. Your customers will enjoy a fun connection with your business. You can easily use social media to promote the event. You will get the benefit of your event getting a tie in to events that local and national media promote. Our favorite example is that of chocolate pie. Yes, there is a chocolate pie day. If you are a grocery store or restaurant, it is a natural to tell your customers of the event and invite them to do business with you. Other businesses could do a joint effort with the restaurant or grocery store. Putting these together can be quick and easy, but should be planned in advance. As an example, as this is January 1, we suggest your looking at what you can do in March. Some of our favorite March events are:
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MAY 2024
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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
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
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.
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."
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.
