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January 2023
News of the day - for 2023, a different way of questioning everything in your business An article I recently wrote focused on the issue of pricing. As a way of introducing what I wanted to teach, I shared a conversation between Toby Keith and Clint Eastwood.
The two are golfing buddies. Toby Keith, the country singer, is 61. Clint Eastwood, the actor, director and movie producer is 92. Toby asked Clint about his amazing stamina and how did he achieve it.
Clint's answer was, "I don't let the old man in".
Toby took that response as inspiration to write a song using Clint's line as the title. There is a line in the song, repeated several times, that got our attention.
"How old would you be if you did not know the day you were born?"
We are using that line frequently with a change to a few of the words.
What would your business look like if you did not see other businesses in the same industry?
What would your price be if you did not know the cost?
What would your customer service be like if you did not observe other businesses?
Bottom line, if you have nothing to compare to, how are you going to make decisions about your business?
We think the answer is that you would have to be creative; that you would have to think more about what you would do or charge. The result is going to uniquely be YOUR business and not the same or slight variation of others.
We invite you to think about it for 2023.
Article of the Month - Eight percent factor "Item and price" or "service and price" - the basis of how many businesses will attempt to attract new customers as well as invite current customers to do business with them.
Even with all the shortages that we all have experienced in the past year, there are many businesses that will continue to use "price" as their means of attracting more business.
Today, price is not the attraction; it is availability that your customers are focusing on. When a customer asks if you have a product or when you can perform a service, they then ask, "How much?" They used to first ask about the price.
The article of the month is addressing what is wrong with having price as your basis. And the percentage of people who make price their driving factor in deciding where to do business? Well, the answer is in the title of the article.
Who is visiting Small Business Converations in 2023? - We are planning guest experts for Small Business Conversations in 2023. Each sharing their knowledge which we expect can provide information and insight to assist you in your business.
During the year we will be reviewing what we have seen in advertising campaigns that will show who has done a great job of getting their message across. We hope this look at "big advertisers" will help you in spending your advertising dollars.
We will be visiting with Tee Rowe, president of America's Small Business Development Centers and one of the state directors as a means of celebrating SBDC Day in March. We do so each year because we find the overwhelming majority of people have not heard of SBDC and what it can do to help your business.
We plan to have an expert visit with us to explain all the various forms of payment your business can accept from customers. We don't think you want to be sending customers a bill, and we don't think you want to lose a sale because you did not accept the form of payment that customer uses.
We are corresponding with experts on leadership skills, Instagram, and how to create a strategy for your social media.
If this newsletter was sent to you, then you will be receiving an invitation to each program.
Book of the Month - Positioning Ries and Trout have been two of my favorite writers. Their expertise is marketing. Along with understanding financials, the marketing of your business is a close second when it comes to what is important in your business regardless of the products or services your business offers.
We talk about positioning our business with respect to the market along with our community and potential customers. Al Ries and Jack Trout are the two credited with first using the phrase, "positioning".
Start off your year with a good book, Positioning, from two great authors, Ries and Trout.
Internet Tool for Your Business - A small business financial test Of all the free tools we have created (I think the current count is 47), this is the one that started our desire to provide things on our website that would be of help. Some were created because of frequent questions we were asked on a topic. Others were created because we have seen people selling this information to small business owners and we just don't like the idea of these people making money off of what is a simple need. This month's tool is a 20 question multiple choice test about your knowledge of financials. As you answer the questions we expect you will see where any shortcomings are with what you know. And with all the articles and lessons on the Profits Plus website, we expect you will find the answers you need.
Staff Incentive for Your Business - Do something We were looking at research regarding traditional rewards programs and premium rewards programs. One of the statistics that got our attention said that the overwhelming majority of people were tired of the traditional program where they build up points, or dollars, toward future purchases. They want something that is more immediate. This got us to thinking about staff incentives. We see businesses that give certificates or put a person's name on a plaque. Not that these are wrong, but perhaps there is something that would have a more lasting impression on your employees. One way to find the solution is to ask the employee what they would do to treat themselves. If they have a spouse or "significant other" in their life, you could ask that person. A third option is to ask the employee what they would do for their spouse or "significant other". With any of these options, you will have a good start on finding a reward that will mean a lot more to your employee. 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.
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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.
