|
|
 January 2024 Volume No. 25, Issue No. 2 News of the day in 1924 and time away from your business We can not find the exact date, but looking at old photos the estimate is that my great-grandfather, G.W. Brown, opened the first of our family businesses in 1924. He worked for someone who had a similar business across the street and decided to open his own when his employer would not try an idea my great-grandfather suggested. It is a familiar story with many businesses as an individual believes they can improve on what they currently see. It causes me to wonder as I think what would have happened if his employer had told him to implement the suggestions instead of seeing my great-grandfather open a competing business. And with your own business comes decisions and choices. What causes me to approach this topic is a couple of recent experiences of observing businesses in our area. There were community events going on with hundreds of people (also known as potential customers) on the streets. I have been there, and I understand the situation; there is a need for you and your staff to have time away from the business. However, I look at these recent situations from two perspectives. The first perspective is looking at the business in the future. Of all the days and times to choose not to be open, I do not believe these were good choices for two reasons. The first reason is missing the opportunity for those potential customers I mentioned; there were a lot of them. The second is the local business community. The staff and volunteers of the merchants association, chamber of commerce, Main Street program, and other organizations have spent time and money inviting people to come to where these businesses are. And when people arrive they are finding businesses closed. I believe these actions are disrespectful to the organizations that promote local businesses as well as disrespectful to fellow businesses who look to the event to highlight the business community. Article of the Month - What you can learn from the movies "Fifty First Dates" and "Groundhog Day"; both of these movies are comedies. They share a commonality of a message about events being repeated. The article of the month addresses this issue from the perspective of small businesses as it asks why effort and money are spent on social media and traditional media. The message is repetitive. The message talks to potential customers and those who have previously been our customers. Seems to me that we should be approaching those previous customers differently. We trust you will find value in this month's article. Book of the month - The art of the start 2.0 An appropriate book to start a new year; the Art of the Start 2.0 by Guy Kawasaki. Speaking at trade shows and conferences, I can count on meeting people in attendance who are thinking about starting a new business or adding something new to their business. Unfortunately, there is a paralysis that sets in and that person does not move forward. This person has not made a decision either way, but their lack of action becomes a decision. This book by Kawasaki can perhaps cut through that mental paralysis and help you move forward. As I mentioned, the timing of this book suggestion is very appropriate for the start of a new year. Internet Tool for Your Business - Acid ratio The acid ratio is a measurement of the expected healthiness of your business over the next 12 months. We will let the link below to the free calculator do the rest of the explaining. We will leave our part to tell you this is a simple and very important measurement that should be a part of monitoring your business. Each month we highlight one of the 47 free tools on the Profits Plus website; we call them "calculators". While some provide analysis by numbers and ratios, some are assessments and others are self-examination questions. Many are downloadable while others, because of the complexity of the calculations going on behind the scenes, are a part of the website and allow you to print your answers. None of them require you to give any personal information nor are there any "cookies" tracking you or your information. Internet Tool for Your Business Staff Incentive for Your Business Starting a new year, we think that this part of our monthly newsletter continues to be very important. A shortage of available staff as well as keeping staff continues to be a challenge to businesses offering services and products. January 1 is an excellent time to share what we have seen with the businesses that have shown to be the best when it comes to engaging and keeping their employees. While we share an idea each month, there is not one thing that makes the difference. There is the restaurant in which the wait staff all have business cards. Instead of laying the bill on the table and saying, "no hurry" as we see in most places, their staff take a moment to hand you their card, say "thank you", and invite you to return with a sound of confidence in their voice. You may have a business card, but the majority of workers in businesses have not had one. There is the business that features its staff in its social media and traditional media advertisements. And there is the business in which the owner brings a snack occasionally for their staff; when the weather begins to cool they surprise their staff with a sweatshirt. It is all about being personable and caring about employees as individuals. Is there a cost to this? Absolutely. But this is not anywhere as expensive as the cost in time, money and stress with what is required in finding, hiring, and educating new employees. And from personal experience, it is a lot more enjoyable to utilize these ideas I am sharing from businesses I have observed. 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.
|
MAY 2024
|
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.
