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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.

This thought of the Internet having all the advantages is odd. Have you ever thought
about the advantages you have over the Internet?r
 
e-retailer logo
February 2018
Volume 19 Issue 3

Independent Retailer Month - July 2018
Starbucks thinks it is cool

Only a few months away, Independent Retailer Month is the annual celebration of what we do. Created in 2003 by Profits Plus, we did so to demonstrate how you can create a special event for your business, your community or your industry.

Who could know Independent Retailer Month could grow to be an international event. Hoping you are planning ahead, let us invite you to visit the Independent Retailer Month website and get involved.
 
$$$$$$
 
Recently we saw an article announcing that Starbucks would no longer be selling its products on the Starbucks website. While you may purchase the Starbucks products through a third party, Starbucks wants you to come into their store to make a purchase. They want you to have the Starbucks experience.
 
Put aside whatever you think about Starbucks and their coffee; think only of what they are doing. They want the customer to come into their business and experience them; smell the coffee brewing; enjoy the ambiance of their setting; interact with their baristas; see how they display merchandise.
 
Starbucks is betting that all of these things they do can entice you to enjoy Starbucks. And yes, you may buy some of their products to take home.
 
What about your business? Not the Internet aspect, but what about the aspect of a person experiencing your business. Is it that inviting?

Cultivating vendors that help
Our article of the Month

A story I have told frequently is that of the many sales representatives that held a special place in the history of our family. Of all the photos of sales representatives I have, none were taken in the store; they were all in social settings with family members.

That may be asking too much today, but the sales representatives you work with today, whether in person or on the phone, should be adding value to your business. They need to understand how retailing works and know the challenges you face. Most importantly, they need to be helping. And it can start with your reading articles like the one for this month.
Book of the Month
The customer rules; the 39 essential rules

How expensive is it to keep a customer? The reality is, "not much". Unfortunately too many of us see any challenge as a problem and aggravation. Instead, any challenge with a customer should be one we are happy about. To start with, this is a customer who takes the time to talk with you instead of bashing your business on social media.

This month's book suggestion, "The customer rules; the 39 essential rules for delivering sensational service" can go a long way to helping any business not experience challenges.
Internet Tool for Your Business
Sales to Inventory comparison

There are some businesses where the building they occupy and own is the largest asset they have. Most businesses will find the inventory is the largest asset they own. For all businesses, the inventory is the one asset that can be managed and make the biggest difference in the business.

This month's free calculator from the Profits Plus website, helps you to understand the relationship between the amount of inventory you have and your sales. The saying, "too much of a good thing" can definitely be applied to your inventory just as not having enough inventory can be a problem. This calculator will help you to find that correct position of sales to inventory.

Staff Incentive for Your Business

Let's look at a question that closely relates to the book suggestion for February. What if you and your staff sat together to discuss your answers to questions like these?

What does our customer want when they do business with us?

What do we want the customer to remember after doing business with us?

What do we want our employees to feel after each day of working in our business?

What do we do that no one else will do? Or can do?

In relationship to the customer, what is the purpose of this business?

You can alter this list however you see fit. What if you and your staff took the time to discuss this?

What would your employees feel after having the opportunity to be a part of an experience like this exercise? 

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.
Profits Plus |tomshay@profitsplus.org | (727) 823-7205 | www.profitsplus.org


 

 

 

 

 

 

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.
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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.

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Profits Plus Solutions, Inc.
Tom Shay
PO Box 128
Dardanelle, AR 72834
(727)823-7205