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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.

 
March 2011
Volume 12 Issue 4

Article of the Month

Creating a school to demo products
by
Tom Shay

This month's article is one I wrote for the gift basket industry. In the article I am discussing how it can work to your advantage if you teach your customers how to do what you do.

No, I am not thinking you are going to turn yourself into a self service business or work your way out of a job. Instead, I am suggesting we can build more interest in what we do by sharing more information with customers.

The more they know, the more than can be interested in your products and services.

Click on Article of the Month to read this article.

Book of the Month

What women want
by Paco Underhill

The first two books from Underhill, 'Why We Buy' and 'The call of the mall' were great. I just received this one and am looking forward to it.

Underhill's books have always been great reading material and I know he is going to provide insight that can help businesses better understand the shopping habits of their customers.

Read this book to see how you can get this current trend in marketing to work to your advantage.

Click on Book Referral to visit this page on our site.

 



 

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Profits Plus
P.O. Box 128
Dardanelle, AR
72834 USA
(727) 823-7205 Voice
(727) 898-3179 Fax




 

Business Advisory
March 29 is Mom and Pop Business Owner's Day

I remember the first time someone made a negative comment about my using the phrase 'Mom and Pop'. Their comment actually took me by surprise as the individual said that referring to a small business with that phrase implied poor management skills being demonstrated by the business owner.

Instead, I think it is a designation of honor. I think of a business owner that can take the time to give a customer individual attention. I think of a business that can tailor the product and service offerings to the customers in the area. (As compared to a chain or mass merchant that has the same at every store)

I think of a business where the person working there can make a decision instead of looking in some rule book or citing some company policy.

That being said, I continue to see way too many independent businesses that fail to take advantage of the opportunities before them. Allow me to share a personal experience from the past month.

We decided to replace an appliance in our home. We went to the locally owned business and found three salespeople standing behind the counter. One spoke and came and gave what was polite but not memorable sales help.

We looked at a second appliance and decided to purchase it as well. We looked at, but did not purchase a third and fourth appliance.

The installation had a challenge in that one of the items was dented. The first words from the installer was, "I can give you a discount to take it".

He was disappointed when I said I would rather have the item without the dents.

Our second trip to the store resulted in another purchase and an installation that went without incident.

To this date, no one has called to ask how the installations went. No one has asked how we liked what we bought. No one called to follow up on the other items we looked at in their store.

Speaking with the head of one of the appliance associations last month, I was told of how bad business was for those that are still in business.

Anyone surprised that I think I know what a lot of the problem is? This is only one example. I see this in many businesses - both product and service. And the independent business wants to tell me they give great service? The independent business wants to tell me they are different from the chain or box store?

Perhaps someone thinks I am too demanding. If the independent wants to stand out, where are they going to do it? It better not be with a lower price! It needs to begin with how we take care of our customers; how we follow up; and how we ask for repeat business and for referrals.

If we are going to celebrate March 29, let's give the customer a good reason to celebrate it.

$$$$$$

e-ret@iler conversations conference calls

We are back on schedule for March. The e-ret@iler conversations conference call is going to be Tuesday, March 15 (Is that beware the Ides of March?) We start at 8:00pm eastern time and are generally lasting one hour.

For March, I am preparing material based upon experiences like the one I have just mentioned. I will not be challenging you to step out of the box. I will challenge you to forget the box ever existed. I will challenge you to have some radical thoughts about how and why you advertise.

E-ret@iler conversations conference calls

You can celebrate St. Patrick's Day this month. Everyone can be an honorary Irishman. You can also celebrate March 20 being the first day of spring. After the rough winter that many of us have had, the start of spring is a good reason to call your customers in for a visit.

Internet Tip of The Month

Return on investment calculator

Perhaps the most important calculator of the 40 we currently have on the Profits Plus website. Have your income statement and balance sheet as you visit this site.

Enter the numbers from your data into the yellow boxes and see how well the investment in your business is working for you.

Then take a few moments and make some changes to those numbers. Look at the rate of return on investment to see how it is changing. This will help you to see what items you can focus on to make your business better.

Return on investment calculator

The Power Promoting Idea of the Month
A unique referral

While this idea came from a florist, it could work for many other businesses - even the appliance store I mentioned earlier.

Making deliveries, the florist always had the driver first attempt to deliver an arrangement at the address that was across the street or next door to the correct address. The idea was that the unsuspecting person gets to see what someone is getting as well as being told where the product is coming from.

Granted, that person could see the delivery person as not paying attention to their work, it is an easy way to tell the person where their neighbor has done business.

In the conversation with the person at the incorrect address, the driver apologizes and gives the person a coupon to the business along with an invitation to come in to see what they have to offer.

This power promoting idea takes but a few extra minutes and has no cost to it.

 


 

 

 

 

 

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.