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March 15 is SBDC Day; a new Profits Plus website; and where are all these new businesses coming from? Wednesday, March 15 is SBDC (Small Business Development Center) day. The purpose is to tell you about the many free services the SBDC provides to small businesses. We participate as a SBDC Ambassador by having two of the best from the network to join us for the March Small Business Conversations later this month. Our second piece of news is to invite you to visit our new profitsplus.org website. After 16 months in development, the new site is easy to navigate. Things are easier to find and we think the site has a "cleaner" look. All the articles, calculators, advisories, recordings of sessions, and conversations are still there. And there will continue to be nothing for sale; help yourself to everything on the site for usage in your small business. Did you note that "rally or recession" comment in the subject line? We would like to share a few words of encouragement. In the USA in 2022, there were more than 14,000 new business applications filed every day! This is not just a small one-time occurrence. Between 2019 and 2020 there was a 24% increase resulting in 4.3 million new businesses. In 2021 it grew to 5.4 million new businesses. So, if you are watching the media and hearing/reading/seeing stories that continue to tell of impeding doom and gloom, just remember that these facts to date say things are going well. Perhaps just one concern; one of those new small businesses could become a competitor to you. How do you do that? The article of the month has several messages to share; customer follow up is important; speak at a pace so that the customer understands what you are saying as compared to speaking just to get the words out of your mouth; and educate your customers on how to appreciate, enjoy and utilize the products and services they have bought from you. Together this will do much for your retaining customers, getting more business from them, and gaining new customers. Who is visiting Small Business Conversations this month? We celebrate SBDC with Tee Rowe and Greg Jordan One of the biggest secrets in the world of small business - the SBDC which is an acronym for Small Business Development Centers. If this is the first time you have ever heard the name or acronym, we are going to suggest a quick search engine look to find the office that is closest to you. All fifty states have an office and each state has multiple satellite offices. Perhaps you have heard of the SBA (Small Business Administration). If so, it may be because of the phrase "SBA loan" when you have worked to borrow money through your local bank. Book of the month - Lovability by Brian de Haaff "I love shopping in this store", or "I love doing business with this company". Two common statements you may say about a business but you definitely want to hear them about your business. When you look online to purchase something, have you noticed the sites sharing many testimonials from customers that love the business and products or services. And that is the basis of the book of the month we are sharing; Lovability by Brian de Haaff. There is a subtitle of "How to build a business that people love and be happy doing it". From our experience it is very challenging to try to love your customers without your enjoying it.Internet Tool for Your Business - space productivity calculation The space productivity calculator on the Profits Plus website handles the basics of knowing how well you are managing the space your business occupies. Unless your business sells only one product, you want to know and understand how this calculator answers the question by telling you what department/fineline/category in your business is making you the most money. After this calculation we are going to suggest some additional considerations. Consider how much space the back inventory requires in addition to that which is on the sales floor. Consider the cost of the inventory on hand. Perhaps you have to place a very sizable order each time you order from the wholesaler or manufacturer. We have had a first hand experience with reconsidering a product category simply because of the sizable investment required. Consider the margin you are getting from the products in question when comparing to other product categories. And while not requiring a calculator consider where this inventory is displayed for your customers to see. Most people will look and walk to the right when they enter the business. What do they see in your business? Hopefully it is what you are making money with. 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 scene, 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 - a subscription Watching the Christmas Vacation movie with Chevy Chase, cousin Eddie makes a comment about Clark receiving a, "jelly of the month" Christmas present from his boss. It is funny but it did get us thinking about an idea for a staff incentive. Maybe not a jelly, but what about a magazine subscription or other food item each month? Something that the employee likes and enjoys. Perhaps you have an employee who enjoys cooking, or fishing, or hunting; there is a magazine for each of those interests. I know someone who loves popcorn, and there is a company that has a different popcorn each month. It could even be a special interest podcast that requires a paid subscription. Think about the employee who receives this item every month. They are going to think about where they work and likely have a thought that they are appreciated. (Now only if Girl Scout thin mint cookies were available on a monthly subscription basis.)
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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.
