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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 news
April 2021
Volume #22 Issue #5

News of the day - Why April 22 is important and this is not a job!

Thursday, April 22 is, "Take our daughters and sons to work day". To many people like me, this is a big deal. When our three children were young, they each went to work with me to celebrate this event.

Surely, a part of the thrill was their getting out of school for a day and going out to lunch. But it was important because of the tradition in our family.

If you have been in an audience where I have spoken, you have heard me proudly say that I am a fourth generation small business owner. While not my only teachers, some of my best teachers were family members. With their direction, and that of some great sales representatives, I learned the trade of being an owner. Notice I did not say I was learning the trade of selling; I was learning to be an owner. I was also taught the value of appreciating our customers. Recently I was asked a question that has been asked many times.

"Do you miss your business?"

It is an easy, "no". I just miss the customers and employees. When I remember the buildings I am thinking of my experience with these people inside those buildings. Which brings me to a follow up story.

The February Small Business Conversations told the story of a multi-generation business. The example was shared in the story of a child who was stuck as a salesperson and not learning to manage and own the business.

After the story was published, I was called by a friend who volunteers for SCORE (Service Corps Of Retired Executives). SCORE is the largest network of volunteers helping small business owners. He asked if we could team up and help this business. When I drove to the business, it was too late as the retirement signs were on the windows; the television ads were running; the newspaper article interviewing the owner had been published.

I made a point to talk to the child that I was describing in the February issue (here is a link to that story - February 2021 Small Business News) and asking what they were going to do. They had applied for three jobs. As the three businesses were named, the child (and this child is 40 years old) singled one out as not being preferred because there was commission involved.

"I don't want commission, I need a job", was their final comment. I didn't but wanted to explain that owning a small business is commission. And, it is not a job; this has to be your passion.

I also understand the person that had a similar conversation with me. They asked how they could have passion in their business when they had owned the business for twenty years.

My follow up question was, "When do you want to leave the business?"

"Twenty years", was the answer to which I responded, "If you think the past twenty years have been a long time, without passion these next twenty years will seem like forever".

Article of the Month - Finding the right management tool

An audience of managers and owners was asked how many hours they worked each week. As answers were shouted, I remember the individual who thought they had won when they said, "80 hours each week".

Much to this person's surprise, and many other people, the "winner" was the person working the least amount of hours.

Let me invite you to read this month's article which could help you be the winner the next time we ask that question.

Who is visiting Small Business Converations this month? -

The April 22nd Small Business Conversation will be the start of our 12th year of hosting the widely syndicated program. We appreciate all of you that listen to the program by way of the live event; from the Profits Plus website; or through your favorite podcast service.

Our guest for April is Dr. Frank Wood who will discuss with us what we refer to as "covid stress". Perhaps you have been experiencing what we have; businesses that have challenges and the pandemic has been their crutch as to why they cannot get things done.

Most likely all of us have similar situations. Dr. Wood's expertise is not just how to deal with stress but how to thrive with stress. We call on Dr. Wood because we want more than some motivational speaker who is there to cheer us up.

This is a real concern and Dr. Frank Wood is a real doctor with a specialty in stress. Find yourself a relaxing place and an enjoyable drink as we listen to his words of wisdom.

Book of the Month - Thinking in Bets

Years ago in school I remember a teacher who was having us look at many bad decisions made over the years. The situations ranged from George Armstrong Custer to Sears & Roebuck.

"Given the information these people had at the time they made their decision, they made a wise choise. Only in looking at the situation after the fact do we see their decision was a poor choice" was how their decisions were explained.

This may be OK in looking at history, but what about when we are in that same situation?

This is why we are suggesting, "Thinking in Bets" by Annie Duke. The subtitle of the book says it all; "Making smarter decisions when you don't have all the facts".

Internet Tool for Your Business - Gross Profit Percentage

Gross profit percentage is a close relative of the gross margin on an item. The difference is gross profit percentage shows on your income/profit and loss statement while the gross margin is a calculation for an individual item. The math is the same.

In non-math terms, you could look at your total sales as a pie.The first slice you cut is a big one as it pays for the inventory sold. What remains of the pie is your gross profit. Click on the link below to calculate yours.

Staff Incentive for Your Business - Relaxing

As our Small Business Conversations program for April is going to focus on relieving stress for you, we want to share an idea of what you could do for your staff. Perhaps you have a customer who could help.

Schedule a time to invite someone who can give chair massages to your employees. Generally, these massages last about 15 minutes. It is a great way to show your staff your concern for their well being as well as your appreciation.

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
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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.