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News of the day - Thursday, April 25, Saturday, April 27 and we need photos of your business It is a big headline with a lot of information. Thursday April 25 is the annual day for taking a child to work with you. I have always felt this is an important occasion so that future generations are introduced to small business ownership. I note it particularly in community pharmacies. Over the years I have heard many pharmacy owners state that when they were in pharmacy school they were not told that a community pharmacy was an option. A small business is for those who are dreamers; a small business is for those who are bold; a small business is for those who are an integral part of their community. Perhaps you have seen the new Microsoft CoPilot commercial for their AI product. Saturday, April 27 is Independent Bookstore Day. And we just found a celebration this fall for Neighborhood Pet Store Day. What about your small business? Do you have a special day? They are easy to create and having a special day does create awareness. Just like 2003 when we created Independent Retailer Month. Which brings us to the reason we are asking for photos of your business and your staff. The photos throughout the Independent Retailer Month were all purchased through photography services. We want to take these down and show the real independent businesses. Wherever your business is in the world, we want to share the pictures and stories of your business. We invite you to send pictures of your business - inside and out, and your employees. We want you to be one of the faces of Independent Retailer Month. Article of the Month - If not price There is not a question mark at the end of the title of this month's article, but the article is asking a question. What is the basis of your competition with any business you compete with? If not price, what is the basis of your attracting a customer to do business with you? While the article written was addressing wholesalers, it is appropriate for any business. And, if you are hearing too much of, "How much does it cost"?, or "Can you give me a quote for this"?, this article is especially for you. Book of the month - The plan as you go business plan Authored by Tim Berry, this concept and book go against my belief in business plans. Tim Berry also authored the most popular business plan software. So, why is it the book of the month? Because I think all of us as small business owners should hear alternative view points. I do not believe in these because my experience is that you are not as connected to a "fill-in-the-blank" concept as you will be when you write the content yourself. Are you going to write a business plan; print it; and then put it on a shelf? I hope not. Your business plan should be something that you make a point to look at several times each year and determine if you need to make updates. And then, why should you have a business plan? You write the business plan with a high degree of calmness when you can give deep consideration to what you are writing. What kind of employees do you want? What products or services do you want to offer? Describe the person, or business, you see as your primary customer. That is what a business plan does. It helps to keep you on target. And if you write it, you know what is in the business plan and you own it. And these other ways of getting to a business plan? They are definitely not for me. But then, it is your business and you get to decide. Internet Tool for Your Business - Cashflow planning We have three versions of a cashflow planning tool on the Profits Plus website to share with you. This month's tool is the cashflow planner that we created as an introduction as to how planning your cashflow needs can help you in your business. This month's tool helps you to plan your cash needs for the next sixty days. It is not meant to be the tool you continually use in your business. Instead, it is meant to be a demonstration you can work with to see how cashflow planning for a full year can help your business. Repeatedly I have made the comment that we can always disagree with each other about various components of small business ownership and management. With the exception of this one point; every small business should be utilizing a cashflow projection. 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. Staff Incentive for Your Business - What is your batting average With the baseball season having started this past weekend, we decided to draw a comparison of staff recognition to a batting average. Gostick and Elton report that 80% to 90% of managers do not give employees any recognition. And for years we have been giving a monthly idea of how to incentivize your employees. You may think that some of the suggestions we make are simplistic. However, when you consider that 80% to 90% of employees receive no recognition, your following these suggestions can bring a big smile and feeling of pride in their work when you provide recognition. Batter up! 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.
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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.
