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.

Tom Shay Keeps You Up-To-Date With News You Can Use!
 

e-retailer logo
May 2018
Volume 19 Issue 6

News of the day - What should the number be?

Whenever I have the honor of making a presentation that has anything to do with financial information for a small business, there is one question I can always expect from at least one person in the audience.

"What should that number be?"

It does not matter what we are talking about; current ratio, debt to equity ratio, sales per employee or any other financial measurement. Someone wants to know what the number should be for their business.

There are always challenges with using the results from any industry survey. You do not know if the participant knows how to properly complete the form. You do not know if the participant is being truthful. And, if you are looking for trends by reading multiple years of an industry survey, the participants do vary from year to year.

We offer an alternative we have found on the Internet; a website called BizStats. We invite you to take a look by following this link.

BizStats

And to answer the question of what the number should be; we maintain that any business should be more focused on improving a number from the previous year than comparing themselves to another business.

Article of the Month - Using a computer

"The job is easier when you have the right tools". Perhaps you have heard this expression; most definitely you can hear it when you visit a hardware store or garden center. Let us offer a couple of adaptations for your business.

"The completion of the task is more consistent when you have the right tools". And, "You find yourself solving fewer problems in your business when you have the right tools".

This month's article is about creating the tools you need in your business. In our business we called these tools our policies (rules for ourselves) and procedures (ways of doing tasks).

One side note as we invite you to read the article. We do not believe in having a customer service policy. We have seen many of them. The reality is they tell the customer how they are to perform and behave. We think that is a very poor way to start what you want to have as a long term relationship.
Book of the Month - This I believe

Initially this book reminds me of, "The Big Moo" edited by Seth Godin. That book has 33 chapters written by 33 individuals; each with a unique lesson to be learned by some very learned and experienced individuals.

This book is titled, "This I believe: The personal philosophies of remarkable men and women", and is written by Dan Gediman and Jay Allison. This one has eighty chapters. Some authors are famous and others are everyday individuals. The purpose of each chapter is to get us to think about how we arrived at our own ways of doing things.

We think you will enjoy it.
Internet Tool for Your Business -
Small business financial test

When I get to work in communities with Main Street programs, downtown development authorities, business improvement districts, chambers of commerce and similar organizations, there is a special tool I ask be given to every small business owner.

The tool is a self evaluation. It invites the business owner or manager to take a deep look at their business and answer a series of questions. There are not "right or wrong" answers. Experience has shown as the questions are answered you gain a lot of insight to what is going on in your business and with yourself as the owner or manager.

This month we want to share this tool with you. Here is the link:
Staff Incentive for Your Business -
It is spring! Let's celebrate

Finally, across North America it appears spring has arrived. It means we can finally enjoy some time outside. We like to think of the foods that relate to spring. Putting the two together, along with the theme of this segment of Small Business News, we could make this into an awesome staff incentive.

Those in the southern states will likely connect with the combination of a cola and small bag of peanuts, or a "Moon pie and RC Cola". (Our staff enjoyed this treat as many did not grow up in the south)

You could go further by bringing a grill to your business and grilling hot dogs and hamburgers, along with all the condiments.

It does not have to be a special event; just a way of telling your staff you appreciate them!

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

Was this newsletter shared with you by a friend? You can use this link to get your own subscription: Small Business News subscription


 

 

 

 

 

 

MAY 2024
Have the Small Business Advisories and News sent to your inbox. Subscribe HERE

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.
x
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.

PROFITS PLUS, FOUNDER OF...

© 1998-2024

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