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News of the day - What do you see on the horizon? The first suggestion I would share with you is to read newsletters and blogs that are relevant to your business. One of my favorites is produced by Outcalt and Johnson. Having known them for many years, I view them as two of the most knowledgeable sources of information in small business. A recent newsletter shared their observations of two reports. These reports are provided on a monthly basis and reflect on how people see the retail economy in the coming months. While positive, the viewpoints were not as positive as previous reports. What should this mean to a business? The most important thing for any business is that of knowing your existing and anticipated cash position. However, knowing your cash position is something every business should be looking at every month of every year. With great economic times you need to know if you can afford the growth in your business that you are expecting. As odd as it seems, a business is more likely to run out of money during a period of growth.
Article of the Month - Giving employees directions Giving great customer service is not as complicated as many people make it to be. What is frequently lacking is a commitment and discipline to developing a process through which your employees can provide the level of service that will distinguish your business from your competition. Without a uniqueness, you find your business being relegated to competing based on price.
Who is visiting Small Business Converations this month? - Mike McCormick, CPA We invite our resident CPA (Certified Public Accountant) to join us again to address a point about your business we have never discussed on Small Business Conversations. What is the legal entity form you have chosen for your business? Many businesses have never examined their current format and asked if it is still appropriate as their business has changed and grown over the years. Mike McCormick will visit to explain what your options are and provide you with insight for this important decision. Mike wrote a book on the topic that we found to be a great read on the topic. Joining us for the July Small Business Conversations will be a very wise investment of your time.
Book of the Month - Leaders Eat Last Recently the St. Louis Blues won the Stanley Cup. One of the oddities of their championship season comes from taking a look at the league standings on January 3. The Blues were the worst team in the league. Yet, they won the championship in June. Earlier in the season it appeared the expectations people had of the Blues were not going to happen. The owners of the team brought in a new coach.
Internet Tool for Your Business - Cashflow planning 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 - Lottery Tickets Visiting with a friend recently, he told of his traveling to a state that had a lottery. As the state he lived in did not, he saw an opportunity to have a lesson for his children regarding how they would spend their money. He was not in favor of gambling. With his wife and three children accompanying him, he stopped just after crossing the state line and purchased ten tickets; each family member received two tickets. As far as the lesson went, unfortunately one of the children won $150 and another won $90. Of course, there was a lot of excitement in the car as they continued their trip. Using this as a start to an idea, what if you used scratch off lottery tickets as rewards for your employees. An employee receiving five $1 scratch off tickets that might have a winner is going to create a lot more excitement than your handing an employee $5. 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.
What's coming up that you can promote? Give your existing and potential customers a reason to celebrate. We collect information from National Day Calendar and share certain events that we know you could include as a part of your promotional efforts. Putting these together can be quick and easy, but should be planned in advance. As an example, as this is July 1 you should be looking at what you can do in September. Examples of September events include: Baby Safety Month National Preparedness Month Self Improvement Month September 4 - Wildlife Day September 6 - Read a book day September 7 - Tailgating day (think football) September 8 - Grandparent's day September 11 - Patriot Day and National Day of Service September 12 - Chocolate milkshake day September 15 - Wife appreciation day September 19 - Talk like a pirate day September 23- First day of fall September 26 - Johnny Appleseed day September 28 - Good neighbor day September 29 - VFW (Veterans of foreign wars) day
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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.
