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Another step on the road to recovery Just a couple of months ago we talked about what we saw that was different since the business world began changing as a result of the pandemic. We discussed three types of businesses; the "homers", the "plow hands" and the "hold my beer" crowd. Each had a different approach of how to do business.
Some made decisions because of local, state, or province rules while others made their decisions without any prompting or regulation.
Surely every business experienced change. Some changes were challenging while others (grocery stores along with many liquor stores and bicycle shops as examples) experienced a boom in business. My business has also experienced many changes.
Using my experiences as a fourth-generation small business owner, I have been teaching management and ownership for many years. My expectation is that you are aware of many other people who also teach various components of small business.
Comparably, most have a business model that is very different from the one we have at Profits Plus as they offer products and services for sale in addition to speaking at trade shows and conferences.
Since March we have noticed an increase in their efforts to persuade small business owners to hire them as consultants, buy their products, pay to speak with them via zoom or phone, and participate in their virtual boot camps.
There are new individuals who have appeared and are attempting to also sell their help to you. We jokingly refer to all of this as the "Help Vultures" methodology. We chose this nickname because vultures are known to attack the injured or dying.
We visited with a small business owner who was failing at their second business in the past 10 years. As we spoke, they proudly told of their being a member of the "gold circle" of one of the help vultures. They were paying $900 a month and had been a member for over a decade.
Of course our question was, "Why would you pay someone when you have twice lost a business?"
Our question to everyone is, "Why would you pay any of these people for any of their products or services when it is available to you in your area at no cost to you?"
Please understand, we are not saying they are bad people. We just think you should be aware that their business model, whether they have always been that way or if they changed because of the virus, is one where they need to make money off of you and your business. Our thinking is you should first look at the SBDC.
Every state has at least one SBDC (Small Business Development Center) office as well as multiple satellite offices. There are over 1,000 satellite offices in total. Funded by the Small Business Administration (SBA) they offer counseling and services at no cost to the small business owner.
First hand I have observed a SBDC counselor help an owner set up Quick Books. I have seen a SBDC counselor help an owner take a loan from concept to completion. And I have seen many of SBDC events that have been virtual help sessions since early March
Of course, none of us have ever seen anything like this pandemic that has made it around the world. The SBDC has been funded with $192 million (USD) to add to their staff and provide additional assistance.
Follow this link to find your local SBDC office.
 This month's Small Business Conversations program is going to have Tee Rowe, the president and CEO of America's SBDC as our guest. Yes, we are bringing in the "big guy". Join us for the one hour program which will be a Thursday evening. And as with all our programs, this is completely free!
We are proud of what we created 18 years ago. Independent Retailer Month. We appreciate the Bermuda Travel Authority contacting us and asking about participating this year. This event belongs to the world! Follow the link and join us. We know this is a tough year but independents are tough people.
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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.
