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July 2023 Independent Retailer Month - the how and why of the month The media used to give updates with things like, "Black Dog Day" (October 1) and "chocolate cake day" (January 27). As the media was talking about this, I was thinking of how a business could take advantage of this. I envisioned a restaurant sending an email or mailing a postcard inviting their customers to come on January 27 and enjoy a free small slice of chocolate cake. This could be a way to get people into the restaurant on a day they otherwise might not eat out. Research showed this information was listed in a book titled, "Chase Calendar of Events". With a bit of research I found it was very easy to create an event and have it listed in their book. Annual renewal of the event required only completing a form which Chase sent to you, and your purchasing a stamp. Hence, the event, Independent Retailer Month, started in 2003. As I mentioned this sequence as I spoke at events, I suggested associations, communities, and individual businesses follow my example and create their own events. We did not expect it to grow as it has. The many "shop local" drives often have a component that I do not see a need for; that need is trying to shame a customer into doing business with you. "Help save a small business", or "The local business sponsors your kid's baseball team so it is time for you to pay it back". The focal point of Independent Retailer Month is quite different. Here are the many advantages to you and your community when you shop with a local business instead of shopping with a big box, chain store, mass merchant, or an online business. We have found many reasons of substance that explain the benefits to customers when they shop with a local business. You will find our list of reasons on this page of the Independent Retailer Month website: Independent Retailer Month statistics Independent Retailer Month starts today, July 1. We hope you will join us. Article of the Month - Bears and alligators Having worked in the family business all my life, there were many lessons shared by the generations older than me. One point that has stuck was the expression, "when the bear gets in the water with the alligator, the alligator usually wins". It is an expression explaining competition and why we should not try to go head to head with anyone - especially on price. We think you will enjoy the story. Who is visiting Small Business Conversations this month? Let's talk about the best small businesses When a small business owner asks about what it takes to improve, they often look at other similar small businesses as examples of what they can be. To that point, we invite Dave Wendland of Hamacher Resource Group to visit for the July edition of Small Business Conversations with Tom Shay. As a resource and advisor, Dave gets to observe a lot of small businesses. As a member of the Hamacher team, we have known their company to be a valuable asset to many small businesses. With this month's program, we will all get to listen in as Dave tells us what he observes as common traits among the best. Book of the month - Hug your customers We were contacted recently by someone a newsletter reader that we first met by way of a trade show several years ago. We were impressed by the message they give to all their employees starting with the day they are hired. There is a letter that explains their philosophy. Additionally they give each new employee a copy of the book, Hug Your Customers by Jack Mitchell, and invite them to use it as a guide as they grow their sales skills. We see it as a wonderful investment towards instilling the "spirit" of your business with each employee. Internet Tool for Your Business - what it takes to make a profit calculator Ever wonder why so many people want to start their own business? How about asking how many do their homework so they understand what it takes to make a profit in their new business? This is why we created the "what it takes to make a profit" calculator. We have found it to be a very valuable tool teaching the essentials of business. Even for businesses that have been around for many years, it is a good exercise to do a bit of reviewing to make sure your business is on track for profitability. This is especially true because of the pandemic and many businesses having experienced record amounts of business. It is also valuable in these periods of inflation to make sure that expenses are being maintained at the appropriate percentage relationship to your revenue. 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 - More than a t-shirt We are going to take a slightly different approach this month. Recently we had dinner at a wonderful restaurant in Oakland City, Indiana. (We highly recommend the restaurant.) All of the staff were wearing a black t-shirt with the name of a business on the front, and information about the business on the back. We must have been the ideal customers as one of our party asked about the shirts. The explanation was fascinating. Every Wednesday, a different local business provides all of the employees with a t-shirt to wear. The restaurant apparently draws customers from a sizable area as their county has only 32,000 residents. I commented that every employee must have a quantity of t-shirts. So, the incentive is that employees get a lot of free t-shirts. There are several deeper incentives; creating a point of conversation between customers and wait staff; helping the restaurant with marketing as you can expect the business providing t-shirts is telling their employees and customers to eat there; helping another business in your community to gain awareness. Remember, one of the basic needs of a human is that to be of help to others; another is to be a part of a team. We think the t-shirt idea in this restaurant fulfills both. 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.
