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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 news
August 2020
Volume #21 Issue #9

This month's thoughts - boxes for you and your business; The associations you and your business belong to

We have come through five months of the pandemic; we may know where we have been but we definitely do not know what the rest of 2020 holds for each of our businesses, families and ourselves. While not attempting to forecast the next six months, this month I want to talk about YOU; helping you to prepare yourself for the rest of 2020.

In March I closely watched a small business owner whom I had met during a visit to her community. She was creative in the ways she marketed her products and managed to keep her business open. She made a comment that struck very close to me. She talked about her business being her "baby" and if it was going to fail, it would not fail without her trying everything she possibly could to keep the business going.

The business has done very well over the past five months. My expectation is the business will do very well in the balance of 2020 and in the years after the pandemic.

How to get through the next six months is the message this month. I had a business teacher who demonstrated how to get yourself, your family and your business through any challenge. It was referred to as the "boxes" and I have used it for every aspect of my life.

Either mentally or on paper, you create a series of boxes. Each box is going to contain one issue. Perhaps you have health issues - each health issue gets a box. Perhaps there is an issue at home with a family member - another box. You may have some home repair issues that over the near future will require your attention - another box.

An issue with an employee goes in its own box. Other concerns, and opportunities will have boxes.

To take care of yourself, you can open only one box at a time.  You may address what is in the box all the way to completion or you may work on the contents to a point and then close the box to be continued at another time.

The key to your personal well being is that you are never addressing more than one challenge or opportunity at a time. This will do a lot to help you not become overwhelmed. Expect to have those you work with see you as one who maintains a sense of calmness.

Our second item for discussion this month was started in a previous Small Business News when we talked about independent bookstores and the work that was being done on behalf of bookstores by their national trade association. The results of the efforts were very positive.

There was a situation we observed that was quite the opposite. In March, a small business owner made a comment to the association they belonged to on social media. There was nothing that was discrete about the comments and who they were directed to. The association member stated the association had not sent any message to the membership since November 2019. Now the entire membership of the state association was facing a forced close down of all their businesses.

My question to each of you today is to look at the association you belong to and see what that association has done to help you between March 2020 and today. In what many would consider the "worst of times", what has your trade association done to help you?

This is not an encouragement for you to leave the association. Instead, I have this proposal for you. Your business is in an industry that has been good to you. It has provided a good living for you and your family as well as your employees. Perhaps you feel as I do, a sense of responsibility to your part of the trade.

As I asked the question about what has the association done for you during the pandemic, is your answer "nothing"? That appears to be the answer for a lot of businesses. This could be the time and place where you decide to help change the association to become one that helps the membership.

There is a tremendous need for an association that does more than have a trade show or sells services to your business (for which the association receives a commission). You can make that happen.

 

 

 

 

 

 

MAY 2024
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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.

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.