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Small Business Saturday and the "why" We like the idea of Small Business Saturday. It is one of two big events that invite people to shop with a small business for what we think are the right reasons. While it is 61 days away (November 30), let us suggest your getting started in making your plans for the event. Here is a link to the site where your business can sign up to be a part of the event as well as create some free marketing materials. And the right reasons for supporting a small business? You will find that list on this site. You should tell your customers and elected officials about this list. On a personal note, thank all of you who took the time to write and call to ask about my Rusty. As I presented to a group last week, the first person to approach me after the presentation asked, "How is Rusty doing?". Rusty is doing much better. His hospital stay was very short. The doctor commented she was amazed at his recovery and his doing it so fast. Rusty is home and getting better as he works to become his active self and regain his weight. Unfortunately the same week Rusty came home, I had two friends who lost their pets. Kimberly Foy lost her Harley.
Article of the Month - Offering Extended Hours Coming into the holiday season, we understand why some businesses extend their hours. However, as we spoke to a group last week we discussed this topic at length. Look at your hours; look at when your customer is away from their job; look at when your customer is using your products. Are the three of these in line? Too often the answer is "no". I remember the bike shop that closed at 5pm because other businesses in the area did likewise. Yet the owner of the show knew that most people were riding their bikes after 5pm. This same shop also opened at 10am and knew there was a large group of people that rode their bikes in the morning hours. This is an example of a business that does not have the three components aligned. This month's article tells of our experience of extending our hours.
Who is visiting Small Business Converations this month? - Beth Montpas Just a few weeks ago I read a very interesting article in one of the trade magazines I write for. The essence of the article addresses how many of us have a "to-do" list. What if you created a "to-be" list?
Book of the Month - Word of mouth marketing We have asked this question frequently; "How do you get your new customers?". The answer is referral or word of mouth, to which we ask if the business makes the referral or word of mouth happen, or does the business just wait for it to happen. Interesting question. If you have been one of those we have talked with, or think you would like to make it happen, you will want to read Andy Sernovitz's Word of Mouth Marketing.
Internet Tool for Your Business - Cost of goods sold 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. There are three numbers required to calculate this amount. What cost of goods sold is not, is the amount of checks you write during the month for inventory purchases. Take a look at this calculator to see if your cost of goods sold is being calculated correctly.
Staff Incentive for Your Business - A car wash "I refuse to give any employee an incentive to do the job I am paying them to do". I have heard that comment many times over the past years, especially as I am such a strong advocate of having incentives. My push back to any person making that first statement is, "I agree with you. And when you get it to work your way, please call me so that I can come and see it working". I am still waiting for that first call. So, here is our incentive suggestion for this month. Incentives should be there to increase sales, decrease expenses and resolve problems. You create the standards however you want; you can have one winner or many winners. The reward we are suggesting this month is a car wash for the winner. Not just giving the money to take their car to the wash, but having someone who offers a mobile carwash to come to your business. This way the winning employee(s), their fellow employees, and your customers can observe. It will make for quite a conversation. 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 October 1 you should be looking at what you can do in December. Examples of December events include: December 1 - National Pie Day (includes that chocolate pie day and more!) December is Operation Santa Paws Month December is Write a Business Plan Month (nothing to celebrate; you just need one)We want to thank National Day Calendar for this information. National Day Calendar - Where the world gathers to celebrate every 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.
