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November 2018
Volume 19 Issue 12

What's happening in November that relates to your business

November is a busy month for a large number of our readers. It should be a busy month for all of our readers. We say this because we see too many businesses that think the holiday season belongs only to those businesses that are traditional brick and mortar.

From personal experience, we took a business that had that same belief. We decided we could be a gift business. And with the change of attitude and marketing we took that first holiday season to become the best selling season the business owner had.

Look at it from a guy perspective; look at those who read our newsletter that are in the landscape or lawn maintenance business. What guy wouldn't enjoy a gift of a year's lawn maintenance as compared to what he is going to traditionally receive.

Take a look in the mirror and think how your product and service can be something different starting this holiday season.

Now for that calendar; the "educator for a day" is November 12 through 16. This is a new take on what was National Teach In Day. This is important for small business owners to tell students about how owing a business is an option for their career. As an example, my friend Dennis cut a lot of grass when he was a kid and continued to do so through high school. He tells of many people asking what he was going to do when he grew up. It was challenging to get his friends to believe he already found his career.

Dennis tells the story that with all of the people who "laughed" at his idea, they all did work in his business at some time in their life. Today his sizable business is a garden center, landscape and lawn maintenance business.

With those in the pharmacy trade, I constantly hear independent community pharmacists stating they were never told that owning a pharmacy was an option. We need to tell people that owning your own business is not just an option, but a very desirable profession. Telling the story means we need to participate in Educator for a Day. Contact your local high schools and ask for the opportunity to participate. I have contacted the high school I graduated from and am hoping I can participate.

The second event is Small Business Saturday which is November 24. Created by American Express, this business celebrates all of us. You need to contact American Express TODAY to get their support material.

And here is a quick bonus for a third event. This is the Monday after Small Business Saturday - November 26. As before there is a lot of media coverage for this event and you can go to grab a piece of that attention for your business. As an example, a group of bookstores created their version and call it Cider Monday as they offer free drinks to all their customers during the day. This was a small group of stores that started the event and it made the news everywhere. What can you do to build excitement for your business and/or community?

Article of the Month - Is the experience consistent?

Just today, the article for this month was the subject of discussion at a trade show. The owner of the business mentioned the sizable quantity of hours they put in their business each week. As the discussion progressed, we came to the realization his manager was only working part time.

The manager was putting in the full time hours, but when the owner was in the business, it was the owner making all of the decisions. Hence what was to be a full time manager was a part time salesperson who was also a part time manager.

This month's article discusses this scenario that happens too frequently in small business.
Book of the Month - Always think BIG

Jim McIngvale is a success story in the world of small business. He has made it big because of his big thinking. He is a furniture dealer in Houston. Perhaps during the last hurricane in the Houston area, you read about the furniture dealer who opened his store as a place of residence for displaced families; that was Jim McIngvale's store.

If you are a college football fan, for several years there was a bowl game in Houston called the Gallery Furniture Bowl; that was Jim McIngvale's store.

Outside of the contents of the book, Jim has spoken to explain how his margins are higher during his clearance sales than the margins during the rest of the year. This person thinks very differently; Jim thinks BIG.

We think you will enjoy the book as you read the story of a fellow small business owner and how their business grows because of their thinking differently.
Internet Tool for Your Business - What is your customer worth?

Each month we highlight one of the 45 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.

Keeping with the same thought process as the book of the month, we offer one of the Profits Plus calculators to help you see just how valuable each and every customer is to your business - in a dollar and cents valuation. We have seen our calculator used in one of our monthly book suggestions; we used it in our business to demonstrate to our staff just how valuable each and every transaction is with every customer. The effect this can have on your business can be impressive.
Staff Incentive for Your Business

Perhaps you agree with me in people who give back to their community are special people. They invest their time, efforts and often money. Their efforts demonstrate their care for other people. Our experience has been that caring people make better employees.

What if your business were to give recognition to those employees who volunteer. Starbucks makes a cash donation to a recognized charity when their employees volunteer. The amount Starbucks gives is in the range of minimum wage for each hour the employee donates with a maximum limit on the number of hours each month.

Of course, to do something like this, you would need to do some calculating to know what you can afford to donate. We do know there is going to be a big difference in everyone involved; your employees, what your employees and customers think about your business; and yourself.

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.
Profits Plus | tomshay@profitsplus.org
(727) 823-7205 | www.profitsplus.org

 

 

 

 

 

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.
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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.

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