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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
November 2020
Volume #21 Issue #12

The good news; there are no rules this Christmas selling season

 

There was a Gary Larson single panel cartoon several years ago that is very appropriate to this year.

There are two guys sitting in a small boat and enjoying themselves as they are fishing on a lake. In the distance you see the mushroom cloud from a nuclear explosion.

One of the fishermen says to the other, "Know what this means, Norm? It means screw the size restrictions and no limits!"

There are 54 days left before Christmas. There are no rules for what you do and don't do this holiday season. There is no black Friday and the holiday season begins today.

Surely, you are not going to do what you have always done. This is such a wonderful opportunity to try so many different things. Think of what you can learn from this year that can be applied to future years!

What if you were to offer private shopping hours to customers? How about having parties for shoppers that will benefit some local non-profit group?

This summer on Small Business Conversations we had a big audience as guest Ron Friedman told how to use gift cards as a way to increase the average ticket, increase repeat customers, and get existing customers to give the gift cards to others so as to earn new customers.

You can listen to a replay of that program by clicking on "Ron Friedman" above.

Bottom line; almost every business has taken a beating during the past eight months. All businesses have faced challenges to the way they do business. It is time for that to stop and time for improvement to begin.

Do you have a feeling about your community? Do you sense a pent up demand by your customers to celebrate the holidays?

Take a look at your checking account and your accounts payable for the next 90 days. Are you in a good cash position?

Contact your vendors looking for closeout deals on merchandise. If you have merchandise that through the past eight months you have not moved, instead of just marking it down to get rid of it, the purchase of closeout inventory from vendors for the holidays will allow you to increase your margins.

Your business will look a lot better than the competition that is looking like a clearance sale.

Do not waste this opportunity to learn as well as show your business is adaptive to the the changing landscape.

 

Article of the Month - Selling Every Customer

We continue to strongly explain there is a difference between cashiers and sales people. Most cashiers can be replaced by a self service machine as many have in the big box stores.

Sales people are a work of art and fun to enjoy and experience. And they make cash registers go "cha-ching".

Another point we make in the article is that everyone in your business needs to be aware of customers and make a point to speak to them; not necessarily with a sales pitch, but with a kind word of hello.

 

Who is visiting Small Business Converations this month? - Somer Sharon

sommer leighSommer Leigh will join us for the November Small Business Conversations program. We find Sommer to be an expert in social media. While many have been using it for years, there are some that have refused to because they do not like Facebook or some other social platform.

It does not matter what YOU like. It is all about the customer and what they like and do. They spend time every day on social media, then why isn't your business there for them to see?

Sommer does any excellent job of showing how to develop your social media program. You will surely enjoy the hour we have with her. Watch your email for the invitation to join us on a Thursday evening later this month.

 

Internet Tool for Your Business - Learning your financial statement

We think it is because of the pandemic that business owners are taking a bigger interest in understanding their financials. To that extent, we have created a tool that is designed to help you walk through the income statement and the balance sheet. In 39 steps it will show you where the information comes from and what information moves from the income statement to the balance sheet.

Staff Incentive for Your Business - "Go crazy folks!"

So, the quote we gave in the title belongs to Jack Buck, the long time St. Louis Cardinals radio and television announcer.

What if this week you were to decide to do something with the "no rules" business atmosphere we are currently experiencing. With all the pressure on business owners, we can surely understand the person who says they don't have any creative thoughts.

How about showing your employees some examples of what other businesses are doing? Invite your employees to come up with some wild idea of what your business can do differently for the Christmas selling season.

To show that good ideas need follow up, have the employee participate in carrying out whatever idea they share.

Of course a good idea deserves a good reward. And when employees are recognized and rewarded for their efforts, they work even harder.

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.

 

 

 

 

 

 

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.