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Adapting; translating; knowing when to hold 'em, fold 'em, walk away or run
 
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December 2016
Volume 18 Issue 1
It is an honor; and Kenny Rogers
This issue starts our 18th year of the e-ret@iler conversation. What an honor it is to write for the thousands of you who subscribe to our newsletter and have done so for years. Thank you for allowing me to do so.

This morning I heard the story of a coffee shop trying something different.

Ever experience walking into a coffee shop and finding nowhere to sit but noticing plenty of people who are sitting there, reading a book, doing homework or using a computer? How about standing to get a seat in a restaurant while noticing people sitting at a table having a leisurely conversation for long periods of time? I don't want to get into a conversation other than to say, that in the food industry this presents a problem as they can't "turn the table" to get to the next paying customer.

This coffee shop is trying something different. Instead of selling their coffee, they are now charging $6.00 per person to sit at a table. It is too early to tell if this is going to work, but we give them credit for trying to solve an issue. Experience shows that the more we copy what another business is doing, the less likely our idea will work. Customers look for what is new and different. Creativity reigns!

Along the note of solving an issue, with the Christmas season there are sure to be plenty of customers who seem to live to just create problems for your business. The question is going to be how much time and effort you are going to put forth to deal with these people or fix it so that they cannot mess with your business.

My suggestion is that you consider devoting more time to the customers who make your owning a small business such a pleasure. Experience says it is the customers that you will long remember after you leave your business.

The people who want to mess with you do a lot of it just for the game. And as for Kenny Rogers? He said this about problem customers:

You've got to know when to hold 'em
Know when to fold 'em
Know when to walk away
Know when to run.
Article of the Month - Changing what a store sells

Keeping in the same thought pattern as our example coffee shop, our article this month deals with the need for a business to look at updating the products offered. Our example business outlines many new service and product offerings that were added. It is an example of a business focusing on "who" the customer is instead of focusing "what" the product offering is.
Book of the Month - Dance in the End Zone

Too many business owners spend little or no time thinking about how they are going to get out of business when the opportunity or retirement comes. This book, written by Patrick Ungashick, uses sports examples to illustrate his thoughts for a business owner's plan to get out of the business. Even if you are just now planning to open a business, this is a book you should read.
Internet Tool for Your Business - Margin or Markup

Margin is not markup. The words are often used interchangeably, but there is a big difference. This calculator from the Profits Plus website will help you to understand the difference as well as see the formula to calculate each. Next time you are determining how much profit you are going to make in the sale of a product or service, be sure you have looked at margin and markup, and know which one you are using.
Staff Incentive for Your Business


Attitude matters. It has been my frequent experience to visit with a business owner of which the question is asked, "Are you enjoying being in business?"

While the answer is not always "yes", the problem I see is with those who say they are, but you can't tell by looking at their facial expression. If you want to have a positive attitude displayed by your staff, it has to begin with the first person walking in the door each day (most often the owner) and continuing throughout the day. Attitude matters.

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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Tom Shay
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(727)823-7205