|
|
|
Starting the 21st year of Small Business News I don't remember the day in November 1999 when I first sat down to write the first edition of this newsletter. However, we do have it archived on the ProfitsPlus.org website. Originally, the newsletter was called the e-retailer because it was introduced when newsletters were first being sent electronically. While that name lasted for many years, one of the things that prompted us to change the name was readers who thought the newsletter was only for online retailers. The name change came as we rebranded all three of our ongoing programs; the conversations podcast program; the quick read advisory article; and the monthly news. All three share the same first part of their name - Small Business. There is a hidden message with the final word in the name of each - Conversations, Advisories, News. Small Business CAN as in CAN DO. From the newest subscriber to those who have been with us since the beginning, we say thank you for allowing us to visit you each month. We want to give an additional mention to the Small Business Advisory. Originally it was created as a free republish service for organizations. With the new format we invite everyone to join us for a short advisory article each month on some aspect of business management. Follow this link to sign up, Small Business Advisories, and be sure to click the SBA box at the bottom of the sign up page.
Article of the Month - Selling Rental Comsumables The article for this month was originally written for a magazine that serves the rental business. While most of you are not in the rental business, the underlying theme of the article is applicable to all businesses. That theme is to focus on who you sell to instead of focusing on what you sell. Many think the key to building their business is by selling more of what they currently sell - be it a product or service. Instead, what if you were to focus on the customer, and think of additional items or services the customer will want or need. Selling more of what you current sell is growing your business vertically. Selling additional items or services to existing customers is growing your business horizontally. A business that focuses on "who" will always remain relevant to their customers because the business changes as the customer's needs change. The business that goes away is the one that focuses on "what" they sell. Hope you enjoy the article.
Gwen Bortner visits Small Business Converations for December
Book of the Month - The Guardians by Vladimir Antaki A very unique book is offered for this month's reading. We read about this book in an airline inflight magazine. And I love this book because it says you and I are a part of a global family of unique people. There are many stories in this book; each about a small business located somewhere around the globe. There are pictures to help you see the uniqueness of the business and there are stories to tell you about the individual that runs the shop. As you read the book, I anticipate you will think of unique businesses you have found. I think of a friend who runs a small neighborhood hardware store in Fort Smith, Arkansas.
Internet Tool for Your Business - Understanding Current Ratio How would you like to have a crystal ball that will see into 2020 and tell you how your business is going to do? This is not going to tell you how much your sales or revenue will be. Nor is it going to tell you how much profit you are going to make. Instead, it is going to help you see how financially healthy your business is going to be for 2020. The ratio is called, "current ratio" and looking at your balance sheet, it can give a good idea of how well your business is going to be to pay bills over the coming 12 months. The link below will take you to the page on the ProfitsPlus.org website where one of our 47 calculators will perform the math for you. However, we want to take a moment to explain what this ratio tells you. Look at the total of your current assets. Those are the items that are expected to be turned into cash in the next year. Next, look at the current liabilities as they are the bills expected to be paid in the next year. The current ratio compares these two items. Hopefully your current assets are much larger than your current liabilities. This means your business is expected to be able to pay bills for the next 12 months.
Staff Incentive for Your Business Be sincere. If you can't be sincere, fake it until you can be sincere. Hopefully, you know that as a joke that has been around a long time. However, I see it frequently when it comes to recognition. This past week I stayed in a hotel in Sacramento. They had one of those plaques on the wall that gave recognition to the employee of the month. There were two concerns with the plaque; it was out of date by several months; it was in a hall way as you went to the restrooms near the lobby. Do you think this hotel sincerely believes in recognition? I wonder what the employees think about this hotel and how they are appreciated. What about your employees? Are they recognized for their efforts? Do they know they are appreciated? December can be a wonderful time for you to think how you can recognize your staff. I think you will find yourself keeping quality employees longer when they know they are appreciated. You can look at past issues of Small Business News to get some specific ideas as there is a staff incentive idea in each issue. 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 December 1 you should be looking at what you can do in February. Examples of February events include: Individual days in February include:
|
MAY 2024
|
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.
Gwen wrote an article that we found to contain a very important message that is applicable to all of us. Owner; leader; manager. Some of us have to be all three; Some of us hire individuals to take on responsibilities. As Gwen visits during the December program, we ask her to share how you should decide which responsibilities you can delegate and which should be performed by you.