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December 2022
A birthday cake and a couple of comments we think should not be said You can find our first newsletter in the archives on our website. Originally, and for many years, the monthly publication had a name of "e-retailer". When we rebranded all three of our monthly free products, the newsletter got the new name of, "Small Business News". Today it continues to be a monthly publication. And this issue is the 277th in the series. We started in December 1999 and today marks the start of our 24th year. Our second news article we want to share comes from two comments we have been hearing recently from small business owners.The first comment we share is, "things are beginning to return to normal as we head into 2023". The second comment has been, "we are riding the wave of the economy". Is there anything wrong with either of these comments? While they were offered innocently, our concern is the possibility of them being a mindset. The comment about getting back to normal. Take a quick look at your personal life since 2020. Aren't there a bunch of changes in your life that were created by the pandemic as well as how other businesses adapted? If you are trying to operate your business going into 2023 in the same way you did in 2019, we think you are missing a lot of opportunities. The second comment about riding the wave. We have spoken to business owners, their wholesalers and their manufacturers, who think they have had something to do with the big boost of business they have gotten since early 2020. Sorry to burst the bubble, but most who have had a big increase of business did not make this happen in their business! It was the changes created by the pandemic that brought that business boost. And if you are "riding the wave", isn't there an expectation that there is an end to the wave? Much like a wave in the ocean disappears when it meets the shore. You should not be looking at this like an ocean wave. Instead, this is a boost that came along and now you can be the creative one to keep it going in your business.
Article of the Month - If Patton ran your business Watching the movie, "Patton", we found a lot of connection to how Patton fought in World War II and how your business should develop a strategy for competing in your marketplace. Having created one of our 40+ seminars based on Patton and the many quotes credited to him, we offer this article as one that will give you insight to help you in planning for 2023.
Who is visiting Small Business Converations this month? Gwen Bortner to give a different twist on goal setting for business and yourself Not that we want to be the first to talk about your setting goals for 2023, but we read an article by Gwen Bortner recently that gave us reason to invite her to return for the December Small Business Conversations podcast. Should you consider giving up on a goal you have set for yourself or your business? That is just one of the many questions we will be asking Gwen. We look forward to your joining us for the program. Watch your in-box for an invitation to the program. Or, if you listen to podcasts through any of the many podcast services, you need only to select, "Small Business Conversations with host Tom Shay" as a favorite and that podcast service will notify you when the program has been distributed to their service.
Book of the Month - The Innovator's Dilemma by Clayton Christensen There are a lot of changes happening in business today; in part due to the changes that have occurred because of the pandemic. One that got our attention was found as we visited a fast food restaurant. Including cash, the restaurant accepts 13 different forms of payment. This is just one example of technology that has greatly changed in the past three years. This is why we selected "Innovator's Dilemma" as our suggested reading for December. What technologies are changing that affect your business? There have been many businesses that have been disrupted because of the advancement of technology. Remember going to a store to rent a VHS or Beta tape to watch a movie? We think you will enjoy this book.
Internet Tool for Your Business - A self evaluation for your business When we first started working with Main Street programs and the Small Business Development Centers, we wanted to be able to maximize our team with each individual business. When you are having a one-on-one session, the time together is often limited to 90 minutes. Our unique approach has been to send a PDF to each business owner asking them to answer a bunch of questions so that we can have a deeper insight into the business strategy and the current operation of the business. Having that completed form in hand when we meet the owner face to face, we are able to have our time focusing on the questions and needs of the owner. This month we are sharing this unique tool with you. There are no "right" or "wrong" answers. But we think you will understand your own answers and see where your attention should focus. And when you have completed the evaluation, if you have a question about one of the items, do not hesitate to call. 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.
Staff Incentive for Your Business - Reward or penalty? One of the comments we remember best from an idea we shared in a seminar years ago was in response to a suggestion of having incentives for employees. The comment was, "I refuse to give an employee an incentive for doing a job that I am already paying them to do". We understand not everyone is going to like the idea of providing an incentive for a job well done or even a job completed as planned. Let's look at an example from a service industry based on a comment we read last week. The business could be a landscaper, chimney sweep, pest control, auto service, or anything that requires manpower. A challenge within each service business is that of "call backs". The customer is not pleased with an aspect of the work and the business has to return to make changes. These call backs produce no revenue but they do cost time and money to take care of. The business is going to be paying the employees to take care of a part of a job for which they have already been paid. Some businesses have an incentive for their employees for jobs in which there is no call back. The idea we found last week was the business that has a penalty for any call back. Any employee involved in the call back is paid the minimum wage (according to their state or province) while the employee is taking care of the call back. This idea is a penalty as compared to an incentive. Which is right? We cannot, and should not state that one is correct. It is your business and your business to operate in the manner you decide is best. We did want to share this concept as something for you to think about as you plan for 2023. 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.
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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.
