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 Know a business that has inventory that is sitting stagnant? How about a business that has a clearance corner or worse yet, a section of the business that is dedicated to items that have been marked down in the hopes of someone deciding to spend some money and give that item a home. This session will show just how expensive it is to hold onto dead inventory. It will also show how much more sales and profit could be made if that inventory were liquidated (liquidation ideas provided) and that money put into new areas of inventory that is selling. A free calculator from the Profits Plus website is used in the illustration and provided to participants so they can calculate the cost of holding dead inventory in their business. Powerpoint of "How much is that doggy in the window? |
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.
