With over 25 years of frontline experience Tom Shay is America's leading small business
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expert. He's a "Must Have" for your next event.
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The cream floats to the top
Are tasks being assigned to your subordinates?
This saying, like many others, has a basis in truth. This one comes from dairy farmers. The explanation is that the milk produced by their cows was sold and provided enough money to pay for the basics of the farmer and his family.
The cream, which was produced along with the milk, did literally float to the top. It was in selling the cream that the farmer was able to purchase some of life’s luxuries.
In business, the expression is applicable as the difference in an ordinary store and a very profitable store comes in the details; the same details that when not addressed in an appropriate time frame, will float to the top in the form of problems. When properly addressed, the cream (profit) floats to the top.
Identifying the cream is the first step from two perspectives. You begin by acknowledging that you are the most important person with regard to the store. Everyone else in the store is there in a role that is supporting to you. While some of those people may be able to do things you cannot do, all of them are a support staff for you.
A closely related second step is recognizing there are many tasks to be performed in the store of which there is a small quantity of which only you can do. Unfortunately, too many people do not give these tasks their priority and find themselves performing many of these tasks with an approaching deadline or worse yet, taking the tasks home to do at night.
This occurs because this person is doing tasks that a subordinate should be doing. While the reasons for this happening are many, one of the most frequent is that the staff has not been educated on how to perform the tasks as well as not being held responsible for their actions. Another reason is shown when it is said that, “no one can do the job as well as I can do it”.
Some of the key areas that should be examined are the appropriate financial management, the merchandising of the store, (from both a purchasing perspective as well as the physical displaying of the merchandise), the advertising to your museum’s patrons and guests, understanding and utilizing the financials, observing the competition (other stores like yours as well as stores in malls, lifestyle centers, shopping centers, and downtown).
You have surely heard or been told that you cannot do all of the jobs by yourself, nor can you know how to do everything. Wise people will always seek others to advise and mentor them.
No matter how long you have been in the industry, you should always have a mentor, and as you gain experience within the industry you should be a mentor to someone else.
The best of advisors are likely to be just around the corner or down the street. Better yet, there is no cost to having them. Look around at other shops. Which stores impress you the most? It is likely because of the owner or manager.
Make a list of these people and invite them to join you for breakfast one day. You will find someone from a grocery store, pharmacy, gift shop, clothing store, toy store, hardware center, and several other types of retailing. A group of six to ten individuals works best. This group should be meeting monthly with the intent to exchange ideas as well as help each other solve challenges that each other has.
Truly, the cream will float to the top. The question is whether it is going to be profit or problems.
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Our September advisory is titled, "What do you sell?" My favorite example of someone getting it wrong has an email that starts with, "Sallysellsinsurance@."
Yes, that may be the product that Sally sells, but what she is really selling is peace of mind in knowing that if something happens, you are not going to pay the entire cost of the loss.
This is but one example. Our September advisory - What do you sell?
Yes, selling does include translating features into benefits. But it does not stop there. What if the benefit is not relevant to the customer? Then, there might not be a sale. This is where advantage comes into consideration, and that is our top story of the month.
Article of the Month
When you think about a customer who makes a point to talk to you and your staff, have you ever thought about getting them to talk about your business with their friends? The September Article of the Month shares an idea.
Book of the Month
The Art of the Exit is our suggested book of the month. The author, Jackb Orosz, discusses ways of getting out of your business whether it is retiring or just time to move onto something else.
All this plus the Internet Tool for Your Business and a staff incentive idea for your business.
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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.
Our September advisory is titled, "What do you sell?" My favorite example of someone getting it wrong has an email that starts with, "Sallysellsinsurance@."
Yes, that may be the product that Sally sells, but what she is really selling is peace of mind in knowing that if something happens, you are not going to pay the entire cost of the loss.
This is but one example. Our September advisory - What do you sell?
Yes, selling does include translating features into benefits. But it does not stop there. What if the benefit is not relevant to the customer? Then, there might not be a sale. This is where advantage comes into consideration, and that is our top story of the month.
Article of the Month
When you think about a customer who makes a point to talk to you and your staff, have you ever thought about getting them to talk about your business with their friends? The September Article of the Month shares an idea.
Book of the Month
The Art of the Exit is our suggested book of the month. The author, Jackb Orosz, discusses ways of getting out of your business whether it is retiring or just time to move onto something else.
All this plus the Internet Tool for Your Business and a staff incentive idea for your business.