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Profits Plus Solutions for Small Business
Retail Expert speakers Retail Management training seminars

May 2001
Sent at your request by Profits+Plus Seminars & Tom Shay

What you will read in this month's issue of the e-ret@iler:
1. The May article on the Profits+Plus Seminars website
2. e-ret@iler advisory of the month
3. The resource library available to you
4. Your free subscription to the e-ret@iler
5. Contacting Profits+Plus Seminars and Tom Shay

1. Rethinking a way to more profit
Our Mayarticle on the Profits Plus website is entitled,
"Rethinking a way to more profit".
The question is often asked, "What is the industry norm for gross margin?" Another variation is, "What should my margin be?" While the first question can be answered by obtaining data from a trade publication or trade association, the second question requires a series of additional questions.

Is the question being asked about a specific product, a category of products, a department or the business as a whole? The article of the month will help you to examine each of these questions. I am sure you will enjoy it.

2. For those of you I have spoken to in the past two months, you have probably heard me mention that I have been struggling to read "The E-Myth Manager" for the past two months. Well, I have finally completed the book, and found several points that will probably be of interest to you.

I have been a firm believer in creating a difference in "training" and "education". Training is what many of the fast food companies do with their employees. They "train" their employees to speak to the customers. And so, with a long line at the counter they say to each person, "Can I help you?" After you place your order, you can expect to hear, "Is that all?" These are typical statements for trained employees.

Educated employees turn out to be quite different. It begins with the employer remembering that when they hired that employee, they believed this new employee was intelligent. And, the employer was right. It is just that over a period of time, they felt this need to "teach" their ways to the employee. Often, there is little consideration, or time taken to find out what the employee knows; what skills they have brought to the company.

This is where the book comes into play. The author, Michael E. Gerber, states, "Your people don't need to be managed." And in a few more words, he states our job is to manage a process - the system - to keep it, improve it, and rally your troops around it. Your people do not need to be managed if they are right beside you, doing the very thing they are being paid to do. He goes on to say that whatever the goal, what is important is that every day something gets done; not everything, but something.

3. The resources library at the Profits+Plus Seminars website
Last month, we told you about the introduction of several new items on the Profits+Plus website. One is the article on "Open to Buy" and the "Open to Buy calculator". The second is the "financial checkup calculator". Visit the website; have your financial sheet in hand, and get a 15 point check up. When you print the page, it will date itself. We suggest you file the page with your financials, and when you get new financials next month, repeat the exercise and compare your information.

I think the information is so important that we have links to this information at the top of the page on the website.

We also have a new product on the way to the website. The book, "What does Tom Say?" will soon be available as an e-book. And if this is your first e-book, you will find it easy to download and read in print or on your computer desktop. If you have not been to our "book store", here is the link to that page.
Resource Page

4. Your free subscription to the e-ret@iler
If you have received this edition of the e-ret@iler by way of someone passing it on to you, you can add your name to the free subscription list by clicking on this link in the upper left hand corner of the page.

5. Contacting Profits+Plus Seminars and Tom Shay
Hey it is time to go. You have a business to manage, and so do I. I hope you have a very profitable month. Thank you for inviting us onto your desktop, and taking the time to read our newsletter. We trust you have received some business building ideas from it as we look forward to seeing you again in June.

Get your Profits Plus,

Tom Shay

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