Article of the Month
Several years ago I wrote an article that contained reasons why a business should be loyal to the vendors they buy from.
Wow! Did I ever open a can of worms. There was a sizable response from businesses that had less than favorable experiences with these same wholesalers.
There were 'war stories' of how these wholesalers did not deliver what was promised. Hence, this article came into being with my ideas of what I see as the responsibilities of the wholesaler. Let me know what you think.
Click on Article of the Month to read this article.
Book of the Month
by Martin Lindstrom
This book is presented as an expose of the ways that advertisers and marketers work to get their message into the minds of existing and potential customers.
Let me suggest your reading this book as a way to learn how to get your message across to your existing and potential customers.
While you may not sell the same products or services as those exampled in the book, you can 'translate' the examples to your products and services with a bit of imagination.
Click on Book Referral to visit this page on our site.
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Visit our e-ret@iler conversations, find the category of interest and post your comments, questions or best practices. You may also go directly to one of our categories by clicking on one of the links below.
Financial ManagementGeneral DiscussionMerchandising
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May 20-26 - National Small Business Week
We initially knew this as Small Business Day which would be May 10. Having it become a week, makes it even better. There are a growing number of movements around the world designed to call attention to the small and independent businesses. I think they are all good with only one notation necessary.
As long as these events celebrate the business and the value these small and independent businesses bring to each and every community, then I think the 'more the merrier' for any of these causes.
However, when these 'celebrations' begin to ask you to 'save a local business' or 'donate money to our cause', I have to draw the line.
If a small and independent business continues within a community, it is because the community has a need for the products and services the business offers. The business continues because the owner of the business has found a way to be an integral part of the community.
If a business does not 'take care of business', or if there is not the appropriate amount of money in the community to support that business, it simply is not going to continue. Governments and communities cannot not rescue businesses. I do not see it as a 'civic responsibility' for anyone to attempt do so.
Many of you are well connected within your community. You are active in your Chamber of Commerce, your downtown development authority, your Main Street program and other similar organizations. You can help spread the word which will in turn benefit your business and the other businesses within your community.
We need your help contacting elected officials and asking them to use the official proclamation for your community. The website for this event is filled with ideas for banners and posters that can be used in the windows of businesses.
As our newsletter is read by many in other countries, let me explain this is not a United States event; it is a world wide event.
Were you with us for the April e-retailer conversation conference call? Our guest was Mr. Ken Banks. Ken has been the director of marketing for chains like Eckerd Drug, Circuit City, Levitz Furniture and PetsMart. We asked Ken to give some suggestions of what a small business can learn from a large business.
If you were not a part of the call, you will definitely will want to grab the free recording from the Profits Plus website.
May e-retailer conversation conference call
8pm eastern, Thursday, May 10, 2012
Join Bill Kendy, myself and our special guest, Anne Obarski as we discuss business. Anne likes to discuss contagious customer service. Anne will share some secrets about businesses that have gained some very loyal customers because of the culture they have within their business.
It has been my pleasure to be on the program many times with Anne over the years. I enjoy listening to her and always leave with some great information. I know you will as well.
The invitation is for Thursday, May 10 at 8pm eastern. You are invited to join Anne, Bill and myself in a discussion about how your business can have some of what Anne is talking about.
Of course, your questions are welcome. Send them to me and I will make sure Anne includes them during the May e-retailer conversation conference call.
|Internet Tip of The Month
Return on Assets
As your business continues over a number of years, the dollar value of your assets likely grows and grows. After all you have fixtures, equipment, inventory, cash, accounts receivable, and probably other things.
Think about those assets if they were all turned to cash. Would you put them in a savings account? Would you invest them in a mutual fund? Wherever you decide to make that investment, you definitely want to know what the interest rate will be.
While we are not liquidating your business, this free calculator on the Profits Plus website will perform this calculation for you. Don't you agree that you should know how well the money that is invested in your business is performing?
Return on Assets Calculator
| The Power Promoting Idea of the Month
Create Your Own Craft Show
Several years ago we had a store that was located in a mall. As with most malls there was an occasional craft show in which there was a wide variety of artists. While all sold their products, some only displayed them and others created their finished product as people walking through the mall would watch.
Of course, those artisans who were creating their product to be sold would always have the larger gathering of potential customers. We would make a point to meet these people and gather their contact information.
Through the year, we would contact these artists and offer them the opportunity to set up a display in our business. We did not ask for any commission from what they sold, but we did require them to repeat what we saw as the most important part - their actions of creating what they were selling.
We had a calendar posted for customers to see; telling who would be appearing in our store on what dates. This 'mini craft show' became quite a draw. We spent nothing to create it. The artists were happy to have additional time before potential customers and thrilled to not have to share any of the proceeds.
You can find more ideas like this in our promotions books. You can order your copy by clicking on the link below; each book is only $9.95 plus postage.
Profits Plus Resource Center