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July 2013
Volume 14 Issue 8

Article of the Month
Tips for a challenging time
by
Tom Shay

Still thinking the economy is going to change drastically for the better?

How about allowing me to share a few ideas for your making some changes on your own? As you read this article, you will quickly see the article was written some 12 years ago.

However, the economy of today looks a lot like the economy of 2001. What you will see is that there are certain core actions that a business can take any time there is a challenge.

Click on Article of the Month to read this article.

Book of the Month
Customer Winback
by Jill Griffin and Michael W. Lowenstein

It has long been my stance that the easiest sale for any business to make is to an existing customer. (The second easiest sale is to a referral customer and the toughest is to a new customer)

So what about the existing customer that you have lost? Can you win them back? Can you do something so that they are loyal to your business?

If these questions intrigue you, then you will surely enjoy this book.

Click on Book Referral to see the complete list of small business books we have found that can be helpful to your business.

e-retailer conversations


Hey, we are blogging, tweeting, facebooking and invite your participation.

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.

Advertising
Employee Issues
Financial ManagementGeneral DiscussionMerchandising
Sales Techniques
Vendor Issues

And you can follow my daily posts on Twitter and Facebook.

http://Twitter.com/FTomShay
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Contact Us


Profits Plus
P.O. Box 1577
St. Petersburg, FL
33731 USA
(727) 464-2182 Voice
(727) 898-3179 Fax

Send Tom an e-mail:
TOM SHAY

Send our staff an e-mail:

CAROLYN RAMSEY



 

Business Advisory

A lot to talk about this month


Half way through 2013, and this month there is a lot I want to share with you.

This July marks the 11th year of celebrating Independent Retailing. It started with my making a comment about the various 'holidays' that exist. Everything from 'chocolate cake day' to holidays that celebrate individuals, causes, and communities. There is a listing by the name of Chase's Calendar of Events, which details all of these occasions. The listing tells you where, when, who, and how to participate.

In an effort to show how any business could create their own, I created what was then Independent Retailer Week. We created some artwork, slogans, proclamations and invited businesses, organizations, and communities to participate.

The original week would always be the one containing July 21 so that I would have a special way of remembering my grandmother.

Flash forward a few years, and the occasion took on additional meaning as the week also came to contain the anniversary of the passing of my Dad.

Another few years and I was thinking this should be a month instead of a week. Entering into the picture was an energetic individual named Kerry Bannigan who wanted to help. Truly the event has grown because of her efforts. Now the event is celebrated in England and Canada as well as individuals in those countries have taken up the banner.

To participate, it costs nothing. All you need to do is visit the website we have created and download the support material we have created.

It is Independent Retailer Month 2013; join us and celebrate our proud heritage.

Independent Retailer Month

$$$$$$

We are pleased to announce the new Profits Plus website is now available for you. We spent over six months in design and creation. Last weekend we took the entire old site down and installed the new one. There are 1000 pages and 9 gig of information for you. There are a lot of free tools, seminar sound tracks you can download, and over 300 articles for owners, management and staff to read.

$$$$$$

One of the many free services we provide for associations, Chambers of Commerce, Main Street programs and other similar organizations is our monthly Small Business Advisory - the SBA.

The SBA is a short article written as an advice column and designed to be a part of the group's newsletter or website. While you can see the index of SBA articles when you visit the Profits Plus website, you can follow this link and have a reminder email sent to you each month as the newest SBA is posted.

SBA registration

$$$$$$

Bob Nelson will visit for the July 18 e-retailer conversation with Bill Kendy and Tom Shay 

Bob is an expert on helping a business get rid of old inventory. Perhaps a business has too much inventory, wants to eliminate a sizable category or department, or even completely close permanently.

If that might be the case for your business, Bob Nelson is the person you want to talk with. Join Bob, Bill and myself on Thursday, July 18 for this discussion.

If you are the subscriber to the e-retailer you will get an invitation to this sent to you during the week of the event. You will get a toll free number, and access to this call which we offer each month absolutely free to our subscribers.

Shelley Brander was our guest expert for the June e-retailer conversation. Not only is Brander her last name; branding is her area of expertise in addition to owning two retailer operations and an integrated online store. While you may have missed the live version, you can visit the Profits Plus website and listen to, or download the mp3 file.

E-retailer conversations

Internet Tip of The Month

Cost of inventory calculator


'One to show and one to go'; order in 'one-sies'; buy by the case and make the extra margin.

Heard each of these expressions? They all have to do with ordering inventory. The question is which one is right for your business. And the answer can be all of them on any given item.

The cost of inventory calculator allows you to look at an item according to the cost and sales rate to determine which  way will help your business to make more money.

Cost of inventory calculator

The Power Promoting Idea of the Month

 

Be true to your school

Ok. I have to admit I am listening to Beach Boy music as I write this newsletter. However, this promoting idea was selected and timed for this month a long time ago.

The local schools may have just let out for the summer, but the staff is already working on the 2013-2014 school year.

A great way of promoting your business is to tie into activities at the school. There are two successful promotions that come into mind.

The first is a business that had a pencil imprinted for each of the local schools. It was printed in school colors and had the school mascot included. You could include a schedule for one of the school's sports teams as well.

One business took the boxes of pencils to the school and had them distributed to students on the first day of classes. Another had a note in the material given to students on the first day, inviting them to visit the business to pick up their pencil.

A second promotion occurred in a community which greatly enjoyed the school's football team. Each week the business had a small ribbon (about 1 inch wide and 4 inches long) silk screened with a message of encouragement for the football team as they played another high school.

There was a brief mention of the business on each of the tags with the majority of the tag having a humorous message. An example was the opponent whose mascot was an Eagle. The message on the ribbon was, '(name of business) says Go Tigers. Clip the Eagles'.

A variation of this is to have the cheerleaders sell the ribbons for a quarter with all of the money going to some charitable organization. This way the business is seen as supporting the school as well as donating to a local cause.

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

 


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Profits Plus Solutions, Inc.
PO Box 1577
St. Petersburg, Fl 33731
(727) 464-2182
Fax: (727) 898-3179