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July 2014
Volume 15 Issue 8
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Article of the Month

Creating an 'Open to Buy'
by Tom Shay

Any business that sells a product needs to have a system by which they control their inventory.

Maintained properly, inventory is the best investment any small business can make. However, it requires that the inventory is maintained at the appropriate levels at the beginning of the selling season, throughout the selling season, and at the end of the selling season.

When inventory is maintained properly, the return on your investment is tremendous.

Enjoy this article and learn the technique for maximizing your ROI.

Click on Article of the Month to read this article.

Book of the Month

Turning your workplace into a WOWplace
by Sandy Geroux, MS

As I read this just released book on the work place, I am reminded of something I heard Randy Clark of the NSSF say last year.

He told the story of two high school classmates who got jobs at a railroad. One became the president while the other was doing landscape work around the headquarters.

The one who became president said, "I went to work for a railroad while he went to work for a pay check".

Sandy explains how you create people whose thought process is like that of the railroad president. Of course, they can't all be the president, but surely you would be WOWed by a business where all of the employees took ownership of taking care of the customer.

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



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Business Advisory

Is your community celebrating
Independent Retailer Month? How about your business?

The June e-ret@iler gave you the details of Independent Retailer Month; how and why it was first created. Today is the first of 31 days in which you can tell your customers and community how much an independent retailer adds to the community.

Here's the link to get involved
indieretailermonth.com

retailer month

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Last summer we built an all new Profits Plus website. One of the new components was a page of links to websites of trade magazines and associations.

Now we are ready to add more links. Perhaps your local Main Street program; a trade magazine; state, regional or national association. We'll be glad to add those so that this page can be more of a resource for other readers of this newsletter and users of the Profits Plus website.

Here is the link to the links page so you can see what groups have already been added. We will appreciate your additions.

Profits Plus links page

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E-ret@iler conversation for July will be Thursday, the 24th at 8pm eastern. Our guest will be Phil Perry, the syndicated magazine columnist on small business management.

We will be visiting with Phil to discuss the many experts he has interviewed over the years and what he has learned from them.

E-ret@iler conversations


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We have added a new calculator to the Profits Plus website. In the past year doing presentations on financial management, I have demonstrated a new arrangement for your profit and loss statement. The new arrangement allows you to more easily and quickly understand the information. With the better understanding you can make better decisions.

There is a detailed explanation on the page of how it works and what it can do for you. We call this new calculator the Logical Profit and Loss statement.

 

E-retailer conversations

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Internet Tip of The Month

Small business financial test

An old saying is 'in with the new and out with the old'. However, this month we think that is not appropriate.

When we first had the idea in the late 1990's to add some interactive components to the Profits Plus website, we thought one or two items would suffice. Now we are up to 43 and we are dreaming up more.

The original one was a 20 question multiple choice test to let you see what you did, and did not know about financial statements.

While you do get a score, just like school, when you complete the test, the intent was to help you understand the need to speak with your accountant and gain an understanding. The more you understand, the more you can profit.

Small business financial test

The Power Promoting Idea of the Month

Don't hide what you do

This month I am going to be with a group that I have visited with multiple times. There is an attendee that sticks in my memory because this person understands how to promote their business to get more business.

Think about what you do that can be 'mysterious' to your customers. It could be the florist arranging flowers, the mechanic adjusting something on your car, the hardware store fixing something on your grill, or a clothing store that makes an adjustment on a piece of clothing you purchase.

In the case of the person I am thinking of, he likes to show his customers how he does what he does. He knows what is going to happen next; the customer always asks him for a product or service that he sells to them and of course, he makes money from this.

Sharing is an investment in your customer. It helps the customer to increase their interest in what you sell them (product or service). It just makes sense.

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

 


Copyright Notice

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