Article of the Month
Taking Advantage of Them
The August article of the month is created to get your creative juices flowing. The subtitle is 'Opportunities and Taking Advantage of Them'. It tells the story of finding a new way of competing with the mass merchant by teaming up with another independent business.
In the example, the partnership is a gift shop and a hardware store teaming up to create joint bridal registries. As you read this article, I hope you will think of the value of partnering with another business in your community to capitalize on the customers that are unique to each business.
Introducing your customers to another business, and you receiving likewise from their business, is a great way to increase your customer base.
Click on Article of the Month to read this article.
Book of the Month
Customer Centric Selling
by Michael T. Bosworth & John R. Holland
In the July e-ret@iler conference call, I made a comment how I would greatly enjoy the experience of someone actually trying to sell me something. It hasn't happened in so long, I am not sure I would recognize it happening!
I believe one of the greatest challenges facing independents is that we are content with simply having 'bodies' as compared to teaching people how to sell. I further believe if someone thinks it is wrong to try to sell, they are definitely needing to get out of this business.
Selling is not a dirty word. Selling is an honorable profession. Take a look at this month's book suggestion and consider implementing some of the ideas it shares.
Click on Book Referral to visit this page on our site.
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.
- Employee Issues
- Financial Management
- General Discussion
- Sales Techniques
- Vendor Issues
And you can follow my daily posts on Twitter at ftomshay
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We are proud to be able to announce we have added a new calculator to the Profits Plus website. This one has been in the works for the past two years as Bruce, the tech guy, and I have had many discussions on how to make this addition as 'user friendly' as possible.
The purpose of this new calculator is to 'walk you through' all of the components of a profit and loss statement and a balance sheet. We are attempting to show you how each of the items that appear on these two items are added as well as how information moves from one document to the other. It takes some 29 steps as you start with a blank piece of paper and slowly but surely, add the components of first a profit and loss statement and then the balance sheet. We think this calculator will explain all of the details of a sample financial statement.
We invite you to take a look at this new addition to our website and give us your input. Your suggestions and questions will help us to make this one of the most valuable additions to the Profits Plus website.
Here is a link to the new calculator:
Profits Plus financial statements
July's conference call was about making a sale. We talked about repeat selling, referral selling, add on, impulse selling, and several other ways of selling. It is worth your listening to it again.
This hour long conversation has been cataloged for you to hear on the Profits Plus website. You can listen to it through your computer or download the mp3 file. It is free for all our e-retailer subscribers. Follow this link:
August 24, again a Tuesday, will be our next conference call. Following in the same line as the August book of the month, the focus of the conference call is going to be the components of selling that are a science, and how to convert them into an art form.
Like the July conference call, this month's call will be one for everyone - regardless of being an owner, manager, or staff person; regardless of the product or service that you sell. Just like the old saying - everyone come!
|Internet Tip of The Month
Last month's business advisory was about cashflow. Continuing that thought for this month, the Internet tip of the month is a sample cashflow projection calculator. This calculator will give you an idea of how it works as it provides you with the opportunity to project the next sixty days.
There is no way I can emphasize the importance of cashflow projection. And again, here is the link to listen to a free soundtrack of this class.
Black Ink: Cashflow Management Secrets
| The Power Promoting Idea of the Month
Buying the customer's time
I have observed three variations of this promotion - all used very successfully. The idea is for your business to have the opportunity to tell a person about your business.
The first was the occasion in which a local bank manager walked into our business to ask about our banking needs. Of course, her intent is to persuade us to move our business to her bank. Upon meeting her, she offered a soft drink in a foam sleeve. The foam sleeve was imprinted with information about her bank. The idea was that she could explain her offering in the time it took me to enjoy the soft drink.
A second version is the truck accessory business in which all of the staff carry $10 gift cards for the business. The instruction to the staff is that whenever a staff member sees someone getting in or out of a well maintained truck, they are to introduce themselves and give the truck owner one of the gift cards.
The third version I saw recently was an outside salesperson for a business that was offering a gift card to a local restaurant as an incentive to obtain the opportunity to call on the potential customer.
All of these have worked very well for these people. If you find yourself struggling to get a foot in the door, maybe you should be trying to get an incentive in the door.
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
|What's happening next month
We have an idea for an addition to the e-ret@iler newsletter. Melissa has been doing some research into events that are going on; events that you can use as a focus for your business. They may be celebrations, reasons for a sale, a cause for decorating your business or recognizing some of your customers. We hope you enjoy our new column. And no, we did not invent any of these!
September 1-8 International Enthusiasm Week - Display genuine enthusiasm to every person, every project, every possibility that comes your way. How appropriate with all the negative news in the mass media.
September 1-30 Coupon Month
September 1-30 Strategic Thinking Month - Bringing awareness of the need to improve critical thinking skills. A great reminder for you to work on your business plan and 2011 budget
September 1-30 Shameless Promotion Month
- This is the month for you to go out and promote yourself, your business, or your product shamelessly
September 3 National Lazy Mom's Day - A day for all moms to do what they want to do
September 9 California Admission Day - the 31st state
September 11 Patriot's Day
September 12 Grandparent's Day
September 13 Boss/Employee Exchange Day - To help bosses and employees appreciate each other by sharing each other's point of view for a day
September 19-25 Farm Safety & Health Week
September 19-25 Electronics Turnoff Week - Can you turn off your electronics for a week?
September 20-24 Love Your Files Week
- Promoting your having a filing system for home or work
September 22 Centenarian's Day - Celebrate those 100 and older
September 27 Ancestor Appreciation Day