Article of the Month
Pricing Your Services
by Tom Shay
The article we are sharing this month focuses on services that are provided for a fee.
Our experience was that the shop in our business was not as productive as it could be. Not to be pushing blame, but we found the problem to be how our service staff interacted with customers.
We developed this technique of having our service staff self monitor their time and how we billed for it.
As you will see in the article, the results were very profitable.
If your business also provides a service that is, in part, priced by the hour, we expect you will find some extra profit when you implement this technique.
Click on Article of the Month to read this article.
Book of the Month
Knowing Y; The economics of engaging the next generation
by Sarah Sladek
Are you a 'baby boomer'? While we were the biggest generation for many years, did you know that we have been passed in size?
After all, he has written books about attorneys, contractors, physicians, and accountants.
However, this month's book, e-Myth Manager is good for several reasons.
Yes, the millennials have passed us and are now the driving force. With many 'boomers' that own businesses, we are unfortunately stuck in our methodology of selling. We appeal to people like ourselves.
Not to say we should abandon the boomers, but if our business is to grow we do have to adjust our business to appeal to the generations that are younger than us.
Let me invite you to enjoy Sarah's book and gain some insight of what is driving this growing customer base.
Click on Book Referral to see the complete list of small business books we have found that can be helpful to your business.
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Concerned about sales going to the Internet?
The odds are in your favor!
A group I have worked with for several years has asked me to make a presentation about why a person would want to shop locally. According to the Timetrade Report, which was shared with us by the National Bicycle Dealers Association (Thanks, Fred Clements), brick and mortar has an advantage.
Take a look at these stats:
87% of shoppers intend to shop in a physical store as much as they did last year.
85% like to touch and feel things. (I think this means getting the product in the customer's hands by way of a salesperson handing it to them in our businesses.)
71% said if Amazon had a store they would rather shop in the store than shop online with Amazon.
65% say that if an item is available online and in a nearby store, they prefer the store.
90% are more likely to buy when they are helped by a knowledgeable sales person.
63% say that if the same item is available at four different stores, they will go to the store with the most knowledgeable salesperson. (I think this means we need to educate our staff.)
60% will buy more than planned if they like the salesperson.
So, why the concern from so many independents? We need to take a close look at ourselves to see what we are not delivering that the customer wants.
If we are to worry, it should not be about the Internet, but what we need to be doing.
|Internet Tip of The Month
Cashflow projection Excel charts
In 1998, I wrote a book titled, 'EZ Cashflow'. The book illustrated how you could accurately project your cash and inventory needs for your business.
Along with the book came two Excel files. One was for businesses that used cash based accounting and the other was for accrual based accounting businesses.
When we decided to stop publishing the book, we wanted people to still be able to have these Excel files. They are now free on the Profits Plus website.
We have been fortunate to have businesses give testimonials of how their using these tools helped them to solve their cash needs for their businesses. These could be valuable tools for your business as well.
Cashflow projection Excel charts
|The Incentive Idea of the Month
Send it to print
Of course, big companies will have newsletters that are sent to all of their employees. The newsletter can be a morale builder as well as a method of making announcements.
This past week an owner shared with me a form of newsletter that was sent to their employees. (Thanks, John).
The newsletter, in the form of an email, talked about the goals that had been established for the month of June. There were team goals as well as individual goals. Compliments were given for goals achieved by the team and individuals were recognized because of their having achieved goals.
Ideas were given as to how the goals for the next month could be met so that there would be additional engagement by the employees.
It could have been said in a staff meeting, and perhaps it was. However, seeing it in print registers with the senses in a different way.
We thought it was a great idea. It could work for your business as well.
We want to recognize A Carrot A Day by Adrian Gostick and Chester Elton, whose book provides the basis for each month's incentive idea.