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With over 25 years of frontline experience Tom Shay is America's leading small business management expert. He's a "Must Have" for your next event.

Invest your money; in a website, in your staff or something else
 
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July 2017
Volume 18 Issue 9

Invest in a website; invest in your staff; or invest your money somewhere else

The title is a bit blunt, but we have strong feelings about the opportunity as well as the future of businesses that read our newsletter. So, what are we reading in articles from all the pundits that are forecasting our future? They tell us business is moving away from what we have known and that it is all about providing an experience to our customer.

We ask, "When has it not been about providing an experience to the customer?"

With the exception of a minimal amount of clothing, basic food and perhaps necessary medications, none of us sell a product or service that is essential. Our customers are spending their discretionary money with us. If a customer is spending their "fun" money, then the spending experience should be fun for the customer.

Perhaps the idea of getting the most for your money is not about a lower price, but about finding which business gives you the best experience. Hence, the title of this month's advisory.

You can spend your money to become an online business where the interaction with the customer can be minimized; you can invest in teaching your staff how to make their interactions with customers into more of an experience; or you can close the doors of your business and invest your money somewhere else.

Article of the Month - Signs and end caps

This month's article has a stack of ideas for increasing sales. All the ideas have little cost and require little effort to make a difference in how your customer sees what you have to offer.

Whether your business is getting ready for fall, starting your back to school event, or just looking for an idea to boost sales, we think you will get a lot from this month's article.
Book of the Month - When retail customers count

If you did not join us for the e-retailer conversation in April, Mark Ryski of HeadCount.com was our guest. Mark introduced us to his work on tracking the number of people walking into a business and comparing it to the number of people making a purchase. Mark calls it a "conversion rate".

Mark's visit was fascinating and we will be sure to have him join us again. This month, we are offering one of the books Mark Ryski wrote as our book of the month.

There is a bit of humor in the title as you understand what Mark is teaching to help your business; "When retail customers count".
Internet Tool for Your Business - Promotion Evaluation Calculator

We may get the credit for creating the free promotion evaluation calculator on our website, but we do not get the credit for the idea. The credit goes to one of you; a reader who told how they tracked their efforts so they would do a better job of spending their advertising dollars.

We think you will find this to be a very useful tool. Your promotions will be more fun and your advertising expenditures will produce better results.
Staff Incentive for Your Business - What can we learn from the airlines

There have been plenty of news stories about problems with the airlines. The central theme of the stories has been poor decisions by staff members in a situation involving a customer. The resulting decision by some of the airlines has been to give some authority to make decisions.

Far too many of us have the idea that we are the only ones who can make a decision regarding a customer. Not only does this consume your time, it diminishes the dignity of your employee.

Any decision should be fair to the business as well as fair to the customer. While any decision would be subjective, what if you had a reward system for your employees as they resolve challenges.

You could create a reward that you would base on their being fair to the customer as well as being fair to the business. And, it all begins with your employee asking the customer, "What do you think would be fair?"

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.

Profits Plus |tomshay@profitsplus.org | (727) 823-7205 | www.profitsplus.org


 

 

 

 

 

 

APRIL 2024
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Small Business

AdvisorieS

"What's your score"? is the name of the April Small Business Advisory. This provides an introduction to our return on investment calculator. It is a great way to understand how well the investment you have in your small business is working for you.

Small Business

News

Top Story

We believe Thursday, April 25 is an important annual celebration for small businesses. While the name of the celebration has varied over the years, the focus is for us to take kids to work with us.

 

This is important for the kids to see what it is we do. They definitely are not going to learn about it in school. Reading the April Small Business News you will see an example from community pharmacists that emphasizes it is up to us as small business owners to introduce kids to what we do.


Article of the Month

While titled, "If not price", the April Article of the Month is asking the question about the focus of your small business in attracting and keeping customers.

 

If there is not something very special about your business, then the only attraction to your businessis that of a low price.


Book of the Month

"The plan as you go business plan" is the April book of the month. The author is Tim Berry who has also created software on the same topic.

 

I do not agree with the concept of "fill in the blank" or "create the plan as you need it" because my experience has been that you do not have as strong as a connection and understanding to your business plan unless you do it yourself and you dedicate the time to create it.
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BOOK US

With over 25 years of frontline experience Tom Shay is America's leading Small Business Management Expert. He's a "Must Have" for your next event.

Small Business

Advisories

"What's your score"? is the name of the April Small Business Advisory. This provides an introduction to our return on investment calculator. It is a great way to understand how well the investment you have in your small business is working for you.

Small Business

News

 

Top Story

We believe Thursday, April 25 is an important annual celebration for small businesses. While the name of the celebration has varied over the years, the focus is for us to take kids to work with us.

 

This is important for the kids to see what it is we do. They definitely are not going to learn about it in school. Reading the April Small Business News you will see an example from community pharmacists that emphasizes it is up to us as small business owners to introduce kids to what we do.


Article of the Month

While titled, "If not price", the April Article of the Month is asking the question about the focus of your small business in attracting and keeping customers.

 

If there is not something very special about your business, then the only attraction to your businessis that of a low price.


Book of the Month

"The plan as you go business plan" is the April book of the month. The author is Tim Berry who has also created software on the same topic.

 

I do not agree with the concept of "fill in the blank" or "create the plan as you need it" because my experience has been that you do not have as strong as a connection and understanding to your business plan unless you do it yourself and you dedicate the time to create it.

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Tom Shay
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(727)823-7205