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Article of the Month |
Having a loaner
by
Tom Shay
While the article for this month was written about businesses that service power equipment, conversations with audiences in the past couple of weeks have shown the concept is applicable in other business formats.
The concept deals with providing a service for which you can charge. A bike shop could have a storage and repair service during the winter months. A firearms retailer could do so for months that the customer who hunts might not be using their firearms.
The suggestion is that you consider adding services to keep your customers connected to your business as well as those services that can improve your cashflow in the months where your business traditionally has little income.
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Book of the Month |
The one minute manager
by Ken Blanchard, PhD and Spencer Johnson, MD
With the postcards I mail to audiences as an aide to remind people to use what they have learned, one of the most frequent suggested topics deals with staff and motivation.
No one gets a job with the intent of doing a poor job. Instead, it is something about the business that does not engage them. This leads to poor work habits and poor attitude.
This book, written more than 20 years ago, is great reading with regard to understanding how you can change the scenario in which employees are set up to fail.
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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Contact Us |
Profits Plus
P.O. Box 128
Dardanelle, AR
72834 USA
(727) 823-7205 Voice
(727) 898-3179 Fax
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Here is a head's up for next month. November 18 through 24 is Global Entrepreneur Week. This would be a great opportunity for you to contact the local high school and ask for the opportunity to address the students in business classes, the DECA (Distribute Education Clubs of America) and the FBLA (Future Business Leaders of America).
If you are an entrepreneur, someone probably was a model to you for which you aspired to duplicate their efforts. For me, it was the three generations of my family before me that owned and operated a business.
I did try a couple of other ideas, but quickly found that I wanted to be the fourth generation entrepreneur in my family. When I speak to audiences, I try to encourage people to consider entrepreneurship as their career path.
For this week, you could also contact the local civic clubs and ask to be their guest speaker. You could explain to their membership about the uniqueness of owning a business.
Perhaps it is an idea that you want to grow into a business, or one in which you are the next generation to participate.
Someone encouraged you to become an entrepreneur. Who are you going to encourage?
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Jeff West and Robert Natoli of Seattle Central Community College joined Bill Kendy and me as we discussed 'convenience learning' and a new small business course their school is offering.
This fall you can sign up for a course that will help you with your business plan and accounting for your business. This is not like any course offered by anyone, college, or university. This course is created to help you understand what information you need to know so that you can make the best decisions in your business.
This class will also help you to understand the need for the self-disciple to create and update a plan for the future of your business.
Our guest for the October 17 call will be Mike McCormick, our favorite CPA. During this call Mike will be discussing the options you have with regard to the legal entity your business has.
Many small businesses stated as a sole proprietorship, but as Mike explains, as your business grows so do your needs grow. You may have a need to re-examine the legal status of your business.
E-ret@iler conversations
| Internet Tip of The Month |
What happens when you lower your price?
It is a frequent thought among those with the responsibility of setting the price for a product or service.
'Would I sell more if I were to lower the price?'
While that may be the initial question, there are really two additional questions that should be asked.
'How many more of that product or service do I have to sell to produce the same gross revenue dollars? How many more of that product or service do I have to sell to produce the same gross profit dollars?'
This free calculator on the Profits Plus website will answer both questions for you.
| The Power Promoting Idea of the Month |
The October power promoting idea was unfortunately seen in action this past week. I say unfortunately as one of my favorite diners was using the idea as a part of their closing their doors permanently.
Their entire block was purchased and instead of relocating, the owner has decided to retire. While the idea is being used for a business that is closing, you can use it to create some excitement for your business.
The idea is that you take a product or service and invite your customers to bid to make the purchase. Each entry requires the customer to give their contact information (a way to build your database) and the price they are willing to pay. The highest bid wins the product or service.
I have seen businesses that 'crank it up a notch or two' by utilizing 'Cause marketing' (remember the e-ret@iler conversation with Steve Drake?) and inviting a non-profit organization to benefit.
In the cause marketing scenario, the proceeds for the winning bid go to the non-profit. In return, the non-profit promotes to their supporters their making a bid for the product or service from your business. Again, your business gains from the exposure to new customers.
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