Article of the Month
Promoting your charge accounts
There are two sides to the argument of your business having what is commonly referred to as 'house charge accounts'. These are the individuals and businesses that make purchases at your business and you send them a bill at the end of the month.
The first argument says a charge account builds customer loyalty. The opposing argument says the money you are waiting for the customer to pay you could instead be used for inventory.
Read through this article and see if charge accounts can be a tool you can use to build your business or if you should not have them.
Click on Article of the Month to read this article.
Book of the Month
When Generations Collide
by Lynne C. Lancaster
A survey says that 65% of respondents report that generation gaps make it hard to get things done.
Couldn't we just let the boss rule, and everyone had to adapt to the style of the boss? While there are many businesses that try that style, I am still looking for the business in which that style works.
Take a look at what Ms. Lancaster has to say about how you can do a better job of understanding each of the age groups and getting them to work better together.
Click on Book Referral to see the list of small business books we have found that may be helpful to your business.
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.
Financial ManagementGeneral DiscussionMerchandising
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December - the old and new
The new is that our December issue is the first of volume 13 with the e-ret@iler. It was December 1999 when the first was written and sent to a small number of business owners in North America. The number of recipients has grown in number and now includes many from around the world.
This is but one voice for the small business. Groups like BALLE, AMIBA, Independent We Stand, and many more are a part of the 'choir' that speaks loudly for the small business. My suggestion is that you make a New Year resolution to be an active part of an organization that promotes the independents within your community.
The old is my brief moment to reflect on the year coming quickly to an end. Thanks to all of you for taking the time to read this monthly newsletter. Thanks to you who participate in the free monthly conference calls. Thanks to you who subscribe to our free monthly Small Business Advisory articles. Thanks to you who call or write with questions and comments. Thanks to you who attend the educational sessions I have the opportunity to teach.
Thanks for being a small business and doing what you do.
Magic Santa Dust
The link to Magic Santa Dust will share a story about a business that created a special event to help families celebrate Christmas. The promotion is easy and very inexpensive to implement. Once you start the promotion, expect people to tell others about your business.
You could get the viral marketing aspect of Magic Santa Dust going by way of Facebook, Twitter, your blog, or your newsletter.
Thanks to my good friend D. Wendal Attig, for having shared the story.
E-ret@iler conversations conference calls are back for December. We are meeting on Thursday, December 8 at 8pm eastern. During our discussion we are going to attempt to dislodge all those strange terms that accountants use. This information is useless unless you know what it relates to and more importantly where you should make changes in your business so that you are more profitable.
In preparation, let me invite you to think about what you have heard from your accountant and what you do not understand that the accountant is talking about. Send those questions and concerns to me. We will attempt to answer all those questions during that Call.
|Internet Tip of The Month
Accounts Receivable Turnover Calculator
Following up on the theme as set forth with the article of the month, it is important for a business to understand how well they are doing with the collection of the receivables. As the name implies, this calculator is the 'inventory turn' of accounts receivable.
If the business does not carefully monitor the receivables and their turnover, the business will find itself becoming a 'bank' offering interest free loans to the customers.
Accounts Receivable Turnover Calculator
| The Power Promoting Idea of the Month
|Recognize and award your customers
We watched a business that made the most out of being an active part of their community. Throughout the year this business kept track of all the neat things that happened within their community, and especially the people that made things happen.
Each year this business, in conjunction with the local media, recognizes the efforts made within the community. The event is held at a locally owned restaurant, the plaques come from a local trophy shop, the decorations from a local shop and the community as a whole celebrates the efforts of many individuals.
In the red Power Promoting book, the second promotional book I wrote, this is idea #22.
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