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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.

Adapting; translating; knowing when to hold 'em, fold 'em, walk away or run
 
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December 2016
Volume 18 Issue 1
It is an honor; and Kenny Rogers
This issue starts our 18th year of the e-ret@iler conversation. What an honor it is to write for the thousands of you who subscribe to our newsletter and have done so for years. Thank you for allowing me to do so.

This morning I heard the story of a coffee shop trying something different.

Ever experience walking into a coffee shop and finding nowhere to sit but noticing plenty of people who are sitting there, reading a book, doing homework or using a computer? How about standing to get a seat in a restaurant while noticing people sitting at a table having a leisurely conversation for long periods of time? I don't want to get into a conversation other than to say, that in the food industry this presents a problem as they can't "turn the table" to get to the next paying customer.

This coffee shop is trying something different. Instead of selling their coffee, they are now charging $6.00 per person to sit at a table. It is too early to tell if this is going to work, but we give them credit for trying to solve an issue. Experience shows that the more we copy what another business is doing, the less likely our idea will work. Customers look for what is new and different. Creativity reigns!

Along the note of solving an issue, with the Christmas season there are sure to be plenty of customers who seem to live to just create problems for your business. The question is going to be how much time and effort you are going to put forth to deal with these people or fix it so that they cannot mess with your business.

My suggestion is that you consider devoting more time to the customers who make your owning a small business such a pleasure. Experience says it is the customers that you will long remember after you leave your business.

The people who want to mess with you do a lot of it just for the game. And as for Kenny Rogers? He said this about problem customers:

You've got to know when to hold 'em
Know when to fold 'em
Know when to walk away
Know when to run.
Article of the Month - Changing what a store sells

Keeping in the same thought pattern as our example coffee shop, our article this month deals with the need for a business to look at updating the products offered. Our example business outlines many new service and product offerings that were added. It is an example of a business focusing on "who" the customer is instead of focusing "what" the product offering is.
Book of the Month - Dance in the End Zone

Too many business owners spend little or no time thinking about how they are going to get out of business when the opportunity or retirement comes. This book, written by Patrick Ungashick, uses sports examples to illustrate his thoughts for a business owner's plan to get out of the business. Even if you are just now planning to open a business, this is a book you should read.
Internet Tool for Your Business - Margin or Markup

Margin is not markup. The words are often used interchangeably, but there is a big difference. This calculator from the Profits Plus website will help you to understand the difference as well as see the formula to calculate each. Next time you are determining how much profit you are going to make in the sale of a product or service, be sure you have looked at margin and markup, and know which one you are using.
Staff Incentive for Your Business


Attitude matters. It has been my frequent experience to visit with a business owner of which the question is asked, "Are you enjoying being in business?"

While the answer is not always "yes", the problem I see is with those who say they are, but you can't tell by looking at their facial expression. If you want to have a positive attitude displayed by your staff, it has to begin with the first person walking in the door each day (most often the owner) and continuing throughout the day. Attitude matters.

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