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You are always selling more than one thing Whatever product or service you sell, you are always selling more than one thing. Unfortunately too many businesses, in determining the price for a product or service see only one item. Selling a soft drink? Has it been sitting on a shelf? Or is it icy cold and ready to drink? Those are two very different products. There should be two prices. Your business is lawn maintenance; too many people give a quote by simply looking at the size of the area to be maintained. However, in a residential situation, would most people want their grass cut on a Monday or a Friday? Again, two different services and the opportunity for two prices. When determining the price of a product or service, the cost is irrelevant. The question is, "How much will the customer pay?" And in getting to the answer, you have to notice all that you are selling and what the customer wants to buy.
Article of the Month - Pretty as a picture One of the best potential advantages a business has comes with the visual appeal as a customer walks into the business. Does your business peak their curiosity so that a customer wants to walk through the entire business to see all that you have to offer? We have some ideas to share so that your business is pretty as a picture.
Who is visiting Small Business Converations this month? - Chris Ramey Chris Ramey was a very interesting interview when he was last on Small Business Conversations. With this visit we are going to look at pandemic selling and the changes in customer loyalty. Watch your email for the invitation to attend the live program on a Thursday evening this month.
Book of the Month - Brandscaping by Andrew M. Davis During the pandemic did you notice the number, and types of businesses that struggled more because of the products or services they offered? In the interviews we participated in, we suggested businesses finding ways to partner so that both businesses could continue to serve their customers. Partnering could also bring new customers to your business. And that is why we selected Brandscaping by Andrew M. Davis as the book for January 2021. You will read about some great ways you can reach customers by way of a partnership.
Internet Tool for Your Business - What is your debt to net worth ratio? One of the most important measurements of your business is the debt to net worth ratio. It compares how much net worth (equity) you have in the business to the amount of debt you have. If you are borrowing money, the lender is definitely going to be looking at this ratio as they decide if they are going to loan money and what the interest rate will be. It is also a number you will want to know to help you see that as you borrow money you are also increasing the value (money) you have in the business.
Staff Incentive for Your Business - Recognizing essential People who are "essential"; as the pandemic has continued, how many times have you seen or heard of people being essential? If you are on Facebook you have likely seen postings of recognition of all kinds of jobs being essential. Your staff is essential to your business. Are you recognizing them for their effort? Recognition is appreciated and can do a lot to remove stress from the workplace. 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.
What's coming up that you can promote? - Give your existing and potential customers a reason to celebrate. We collect information from National Day Calendar and share certain events that we know you could include as a part of your promotional efforts. We are adding this new feature to help you create events for several reasons. Your customers will enjoy a fun connection with your business. You can easily use social media to promote the event. You will get the benefit of your event getting a tie in to events that local and national media promote. Our favorite example is that of chocolate pie. Yes, there is a chocolate pie day. If you are a grocery store or restaurant, it is a natural to tell your customers of the event and invite them to do business with you. Other businesses could do a joint effort with the restaurant or grocery store. Putting these together can be quick and easy, but should be planned in advance. As an example, as this is January 1, we suggest your looking at what you can do in March. Some of our favorite March events are:
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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.
Small Business
As we write the January Small Business News, we notice the announcements by Big Lots and Party City that they are closing all their stores. Is this a concern for the overall economy? Or, is it two businesses that should have rethought who their target customer is?
Small Business
Is there a feeling of contentment or achievement in your business? We use the examples of two businesses that seem to have been demonstrating they are content in what they are doing? Which way is your business headed?
Many businesses think margin is the key factor when determining how they price their products or services. The article of the month has a couple of additional factors for you to consider. After all it is about the money you keep.
Shark Tales by by Barbara Corcoran and Bruce Littlefield. If you are a television watcher, you may have seen Barbara Corcoran on Shark Tank. This is the story of how she progressed from waitress to selling her initial business for $66 million.
