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May 2018
Volume 19 Issue 6

News of the day - What should the number be?

Whenever I have the honor of making a presentation that has anything to do with financial information for a small business, there is one question I can always expect from at least one person in the audience.

"What should that number be?"

It does not matter what we are talking about; current ratio, debt to equity ratio, sales per employee or any other financial measurement. Someone wants to know what the number should be for their business.

There are always challenges with using the results from any industry survey. You do not know if the participant knows how to properly complete the form. You do not know if the participant is being truthful. And, if you are looking for trends by reading multiple years of an industry survey, the participants do vary from year to year.

We offer an alternative we have found on the Internet; a website called BizStats. We invite you to take a look by following this link.

BizStats

And to answer the question of what the number should be; we maintain that any business should be more focused on improving a number from the previous year than comparing themselves to another business.

Article of the Month - Using a computer

"The job is easier when you have the right tools". Perhaps you have heard this expression; most definitely you can hear it when you visit a hardware store or garden center. Let us offer a couple of adaptations for your business.

"The completion of the task is more consistent when you have the right tools". And, "You find yourself solving fewer problems in your business when you have the right tools".

This month's article is about creating the tools you need in your business. In our business we called these tools our policies (rules for ourselves) and procedures (ways of doing tasks).

One side note as we invite you to read the article. We do not believe in having a customer service policy. We have seen many of them. The reality is they tell the customer how they are to perform and behave. We think that is a very poor way to start what you want to have as a long term relationship.
Book of the Month - This I believe

Initially this book reminds me of, "The Big Moo" edited by Seth Godin. That book has 33 chapters written by 33 individuals; each with a unique lesson to be learned by some very learned and experienced individuals.

This book is titled, "This I believe: The personal philosophies of remarkable men and women", and is written by Dan Gediman and Jay Allison. This one has eighty chapters. Some authors are famous and others are everyday individuals. The purpose of each chapter is to get us to think about how we arrived at our own ways of doing things.

We think you will enjoy it.
Internet Tool for Your Business -
Small business financial test

When I get to work in communities with Main Street programs, downtown development authorities, business improvement districts, chambers of commerce and similar organizations, there is a special tool I ask be given to every small business owner.

The tool is a self evaluation. It invites the business owner or manager to take a deep look at their business and answer a series of questions. There are not "right or wrong" answers. Experience has shown as the questions are answered you gain a lot of insight to what is going on in your business and with yourself as the owner or manager.

This month we want to share this tool with you. Here is the link:
Staff Incentive for Your Business -
It is spring! Let's celebrate

Finally, across North America it appears spring has arrived. It means we can finally enjoy some time outside. We like to think of the foods that relate to spring. Putting the two together, along with the theme of this segment of Small Business News, we could make this into an awesome staff incentive.

Those in the southern states will likely connect with the combination of a cola and small bag of peanuts, or a "Moon pie and RC Cola". (Our staff enjoyed this treat as many did not grow up in the south)

You could go further by bringing a grill to your business and grilling hot dogs and hamburgers, along with all the condiments.

It does not have to be a special event; just a way of telling your staff you appreciate them!

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

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PROFITS PLUS, FOUNDER OF...

 

©1998-2025 Profits Plus Solutions, Inc.
Tom Shay
PO Box 128
Dardanelle, AR 72834
(727)823-7205

JANUARY 2025
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Small Business

AdvisorieS

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

NewS

Top Story

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?

Article of the Month

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.


Book of the Month

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.
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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

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

News

 

Top Story

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?


Article of the Month

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.


Book of the Month

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.

PROFITS PLUS, FOUNDER OF...

© 1998-2025

Profits Plus Solutions, Inc.
Tom Shay
PO Box 128
Dardanelle, AR 72834
(727)823-7205