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July 2017
Volume 18 Issue 8
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Are we really that different from chains?
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As this newsletter is published on July 1, we have the beginning of Independent Retailer Month. We are proud to have created the event here at Profits Plus and hope that businesses use it to promote themselves.
We know of communities that have an Independents Week that also starts today. We expect with both events to see a lot of attention directed to small independent businesses.
Even as we created Independent Retailer Month, there is a part that concerns it. We notice it as we see the word, "support" in the message that a business or organization uses.
We are not asking people to support businesses like you hear someone say come and support a local sports team. Instead the idea of the event is to encourage people to discover an independent retailer and find a wonderful experience they have been missing by shopping in a chain store or online.
We, as independents, have to create that experience. We need to have the products from unique vendors that the customer will not find in the other stores. We need to create the experience. We often talk about the experience and the presentation when we dine in a restaurant. We need that same talk to be about our businesses.
Recently, in search for a couple of items I had experiences with both independents and chains. The chains were forced into the equation when the independent failed to produce. In searching Yelp and Google, I find that while I had a good experience in one particular chain, there are many that have not had that same experience. The key point is asking why did the independent fail? And if we, or any of our employees fail, are we really that different from chains? |
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Article of the Month - Facing Your Fear
This month's article is about your business facing new competition. Competition could come in the form of another Internet retailer as easily as it could be another brick and mortar retailer. If you are a service business, the competition often comes as someone who decides they can provide the same service but for a lower price.
Taken in another direction, the fear can come from reading about the changing scene of business that is appearing in every business section of the news. Take your pick; Sears, Sports Authority, Bebe, Radio Shack.
Either way you see the problem, here are some thoughts on facing your fear.
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Book of the Month - Dirty Little Secrets
The guest for the March e-retailer conversation was Henry Hutcheson and we are suggesting his, "Dirty Little Secrets of Family Business" as the book of the month.
Henry has a very special and important place in our small business world. He works to help small business owners transition the business ownership.
They may be a necessary part of the industry, but it does bother me seeing people at trade shows and conferences selling their services to help someone close a business.
Regardless of which generation you are a part of; whether the transition is to you, or from you; you will find value in reading, "Dirty Little Secrets of Family Business", by Henry Hutcheson.
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Internet Tool for Your Business
Price Rounding Calculator
While there are over forty calculators on the Profits Plus website, one of my favorites has to be this month's suggestion; the price rounding calculator. It comes from the class I teach called, "Pricing strategies for Profits Plus". This calculator became a favorite because of the testimonials we have received in the past couple of years.
One person said they saved a business in the automotive parts trade in 2006 and grew their business through the recession. Another was a pool and spa store in Toronto who said they had made $100,000 by using these same techniques.
Hopefully you will have some great results from using the price rounding calculator. |
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Ready, set, go! Looking at new employees
With twin sons who are experiencing their first exposures to the business world, it is interesting to hear their stories as they come home each day. Between the two of them they have three jobs; one independent business and two chains. For the most part what I am hearing is disappointment in the initiation experience.
I think they are typical in that they want to do a good job; however, the job does not do a good job of teaching. One of them commented last night that he was wondering when their employers were going to say anything about talking to the customer.
Every employee is sure to have some disappointment with their job. It does not need to be at the beginning Make the initiation component into something special. The new employee may have experienced the business culture as a customer, but they need to experience how the culture is created and how important it is to your business
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. |
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©1998-2025 Profits Plus Solutions, Inc.
Tom Shay
PO Box 128
Dardanelle, AR 72834
(727)823-7205
