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Another step on the road to recovery Just a couple of months ago we talked about what we saw that was different since the business world began changing as a result of the pandemic. We discussed three types of businesses; the "homers", the "plow hands" and the "hold my beer" crowd. Each had a different approach of how to do business.
Some made decisions because of local, state, or province rules while others made their decisions without any prompting or regulation.
Surely every business experienced change. Some changes were challenging while others (grocery stores along with many liquor stores and bicycle shops as examples) experienced a boom in business. My business has also experienced many changes.
Using my experiences as a fourth-generation small business owner, I have been teaching management and ownership for many years. My expectation is that you are aware of many other people who also teach various components of small business.
Comparably, most have a business model that is very different from the one we have at Profits Plus as they offer products and services for sale in addition to speaking at trade shows and conferences.
Since March we have noticed an increase in their efforts to persuade small business owners to hire them as consultants, buy their products, pay to speak with them via zoom or phone, and participate in their virtual boot camps.
There are new individuals who have appeared and are attempting to also sell their help to you. We jokingly refer to all of this as the "Help Vultures" methodology. We chose this nickname because vultures are known to attack the injured or dying.
We visited with a small business owner who was failing at their second business in the past 10 years. As we spoke, they proudly told of their being a member of the "gold circle" of one of the help vultures. They were paying $900 a month and had been a member for over a decade.
Of course our question was, "Why would you pay someone when you have twice lost a business?"
Our question to everyone is, "Why would you pay any of these people for any of their products or services when it is available to you in your area at no cost to you?"
Please understand, we are not saying they are bad people. We just think you should be aware that their business model, whether they have always been that way or if they changed because of the virus, is one where they need to make money off of you and your business. Our thinking is you should first look at the SBDC.
Every state has at least one SBDC (Small Business Development Center) office as well as multiple satellite offices. There are over 1,000 satellite offices in total. Funded by the Small Business Administration (SBA) they offer counseling and services at no cost to the small business owner.
First hand I have observed a SBDC counselor help an owner set up Quick Books. I have seen a SBDC counselor help an owner take a loan from concept to completion. And I have seen many of SBDC events that have been virtual help sessions since early March
Of course, none of us have ever seen anything like this pandemic that has made it around the world. The SBDC has been funded with $192 million (USD) to add to their staff and provide additional assistance.
Follow this link to find your local SBDC office.
 This month's Small Business Conversations program is going to have Tee Rowe, the president and CEO of America's SBDC as our guest. Yes, we are bringing in the "big guy". Join us for the one hour program which will be a Thursday evening. And as with all our programs, this is completely free!
We are proud of what we created 18 years ago. Independent Retailer Month. We appreciate the Bermuda Travel Authority contacting us and asking about participating this year. This event belongs to the world! Follow the link and join us. We know this is a tough year but independents are tough people.
PROFITS PLUS, FOUNDER OF...
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FEBRUARY 2025
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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
Hopefully there are few small businesses that are operating with handwritten documents. Whether you have a point of sale (POS) system; Curstomer relationship management (CRM) system; or anything digital that helps you better operate your business, there remains a question.
Are you using everything that you bought? That is the focus of the February Small Business Advisory.
Small Business
As small business ownerss we are sure to disagree on many aspects of business management and ownership. However there are two items that I will always insist on.
The first item for you as manager and owner of a business, you must inderstand financial information. You cannot leave it to an accountant. The second item is you have to invest in educating your staff regarding their responsibilities within your business.
Most every small business has inventory. It may be inventory used as a part of your services. It may be inventory for items used in your business. The article of the month shares ideas of how you should control the inventory. This is important because you do not want to run out of the necessary inventory, and you do not want too much of your money sitting in more inventory than you need.
You cannot beat your competition unless you know what they are doing. The February book of the month is, The Everything Store, written by Brad Stone and Jeff Bezos.
