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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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JANUARY 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
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.
