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small business news
August 2020
Volume #21 Issue #9

This month's thoughts - boxes for you and your business; The associations you and your business belong to

We have come through five months of the pandemic; we may know where we have been but we definitely do not know what the rest of 2020 holds for each of our businesses, families and ourselves. While not attempting to forecast the next six months, this month I want to talk about YOU; helping you to prepare yourself for the rest of 2020.

In March I closely watched a small business owner whom I had met during a visit to her community. She was creative in the ways she marketed her products and managed to keep her business open. She made a comment that struck very close to me. She talked about her business being her "baby" and if it was going to fail, it would not fail without her trying everything she possibly could to keep the business going.

The business has done very well over the past five months. My expectation is the business will do very well in the balance of 2020 and in the years after the pandemic.

How to get through the next six months is the message this month. I had a business teacher who demonstrated how to get yourself, your family and your business through any challenge. It was referred to as the "boxes" and I have used it for every aspect of my life.

Either mentally or on paper, you create a series of boxes. Each box is going to contain one issue. Perhaps you have health issues - each health issue gets a box. Perhaps there is an issue at home with a family member - another box. You may have some home repair issues that over the near future will require your attention - another box.

An issue with an employee goes in its own box. Other concerns, and opportunities will have boxes.

To take care of yourself, you can open only one box at a time.  You may address what is in the box all the way to completion or you may work on the contents to a point and then close the box to be continued at another time.

The key to your personal well being is that you are never addressing more than one challenge or opportunity at a time. This will do a lot to help you not become overwhelmed. Expect to have those you work with see you as one who maintains a sense of calmness.

Our second item for discussion this month was started in a previous Small Business News when we talked about independent bookstores and the work that was being done on behalf of bookstores by their national trade association. The results of the efforts were very positive.

There was a situation we observed that was quite the opposite. In March, a small business owner made a comment to the association they belonged to on social media. There was nothing that was discrete about the comments and who they were directed to. The association member stated the association had not sent any message to the membership since November 2019. Now the entire membership of the state association was facing a forced close down of all their businesses.

My question to each of you today is to look at the association you belong to and see what that association has done to help you between March 2020 and today. In what many would consider the "worst of times", what has your trade association done to help you?

This is not an encouragement for you to leave the association. Instead, I have this proposal for you. Your business is in an industry that has been good to you. It has provided a good living for you and your family as well as your employees. Perhaps you feel as I do, a sense of responsibility to your part of the trade.

As I asked the question about what has the association done for you during the pandemic, is your answer "nothing"? That appears to be the answer for a lot of businesses. This could be the time and place where you decide to help change the association to become one that helps the membership.

There is a tremendous need for an association that does more than have a trade show or sells services to your business (for which the association receives a commission). You can make that happen.

 

 

 

 

 

 

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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

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.

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Top Story

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.


Article of the Month

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.


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