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Keys To Building Strong Small Businesses By Tom Shay
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Keys To Building Strong Small Businesses By Tom Shay

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This Tom Shay presentation outlines what a Main Street District needs to do to help small businesses within the community to become stronger from both a profitability and marketing stand point.

This Tom Shay presentation outlines what a Main Street District needs to do to help small businesses within the community to become stronger from both a profitability and marketing stand point.

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Transcript

  • 1. Tom Shay, CSP Certified Speaking Professional
  • 2. Key #1
    • Advertising and promoting
      • Advertising is trying to get rid of what you’ve got…
      • Promoting is having what you can get rid of!
      • Advertising is talking to the public
      • Promoting is talking to your customers
  • 3. Key #1
    • Advertising and promoting
      • Doing unique things that are special for existing customers
      • Private sales, utilize post cards, unique events that build off of local and national events, events that become annual for the business
      • Advertising, Marketing, Promoting – with an annual plan
  • 4. Key #1
    • For each community in attendance today, a free AMP calculator subscription ($40 value)
    • On your postcard, provide your e-mail and indicate that you want to use the AMP calculator
  • 5.  
  • 6. Key #2
    • Attract the ‘right’ customer
    • The better you niche, the more you get rich!
    • No one category store is everything to everybody
    • - Wal-Mart battles Target
    • - Sam’s Club battles Costco
    • - Home Depot battles Lowe’s
  • 7. Key #2
    • Attract the ‘right’ customer
    • Even the smallest store needs to target their customers
    • Perform a customer survey
    • - “What one thing could we do to make it easier for you to do business with us?”
  • 8. Key #3
    • Educate the staff
    • A commitment to regularly scheduled staff education programs
    • Create simple job descriptions, policies, procedures
    • Have incentives for employees
  • 9. Key #3
    • Educate the staff
    • Perform semi-annual job reviews using the job description as a basis
    • Educate employees as to how retail works financially
    • Develop supervisors to assist and allow the owner time to do owner things or rest
  • 10. Key #4
    • It’s a business, not a hobby
      • Passion for products and services
      • Why not a passion for business?
      • The most beautiful form of art is a well run business – Andy Warhol
  • 11. Tool #1
  • 12. Key #5
    • Utilize technology
  • 13. Key #5
    • Utilize technology
      • Today’s computers tell a business when customers spend, which merchandise sells, which segment of the shop sells the most and the most profitable merchandise
  • 14. Key #6
    • Have inventory on hand
  • 15. Key #6
    • Have inventory on hand
      • #1 question from customers – “Do you have what I want, when I want it?”
      • Inventory controlled properly is the best investment that a store owner can make
  • 16. Key #7
    • “ Open to buy” planning
      • What “Open to buy” is
  • 17. Traditional Inventory & Sales
  • 18. Desired Inventory & Sales
  • 19. Key #7
    • “ Open to buy” planning
      • For your retailers from our website; a free ‘open to buy’ calculator and audio presentation
  • 20. Tool #1
  • 21. Key #8
    • Control theft and shoplifting
      • Average item is $55
      • Caught 1 in 48 times
      • 70% unplanned
      • ‘ We prosecute shoplifters’
  • 22. Key #9
    • Strengthen the cash position
      • Help them to understand financials
      • Create a budget for next 12 months
      • Help them to project cashflow
  • 23. Key #9
    • Strengthen the cash position
  • 24. Tool #1
  • 25. Key #10
    • Review and update the business plan
      • Hours of operation
      • Location of the business
      • What are the plans for retirement?
  • 26. Key #10
    • Review and update the business plan
      • Have a plan as to where your next sales growth is going to come from
  • 27. Key #10
    • Review and update the business plan
      • In comparison, locate demographics which define your marketplace
      • Is there a match?
      • Identify the competition and become well versed in their business
  • 28. It’s a Wonderful Life
    • My small town and its’ story
    • The parking meters, the bypass, the mass merchants and True Grit
    • What would, and could have been
    John Wayne, Glen Campbell, Kim Darby, Robert Duvall, Dennis Hopper, Strother Martin
  • 29. It’s a Wonderful Life
    • “Every time a bell rings, an angel gets their wings” - Clarence
    • A Clarence can make the registers ring
    • Are you a Clarence?
    George Bailey & Clarence
  • 30. Success is not like spontaneous combustion – you have to set yourself on fire!
  • 31. Final Note
    • This presentation will be specialized to your industry and your attendees’ specific needs.
    • For more information about having Tom present for you, contact us at (727)464-2182 or visit our website: www.profitsplus.org