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Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
Small Businesses Dont Die By Tom Shay
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Small Businesses Dont Die By Tom Shay

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Detailed strategy for a small business to be able to be financially strong and properly identify the ideal target customer

Detailed strategy for a small business to be able to be financially strong and properly identify the ideal target customer

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  • 1. Tom Shay, CSP Certified Speaking Professional
  • 2. <ul><li>I have enough cash on hand in the business. </li></ul>The 10 fatal mistakes small businesses make www.profitsplus.org <ul><li>I have enough cash on hand in the business. </li></ul>
  • 3. <ul><li>I have enough cash on hand in the business. </li></ul>The 10 fatal mistakes small businesses make www.profitsplus.org <ul><li>I do not need to create an “open to buy”. </li></ul>
  • 4. <ul><li>I have enough cash on hand in the business. </li></ul>The 10 fatal mistakes small businesses make www.profitsplus.org <ul><li>I do not need a business plan. </li></ul>
  • 5. <ul><li>I have enough cash on hand in the business. </li></ul>The 10 fatal mistakes small businesses make www.profitsplus.org <ul><li>I am in this business because it is my hobby. </li></ul>
  • 6. <ul><li>I have enough cash on hand in the business. </li></ul>The 10 fatal mistakes small businesses make www.profitsplus.org <ul><li>If I run out of something, I will order more. </li></ul>
  • 7. <ul><li>I have enough cash on hand in the business. </li></ul>The 10 fatal mistakes small businesses make www.profitsplus.org <ul><li>I don’t need a marketing strategy. </li></ul>
  • 8. <ul><li>I have enough cash on hand in the business. </li></ul>The 10 fatal mistakes small businesses make www.profitsplus.org <ul><li>Advertising and promotion are optional. </li></ul>
  • 9. <ul><li>I have enough cash on hand in the business. </li></ul>The 10 fatal mistakes small businesses make www.profitsplus.org <ul><li>Theft is not a problem. </li></ul>
  • 10. <ul><li>I have enough cash on hand in the business. </li></ul>The 10 fatal mistakes small businesses make www.profitsplus.org <ul><li>I do not need job descriptions, policies, or procedures. </li></ul>
  • 11. <ul><li>I have enough cash on hand in the business. </li></ul>The 10 fatal mistakes small businesses make www.profitsplus.org 10. Any extra money will buy more inventory.
  • 12. <ul><li>I have enough cash on hand in the business. </li></ul>The 10 fatal mistakes small businesses make www.profitsplus.org 11.My customer service is as good as my competitors’.
  • 13. <ul><li>I have enough cash on hand in the business. </li></ul>… and what to do about it! www.profitsplus.org <ul><li>Spend a day reviewing the past 12 financial statements. </li></ul>
  • 14. <ul><li>I have enough cash on hand in the business. </li></ul>… and what to do about it! www.profitsplus.org <ul><li>Create a 12 month advertising plan. </li></ul>
  • 15. <ul><li>I have enough cash on hand in the business. </li></ul>… and what to do about it! www.profitsplus.org <ul><li>Perform a customer survey. </li></ul>
  • 16. <ul><li>I have enough cash on hand in the business. </li></ul>… and what to do about it! www.profitsplus.org <ul><li>Have semi-annual job reviews. </li></ul>
  • 17. <ul><li>I have enough cash on hand in the business. </li></ul>… and what to do about it! www.profitsplus.org <ul><li>Create a financial sheet you can show to your employees. </li></ul>
  • 18. <ul><li>I have enough cash on hand in the business. </li></ul>… and what to do about it! www.profitsplus.org <ul><li>Do something special for your customers (promote). </li></ul>
  • 19. <ul><li>I have enough cash on hand in the business. </li></ul>… and what to do about it! www.profitsplus.org <ul><li>Establish budgets for purchasing and your profit & loss statement. </li></ul>
  • 20. <ul><li>I have enough cash on hand in the business. </li></ul>… and what to do about it! www.profitsplus.org <ul><li>Utilize a cashflow plan. </li></ul>
  • 21. <ul><li>I have enough cash on hand in the business. </li></ul>… and what to do about it! www.profitsplus.org <ul><li>Create and utilize supervisors in your business. </li></ul>
  • 22. <ul><li>I have enough cash on hand in the business. </li></ul>… and what to do about it! www.profitsplus.org <ul><li>Create an incentive plan. </li></ul>
  • 23. <ul><li>I have enough cash on hand in the business. </li></ul>… and what to do about it! www.profitsplus.org <ul><li>Enjoy the business. </li></ul>
  • 24. www.profitsplus.org             Shay’s Way Small Businesses don’t die, they just commit suicide! by Tom Shay Many retailers would think the event that would most affect their businesses would be the opening of a competitor within their trade area. It could be a Target, K-Mart, Wal-Mart, Home Depot, or even a specialty retailer. When this does occur, most retailers go into a defensive mode, planning how they can protect their market. And in those situations where the retailer fights the competition for a period of years, only to eventually close, it is said, &quot;the big stores put him out of business.&quot;   This scenario has occurred thousands of times, and not just in this industry. It is, however, the last statement that is not true. What caused the business to close occurred within the four walls of the business, for retailers don't die; they just commit suicide!   Statistics do not lie. If there were 100 businesses opening on January 1, there would be only five left to celebrate their fifth anniversaries. Of the five remaining, two or three would continue to the 10-year mark. What happens, and why? What happened within the four walls of the business was a series of events: inactions and incorrect actions, all a part of the list of fatal mistakes. For most businesses, it takes a combination to become fatal. In some cases, it takes only one. What are the 10 fatal mistakes? More important, what can you do about them so you will have a need to be attending this event in 10 years? Mistake #1 – Cashflow management. If you are just starting your business, determine how much money it will take to purchase your initial inventory, equipment, fixtures, and leasehold improvements. Then assume you will not sell any inventory for 12 to 18 months; how much will it cost to operate the business for that time period? Will you have enough money to pay your insurance, utilities, payroll and other expenses for that time period? Too often business owners plan to have enough money to get started; but when sales do not meet their objectives, they begin to experience cashflow shortages. The business is in trouble within the first year, and all of the plans become useless. If you have the necessary money set aside, you can continue to adjust your business plans without concern for needing a &quot;quick fix.&quot; Cashflow management is also necessary for the retailer who has been in business for many years. Unfortunately, most businesses look at their financial sheets only as historical data. They receive the balance sheet and income statement from an accountant, give them a quick look, and then file them away.   If that same business were going to borrow money from a bank, it would be consulting with an accountant and creating a cashflow chart.
  • 25. www.profitsplus.org The credit belongs to those people who are actually in the arena - who know the great enthusiasms , the great devotions to a worthy cause - Who at best, know the triumph of high achievement; And who, at worst, fail while daring greatly … So that their place shall never be with those cold and timid souls who know neither victory or defeat. - Theodore Roosevelt The Essence of Achievement
  • 26. Final Note www.profitsplus.org <ul><li>This presentation will be specialized to your industry and your attendees’ specific needs. </li></ul><ul><li>For more information about having Tom present for you, contact us at (727)464-2182 or visit our website: www.profitsplus.org </li></ul>

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