Mine Your Own Business

Comparing Depressions

We ran across an interesting article comparing depressions, not tropical storms or states of mind, but the big economic depression of the 80s and our current economic situation. One point the article makes is that the 80s depression was much worse for small businesses for a variety of reasons. You can read the whole article here.

If you were in business during the previous recession, do you agree with this article? We'd appreciate any comments you might have.

Create Your Own Stimulus Package

At the VDTA/SDTA tradeshow in Las Vegas two weeks ago, Michael Guld (www.themilliondollarmediarep.com/) gave the keynote address.  I was pleased to see almost a full house for the keynote, probably about 500 people.  Michael gave these 10 tips to help create your own stimulus package:

1.  Turn Off the News.  (It is amazing how negative it is, even on days when there may be cause for optimism.)
2.  Live by the Serenity Prayer.  (Accept those things you can’t change, change those that you can, and pray for the wisdom to know the difference.)
3.  Re-ignite Your Passion.  (Loving what you do rather than just liking it.)
4.  Redefine and then Re-commit to your Goals.  (He said “there is no commitment in wanting” things to improve, only in committing to action to make them improve.)
5.  Review and Modify your Business Plan.
6. Promote, Promote, Promote.  (Cause Marketing is a great way to do this.)
7. Refine and Live your Value Proposition.  (Why do people buy from you vs. the other person?)
8. Provide World-Class Service.  (It takes the right people to do this.  Hire the smile and then train the skill.)
9. Take Care of your Existing Customer Base. 
10. Focus Strategies on New Business Development. 

Bill

Some Great Pricing Tips

Here’s one of the best articles I have read on pricing strategies to consider in this economy.  I really liked the quick definitions/examples of Cost Plus Pricing, Market- Based Pricing, and Value Pricing.  Many of our most successful customers create packages of high-end products thereby using Value Pricing to protect their margins and still provide value to their customers.  What strategy works for you?

Bill

An Excellent List for Business Podcasts

If you’ve never tried a podcast, check one out.  You might like it.  If you don’t have an iPod, just download it to your computer. To get you started here is a link to 100 audio podcasts geared to small businesses and entrepreneurs. There is something for everyone here.

Bill

Observations from VDTA 2009

I spent most of last week at the VDTA/SDTA (Vacuum and Sewing Dealers’ Trade Association) convention in

Las Vegas, together with about 50 other Tacony associates including Ken Tacony.  Here are some random observations:

1. Las Vegas is definitely hurting in this economy, but not too much.  My ride from the airport to the convention center took less than 10 minutes, much shorter than normal.  My cab driver said he had been waiting at the airport 45 minutes for a fare.  The Las Vegas Hilton, a 4,000 room hotel, was sold out the night I arrived.  It took about 20 minutes for them to find my confirmed room.     
   

2. There were 4 conventions at the hotel/convention center last week and quite a strange mix.  In addition to ours there was the Aviation Support Show (everything to do with aviation except the planes), the World Pizza Expo (including the Pizza Olympics), and the Native American Nations Economic Conference (apparently the national meeting of all Native American Tribes). 
   

3. Attendance at the VDTA Show was much better than I had feared.  Although attendance may have been down slightly from last year, our booths were busy most of the time.  The Keynote Speech was well attended (more about that later this week) by about 500 people.  The seminars I went too were quite full, with the Sucksess panel discussion standing room only.  (I later was quite proud to find out that all four presenters are good Tacony customers.)
   

4. The two young people who received this year’s Bernie Epstein scholarships were very deserving and quite passionate about making a difference in college and afterwards.  Other than making me feel quite old, it was fun to see their enthusiasm. 
   

5. The food at the Wednesday night reception was very good.  It was fun talking to everyone until they finally turned the lights out on us.  (My first time closing down a bar.)  Dagon Browning from Kalispell, MT can not only can sell sewing machines and vacuums, he can really sing.  He’s also a great teacher.  What energy.
   

6. Stan Ingram was inducted into the VDTA/SDTA Hall of Fame.  I did not know the other two inductees.  From his acceptance speech, it was clear that Stan had loved his time in the sewing industry.  He explained he grew up on a dairy farm in Wisconsin and was motivated to do well at the University of Wisconsin because he had milked enough cows and shoveled enough stuff.  Many Singer and Viking dealers are certainly thankful that Stan didn’t return the farm.
   

7. I had expected the mood to be quite negative based on the economic situation.  This expectation was also anticipated in the Keynote Address and Scott Wells’ opening remarks.  Instead, I found almost all of the dealers to be cautiously optimistic.  Several said they had had their best year ever last year and 2009 was starting off strong.  In general, they said that they had to work harder to get the same amount of business, but didn’t seem to mind.  One husband and wife from CA said they were going to be hiring more staff.
   

8. Ken Tacony commented how pleased he was with the very positive reception that our new Koala cabinets received.   Hats off to Ed Moore for his constant attention to every detail in designing the best looking sewing cabinets ever made (in my humble opinion).  We’re proud that they are built right here in the USA.  Ed also wins the “best dressed worker during teardown” award for working non-stop for 4 hours in an Italian suit and tie.  (Mike Queen finished second, having the suit but did take his tie off.)
   

9. The new Criss Angel Believe show at the Luxoris the only Cirque du Soleil show that I would not recommend.  Quite disappointing. 
   

10. After attending my 21st VDTA show, I can honestly say that I have never been more proud to be a part of our sewing and vacuum industry and the retailers who make it all happen.  A truly wonderful group of people.   

         

Bill

Great Marketing Resource

We recently ran across a great Web site where you can sign up for a free newsletter that includes an excellent white paper when you sign up for the newsletter. The white paper is entitled "The 12 Most-Common, Most-Damaging Marketing Blunders and how to avoid them in your business!" and is just one example of the many free tools available on the site. The revenue growth tool download is another good one and there are other free downloads available as well.

Bill

Could your local “free” newspaper help you promote a “Support Your Local Businesses” campaign?

Here’s an article from our local free newspaper explaining how the economy is impacting them and what they are doing about it.   Could they help you get other local businesses together to advertise and sponsor a “shop local” event?  It may be worth a call to your local free paper to see what they might be willing to do.

Bill

Print This, Post This and Watch the Results

OK, you only have 5 minutes.  Please read this article, then print it out and give a copy to each of your employees.  I'm betting each employee will get a sale that they otherwise would not have gotten that day.  Let me know how it works.  

Thanks,

Bill