Overall, our sales are up, but there are stretches of slow days. I’d love to learn more about cash flow in this situation. Is there a way to even it out?
Angela Pantalone of Wag Central in Stratford, CT, noticed a similar trend in her boarding, daycare and grooming business. She looked for a pattern and then offered discounted pricing on days that are historically slower, which drew in more customers. A similar strategy could apply to a retail setting. Determine your slower times by reviewing stats from your POS system and offer discounts (Treat Bar Tuesdays, anyone?) announced through social media or email blasts to customers to encourage them to visit during the lulls.
One of our employees is starting to show signs of his age. He’s losing his hearing and seems to be getting more forgetful. He wants to work to age 65 — three more years. What do we do?
This is a tough one. You want to be loyal, and don’t want to be perceived as cold-hearted, but you and your business can’t afford errors or to allow other employees see you tolerate costly mistakes. The best strategy is to stay focused on performance, not the person. Treat your older associates the same as you would your younger ones. “Deal with issues for what they are — not for the reasons behind them,” says Kate Peterson, president of Performance Concepts. For example, if your older associate hears something incorrectly and his actions lead to a customer problem, address the immediate issue — the customer problem — regardless of the underlying cause. A person can easily deny that his hearing or memory is failing, but he cannot deny the obvious outcome. If you decide it’s time to part ways, ensure every detail is handled correctly. “Clearly defined performance standards, daily coaching, and fair rewards and consequences must be applied consistently for all associates. You can’t terminate an employee for failing hearing or memory — but if necessary, you can for continued failure to deliver to the job requirements,” Peterson says.
2019 seems like it’s going to be a volatile year. What should we do to get ready?
Donald Sull, a London Business School professor, recommends “active waiting.” Contemplate alternative techniques, explore likely scenarios and focus on general readiness, he says. This is a time of threat, but also opportunity. “Keep your vision fuzzy and your priorities clear,” Sull says. “Maintain a war chest and battle-ready troops. Know when to wait — and when to strike. When you grab an opportunity or move to crush a threat, amass all your resources behind the effort.” At the same time, continue making routine operational improvements such as cutting costs, strengthening distribution and improving products and services.
My business is 4 years old, and I’ve done my own taxes, but I’d like to find a tax pro. How do I find a good one?
Online directories such as CPAdirectory.com, Accountant-Finder.com and AccountantsWorld.com are a good place to start. The National Association of Tax Professionals offers an online database of tax preparers, and the American Institute of CPAs has one for CPA firms. If you do contemplate hiring a tax preparer you found online, request referrals so you can ask about the quality of the service past clients received. A useful initial indicator is how long it takes them to reply to your first inquiry. And remember: As good as the person may be, never abdicate your responsibility to know what’s going on with your finances.
Is it legal for retailers to say they are selling at wholesale prices?
In short, no — unless they really are. Many states, including Arkansas, Georgia, North Carolina, Kentucky, Texas, California, New York and Michigan, have laws prohibiting the use of the word “wholesale” in retail ads. Some states define the wholesale price as the price the retailer paid for the item from the supplier. Other states, and the federal government, say it must be lower than the average price retailers would pay in the area. But, really, as a small fry in a tough market, why are you trying to compete on price?
Where can I find a good employee evaluation form?
There are scores you can download to use as a model. Some are really detailed and cover every possible aspect of a job, while others are basic. Our advice when it comes to employee evaluations is that you not spend too much time on the whole process. While you may want the paper trail to protect yourself against lawsuits from former employees, there’s a growing view that reviews don’t achieve much. Mary Jenkins, a co-author of Abolishing Performance Appraisals, advocates a system in which employees seek feedback from people they work with, then draw a skills-development plan with their manager — or you.
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