That Business Show starts week 101 and has had the privilege of interviewing over 1000 varying professionals from across Tampa Bay as well as nationally. It truly is a privilege to be able to start each morning by learning from other entrepreneurs in business and to give back to the community through the radio show. Our guests today embody the idea of giving back and were Julie and Steve Weintraub, Owners of The Gold and Diamond Source.
Founded in 1984, Gold & Diamond Source has become a recognized brand in the Tampa Bay community. From television and radio to events and organizations, The Gold and Diamond Source brand is a consistent presence amongst the community. The brand was launched by Steve after running a jewelry manufacturing plant for five years when he noticed an opportunity to provide a key differentiator between his brand and the others. Frustrated by the lack of real value provided by jewelers, Steve began offering a 100% diamond trade in guarantee meaning that any diamond purchased at their store could be traded in for an upgrade and you get credit for the trade in at the full cost you paid for your original piece. That idea, now 33 years later, has developed into a huge 10,000 square feet building featuring more jewelry in one location than anywhere else in the Southeast United States.
In the spirit of giving back, they launched Hands Across the Bay, a non-profit organization founded in 2010 that aids and assists families in the Tampa Bay area that are facing difficult times or are victims are crimes such as domestic abuse. Since its inception, HATB has given back $500,000 in assistance to the Tampa Bay community!
Another key takeaway from their brand is the love and care they have for one another. When you see one of them, you always see the other. Their brand has developed around their relationship as husband and wife, something lacking in many businesses today. They truly are role models for couples both in business and in life.
Consider them for your engagement ring or next piece of jewelry. Their goal is to treat their customers the same way they treat friends and family and they want you to feel like you are stepping inside their home when you enter The Gold and Diamond Source. Located at 3800 Ulmerton Rd in Clearwater, they can be reached too at 800-494-4940. Catch the complete interview at https://www.youtube.com/watch?v=LYzjvL2fcaw and please subscribe for more entrepreneurial discussions each morning on That Business Show. Find us on iTunes as well here!
The start of the New Year is an ideal measuring point for your business – where are you and where are you going? While most are fast away at organizing and preparing for tax season, do not forgot other areas of your business that could use some attention. Our guest today was Rochelle (Shelly) Walk, Attorney and Owner of the Walk Law Firm. She has been court-appointed as a receiver and mediator, and is a member of the FINRA arbitration and mediation panels. She is known for her negotiating skills and the ability to bring parties together in win-win, creative solutions and offers a practical and business-oriented approach to the practice of law. Her background in business enables her to relate well to clients and to quickly define the work and potential solutions.
The first topic highlighted was compliance issues. Specifically, the annual report that is required of Florida based business owners each year. This report, which is available for all to see and learn about at www.sunbiz.org, is a requirement each year for anyone incorporated in Florida. It is a fee dependent on the business structure type and is a nominal fee compared to the penalty incurred if you fail to file the report by May 1st. The annual fee is $150 for a for-profit corporation, $61.25 for a non-profit corporation, $138.75 for an LLC and $500 for a LP or LLLP. Many accountants will offer this as a service to clients but you should verify this filing prior to May 1st by going to www.sunbiz.org and checking that your corporation is active. Failure to do this will result in a heavy penalty after May 1st and continued non-compliance will result in dissolving of the corporation.
Another area that the Walk Law Firm specializes in and advises clients to review this time of year is their contracts. No business owner outside of law enjoys discussing contract lingo but it is the backbone of many business relationships. Having a proper understanding of the ins and outs of your relationships is key to prolonged success with your partners. Take time now to review and if you need help, reach out to the Walk Law Firm for guidance.
A new year also brings the opportunity for an annual review with your staff. While not required, all staff members should have and will benefit from an annual performance review. Take time to update your employee handbook too and if you do not have an employee handbook, then consider the Walk Law Firm to help you get that setup. Human resource compliance is a huge liability for a business and one area that you should not skirt on. Take the time to properly document all hours worked, reviews given, and any absences and disciplinary actions for your staff. Down the line, you will be glad you did. If you are ever presented with a legal dispute, documentation is often the deciding factor! Learn more about the Walk Law Firm at www.walklawfirm.com or give them a call today for any and all business legal services at 813-999-0199 and you can find the complete interview at www.thatyoutubechannel.com and please subscribe to us for more entrepreneurial discussions each day on That Business Show. Find us on iTunes as well and please leave a review and subscribe, this helps us continue to grow!
What’s trending on social media for 2017 was the focus of this edition of #WhatsTrending on #ThatBusinessShow. Our guest, Matt Ashwood, is our social media specialist and is always available to answer your social media questions at www.mattashwood.me!
Twitter was the focal point of the opening segment. We learn that Periscope, once a revolutionary product, is being phased out of Twitter and that Twitter is a bit behind some of the other social media networks. Regardless of its place in social media, the platform is an excellent resource for business owners to easily build a community specific to their product or service. For the older generation, the buy in to Twitter has been a bit longer than the youth. Sending “tweets” just sounds funny and it did not appeal to many in business early on. Others though saw opportunity and began to build large followings and that became their community that they then sold their products back to. It became an online marketers dream!
So how did they build those huge follower lists? Are they that influential that everyone leans on their every tweet? Not really, they learned the programs to automate / delegate the process of follower building and let time do the rest. Jamie spent a fair amount of time this past weekend studying and learning some of the finer details of Twitter and picked up 500 followers as a result. Simple things like using hashtags convert into followers almost immediately. It is important to recognize though that those followers gained by the use of hashtags are easily lost if you do not follow them back. They are using programs that monitor who follows them back and will give you about a 5 to 10 day window on average to follow back. Otherwise they mass delete all their non-followers. This is why you see many people with lots of followers, have similar numbers with who they are following (excluding public figures, they are in a category all their own).
To build followers, begin by selecting the hashtags and influencers that are inside your industry and begin to input those into your tweets. As people follow you, follow back or you will continually gain and lose followers. There are some great programs out there too that will automate this process for you at a nominal cost. Social Quant is a great program and is simple to use and does not distract you with a bunch of bells and whistles of features that only advanced users would care about. All you do is select 20 to 30 key words for your industry and the program does the rest. This is not a “buy followers” program either. These are real people that choose to follow you based on the hashtags you use because you are in similar industries. The buy follower programs are essentially useless and are mostly fake accounts and only serve to give you a high number of followers to feed people’s egos. The idea is to build a community over time of like-minded people that will respond to your tweets by following links in them and in your profile. Many of the best online marketers built their businesses on Twitter, take some time today to study it, it is worth knowing for your business! In the meantime, please follow us on Twitter @thatbizshow and use the hashtag #ThatBusinessShow when talking about the show. Find us on YouTube too at www.thatyoutubechannel.com and please subscribe to keep us growing!
Marcus Lemonis, well known entrepreneur and star of the Profit, states that all successful businesses balance the 3 P’s – People, Process and Product. While simple in its presentation, massive it is in terms of value. Our guest today was Patrick Leask, an award winning Business Coach with Action Coach. Leveraging the tools and templates provided by Action Coach, Patrick works with business leaders and owners to achieve breakthrough performance in their business.
Patrick highlighted the 3 P’s in our discussion this morning on That Business Show. With a focus on people in the opening segment, we delved into how a business benefits from proper staffing. It is easy for a business owner to downplay hiring as an expense, saying to themselves – “I can do that for free, why hire someone else to do that?” They overlook their own value when making that statement; therefore it becomes imperative that an entrepreneur know what their hourly rate (value) is. Patrick estimates the typical small business owner is easily worth $100/hour so why would you spend time filing documents or answering phones when a $12.00/hour staff member could do that? The effect of that mentality becomes a net loss through indirect spending. To calculate your hourly rate, take your net income in a given period and divide that by the number of hours you spent working towards that income. That is your hourly rate and you should be cognizant of completing duties in lower pay grades and how they indirectly affects your bottom line. This whole discussion centered on when to hire the first person in your business – it is when you have a positive net income that is high enough to offset the cost of a staff member annually and leaves a remainder that is equal to your annual value.
The 2nd P is process. All businesses are nothing more than a collection of processes that have been put together in an efficient manner (or in some semblance of efficiency as it develops). FedEx is one of the best examples of what effective processes can do. Ironically enough too it began as an idea for a paper that the founder Frederick Smith wrote while a Graduate student at Yale. In the paper, he proposed the idea for overnight delivery anywhere in the World. The paper, while well written, received a C and the response from his professor that to achieve a higher grade, the idea needed to be feasible. Years later he would go on to develop Fedex starting with his paper as the initial business plan!
Lastly, all businesses have a product, the final P. Whether it’s a tangible item or a service, all businesses are in business to sell! Effective businesses provide a product or service that fills a void in the market in a cost-effective manner, essentially it is a solution to a problem. It is easy for many business owners to try and copy other solutions but great product/business success only results from distinct differentiation – what is it that your product has or does that no other product can do? On that note, we ended the discussion and it was a great start to the new year for That Business Show. Learn more about Patrick at www.actioncoach.com/patrickleask or give him a call today at 813-675-7722. Please subscribe to us on iTunes here and YouTube here for more entrepreneurial interviews daily on the show!