Consulting – Page 6 – Steve Pohlit

Wayne Allyn Root Is The Guest..and What They Are Saying

“He is loud, colorful, opinionated, often outrageous and controversial. He isn’t afraid to state his opinions on anything and everything.”

Bill Maher, Former Host of ABC’s “Politically Incorrect”

“The Odds-maker of EVERYTHING!”

Donny Deutsch, Host on CNBC

“It’s no surprise that he has propelled himself to the highest echelons of success in the gaming, entertainment, business and publishing worlds. His exuberance, enthusiasm and winning smile speak volumes.”

Millionaire magazine

Hey Friend,

Above are testimonials about the special guest we’re having on our teleconference call tonight.

His name is Mr. Wayne Allyn Root.

He is a super successful business mogul having started several multi-million-dollar organizations and controls a Vegas gambling empire, dubbing him the “King of Vegas.”

Wayne will be one of our featured speakers at my Mega Partnering event, and as part of my all-content event pre-training series, I want you to join Wayne and I tonight at 6pm Pacific/7pm Mountain/8pm Central/9pm Eastern where he’ll share his insights on his mega success in business and life.

There are very few people on the planet who have the range and depth of real world experience like Wayne, and this is your chance to learn firsthand how he thinks, acts, works and wins.

Needless to say, Wayne is an interesting and charismatic personality and someone you should get to know tonight.

Lines on this call are limited, so you’ll want to be sure to dial in a few minutes early so you don’t miss out.

You can gain access to the by dialing into this number:

218-862-6400

Access Code: 369 2976

I hope you can make it on the call. It starts at 9pm Eastern / 8pm Central / 7pm Mountain / 6pm Pacific.

Best regards,

J.T. Foxx

P.S. The early bird scholarship deadline is near. Be sure to visit http://www.MegaPartnering.com for more details on this once-in-a-lifetime event.

Steve Pohlit

Director: Business Consulting, Top 1 Coaching, and the JT Foxx Organization
Business Consulting, Executive Coach
Turnaround/Crisis Management

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About: Steve Pohlit CPA,MBA has been the CFO and COO of major domestic and international companies. Steve has extensive business ownership experience having purchased and started off line and on line businesses. Steve offers his business building experience to companies and entrepreneurs with business coaching and business consulting. His focus is on building business profits and net asset value at above average rates. All articles published by Steve unless specifically restricted may be freely published with this resource information.

The First Step To Building Business Revenue And Profits

People attending the classes where I teach and who join the coaching or consulting program often think there is silver bullet or magic potion for making money.

I teach audiences averaging 60 or so people all over the US and Canada how to build business profits. From this work, approximately 10% become coaching clients. I open most presentations stating that they will learn the exact formula used with those in the coaching and consulting program.

In the opening portion of every coaching or consulting engagement, I begin with “now comes the first question that I taught in the class”. Some are still surprised when I begin following the exact process that they learned at the event. This is the first step I am giving to you, my loyal readers.

Even though I have taught them all the steps, most have not completed the first step to building business profits. In fact I have been tracking the numbers and when I give the exact formula for building business profits, only 2% as me for the detailed report.

The Difference Between The Class and Business Coaching and Business Consulting:

The difference is the class teaches all the steps and consulting shows the client how to implement the steps. So what is the first step? The first step is to have a clear definition of your business that is in alignment with how you make money. I know this seems simple but most people do not get this right the first try. The definition should be one that you can write in a few sentences and say very clearly in about 10 seconds.

Steve Pohlit

Business Consulting, Executive Coach
Turnaround/Crisis Management
Temporary CEO, CFO, Controller Services
International Business Resources

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Harry Potter, Millenia Mall, Illusions

While working with a coaching client on site in Orlando, Florida I observed packed parking lots, traffic jams around Millenia Mall and filled restaurants. My comment was ” they have not heard there is a world wide recession!”

We discussed why the area seemed particularly crowded. The number one reason seemed to be that the new Harry Potter attraction had just opened at Universal Studios and it seemed be a huge draw. So now I knew that my observation of the market could be distorted by a special event.

Later that day, I was invited to join a group at a very popular “upscale restaurant”. This place is very near Tiger Wood’s home. My definition of an upscale restaurant is one where the dinner check for two including tip is in the $200 plus range.

After a marvelous dinner, I met the owner. I had a comment and a question. My comment was about the wonderful dining experienced I just finished. I assured him I really enjoyed it as did the business people dining with me. My second remark was that his business is actually an economic indicator…a barometer of how well people are doing. Given that I asked how his business was doing on a comparable basis with last year.

Comparable analysis in business is where you compare the same period this year with the same period last year. In this example I was asking about business this year to date vs last year. He told me his business was down 30% and that the “upscale restaurant market” was down 40%. He felt good as he was fairing better than the competition. I was not feeling that good about it considering the economic slide began accelerating in 2008. This means the numbers in 2009 used as a comparison have already been on a decline so the decline in 2010 is particularly disturbing.

I mentioned to my client and his key person in Orlando that I would send them a list of what I would recommend this restaurant business owner do to strengthen the business. I decided these 7 Steps could help many other business owners so I am using my blog for the action plan and I will email my friends to let them know about these ideas for their Orlando restaurant owner friend.

Top 7 Steps For Strengthen Sales and Profit In The Restaurant Industry….Actually Applies To Most Businesses:

1. Know your customer! People coming thought the door and buying should be acknowledged with an email or card and possibly more. How do you do this? You need to have their contact information and specifically an email address and now ideally their cell phone number.

Here is an idea on how you do that: Buy them a drink or a dessert in exchange for their information. Here is the key: when you identify a particularly important person, the owner comes to the table, welcomes them and offers to buy their dinner in exchange for the cell phone number so they can be alerted for a very special event. Now before you say this ticket could be $200 or more I ask you how worth it is to have the cell phone number for key text messages with VIP’s and I mean people whose net worth is in 8 figures. This is huge

2. Have a plan. Your financial plan should be an annual target that can then be detailed to a weekly plan.

3. Know your numbers. Traffic and sales by time of day. Track your trends. Use this information to market to your list. Invite them to slower times using incentives.

4. Use all proven marketing tools to help grow your business. These include direct mail to targeted zip codes and ads with a “hook” in publications your target customer reads and other venues like radio, participation at key charitable events, local/regional festivals that are for your target audience, on line promotions and more.

5. Have your on line credibility in place meaning a website and social media presence

6. Use a referral marketing system. Reward people for inviting their friends and colleagues.

7. Monitor the variances from plan in all areas of your business. Nothing is excluded: payroll, food costs, utilities….the gold is in the detailed analysis of the variances.

Now You Know…Success Is In The Details. Failure is almost always a result of not consistently following the steps that have been proven to lead to success.

Steve Pohlit

Business Consulting, Executive Coach
Turnaround/Crisis Management
Temporary CEO, CFO, Controller Services
International Business Resources

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ATT, IPhone, IPhone4 – Excellent Viral Marketing for Competitors

I love the IPhone. I owned the first IPhone within 2 weeks of launch and have upgraded to the 3G and then 3GS. As soon as Apple released a new model, I was there for upgrade. Not this time.

I would love to be testing the IPhone4 right now. ATT has pushed me to the point where I don’t want to extend my contract for two years. Why….ATT’s service sucks. It has not always sucked. In fact for well over 2 years I enjoyed my service. Then something changed. I began reporting this situation 6 months ago.

Bottom line .. I want great service at my primary location, had it and now it is opposite that. When I discuss this with ATT the responses are amazing. Tonight was the icing. The lady said “the reality is that the service you are getting is what you can expect” I asked her how much experience she had and she said “my experience level is irrelevant”. Amazing.

So I thought ..well maybe it’s me. However, when I would make comments about my phone and dropped calls, I would hear …”that is so common with IPhone users. So I tested that with people I know with IPhones and that is very true. All and I mean all IPhone owners I know complain of dropped calls.

I would love an IPhone4 However, ATT wins…they have worn me out and I am now waiting for Apple to expand to other carriers. Rumors on line that will be this fall. Regardless of the timing it cannot be soon enough for me.

New IPhone4 owners I am sure you will love your new IPhone and I wish you the best with ATT service.

ATT – you have had an amazing opportunity to dominate the market. You have benefited from Apple’s success and have not taken notes on how they lead. Your negative goodwill accelerates. Verizon and others gotta love it. This is a great example of viral marketing for the competition.

Is it too late for ATT? Not at all ATT could turn this around in a heart beat because customers love the IPhone and they do not like change.

Steve Pohlit

Business Consulting, Executive Coach
Turnaround/Crisis Management
Temporary CEO, CFO, Controller Services
International Business Resources

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BP Oil Spill Results In Predicable Political and Media Response…and Predictable Consequences

The media and government is taking the predictable “finger pointing” route in connection with the BP oil spill. Screaming someone is surely to blame attracts attention to the publications and politicians screaming the loudest. Fingers point to BP and Obama.

BP accepts responsibility and has allocated $20 billion for the cleanup. Citizens and politicians say Obama isn’t acting fast enough. Obama apologizes to no one, blames the MMS (Minerals Management Service) and appoints Michael Bromwich as its new head.

What if this ecological disaster is actually no one’s fault. There is that strong possibility. Recognize that in spite of everyone’s best efforts, sometimes things fail. Consider this excerpt from an article by Carl Hoffman explaining what most likely happened:

“No oil company wants to have a blowout and these companies spend vast sums of money and expertise to ensure that they never happen. But happen they do. If this was a blowout, it’s the first deep-water one in the Gulf of Mexico that I can think of. And for that to happen requires the perfect storm of scenarios.”

I totally support an independent investigation to confirm what really happened. There are two possible outcomes of such an investigation. First, all practical steps were taken to prevent this event and it still happened. Second, preventive measures were known and not implemented.

In the first case, we learn and get better. In the second case, there would be a violation of fiduciary responsibility and appropriate measures taken.

Related to investigations, I am wondering what information on preventive measures was provided at the Board of Director’s level at BP. This is a public company and Boards have very clear responsibility for asking the tough questions and getting answers. At the government level, appointing a new head of the MMS now is interesting. Obama failed to act following two scathing reports on the MMS by the Inspector General in recent years (See full article by the The Washington Post ) What if the MMS was operating as intended? Would the BP Oil Spill have been prevented?

I am a major advocate of a system of accountability in business and government. The media is accountable for accurate reporting. Citizens are accountable for holding government responsible for upholding the values of our constitution. All of us are owed accurate information as to what happened and what steps are being taken now to minimize the risk. The problem with the finger pointing culture is that the truth can be obscured or even ignored. That would be the ultimate disaster.

Steve Pohlit

Business Consulting, Executive Coach
Turnaround/Crisis Management
Temporary CEO, CFO, Controller Services
International Business Resources

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New Digital Media, Inc.

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The Key To The Vault of Success

In the early fall of 2009 I was looking at the progress of my career. In the 18 months prior to that point I had created two on line based businesses and knew they would be successful long term. But something was missing and I was trying to pinpoint what it was.

I remembered a presentation by Ernie Cheu who is the author of “Soul Currency”. Ernie told his story of how when things turned south for him he dug deep and reflected on the key success factors when he was riding high. He then began doing again what he was doing then and regained his foundation to move forward.

In my life the number one element that was apparent in every case where I had accomplished huge professional success was this …relationships.

Between early 2008 and fall of 2009 I had developed several business models on line and connected with many wonderful people. However the relationships were different in most cases. I say most because I am blessed with having developed very close relationships with wonderful people who I met on line .

With that brief background you may appreciate my decision in early fall of 2009 to renew my connections with highly successful people. Once I decided that I became very relaxed about the outcome and continued on with my daily/weekly priorities.

And then the phone rang.

From that moment forward I began connecting with an increasing number of very successful people. I didn’t connect all the dots at the time. However beginning in late December 2009 I heard the word “relationships” beginning to echo loudly in my ears and then repeated because the person who called and who I am now working with is all about teaching and being an example of the importance of relationships. Thank you JT Foxx

One of JT’s coaches is Nido Qubein, the president of High Point University.Nido is a remarkable man who came to this country with $50 in pocket and is very prosperous in all areas of his life. He created it and is as excited about what he does as anyone I have ever met.

Recently I was with a group of our top clients at High Point University. Nido delivered a 3.5 hour message to our group. One of us in attendance asked him what his number one point of advice was. Nido talked about his mother and the advise she gave him. She said connect with the experts who are an example of what you want to be. Nido further clarified this in a brief private discussion with me. He said “once you define success for you, find those who you feel be exemplify that definition. Then clarify the attributes they have that you don’t or you need to be better at. Once you do this then it is matter of taking steps to advance your own attributes that you have identified as those being important for you to be where you want to be. Stated another way seek out the experts then become an expert by developing the skills of the experts.

Nobody had ever clarified it for me like that before. But in an instant I got is and I knew that in many respect I have followed that guidance. I also knew I did not follow that guidance to my potential.

Nido was taking about relationships. JT teaches how to develop key relationships all the time. Our coaching, mentoring, consulting program reinforces for our student how to develop key relationships and take action to implement that guidance. Both Nide and JT are talking about the right relationships. That is the key ..the right relationships.

If you are to develop powerful relationships then you must learn how to network, you must learn how to communicate…you must be prepared. There are specific steps we teach for developing relationships and there are those chance encounters that seem to be a coincidence. You never know when a visit to the coffee shop, restaurant, gym, church, grocery store could be the key relationship that makes a huge difference in your life.

I have written about the Top 1 mindset in previous articles. That attitude plus the associated skills and actions is well worth the effort. However, none of us ever accomplishes anything of consequence alone. The more powerful the relationships, the faster you will achieve your ever expanding goals.

Here is an example: JT started his coaching program about the beginning of 2009. It grew to a multi-million dollar a year business in less that 12 months. He hosts on his show well know success stories including Robert Kiyosaki, Jack Canfield, George Ross and many more (visit The JT Foxx Show for more examples) On June 12 and 13, 2010 JT is bring a former leader of a G8 country to Toronto for a major event. We will have a capacity crowd of more than 500 people. VIP tickets for dinner, a picture with this leader who we cannot name for security reasons, plus the event ticket are still available for $495. (email me for more information) The event itself is only $95.

Imagine the credibility of having your picture taken with a former leader of a G8 country. JT still talks about the value of having met and his picture with Senator John McCain. In fact later this year and early 2011 there are additional events materializing that will also be “off the charts” with the keynote speakers lining up. This all happens because of relationships.

Key events are great opportunities to network. Our students are increasingly successful in part because of the networking they are doing at these and other events. Just yesterday in a coaching call I advised one of our students to move forward from a goal of attracting $300,000 in investor money to $14,000,000. With that redefined goal we developed the action steps which will start to be implemented in less than a week. I am confident he will line up a pool of $14 million for investing in his deals.

No matter what your goals are, you will accelerate the achievement of those goals by forming key relationships. Key relationships are with those people who are masters of the characteristics you know are must haves for you.

Steve Pohlit

Managing Director
Top 1 Coaching, Consulting
JT Foxx Organization

Business Consulting, Executive Coach
Turnaround/Crisis Management
Temporary CEO, CFO, Controller Services
International Business Resources

Social Media Services
New Digital Media, Inc.

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About: Steve Pohlit is a CPA,MBA and has been the CFO of several major domestic and international companies. Steve is The Managing Director of Top 1 Coaching/Consulting of The JT Foxx Organization. He is an expert business coach and consultant focused on building massive business profits and net asset value. He is very experienced with Internet marketing and social media marketing. All articles published by Steve unless specifically restricted may be freely published with this resource information.

Do You Think The Top 1 Mindset Is Hype…Watch

This is precisely why as JT Foxx says ” there is plenty of room at the top…the bottom is where it is crowded”. The Top 1 mindset is the key to excellence. Watch!!

Steve Pohlit

Managing Director
Top 1 Coaching, Consulting
JT Foxx Organization

Business Consulting, Executive Coach
Turnaround/Crisis Management
Temporary CEO, CFO, Controller Services
International Business Resources

Social Media Services
New Digital Media, Inc.

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How To Strengthen Our Three Foundation Pillars For Optimal Success

I encourage you to decide right now to take action when any part of this article resounds with you. You see there is an amazing volume of content we have access to in multiple formats including: books, CD’s, videos, blogs, websites, email, seminars and even talking with each other to name a few. I have found that using a system for processing information in away that helps me retain what I want to have become part of who I am is the way for me to progress professionally and personally.

I have developed The Top Five System. This is an adaption of what I learned from Mark Joyner with his Simpleology System and The JT Foxx Organization where we use a daily Top 5 as part of how the business is operated and developed. I initially published an article that shows anyone how to get started with The Top Five System. The focus of this initial article was to encourage readers to use The Top 5 System for business development. I teach this process and incorporate this system in the coaching, mentoring and consulting division of The JT Foxx Organization.

I have found this system to be so powerful that I recently expanded the view of how it can be used to strengthen our Three Pillars for optimal success. This view which you are about to read is based on over five years of intensive research and the application of these principles to a successful business that I launched on January 7, 2009. That business is Manifest Mastermind.

With that launch I was already incorporating guidance on developing our Three Foundation Pillars. Members have been receiving continual detailed guidance on how to excel in all three areas. The Top Five System is a refinement of that work and is a simple way to to expand your success in business and in life.

I recently presented the first teleconference on The Top Five System for Our Three Foundation Pillars for the members of the JT Foxx Coaching, Mentoring and Consulting Group. Today I am introducing this idea to the public. Note there are only Three Pillars and The Top Five System is designed to focus our attention on not more than five (a handful) action steps. Everyone can manage those numbers. There are no more excuses. Let’s begin.

Our Three Foundation Pillars

1. Health

2. Relationships

3. Money

Everything in life falls within one of those Pillars. They are purposely listed in order of priority. Yes money is last. Health is first since without our health, nothing else matters.

Using The Top Five System For Health…An Example

1. Health Description…This would be the business description in the money pillar.

I am a healthy, energetic person who maintains my ideal weight. You can be more detailed in this description

2. Image Target…This would be the financial plan in the money pillar

I release 20 pounds that I no longer need.

3. Action Plan

I am adjusting my eating and exercise habits to achieve my desired image.

4. Time Line

I am releasing 1 pound per week by using 3,500 less calories per week or 700 per day.

5. Daily Top 5

These are the top 5 actions you plan to take to implement your plan of using 700 less calories per day.

This is an example and you should develop your own details based on you new health image which can include a lot more than weight. The key with each pillar is to have a clear picture of what you want to achieve and measurable action steps. With measurable action steps you will be implementing the Gold Formula which I will write about in a separate article.

Steve Pohlit

Managing Director
Top 1 Coaching, Consulting
JT Foxx Organization

Business Consulting, Executive Coach
Turnaround/Crisis Management
Temporary CEO, CFO, Controller Services
International Business Resources

Social Media Services
New Digital Media, Inc.

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How To Set Up The Simple and Powerful Top 5 Priority System With Google Docs

I have been testing a simplified tool for moving business forward fast and it is working very well. I use it and all of my clients are using this. It is easy to describe and free.

This tool is linked to the business evaluation and resulting business planning process that are the front end steps of every coaching and consulting client. In summary we arrive at a very clear definition of the client’s business and target market. Now if your reaction to that first step is that everyone in business knows the definition of their business and target market, then next time you have a chance ask them and ask them to explain it in less than 30 seconds.

That one exercise usually takes most people between 2 and 8 hours to master and some actually never get it as they really cannot decide what business they are in. There are clients where I have had to define their business, target market and business goals otherwise we would not have been able to move forward. Regarding business goals, I am mostly interested in measurable goals starting with financial performance and liquidity optimization. Once there is agreement on the financial targets then we can move to the next steps which are designed to define the key actions that are needed to achieve the financial goals.

The end game of all this is the tool that is the topic of this article. Using a Google Doc which can be shared, a Top 5 doc is created. The top part is labeled “Todays Date Top 5” This list the five most important things that need to be accomplished today in order to achieve the financial target. The profit goals you have set this year are met or not by what you act on today. Those five action steps should be ones directed on completing profitable transactions that will achieve your profit plan.

I have been using the Top 5 System for about 2 months now and having all my clients implement it as the results are so powerful. There are two reasons for these successes: First the Top 5 System means you are focused on precisely what is most important. Second I am now implementing an accountability process where each client is required to share their top five with a person they are working with who could be their business partner, spouse or another in the business. They are also required to share their daily Top Five with me while the coaching or consulting engagement is active.

The following video demonstrated the basics of getting started. The video starts right in at the screed for setting up a Google Gmail account. The start page can be found at mail.google.com

Steve Pohlit

Managing Director
Top 1 Coaching, Consulting
JT Foxx Organization

Business Consulting, Executive Coach
Turnaround/Crisis Management
Temporary CEO, CFO, Controller Services
International Business Resources

Social Media Services
New Digital Media, Inc.

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727-587-7871

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The Business Profits Reported Next Year Are Created Now

The business performance goals you achieve for the next year begin today. In order to achieve business performance goals you must have ones defined.

If this seems perfectly obvious, then why is it that the majority of companies do not have an annual business plan detailed in financial performance terms. Hardly any business has the disciplined management system in place to manage the business to achieve financial performance benchmarks every week.

This is a summary action guide that should help your business performance excel :

1. Define the outcome twelve months from now that you expect. What are your targeted: revenue, profit and cash flow (takes into account investments in non cash assets). I recommend these goals be higher than your historical trend.

2. Define the business performance you need to achieve in the next two months by week to achieve your annual goal.

Steps 1 and 2 become the budget numbers for your business and step 2 is adjusted every week so you are always looking forward two months. Can be three but should not be less than two.

Part of Step 2 should be a cash flow projection. Again it is very important to have a budget for all these items including cash flow.

3. Once you develop your budgeted items then you track actual every week. Now you are in the position of addressing variances. Positive ones should be viewed as carefully as negative ones. You are either investing in more of what resulted in positive variances or address the cause of negative ones.

Since a CEO should be spending most of their time, meaning about 80% on marketing for growth, there needs to be a rationalized process in place where there is clear accountability for the operations in the other key areas of the business.

This process is a management system. If you are an international multi- billion dollar business or a single entrepreneur the principles are the same.

Sending you energy of health, happiness, prosperity

Steve Pohlit

Business Consulting, Executive Coach
Turnaround/Crisis Management
Temporary CEO, CFO, Controller Services
International Business Resources

Social Media Services
New Digital Media, Inc.

Twitter

Facebook

Linked in

MySpace

727-587-7871

Email

About: Steve Pohlit is a CPA,MBA and has been the CFO of several major domestic and international companies. Steve is a business owner and an expert business consultant focused on building profits and net asset value. He is very experienced with Internet marketing and social media marketing. All articles published by Steve unless specifically restricted may be freely published with this resource information.

The Top 1 Percent

The Top 1% (one percent) is not a measurement and comparison of wealth or ability. The Top 1% is a mindset. The mindset that you can and will achieve the goals you set for yourself. This mindset includes a bias for action. Action taken to follow a clear roadmap. Clear goals, a bias for action and a Top 1% mindset will result in you experiencing success way beyond what the general population or “the herd” can even imagine.

The idea of the Top 1% is primarily discussed in reference to the development of business revenue and profits. If you pay attention to the Top 1%, you will see a balance in the areas health and relationships. It may seem obvious, but if your health fails monetary success is meaningless. Valuable business coaching and self development programs provide guidance on balance.

Attributes of the Top 1%

There are no common traits. The Top 1% includes men, women, all nationalities, all age groups all professions. The one common attribute is mindset. The Top 1% has a dream and they take action in a rational way that brings the intended results.

I have worked with very large companies and smaller ones. These experiences have given me the opportunity to evaluate the difference between eagles and ducks. Of course eagles soar and ducks waddle and quack. Eagles have a laser beam focus on those elements of their business that make the most difference. They avoid flying into the side of a cliff.

The Top 1% invest in self development. J.T. Foxx, a successful entrepreneur, radio host in 18 markets, and author tells his audiences he invested $60,000 in business coaching and consulting for himself in 2009. He has budgeted $100,000 in 2010 for business coaching and consulting. He is also investing in focused training and development program for his organization.

J.T. openly discusses his vision and goal of creating a $100 million coaching and consulting company. I know he will and that goal is likely to be achieved within the next 12-18 months. Note the mindset. Less than five years ago J.T. was homeless and he just turned 30.

Invest In Yourself

Join me, J.T. and many more at one of the upcoming Free Events. Email Me and I will get you additional details.

Sending you energy of health, happiness, prosperity

Steve Pohlit

Business Consulting, Executive Coach
Turnaround/Crisis Management
Temporary CEO, CFO, Controller Services
International Business Resources

Social Media Services
New Digital Media, Inc.

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Comments On The WSJ August Retail Sales

The Headline Reads: Retailers Report Weak Sales For August (Click For The Story) Then highlight is:

“Industrywide, same-store sales fell for a 12th straight month — highlighting the woes retailers have been under as consumer spending continues to decline.”

Then there is discussion as to what will happen this holiday season as well as the impact of the clunker program. This is followed by reports of what key public companies in the retail industry reported. Remember there is a lot that is not reported. Also remember, economic recovery is driven by consumer spending and there is little evidence that is strengthening.

The point made that I commented on was that going forward the monthly same store comparisons will look better because you are comparing against increasingly weak numbers from last year as retailers tanked in the fall of 2008. Here is what I wrote:

The comparison may show less dramatic declines and even a greater number of positive percentages when current year sales are compared against months last year when retailers began to experience sharp declines. Those may be feel good metrics. However, the key is what are the volumes and margins that are planned in connection with an acceptable profit plan and how are actual revenue and profits doing against that?

Typically that information is a bit more difficult to extract. The well run retailers have a profit plan by location that is based on category proformas. The key is to be profitable at each location and in each category within that location. I still see very little advancement in the use of direct response marketing and social media marketing. Tools and technology that have been readily available and proven to work for quite some time.

There is a lot of the “same ol same ol” and that is not going to work in an economic climate likely to be very soft for quite awhile.

Steve Pohlit
http://newdigitalmediainc.com
http://stevepohlit.com

This Restaurant Industry Headline Is No Surprise

“The Restaurant Industry suffered Its Worst Quarterly Decline In Customer Traffic In 28 years In the Second Quarter 2009”

I love the retail industry and I consider restaurants part of that overall industry. I recognize restaurants are distinguished in the financial press for reporting purposes. I also recognize that if you are a restaurant then you should be studying how you are doing in comparison to others.

The business of retail is so much fun because there is a tremendous amount of valuable information available and generally with the volume of customer traffic, you can test just about anything and receive feedback quickly as to whether it is working or not. In retail the most energy should be devoted to marketing and in all fairness it usually is. No whether that marketing is effective or not is a topic of debate. My view is that it isn’t and the view of the people dong it is that it is.

That brings us back to the overall results reported for the Second Quarter of 2009. I wrote that the decline is written in a headline like it is a surprise. Many may be thinking my view was based on the state of the economy with unemployment still running high and consumer confidence still running low. But actually my view is based on dismal failure of restaurants to pay close attention to the details of what is important to customers.

To support my view, I look at the exceptions. Here is one reported on by Fare Magazine. That exception is Panera Bread. They have not cut prices, they have not gone promotional and the company continues to grow profitably. Click Here for the complete article.

There is always value in studying what is working for others and, for that matter what isn’t. Look within your industry and outside of your industry. I forget what bank was the first, but I remember the story of a bank president looking at the success of drive thru windows in the fast food industry. He tried in banking and it rapidly became very successful.

In any economy there are always companies that do well and those that fail. The ones that do well are those who consistently pay attention to the details important to their customers. This is the value exchange principle. The more value I give you the more you are willing to pay for it.

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Steve Pohlit, Expert Business Consulting

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About: Steve Pohlit is a CPA,MBA and has been the CFO of several major domestic and international companies. Steve is business owner and an expert business consultant, direct response and social media marketing and social networking security expert . Steve is focused on helping companies improve their business performance. All articles published by Steve unless specifically restricted may be freely published with this resource information.

Gangster Government

I hope you understand this is not an Republican vs. Democrat issue. This is our government playing a role where it doesn’t belong and when it does the consequences we experience.

Sharing with all my readers the energy of peace, happiness and abundance

Steve Pohlit, Expert Business Consulting

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How To Increase Business Profits by 30% or More in 90 Days or Less

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BONUS

Did you watch the entire video?

You didn’t ? I honor your love for accepting all in this country as is and the direction it is moving.

You did? How cool is that? Did you notice the song at the end of the video. Here is a video of that song. Click Here

DOUBLE BONUS

Did you notice the information on the organziation who published this video? It is from The Kick Them All Out initiative and I am now a card carrying member. Decide how you feel about it and Listen To Your Heart. There are 761 people who have paid attention and pledged to vote so all incumbants are fired.