Early Tuesday morning, small business owners gathered in the music loft at Krazy Kup to take part in the second meeting of Main Street Hot Coffee Topics.
The new series will offer businesses expert advice on a variety of topics in order to help them learn how to make the most out of their prime real estate and blossom along with the shifting community.
This month’s discussion highlighted “Summer in the City: Preparing for a Season of Success.” Two branch managers and a business consultant from SunTrust Bank formed the panel for the morning chat and dove into topics like financial wellness and how to optimize staff size for small businesses.
“How many of you have felt like you needed to stay open an hour or two after closing to have a successful day?” Jennifer Milley, branch manager for SunTrust in downtown Plant City, said. “Only half of small business owners feel like they’re running a successful business.”
There is no simple solution to combating the slower traffic that comes through the city each summer. However, with some simple steps and studious planning, Milley said there is hope to combat the financial drought.
Miller asked about customer interactions and said that on average it takes approximately 45 days for an invoice to be returned. Many businesses struggle month to month and owners are unable to start saving for a 401k or even accumulate enough funds to cushion the blow of a rainy day. It’s crucial small businesses have enough put away for emergencies, like if several staff leave at the same time or if there is an unexpected expense at the business.
“We’re not getting any younger and it’s getting harder to save,” Milley said.
Part of the problem businesses face is when owners spread themselves too thin trying to handle all aspects of the company. Eron Walker, a business consultant, said finding a way to link multiple responsibilities into one will help eliminate hours worth of work and stress.
By reducing the time spent on the intricacies of management, business owners can spend more time working to draw people into their businesses.
Having incentives like rewards programs and regular promotions are key to establishing a loyal and frequent customer group. Walker recommended businesses offer promotions like if you spend so much today, you get a discount. of 10% off in two weeks. This will help bring customers back through the doors and also show you care about the community.
Jane Waters, executive director of Historic Plant City Main Street, said local businesses have to do an in-depth analysis to determine where they truly stand. She said business owners should know both the strengths and the weaknesses of their company. Only by knowing where the faults lie can one start to take the steps necessary to improve.
A large part of drawing people in lies in having a successful presence on social media and online. Waters has repeatedly said it is one of the weak spots of many downtown businesses and something she hopes will soon be revamped. In fact, using online tools to expand sales reach is the topic of next month’s discussion on June 26.
Being interactive and up to date on social media helps customers feel connected to the business. The more one posts, the more interactions they are bound to receive. Without a strong online presence, Milley said, there is no hope of staying relative in the changing society.
“We’re little ole’ Plant City, we’ve got to get people to come here,” Milley said. “They aren’t coming here on a whim, they’re coming because they want to see something or do something. We have to advertise our businesses so we make them want to stop in our town.”