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New Terms for New Problems


Small business owners have their unique world of pain and problems. You may not have known it, but new terms have come to describe them. If you have had difficulty finding the right words, check this list:
 
Winning Ugly. What every owner does sometimes. To achieve bottom line you visit uncomfortable combat zones like getting rent concessions, paying sales tax with a credit card, reducing pay and hours, demanding vendors lower prices, refinancing loans/leases, taking a penalty to help cash, dialing for dollars, delaying payments, being a cheapskate. Whacking. Cutting. Buying groceries at Aldi.

Screen Vision. Addictive and incurable condition where you spend more time in front of screens than customers.

Law of Negativity. One negative thought instantly produces ten more. Does not work for positive thoughts.

Short Sale. Brief marketing slogans. Shorter is better. “Got Milk,”  “Just Do It," “IBM,” etc.

TEBE. Temporary Entrepreneurial Brain Explosion. Plagues entrepreneurs when they begin living off their next big idea instead of making present ones work.

It’s a Mona Lisa. It looks good only on paper.
     
Mind Ninja
. Being mentally overwhelmed or overwhelming someone else mentally.
      
Cash No. Because you don’t have any. Money goes out as fast as it comes in. This term replaces “cash flow.” When revenue grew, customers paid on time, you did too, and banks loaned.

Johnny Cash. Your cash position. Cash says what you can do today, profit what you can do tomorrow. (I like my wife on this though: “Is that when you are in the black?”)

Deciding While Intoxicated. Business DWI - Intoxicated on ego while making decisions. Most prevalent in men. Ego is expensive.

1+1=3. The math of an acquisition. Profitability of new whole must be greater than the two companies separately to do the deal.

Teacher’s Pet. Favored fail safe training technique: “Tell me and I will forget. Show me and I remember. Involve me and I learn.”
    
Walking Between Raindrops. Braving the week trying to avoid getting hit by bad news.

Eaters and Drinkers. Products that produce immediate annuity revenue streams of service, support and supplies. Read more about eaters & drinkers here.

Heavy Drinker. Something that consumes a lot of supplies/service. Think laser printers, ink cartridges, diabetic supplies, cinema concessions, Keurig coffee makers, flashlights, humans.

Refrigerator. Product never needing anything after it’s sold.

Pinballing. Staying in play, bouncing off one hopeful thing to another, as long as possible, until you light up for a score. Means one thing leads to another. Keep moving!

Change Monster. Force that devours businesses. Picture a Tyrannosaurus Rex with jaws hovered over your business wanting to destroy it. May be out there right now. Change is a certainty in business. It is coming. Change, or the monster eats you.

Sales Prevention Unit. Management that gets carried away with command and control of salespeople. Yes, sales people are unwieldy but they think you are, too. Work together or lose business.

Going Out of Business By Design. Doing stupid unprofitable stuff then doing more of it.

One last term and it goes on your business card: G.R.B.O. for Great Recession Business Owner.


Tom Pease is a small business owner of an office equipment dealership called e/Doc Systems, Inc. He used 30+ years of experience in owning a business to author two books and publish 85 columns as a small business advisor.
Posted: 1/27/2016 9:46:24 AM | with 0 comments
Filed under: Big, Business, Dictionary, Glossary, Ideas, New, Pease, Problems, Small, Terms, Tom, Vocabulary




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SMALL BUSINESS
Your business may be small, but that doesn't mean that your impact can't be huge! The Greater Memphis Chamber's Small Business Council serves to encourage, support, recognize and be a resource to small- and medium-sized businesses in the Memphis area. Here, our talented panel of contributors will present big ideas that could make a huge difference to your small business. And don't be afraid to ask questions ... no matter how small.

CONTRIBUTORS
VOSS GRAHAM
Sales & Small Business Ownership
Voss W. Graham is CEO and Senior Business Advisor for InnerActive Consulting Group Inc. He is known by his clients as "a knowledgeable partner who helps our team achieve business growth." He provides practical experience as a small business owner for over 29 years, yet is often engaged with Fortune 500 companies in the development of their people and business strategies.

OBSIDIAN PUBLIC RELATIONS
Public Relations
Several professionals and strategists from the local Obsidian Public Relations firm provide excellent advice on everything from research to media relations to event planning. They believe that all companies, no matter how big or small the company or its budget, should have a public relations plan driving how they manage their relationships with key stakeholders. Public relations is an integral part of doing business the right way.

JOEL MYERS
Human Resources
Joel Myers is a career Human Resources professional, with over 40 years in the field including 26 years in consulting.

TOM PEASE
Small Business Advice
Tom Pease is a small business owner of an office equipment dealership called e/Doc Systems, Inc. He has also owned a full-line Kawasaki dealership as well as a document shop. He used 30+ years of experience in owning a business to author two books, including: Going Out of Business by Design: Why 70% of Small Businesses Fail and Small Business Survival 101. He also has published 85 columns in The Memphis Daily News as the Small Business Advisor.

LORI TURNER-WILSON
Marketing & Public Relations
Lori Turner-Wilson is CEO and Founder of RedRover Company, a sales development, marketing and PR consulting firm. Lori works with companies large and small, from start-ups to mature organizations, to help them improve the productivity of their sales force and the return on their marketing investment. Lori writes a weekly syndicated column for the Daily News, Memphis News, Nashville Ledger, and Desoto Times, among others, titled “Guerrilla Sales & Marketing,” for which she won a 2011 Summit International Award and 2012 International Communicator Award.

INFERNO
Design and Digital Strategy
Founded in 1999, inferno provides brand development, advertising, public relations, design and digital marketing services to clients across a broad spectrum of industries. Headquartered in Memphis with a satellite office in Kalamazoo, Michigan, the award-winning firm produces results-driven work by passionately combining strategic thinking, creativity and culture to ensure the success of its clients. For more information, visit www.creativeinferno.com.

FISHER PHILLIPS LLP
Labor & Employment Law
Fisher Phillips attorneys are ready to help you take a stand: in court, with employees and unions, or with competitors. Fisher Phillips has the experience and resolve to back you up. That's why some of the savviest employers come to the firm to handle their toughest labor and employment cases. The firm has 350 attorneys in 32 offices, including Memphis. For more information, visit www.fisherphillips.com.

PARAGON BANK
Finance
Since its founding in 2005, Paragon Bank has maintained a solid focus on the community and customer service. For more than 10 years, Paragon has delivered innovative products and financial expertise, convenience, and a deep understanding of what both businesses and individuals need from a ban, in order to provide solutions that make a difference. In the areas of business or personal banking, lending options or wealth management, Paragon delivers cutting edge technology, an experienced team and the most service-oriented staff of any community bank.



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