October 17, 2015
► Advertising and weekly specials change Sunday, October 18: “The Best of The Best”. Everything else remains the same.
► Customer Feedback: Customers Pete & Marcia E., from Keene, NH stated that their general shopping experience with us was Excellent. “We thought Allison had an excellent way to help us decide on our chairs and couch.” Did any of our team members do an unusually good job? “Allison and the person who is the buyer.” Sales help, operations people, communication, and product performance were all rated Excellent. What can we do to improve? “Just keep up the good work.” What do we do really well? “Customer care and guidance/suggestions.”
► Happy Birthday to Sarah on Saturday, October 17.
► I am finished with the fall wage summaries, so you should be receiving yours shortly – if you have not received it yet. I guessed at your profit sharing to be 15% of your 2015 wages, or around $150,000; the actual amount can’t be determined until our taxes are done – around March 15.
- If you need help in understanding your wage summary, see me.
- The IRS determines the rules for profit sharing through a SEP IRA. It’s roughly that you make a minimum of $500 a year in three of the past five years, and that you be over 21. We fund your retirement account tax-free, and walk away. You do whatever you want, but if you spend it now, you owe the IRS taxes and a penalty. It’s for retirement. Everyone gets the exact same percentage of wages.
- If you are under 21 next spring, so that we cannot fund a retirement account, we usually give you a regular, taxable bonus for what you would have received.
- If you have not worked enough by 12/31/2015, you don’t get anything.
- We usually fund your account next year around late June, when we have paid the Early Buys, repay our loans, and file our income taxes.
- And how can you increase your profit sharing? Help us to make a larger profit. Increase sales, but mostly, reduce waste and be the kind of store that can charge prices that make a profit, because we are worth it to customers.
► We pay $6.00 for blue solar step sections and $8.00 for space age. The other Target and Seasonal stores get theirs for FRE because they cut up defective covers before they throw them away. Let’s say we save $84 in a year. That’s $84 more in your profit sharing. And let’s say we waste $500 in mistakes in a year; that’s $500 less in your profit sharing.
► Note: An installed safety cover requires two different receipts, despite the fact that one would be easier the first day. One receipt is for the cover, the other is for the measurement and installation. One is completed and the commission is paid when it is taken. The other goes to the job, where it is completed and returned with payment. Commission or override is paid to different people in different days. Your operations manual has directions.
► Epic Facebook Comebacks! from the Reader’s Digest: Reply: “Aren’t moms great?” Comment: “I couldn’t possibly be happier right now. For the first time in my life, a girl told me that she loves me.