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Cash flow: your small business can be profitable and still fail

Profit does not equal cash flow Your business can fail even though you are making good profits. How can this be possible? One main reason is cash flow. Many business owners do not focus on generating consistent cash flow. Even if they are selling good amounts of products or services, unless that money is coming

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10 Advanced strategies for restaurant owners to increase profits

For restaurant owners, keeping costs low is a key strategy to improve profitability. Last week, we talked about 16 strategies that any restaurant owner – big or small – can use to save money and increase profits. Today, I am sharing 10 advanced strategies. These advanced strategies can be used by bigger restaurant owners. They

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16 ways for restaurant owners to save money and increase profits

When you run a restaurant, it can be hard to make good money. There are so many things to take into account. Waste of products because you bought too much and customers did not come. Loss of products or utensils through carelessness. Higher costs and lower profits because you struggle to calculate the true costs

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How to cut costs and still increase quality

In my conversations with African business owners, one of the main issues that they raise is the fact that their business is not making the profit they expected it to make. Or, sometimes, the business venture is not even profitable. So, the question that I am often asked is, What can I do to increase

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Small business: increase customer satisfaction at no cost

The reason why your customers are abandoning your business may not be what you think. Research shows that over 70% of customers who abandon your business do so because they have problems with your customer service. In theory, this means that it would be possible for you to retain 70% of your customers if you

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15 ways for African small businesses to cut costs and increase profits

Small business strategies to increase profits There are 3 main ways for a business owner to increase profits:  increase sales increase your price cut costs Increasing sales is a great strategy, but it can take some time to get new customers. You can also increase sales if you convince your current customers to start buying

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Small business: 10 ways to increase sales without reducing prices

Do you want to increase sales without reducing your prices? I think every business owner wants higher sales. Higher sales mean that more money is coming into the business. This money can then be used to grow the business. A small business should not lower prices It is true that when you reduce prices, you

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Small business: how to build financial reserves

One of the things many of you ask me during our meetings is how to build financial reserves in your small business. Well, first of all, your business should be making profit. You cannot build reserves if your business is not profitable. If your business is not profitable, you need to address that problem first.

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Small business: how to create a business budget

One of the main reasons why businesses do not succeed is because they run out of cash. This is often caused by them having problems with pricing and costs. This means that their financial management is not as it should be. A business budget can help you to avoid these issues. What are the benefits

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Business women at a table | Guide My Growth

Small business: how to calculate your net profit

Over the past few weeks, we have been looking at Financial Business Management 101. We started with an easy way to do record keeping Followed by how to create your sales forecast for the coming year Then, we looked at how to determine if you have the full overview of all your costs and expenses

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Small business: how to calculate your gross profit

We are continuing the series on business management basics. Last week, we looked at a 5-step approach that can be used to: get an overview of all your expenses divide them into direct and indirect costs and take action and reduce your expenses so that your profitability increases. The week before that, you used your

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Small business: do you know all your expenses?

I recently spoke to a business owner who has been struggling with his business. He told me that his business is doing well and he keeps getting new customers, but at the end of the day, the business keeps making a loss. During our conversation, I realised that he did not have a total overview

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