As business owners, we are all interested in attaining growth. And usually, to grow a business, funding is required. Research by SME Finance Forum shows that there is a huge funding gap for SMEs. Small businesses are less likely to get a loan than big businesses. Also, if they do get a loan, the loan
Once you have the basics in place and you start seeing more sales, you can try these 5 additional strategies to increase profitability. 1. Know your most profitable customers Usually, about 80% of your revenue comes from 20 percent of your customers. This is called the Pareto Principle. If you know who these customers are,
If you are struggling to make a business more profitable, it can be challenging to find the best strategy to change the situation. Here are 5 ways that can help you turn things around. 1. Make money by saving money Your business makes money by selling products or services. To sell your products or services,
If your business is losing money, immediate action is needed. At the same time, you should not make drastic changes without taking the time to consider the consequences. Here is a 7-step approach so that you can turn things around and improve your profitability. 1. Evaluate Your Revenue and Expenses Start by evaluating your monthly
How many customers do you lose every year? How many customers leave your business and never return? Depending on the kind of business you have, you may be losing between 10% and 50% of your customers every year. Building customer loyalty is one of the best strategies for any business. Instead of spending huge amounts
Many businesses experience an annual customer turover rate of 10-25%. This means that they lose 10-25% of their customers each year. It also means that they retain 75-90% of their customers. It is hard to say – generally – whether this is good or bad, because the turnover rate varies per industry. However, a lower
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