How to increase sales for my small business? This is one of the questions I hear very often. Businesses traditionally use lower prices to attract more customers. Through annual sales, holiday and seasonal discounts, when sales are slow, or as a strategy to win business from competitors. The problem with reducing prices is that it
SMEs often tell they want to grow their business when in fact, what they are saying is that they want to stop losing money. If the challenge you are facing is a lack of sales, lack of profit or lack of customer retention, you need to deal with those issues first before we can talk
What is a business model? A business model explains how a business makes money. For a retail store, the business model consists of selling physical products to the customer either through the brick-and-mortar store or through online channels. For a service business, the business model consists of creating and providing value to customers by selling
I have worked with several clients who have asked me to share strategies to increase profits for a service business. These clients are service businesses that provide a range of professional services including in IT, international trade, marketing, training, consulting, and high-end design. But some of them are struggling to find ways to increase their
Many retailers in emerging economies or developing countries struggle to get good profit margins because customers have low purchasing power. Or because there are many competitors trying to attract the same customers. I have spoken many times about the importance of targeting a specific kind of customer and the importance of distinguishing yourself from your
A good profit margin for retail is 10-15%. Yet, many retailers struggle to achieve this. In this article, I will share 10 innovative and inexpensive operational strategies that result in higher retail profit margins. 1. Increase the perceived value of your products When customers believe that what you are selling is more valuable than what
If you are a small or medium-sized retailer in Africa or South Asia (or in any other developing or emerging economy), you face unique challenges when it comes to increasing profits. However, you can set your business on a path to sustained success by using the right strategies to increase profits in retail. Unique challenges
What is a good profit margin for retail businesses? It is important to understand what constitutes a good profit margin for retail because it helps you understand how your business is doing compared to other retailers. The profit margin is the percentage of revenue that a business retains as profit after deducting all expenses. A
Is your business operating at a loss? Every business owner has times when their business is not doing as well as they would like to see. This is normal. It is also why you have financial reserves. But if your business keeps losing money, that is not normal. If that happens to you, you need
Small and medium-sized enterprises (SMEs) in developing and emerging economies often face unique challenges when trying to grow their profits. However, using the right practical and operational strategies, you can find ways to double profits in the next 12 months. Here are 12 strategies that you can use to achieve this goal: 1. Know all
As a small or medium agribusiness or farmer, you play a critical role in meeting the demand for food by linking smallholder producers to national markets. You also have the potential to help create jobs for millions of people. But you can only realise this potential if your business is profitable and shows growth. Many
Profit margins are a key metric for businesses all across the world, but they can be especially important for those operating in developing and emerging markets. This is because you do business while dealing with unique challenges, such as lower purchasing power and less developed infrastructure. These challenges can make it difficult for businesses to
