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
Small and medium-sized enterprises (SMEs) in developing and emerging countries have a significant potential for growth as the economies in these countries continue to expand. These businesses play a vital role in driving economic development, creating jobs and promoting innovation. In this article, I want to talk about how you can accelerate your business growth
After my last article explaining how to double your sales in 3 years, and what strategies to follow to do so, some of you reached out and asked me about strategies to double the size of your business in 1 year. Many of you know that it is possible to double your business, but you
In another article, I said that it is possible to double your sales in 3 years. And then keep doing so. To achieve that, you need a vivid vision of the desired future, clear and measurable goals and a focused action plan that includes a timeline and budget. The actions that you take are of
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
If not done right, marketing can be a very big expense. Especially for small business owners. However, this need not be the case. Using some creativity, you can keep your marketing expenses very low or even at zero while still maximising the results you get. In a previous article, I shared 12 highly effective and
You have to spend money to make money. All business owners are familiar with this saying. And it is certainly true when it comes to marketing. Marketing is a key strategy to get new customers and increase sales. But marketing expenses can quickly become very high. If your marketing leads to higher sales and profit,
