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
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
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
