How to Make Customers Pay your Price

You can determine your price! When you first develop your product, the first challenge you may have is how to set a price that customers will be willing to pay for the product. This will happen if your product is not a commodity product. If your product is a commodity product, you may not have this problem. The product is already in the market. All you need do is to carry out price survey and flow with what others are charging for their products. However, I want to mention that even though your product is not totally new in the Continue ReadingHow to Make Customers Pay your Price

How to Start a Supermarket or Grocery Store

Supermarket and grocery store business is very lucrative There is no doubt that supermarket and grocery store business is lucrative. If you are observant, you must have noticed that the rate at which people start supermarkets and grocery store nowadays is high. One thing you need to know is that, if the business is not lucrative, people will not be rushing into it. When you see people rushing into starting a particular business line, it might be an indication that the business is profitable. However, I am not suggesting that you should rush into starting a business you know nothing Continue ReadingHow to Start a Supermarket or Grocery Store

Cost Control Measures for Small Business

Cost control strategies that small business can adopt. With the ever increasing cost of doing business, there is need for any business that wants to remain competitive in the market place to embark on cost control programme. We have witnessed large companies implementing different cost control strategies lately. I think small businesses have to follow the suit as long as they buy from the same market with the multinational companies. Before I continue, it is important to draw a line between cost control and cost reduction. The two terms sound the same but they are different in meaning. While cost reduction Continue ReadingCost Control Measures for Small Business

Problems of Overtrading in Small Business

Problems and solutions of overtrading. Overtrading is one of the challenges a small business may face when the business begins to grow. What is overtrading? Overtrading is when a business is selling faster than what its resources can support. In other words, it means taking more jobs than what a business has the capacity to execute. This situation usually happens when a business seems to be profitable and sales begin to increase in a dimension that is beyond the company’s projections. Ordinarily, increase in sales is good for business. But if the sales are growing too fast in such a Continue ReadingProblems of Overtrading in Small Business

Reasons for Business Partnership Failure

Why a business partnership may fail. There is more to business partnership than two people coming to form and run a business. People enter into business partnership for different reasons. But whatever the reason may be, the common denomination in every business partnership is the desire of the partners to enjoy synergy which the relationship may bring. The synergy advantage of business partnership is enough motivation to bring in partner(s) into a business. But unfortunately, there have been cases whereby business partnerships have been the undoing of some businesses. Business partnership can be likened to a marriage. Everybody goes into Continue ReadingReasons for Business Partnership Failure