The big 5 tips weekly post is as always full of advice and tips for Entrepreneurs and Small Businesses owners.
1. Customer Retention. Concentrate all your human and financial resources on delivering Customer Preference every time and all of the time. Investments in the customers you have are far more profitable than those made to attract new customers at this time.
2. Be cautious of giving credit. Encourage your customers to pay you in cash or upfront. This will improve your cash flow. If you give credit, be cautious and make the sales cycle short.
3. Cut operational cost like staff training and office equipments purchase. Seek alternative ways to bridge skill gaps in your business. You can also purchase used office equipments rather than new one.
4. Innovation. Devise creative ways of doing your business that add value to the customers. This will keep them coming back and you can also charge more.
5. Sell products online. Take advantage of the many online stores and sites like;eBay www.ebay.com/ , Amazon www.amazon.com/ - or Bid or Buy www.bidorbuy.co.ke/Buy_Online .Though they charge a small percentage, you will cut heavily on rent and other fixed and recurrent costs.
If you have additional saving tips for struggling entrepreneurs and small business owners, share them in the comments section below.
