Month: September 2020

Expanding your sari-sari store is a huge step in your negosyo journey. Branching out to a larger market requires strategy, additional resources, and funding. Growing your business or investing in a new venture always comes with a certain amount of risk, but with proper planning, your business expansion could be a game-changer for you and your revenue. As a trusted negosyo partner, Condura aims to help small business owners by sharing information on how to manage their business and teaching the correct strategies to ensure that their expansion will not lead to disappointments and frustrations. Using the income from your sari-sari store and putting it towards a new business venture is a valuable investment that, if managed properly, can be a sustainable source of profit for you.

If you do decide to grow your sari-sari store, start small and don’t jump on a massive expansion right away. Try adding a few things on your inventory first like selling prepaid electronic load or seasonal items like ice candy during the summer and school items sometime in May before classes start in June. If your sari-sari store is located in a town plaza or near a bus or jeepney terminal, selling umbrellas or slippers during the rainy season can be a great way to pull in more sales.

If you want to grow your store into a convenience store-type or a mini-grocery, make sure that you have the space to do so or scout a bigger location and do some research on the new place if there are similar types of stores nearby or is there a large volume of foot traffic within the area?

If you want to offer new services and target different customers, try investing in other small businesses. For instance, if you are located in a residential area or a subdivision, investing in a water refilling station to cater to residents could be a great way of expanding your business. If you are located near a school, hospital, church, the famed carinderia is a viable option. Just like sari-sari stores, carinderias are also a staple in the Filipino culture. One business that witnessed an increasing boom over recent years is coin laundry shops. Another option is to go the technology route and apply for your store to accept utility payments like Meralco, Maynilad, or Manila Water. Apply to become an accredited remittance partner if you have a margin of customers that are spouses or family members of OFWs and are usually getting inward remittances. Remember that people tend to pay for the convenience of your services so make sure that you also prioritize customer experience when expanding your business.

Who says that you have to abandon your sari-sari store once you’ve expanded your negosyo journey? Filipino consumers love one-stop-shops and if you can offer a variety of products and services then it’s a win-win situation for you and your customers. If you went ahead with your carinderia business, try selling some food items in your carinderia like chips, or soft drinks, and canned juices. If you like to bake, try selling your baked goods as well. Putting up a small sari-sari store within your coin laundry shop is a good way to earn because coin laundry shop customers are left with no choice but to stick around and wait for their laundry. Try selling chips and coffee so waiting customers can eat something while doing laundry. Offering free Wi-Fi can also drive your customers to your laundry shop because this means that your customers can multitask— check social media, read or watch videos while doing laundry. A sari-sari store is a good source of income especially for housewives and small business owners. If managed well, it can bring in a significant amount of profit that can be used for expansion. So before you expand drastically, measure what works for you, and refine your approach as you go.

A growing business would eventually beg the question if you need to upgrade your appliances. The simple answer is yes. With business expansion comes the need for bigger storage and a more durable refrigerator to store your merchandise. Condura recognizes that a refrigerator is a valuable investment for any small business owner and their Negosyo Pro line offers a variety of ref and freezers that suit your business and is energy efficient. The Negosyo Inverter Pro for example is perfect for sari-sari store owners that plan to sell seasonal items like ice cream and ice candy during the summer. It can fit up to 20 ice cream tubs and can store more soft drinks and juices with bigger bottle racks. The Negosyo No Frost Inverter Pro is also another option with its two-rack freezer for more storage. If you want to sell Christmas staples like hamon and keso de bola, this ref is a good fit for you. Condura prides itself on a 10-year warranty on refrigerator compressors, a 3-year warranty on inverters, and a 1-year warranty on parts and services. Carinderia owners might want to check the Negosyo Pro Beverage Cooler for your soft drinks, bottled water, and canned juices to display in your carinderia. This cooler comes with a lock and key system, which makes it a reliable choice for business owners. It also has an auto-defrost system and a power cool system. It can store up to 336 soda cans and has more wire shelves for a more organized display. There are many ways for you to expand your sari-sari store business. You just have to take your time to do some research on what is feasible and manageable for you. Take the time to consider all factors and weigh pros and cons for your negosyo before you decide on expanding your business.

The exciting part of being a businessperson is growing the business, but it is also crucial because you will experience its low and high points. A good businessperson should think and focus on business growth and how to keep up with the ever-changing situations especially that consumer’s behavior is constantly changing. It is not smart to be complacent as it does not provide long-term growth. Before your business can grow and achieve sustainability, you need to consider and follow these tips.

Manage and constantly monitor your finances

As you launch your business, you need to know how to organize your finances. It’s recommended to open your bank account to separate the business income from your assets. It will be easier as well for managing taxes, so you would know where to get the money to pay for it. You can also develop a bookkeeping system to help you become more familiar with your day-to-day transactions and to see if there are possible financial crimes. Explore and take advantage of the free tools available online.

Create a marketing strategy

Marketing strategies such as social media marketing will help your business reach the target audience and turn them into customers of your products or services. It can also provide you with the overall direction and goals for your marketing. You can put them both online and offline and help your business to go forward to reach sales goals. As part of creating a marketing strategy, it can also include an evaluation of your demographics and competitors as well as a plan of action for the next few years.

It will help if you also give yourself time to write your strategies. With this, you can identify your business goals by setting SMART criteria.

• Specific — know what you want to achieve
• Measurable — set tangible measures to gauge your results
• Achievable — set your objectives that are within your capacity and budget
• Relevant — set objectives that will help you improve your business or that aligns to your company’s mission
• Time-bound — set objectives you can achieve before your deadline

It is also beneficial if you can test your ideas by doing some research, interviewing your potential customers, and reviewing what works.

Evaluate your Marketing Plan

It can save you money if you know how to evaluate your marketing plan. Your plan consists of all the activities you need to achieve your goal. Constantly reviewing and adjusting your plan to suit the needs of the business and the wants of the customers will help ensure the success of the business. It would help if you can do an evaluation of the actions of your competitors. If your competitors copy what you have done, it means that your plan might be working. The customers’ response can be a big help in the evaluation and may help you determine the kind of reactions your marketing efforts create. Putting up a survey or getting customer service feedback can reveal what your customers are thinking and possibly would want. Looking at your sales performance and return of investment (ROI) can be the fastest way to determine if your marketing plan is effective or not.

Develop sales strategy

A sales strategy is a plan to achieve and secure the long-term revenue of the business by retaining and acquiring existing and new customers. It includes specific tactics, objectives, and marketing strategies that will help you attain your goal—to make sales. You can train your team to learn some tools required to help sell the products and/or services.

To be able to build a successful sales strategy, you need to put your customer at the center of your business. Meaning, thinking what the customers want will help you with your strategy. Giving them a first-hand experience of your goods or services can also help shape their opinion towards your business. Your sales team must provide information relevant to your customers’ needs to help them make a decision about purchasing your products and/or services. They can also connect your customers and prospects through various sales practices such as pitches and demos to make them understand what you are offering to them. Your customers can share this good experience with others and can create more sales for your business. Read more financial tips for your business here: Ways to Raise Money for Your Business

Consider Business Expansion

If for the past months or years, you have had an incredible income growth and the demand for your products and services have increased, maybe expanding your business could be your next move. Diversifying your assets can minimize the potential loss in the long run. If you are engaged in selling bags, why not expand it and offer shoes and women’s accessories? How about expanding your business into one city to another city? With that, you can look for resellers or distributors there to help you sell your products. By proper planning, you can make it happen. Taking time in creating long-term strategies and good organization in finances can help you sustain your business. It is important to continually keep records of your accounting and invest in the capabilities of the individuals inside and outside of your organization. Do not also be afraid to collaborate with your team to manage and generate ideas. More often with team collaboration, solutions can come up that will make your business soar high in the following years.

Having a business is a milestone that most people dream to have. While an appealing job to many, not everyone is fortunate enough to see through theirs in their lifetime. For those who are lucky enough to be running their own business, they are met with the perks and challenges that come with it. Though the experience can sometimes be overwhelming, running your own business can be exceptionally fulfilling, especially if you make a good profit out of it. But every now and then, your business calls you to challenge your limits and exceed your previous achievements—expanding your business. Business expansion is vital to sustaining its success and achieving growth. Being a good and responsible business-owner, you should know that your business needs to expand to increase profit and gain new customers. You could either extend your services, add new products, or target a broader audience. You may also consider growing your business by optimizing your processes to decrease overhead expenses or expanding your operations to serve more people. In doing so, however, you must understand that expansions aren’t free from any risk. You must be mentally and emotionally prepared when making life-changing decisions. If you’re set in expanding your business, here’s a list of ways to help you move forward with your expansion: Identify a target Before you make any decision, make sure you identify an expansion goal. For example, your business already makes a net profit of P30,000 monthly, and you’d want to make at least P45,000— a 50% growth—after the expansion, then you’d have to be very specific on how to get that additional P15,000. Is it an extra 200 bottles of soda? Addition of ice cream products? Or perhaps, a combination of both? For you to make smart decisions, you need to review your past sales performances and make sure that your target growth is feasible. Find patterns and observe the behavior of your customers. You may also ask yourself some questions like: Have you been often out of stock on some items? Do I have customers from a different area? Are there other high demand products that I haven’t offered yet?

Develop ideas for growing your business

Once you have your target and data, it’s time you develop ideas on how to get to your goal. Growing a business is not easy, so it’s important that you do not stop from developing ideas. You can get ideas by revisiting your customers. Understanding their needs or knowing if their behavior has changed will be able to pinpoint if your product and/or service still meet their needs. If there are changes, you can also target new demographics who could use your product and/or services in similar ways to your initial target audience. Before you make big expansion decisions, it will help if you will take the time to audit your operations first. Is there something that is not working? Perhaps, your operational expenses are taking too much from profit, or maybe that your operating hours aren’t as customer-friendly. You may find new suppliers for new products that can add value to your business. You may also look for suppliers who can offer you a better price. It’s always wise to look for direct suppliers so that you can have leverage in pricing. You must understand your business from inside and out to make better decisions and recommendations. Sometimes, the brightest solution isn’t always the biggest changes and decisions; sometimes, it only takes optimization to improve your business.

Develop a marketing plan

One of the things that you need to check is the marketing plan of your business. The marketing plan includes the business’s marketing and advertising goals. Sometimes, businesses get carried away with advertising and waste a lot of money-making advertisements that do not address their business’s needs. Evaluate your existing efforts and decide if such efforts and solutions still apply today. Research for trends and explore more affordable solutions, such as digital advertising, social media marketing, e-commerce, etc. The good thing about social media is that you can use it to draw people who are already interested in your product and/or service. If feasible, and if your market prefers online buying, you can also set up an online store to sell your products. During this pandemic, online stores are the go-to platform of Filipinos for buying almost everything and anything.

Moreover, creating your campaigns as part of your plan will help you promote your product and/or service to a wider audience. Don’t hesitate to answer important questions about your goals, and your business vision, so that you can develop an effective marketing plan that will support your company’s overall mission.

Financial growth injects additional capital

All these things will help you achieve your goals, but growing your business isn’t just about getting more money. It’s also about giving you and your business better opportunities. If your business has more money, it will be easier for you to take advantage of opportunities that will come your way, such as moving your store to a bigger and better location, buying faster and better equipment to increase your production, buying delivery trucks to expand reach, and more. It will also be easier for you to attract investors and get credit loans to further expand your business. Once you’re able to reach your financial goals, remember to spend your earnings wisely. Instead of spending your money right away, use it to fund your expansion plans further or invest it in investment vehicles that will let your money grow over time. You may also consider buying assets and quality sets of equipment that you will need in your business to help you improve your services. Need more tips? Read: Ways to Raise Money for Your Business Growth begins with an honest assessment of your business. You must learn how to identify and develop structures that will enhance your business’ capabilities. Look for ways to improve. It’s better to take risks, adapt to changes, and learn from other companies’ success. These will help you plan and create more products and services that will last in the next three to five years. Though it’s a daunting experience, it will develop leadership, and it will create more opportunities for you and your employees.