Quote from: odunybiz on July 24, 2023, 10:53:14 PM

Quote from: Kelward on May 05, 2023, 01:43:31 PM

From my experience as a business person, in buying and selling, I have discovered some helpful tips on how to increase profit. I an happy to share some in this forum.
Customer relation, a business person must understand that customer is king and should be treated like a royalty. Even it they are buying the least thing in your shop. When they leave your shop delighted, be assured that they will always come back to patronise you. And they will even market your products to their friends. Meaning more patronage for your business which will be increasing your profit.
Your business should have at least one season when you give out rewards and discounts to customers when they buy your products. This will increase your sales geometrically and when you remove the cost of the reward and discounts, you will still have increased profit.
Stock different brands of the products that you sell. Customers will prefer to enter a shop where they will see different varieties of what they need. More customers will enter and will even be tempted to buy more than they planned for. More customers equals more profit.

Please feel free to drop your own ideas on how to increase profit in businesses.

Selling your product at a cheaper price compare to others can be a good way to go. Mama Seun sell her rice #140 per cup but you sell yours at #135 per cup. The profit may be low but bet me the turn over will be high. Some customers can go miles just because of that #5. Before you know it you will be making even more than twice of what Mama Seun is making due to your high turn over.

But I've noticed sometimes that there are merchants or stores that are the same price, like they've already talked about it, and still you're forced to buy at those prices if you're really a good businessman and want to gain more customers. The lesser the price, the better, and much more if you know how to talk with your customer because no matter how cheap your price is, if you are strict and always have a high voice, for sure your customer won't come back.