Managing Small Business
What really is business management? A question from an owner of a small grocery in town, which is selling only the basic needs of his neighborhood such as canned goods, noodles, repacked sugar, juices and many more that can only be consumed for 1 to 2 days.
Business management for me is a strategy on how will you grow your initial capital, on how you manage your store, on how you will spend your daily net sales to buy another product that can be sales off the following days.
In small businesses like household grocery store, that can be managed by anyone that knows how to read and count. Managing it is not also easy just like other big time businesses especially if you don’t have any background on how to manage it. The technique on how you will grow your capital is that, your daily net sales must be saved first until you don’t have more stock product. The saved net sales can be used to buy product that you don’t have stock anymore. Remember to less your profit in your daily sales.
Your grocery goods must be always in a good condition, always check the expiration date and the quality of the product. If one good is not in demand, do not buy more stocks because your capital will also be stock up. Observe what products are in demand so that you can prepared more stocks. Always clean your store. It must be dust free because you are selling goods that will be eaten.
Make sure that you always check and audit your grocery goods for you to know if your net capital is growing. Do not spend beyond your daily profit because this will affect your capital. Always check the market if there are new goods that can be sells and added to your store. The consumer always asks a new product to try. You must be familiar in your product net cost for you to be able to estimate how much you can sell it. Do not over priced; the consumer will not be able to buy again in your store, unless they don’t have a choice.
Small grocery is a big help to a family. It can help pay bills such as electricity, water bills, internet bills, etc. Many people thinks that there is no money in this business, yes you can’t get twenty thousand pesos a month in business like this, but you can earn little by little in this, especially if you know how to handle this.
I do have a small grocery in our neighborhood, and it’s a big help for my family. We survive in our daily expenses because of this “small business” that we have. I can pay all our bills because of this. Although it is also a little sacrifice because you can’t go out to hang out, and your store will be close, but it is worth sacrificing. The important in life is to live simply, care deeply and love seriously.
