In an evolving economy, your business has 2 options: Grow or Die. Just because things are going well now, doesn’t mean they can’t suddenly go horribly wrong.
I’m sure that you recognized businesses like RCS Supermarket, Pandayan Bookshop, Generics Pharmacy, Chooks to Go, Fresh Options Meat shop, Robinson’s EasyMart, Ace Hardware and many more.
Do you know what they have in common? The answer is that all of them expand their businesses in every cities and municipalities as much as possible. By doing this, they increase their brand awareness. This is “pogi” points to their businesses.
Notice that these businesses can operate without the owner’s presence in the store. They can do this because they invest the time to improve their system.
They also benefit through economies of scale. This means that they can get stocks for a cheaper price because of their capacity to buy in bulk. Most expenses like delivery vehicles, admin expense, and commercials is divided by the number of its branches which results to lower cost per unit.
For a small family business without Unique Selling Proposition (UPS). You now find it hard to compete with large businesses. It’s a nightmare seeing these established brands eat your market share little by little. And it’s all because of complacency.
The question is, will you let your business grow or will you let it die?
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