This article was inspired by a text conversation between a business guru and his business disciple which the former published in his article in the classified section of the Manila Bulletin dated January 23, 2011.
After graduation, the business disciple opened a food cart business. The sales was not good enough. So he contacted his guru to seek an advice. Like any gurus in other fields, this guru is ever willing to help his troubled disciple and extend his helping hands to him.
By the way, teaching is not only confined in the four corners of the classrooms. There are so much to learn outside the classrooms. And you will be exposed to many problems before you becomes an expert.
Figuring out the problem, the guru asked this basic question:
Does the location, the place where his food cart business is located have traffic? Meaning, if there are a lot of people coming in and out or passing by. This guiding principles is very important in any business endeavours. Profit is largely base on traffic. Less people can be equated to limited income opportunities. More people can be translated to a potential profit opportunities.
The student said yes, but the people passing by is not my food cart target people. My target people is the upper middle class people. In this point I hope the student or disciple come to his senses and learn another important business guiding principle. Business is at his best when traffic and market meets.
The guru's recommendation:
In my own opinion, the guru gave his student the best advise. Since the business caters to upper middle class type of people and the traffic are the masses, his advice is to adapt to his location by adding products that suit to the masses. This way, he/she can generate additional sales.
The students thoughts that adding new products means adding new equipments but this is not the way to do it according to his/her business mentor. Don't manufacture products, sell the ready made ones. Adding additional costs defeat the purpose of adding additional income.
I hope you learned and reminded from this simple truth of running your business. Think of additional income by adding additional products without adding additional costs.
By the way, the person I am talking that I drew my inspiration to write this blog is "BIZMAKER" MARK SO. In closing he said, "THE PERSON WHO UNDERSTAND HOW TO SELL AND TAKE PROFIT WITHOUT ADDING COSTS WILL ALWAYS WIN IN THE LONG RUN." Add income not costs!
After graduation, the business disciple opened a food cart business. The sales was not good enough. So he contacted his guru to seek an advice. Like any gurus in other fields, this guru is ever willing to help his troubled disciple and extend his helping hands to him.
By the way, teaching is not only confined in the four corners of the classrooms. There are so much to learn outside the classrooms. And you will be exposed to many problems before you becomes an expert.
Figuring out the problem, the guru asked this basic question:
Does the location, the place where his food cart business is located have traffic? Meaning, if there are a lot of people coming in and out or passing by. This guiding principles is very important in any business endeavours. Profit is largely base on traffic. Less people can be equated to limited income opportunities. More people can be translated to a potential profit opportunities.
The student said yes, but the people passing by is not my food cart target people. My target people is the upper middle class people. In this point I hope the student or disciple come to his senses and learn another important business guiding principle. Business is at his best when traffic and market meets.
The guru's recommendation:
In my own opinion, the guru gave his student the best advise. Since the business caters to upper middle class type of people and the traffic are the masses, his advice is to adapt to his location by adding products that suit to the masses. This way, he/she can generate additional sales.
The students thoughts that adding new products means adding new equipments but this is not the way to do it according to his/her business mentor. Don't manufacture products, sell the ready made ones. Adding additional costs defeat the purpose of adding additional income.
I hope you learned and reminded from this simple truth of running your business. Think of additional income by adding additional products without adding additional costs.
By the way, the person I am talking that I drew my inspiration to write this blog is "BIZMAKER" MARK SO. In closing he said, "THE PERSON WHO UNDERSTAND HOW TO SELL AND TAKE PROFIT WITHOUT ADDING COSTS WILL ALWAYS WIN IN THE LONG RUN." Add income not costs!
Comments
Post a Comment