We had a sari-sari store when I was a young boy - fun times! haha. I was also a small business consultant so I had lots of experience analyzing and working with small business owners on how to grow their business. Record-keeping is really important because without it you won't really know if you are profitable, or not, and that is a crucial part of doing business. I heard from a friend of mine, "you can't manage what you can't measure". So anything that goes out from the store, especially for personal use, should be monitored. Also, it's good to have an item that brings people in, something that the other stores in the area don't sell. Or, try pricing a popular item lower than the competition. Selling the same rice for 45 pesos if your neighbor sells it at 47 pesos can be attractive to customers because they tend to do comparisons. Good luck on your business venture. It's an exciting but challenging world to be in. !PIZZA
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Thanks JV! I think my biggest mistake was when I stopped record-keeping. I've been so complacent and thought its always a sunny day then out of the blue rainy day comes and I'm not prepared for it. Will go back to tracking everything just to see if I'm really earning from it or not. and yep, that's what I do now, I also check the prices of my competitors just so I can adjust my prices. And I think I also need to focus on it. Thanks so much for sharing your knowledge and will make sure that I apply it, especially the record keeping. And your friend is right, you can't manage something that you can't measure. and thanks for the pizza!
Hi Jv! Hope you don't mind just want to ask or consult something. When you say keeping track of records does it mean even the ones that are being bought? Or just the daily sales and the expenses? thanks so much for your help! really appreciate it
Hey! Ideally, everything is recorded. It's really just trying to see where everything is. You can then total on a regular basis which can be weekly, bi-monthly, or monthly. Depends on which works for you. :)
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So what i did before was correct its just that I became too complacent when i saw that sales is good
That's okay. It will be interesting to see the results when you analyze it. Good luck.
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thanks for your time and your help JV! It really means a lot
Glad to be able to help out. You can also DM me on discord if you need to go more in depth into it.
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oh yes I forgot that I can disturb you in discord! hahaha thanks JV!