The first question that comes to every entrepreneur’s mind on the breakfast table is‘How do I do more business today?’
Every retailer focuses on generating more traffic and spends a lot to do so. We must think of other opportunities to improve sales when the scope of increasing walk ins are limited and expensive.
There is one very interesting famous ancient story.
Once a poor Brahman comes to a king and asks for a food. King says we have infinite stock of grains ask how much you need. A clever Brahman says put one piece of wheat grain in each block of a chess board and double the quantity in every next block. 1st block: 1 piece… 2nd block: 2 pieces…5th block: 16 pieces…10th block: 512 pieces and so on. The king, couldn’t ever imagine that by doing this, the number of wheat grain reached to 9,223,372,036,854,780,000 pieces. A magic of math!
Try it yourself and then read further!!
This is a just a theoretical textbook example. But what you can learn from this story is the power of small steps. Consider you are not generating additional traffic and have limited / fixed customers just like blocks on the chess board. You can still do a lot with the same number of customers.
Let’s look at the realistic case:
Walk into a store of a famous café chain and order a regular cappuccino. CSA will invariably ask, “Do you want to go for a combo instead?” Each ‘YES’ adds Rs.30 to Rs.40 to that particular sale. You must have come across lot of such cases but generally we don’t register it in our mind. If you keep alert an entrepreneur inside, you don’t really need to follow American and European authors to learn business tricks.
Think about it! Bring a change.