Today’s best managers know the secrets for making a profit even when you are a small business with limited resources. The key is doing whatever it takes to build a loyal customer base. Use technology whenever you can to help cut costs and reduce errors. Standardize your process and practices, cut costs where possible, and train extensively. Work hard to develop relationships with your customers by immersing yourself in the lives of your customers. If you develop enough sales volume, then you can be successful, even if you don’t make much per item sold.
Source: Akula, V. 2008, June. Business basics at the base of the pyramid. Harvard Business Review, 53-57.
