How women in the Philippines are lifting themselves out of poverty
Could you imagine trying to run a business without basic financial training?
There are millions of entrepreneurs all over the world who don't have the skills they need to optimize their businesses. In the Philippines, where thousands of women own small shops known as Sari Sari stores, this lack of knowledge eats into their profits and makes it difficult for them to take enough money home to feed their families.
Many shop owners do not recognize the profit potential of their shops and therefore miss opportunities to grow. Sari Saris typically operate as community stores where the proprietors know most of their clientele on a personal level. They often feel comfortable selling on credit, and allowing family members to treat merchandise as their own. These shops operate on small margins so such practices can take a big chunk out of their revenue.
Hapinoy helps shop owners tackle these challenges by helping them acquire management skills, improve their recordkeeping, and increase their understanding of product pricing. The organization also facilitates access to microfinancing through the Grameen Foundation so proprietors can take out lines of credit to expand their businesses.
The results of these efforts are remarkable. The majority of participants experience a 20% increase in sales and a sharp decrease in the number of products used by family members.
There is no doubt that for nations like the Philippines, international aid is important. For entrepreneurs to create lasting growth however, organizations like Hapinoy are a vital part of the effort to end extreme poverty.
Click the petition in the top-right of this screen to support innovative social enterprises like Hapinoy.