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15
May

10 Strategies to help you Succeed in Business in Kenya

Strategies to Succeed in Business in Kenya – To Succeed in Business in Kenya today, you need to be flexible and have good planning and organizational skills. Many people start a company thinking that they will turn on their computers or open their doors and start making money, only to find that making more in a business is much more difficult than they thought

  • Get Organized

To be successful in business you need to be organized. Organization will help you complete tasks and stay on top of things. Create a to-do list each day and as you complete the item check it off your list. Therefore you will not forget anything and making sure that all the tasks are covered.

  • Your Company, Your Asset

Learn to understand and appreciate your company as an asset. If you were to sell or to divert your time elsewhere could the business survive without you? Build a business that is bigger than you. This will allow you to keep the business vibrant and growing forever with or without you.

  • Plan, plan and plan some more

You need a destination and you need a map to go there. There is nothing wrong about planning for your success.  A business plan helps the business owner to think thorough issues and understand problems. Create a strategic plan for the company have long and short term goals. The short term enables greater accuracy in completing the action steps to achieve the key initiatives.

Who is your customer, where are they located and how large is the market? When they look at my company what do they see? Take time to understand your customers and consider how they react to your products/ services. it is easy to create marketing materials but the magic comes if you have strong strategy behind that, that’s focused on objectives you have targeted to customers  you are trying to attract. Social media is an incredible asset to any business which builds a network of followers, friends and supporters that you can count on.

  • Learn to sell and keep learning

One can excel in every other step, but business success will depend greatly on how well you can sell. Learn the art of selling, get outside help where needed.  There are 6 aspects of sales, the Society – knowing who is being targeted and who the ideal client is; Silo – identifying the niche the business can dominate; Solution – recognizing the problems the business can solve that on other business can solve; Strategy – developing a plan; Structure – accountability, management and compensation of the sales force; and Systems – the methodology that the business deploys.

  • Analyze your Competition

Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.

  • Manage People, Process and Benefits

Making a business successful as a lot to do with the ability to attract and retain quality employees who will be the face of the business. A benefits program as part of the company compensation package is a tool to build loyalty within an employee pool. It shows how much an employer cares about them, and employers who care get employees who care.

Accounting is important when you are starting a business, you get to know what you’re getting into in terms of numbers. Financial statements show the health of the business. Make sure as a business owner you understand the ins and outs of cash, plan to build wealth, pay taxes, provide benefits for employees, and compliance measures. Dealing with customer debt is an issue in business you should ask yourself how risky is the client? Should the business collect a retainer up-front? Keep your business account separate from your personal account. For financial reporting, establish good policies and procedures dorm the beginning. Have consistent policies and procedures in place so that as you add people the organization, you will continue to record transactions in the same consistent manner.

  • Retaining Customers, Maintain Communication

Customer service is the differentiator of business, your competitors will be able to copy your products or service but they can never duplicate people. As a business your number one focus should be trying to build a relationship not just complete a transaction. Get to know why the customer prefers your products/services and help them find success in using your products/service. They will get emotionally attached to your company and this is a proactive contact as well as in reactionary response to complaints. With social media complaints and issues today travel fast, ignoring compliant can hurt your business brands but dealing with them can potentially promote it.

  • Invent or Improve

Technology is important for its ability to help businesses scale up to provide consistent results. The advantage with technology is that it enables business functions to connect directly with each other. However technology keeps evolving therefore as a business you either invent or improve with the times. This will help in faster delivery of products/services, to making you an efficient business. No matter how great your product, you must perpetually innovate your offerings or die.

Always remember that you can never make a successful business alone you will need help so it is critical that you understand at what point you really need help. Feel free to Contact Us today for a Free First Consultation Session

2
Mar

When Should Companies Conduct a Market Research in Kenya

When Should Companies Conduct a Market Research in Kenya?

Is there a wrong time to do Market Research? Not really. However, Conduction  Research at the right time can significantly alter the results you get.

Market Research is critical to new start-ups survival. Before launching a Company or a Product, Entrepreneurs should make sure they have a detailed Research Report.

This, however, does not exempt established companies from conducting a Market Research. Understanding the Market and Formulating a plan is important to both new and established companies.

Your company should do research;

  1. When starting out for the first time.
  2. When changing your business’s location.
  3. When expanding into new locations.
  4. When expanding into new products or services.
  5. When about to increase level of production.
  6. When about to launch marketing and advertising campaigns.

These are a few scenarios where your company would need a detailed market research report. However, the information you gather will play a key role in day to day operations of your organization.

Conclusion

Market research is a crucial step that every start and business should do on a regular basis. The information gathered will not only help them plan for success, but avoid pitfalls that they would not have seen. Now that you understand the why and when, we shall cover how to do it in over the coming articles.

 

8
Jun

An Economy fueled by Taxes in a time of Politics

June 2017 is a very interesting month because it marks the Period when the politicians go full throttle on their Campaigns as they look to convince their fellow taxpayers to vote them in in the upcoming elections. While the government is persistent on showing their achievements in the last four years, the opposition will be counting on the rampant corruption scandals to sway the masses in their favor.   News on the amounts lost will hit the headline and keep the population talking more (Blame it on the negativity bias) and all these will soon fizzle out when the same politician accused of misappropriation dangles some goodies to the voters during campaigns  (Blame it on the Peculiar nature of Kenyans). Come the 8th of August, the voting decision will solely be upon the discretion of every citizen.  The Voters are likely going to vote according to how the politicians address their day to day life challenges, ethnic Background, others will participate in the polls in order to vote out a particular candidate and not caring much on the candidate that wins while others will vote based on the promises made by the politicians. Nevertheless, each and every Kenyan, through their taxes, plays a pivotal role in financing government projects and expenditures at both the national and county government level.

Taxes are both direct and indirect. While many think that they do not pay taxes because they are not in any payroll, they forget the consumption taxes in form of VAT charged at the point of purchase by vendors, excise taxes charged by banks at the point of cash withdrawal from their bank accounts, excise taxes charged for MPESA transactions and 10% excise on account maintenance fee at any bank.  For those in formal employment, Pay As You Earn is inevitable at the end of every month as the tax has to be deducted involuntarily at source. Companies too are subject to Caesars biting hand as they have to remit 30% of their profits to the government.  Therefore, all citizens have a hand in the running of government affairs as their taxes finance the infrastructure, finance the hospitals and even more they recently secured a debt for the construction of the Standard Gauge Railway line.  Indeed, you the tax payer are the most valued component of the government.

Taking pride in our sovereignty as a country, we are governed by laws and regulations. Taxes are not optional but mandated by the law. Therefore, each and every citizen of Kenya and resident of Kenya for a period of more than 6 months in a year is required by law to file their individual return detailing all incomes earned in the year and taxes paid before the 30th day of June of the year following the year the income was earned. Similarly, the 30th June deadline is applicable to companies whose year-end is December.

Return requirements

The evolution of technology has eased the process of filling returns. Taxpayers are required to file their returns on the online platform known as ITAX before the due date. Thus, employees will only require a P9 form showing the income earned in that specific year of income and the taxes deducted therefrom while companies and partnerships are required to have their audited accounts.

Because you are the financier of the economy, Let us finish this simple task before we head back to the game of politics. Come the 8th we will be electing our finance managers.

Contact us today, In case you are having trouble with the whole filling process,

All the Best

EABC Biznews.