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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

26
Apr

CHECKLIST for Foreign Company Registration in Kenya

Foreign Company Registration in Kenya – Are you looking to start up a Business in Kenya? Here is a checklist to help you start a Business in Kenya as a foreigner. This will help you avoid the many Pitfalls that you might come across.

  1. Decide on a Business Name/ Company name

What is in a Business/Company Name? A Business Name can make a very big difference on how well you are able to penetrate the market. Business & Company Names make a significant impact on Branding and Marketing of any company or business hence it’s very important to choose an Appealing Name. The name of your Business can be your own personal name or a “fictitious” name. It is important to note that the name should also be available for reservation.

  1. Search Availability of Name(s)

You will want to ensure that your Chosen Name is not trademarked or used as an Internet Domain name by another entity. If you choose to do business as your legal name, this shouldn’t be a problem.

  1. Register your Company

Under the Companies Act 2015 the start-ups are now provided with standard Articles which can be adopted by a company. However, Articles to Supplement or Modify the Standard Articles may be provided. It takes 12 days on average to complete the whole registration process. Once your Company/ Business Name is registered it can’t be registered by anyone else; and if another entity uses this Name, it will be easier to take legal action.

  1. Register for Taxes at the Kenya Revenue Authority PINs

The Pin Numbers are issued to every individual and Companies Operating in Kenya for the purposes of Transacting Business with Kenya Revenue Authority, other Government agencies and private Companies in Kenya

  1. Office/ Ware house  leasing

Business location can also determine how well your Company/ Business performs. If you are setting up a Small Consultancy firm, you can rent an Office Space in one of the Serviced Office spaces Available and it is a large or medium Manufacturing company, you can lease space in the Industrial Area or choose to lease Land and set up the structures yourself.

  1. Obtain Business Licenses and Permits

This will involve Processing of all the Relevant Business licenses like the Business Permits form the local County Council, Manufacturing and Quality Standard Licenses from the Kenya Bureau of Standards, an Environmental Licenses from the National Environmental Management Authority and Lastly you will need to Process Work permits for the foreigners in the Company From the Department of Immigration and registration of Persons

  1. Bank Account Opening

This is very essential to operate your Accounts Receivables and Payables. You can choose a banking partner from over 40 Stable Local And International Banks in Kenya with reliable Internet Banking Solutions making it easy for you to Bank From whichever part of the region you are in.

  1. Staff recruitment

Lastly, you will need a reliable workforce to help you realize your Business/Company Objectives. The Workforce in Kenya is generally educated and Pro Active hence you can easily train the Human Resource on how you want to run your business.

Click here to find out more on Foreign Company Registration in Kenya