Today, a lot of successful businesses are being run by women. We are witnessing more women rise to take their place in sectors that men had initially dominated. Women are becoming more aware that they also can transform businesses as men could. Hence, indicating that women have the same magic fingers as men.

As a result, many people expect a woman running an SME in Africa to do a remarkable job just like any man would. Hence, as International Women’s Day approaches, many business owners are looking for innovative ways to celebrate women for their relentless efforts and contribute to transforming the business world.

We have carefully highlighted a few ways any SME in Africa can celebrate International Women’s Day.

· Raise Funds For Girls’ And Womens’ Charity
One of the best ways any SME in Africa can celebrate international women’s day is to find innovative ways to empower less-privileged women worldwide, especially in Africa. As we celebrate the women who have shaped the foundations of the world that we live in, we shouldn’t forget the ones who would love to do the same but have little or no opportunity. There are a couple of ways you can do this as a business owner.

First, you can set aside some funds from your business to donate to non-profit women empowerment organizations. This way, less- privileged girls such as orphans or women such as widows can be empowered to actualise their dreams. Keep in mind that nothing is too small to celebrate these women as your widow’s mite may be all they would need to stay alive to keep fighting for their future.

Second, an SME in Africa can collaborate with other SMEs to create a fundraising campaign to empower less privileged women during international women’s day. This is a way out for business owners who would like to do more for women than what they can raise as an individual organisation. Funds raised can be geared towards helping women secure quality education, start up a business, or get something to eat.

· Create A Mentorship Platform For Women
Every SME in Africa needs proper mentoring to succeed. Reports indicate that about 67% of women understand that mentoring is a crucial aspect of their career advancement. However, the sad part is that only 10% of these women have a mentor. So, if you are an experienced business owner, you can offer to mentor as many women as you can. You don’t have to worry that your experience is too little to make any impact. All you need to do is to find women with less experience than you and impact your knowledge.

However, if you are too shy to mentor these women on your own, you can collaborate with other business owners. Another alternative will be to secure the service of a reputable consultant or mentor to help them. This way, you don’t have to take the responsibility of mentoring people by yourself. You may be able to pitch your idea to a consultant in such a way that you may not even need to pay a dime to secure their services.

· Start With Your Employees
If you have women among your team, one of the ways to celebrate international women’s day is to celebrate them. You can get them some gift and gift cards that indicate how much you appreciate their efforts in your business’s success. However, the celebration should be more centred towards your appreciation of all they do despite the challenges they have to face as women in a “not so women-friendly sector”.

You can come up with a special event on the day to celebrate your female employees. Most times, we rack our brains trying to celebrate and appreciate people who may not even notice or appreciate our efforts at the expense of people that depend on them as a source of motivation to keep pushing. One of the ways to fix this is to celebrate your female employees. Let every member of your team give them a standing ovation. If it is not a bother, send them personalised messages about how much they mean to you and your business

Click here to continue reading, https://www.sme360.ng/2021/03/01/how-businesses-can-celebrate-international-womens-day/

Business ratios help to measure business performance. Performance assessment is a huge part of growing a business. Periodically, it is important to assess how far the business is growing or otherwise, particularly in relation to the benchmarks you set or as compared with previous reports. One way to easily assess comparative growth on a company’s financial performance is through ratio analysis. It is a quantitative tool used to assess one’s business in the areas of liquidity, efficiency, profitability, debt, and more.

Just as these ratios are useful for auditors, investors, and banks who want to assess companies’ actual performance for various reasons, they’re also a useful tool for small business owners who can make decisions and birth effective strategies. They can help you keep track of your business’s growth and provide you with insights that will prove useful for advancing your small business in the long run.

What are Business/ Financial Ratios?
Business ratios are also referred to as financial ratios. They are tools that help convert raw numbers into useful information, and they help you manage your business better and more conveniently. Business ratios help you analyse seemingly inconsequential numbers and help you read between the lines to get insight.

They are a type of key performance indicator (KPI). There are several other KPIs to track, but financial ratios are mostly concerned with information found on your financial statements.

Here are some important business ratios to guide the financial performance of your SME:

Gross Margin Ratio
Gross Margin Ratio = Gross Profit (Sales – Cost of Goods Sold) ÷ Total Sales.

This ratio will prove even more important for businesses that sell products. It helps you keep stock of how much money you have to cover your operations after paying for the products you sell. You can either measure your gross margin ratio by product or in total for your business. The idea is that if your direct cost or cost of goods sold is low, you’ll end up having more income to cover other necessary expenses.

Net Profit Margin
Net Profit Margin = (Total Revenue – Total Expenses) ÷ Total Revenue.

Your net profit margin refers to the percentage of your remaining revenue after all operating expenses, interest, and taxes have been deducted. Net profit margin is an important ratio because it shows how effective your company is in managing costs and turning your revenue into profits.

Click to continue reading, https://www.sme360.ng/2021/03/03/key-business-ratios-to-guide-the-financial-performance-of-your-sme-2/

Every business owner must display certain financial habits for their business to succeed. Leaders have key characteristics that set them apart from other people. In the same vein, successful entrepreneurs tend to have a lot of similarities, and these features are many times, which make them successful in the first place. As an SME founder, you cannot afford to do things the way others do them.

You simply cannot afford to do things as you’ve always done. You have to inculcate essential financial habits to ensure that your business is successful in the long run. Your ability to adapt and adopt these habits greatly impacts the chances your business has at success. Not only will you outperform other small businesses, but you’ll also stand out and make a difference. Some of the most important financial habits to have include:

Have a Budget and Stick with It
A budget represents an expectation or estimation of your business results. It includes how much you hope to make in your business, and also how much you’ll be spending, investing, and so on. Often times, it provides a financial roadmap to guide you carefully to the attainment of your business goals.

Budgeting is something done in advance, say ahead of a month. You should set a budget on the first day of every month, estimating how much income you hope to receive that month and how much you’ll spend on your expenses to have a sense of direction for your earnings
It will also show you the deliberate things you need to do to earn more and guard your funds against impulsive spending. A budget does not end after being prepared. It also requires that you review your performance on the budget at the end of the month to ascertain how close or far it is to your reality.

Did you overspend? Did you miss out on important projects? By reviewing your budgets, you create an accountability system for you and your small business to be held by. This will help you make better decisions next month, knowing what works and what does not.

Review Your Finances Regularly
When investing in stocks, bonds, or even mutual funds, it is normal to choose to be nonchalant or passive about your investment and the volatility of your investments’ value. However, when running a business, you simply cannot choose to be nonchalant.

Every occurrence needs to be carefully assessed and top on that list to assess your financial performance regularly. Depending on what kind of business you run, review your business at the end of every season to know where your business is at and how you can get it to where you need it to be.

To continue reading, click here, https://www.sme360.ng/2021/03/05/essential-financial-habits-you-should-have-as-an-sme-owner/

Raising capital is key to starting, running, and scaling your business. Most businesses fail in their first year simply because they aren’t able to raise sufficient capital. When a business has sufficient capital, it can grow into a giant in the industry.

It is no secret that raising capital is not so easy, especially for businesses in their first year. Not to worry, this post is just what you need. We will share a few tips to help you raise capital in your first year.

How To Raise Capital For Your Business
According to researchers, several startups capitulate in their first year because of several reasons. Of all the reasons, the most common is “capital.” This just shows how important a requirement capital is to the thriving of a business.

Here are some tips to help businesses raise capital in the first year:

Bootstrapping
Bootstrapping is just a complex business term for building a business on personal savings. Most times, it may involve the cash from the business’ first sales as well. As such, a bootstrap business is one where the entrepreneur raises the business without cash from external sources.

Bootstrapping is the same as self-funding. This works for individuals who have been nursing the idea for a long period and have saved up over time. It could also work if you are earning a lot and want to start a small side hustle.

One of the biggest advantages of bootstrapping is that you have no obstacles to funds. As long as you already have the funds saved up, you only need to withdraw from your bank to grow your business.

Where the challenge lies is that you can hardly start a huge business through bootstrapping. As we mentioned above, you can only start a small side hustle this way. If you are looking to start a large business, you may want to try out any other tips on this list.

Angel Investors
One of the most common ways of raising capital in the twenty-first century is through angel investors. Who are angel investors? They are individuals with huge net worth that provide financial support to entrepreneurs and startups. Usually, they do this in exchange for equity in the business.

Many small businesses don’t know about angel investors. The ones that do scarcely know where to find them or are scared of losing their business ideas in the end. These investors come together sometimes to scrutinise proposals. This helps them to select the businesses that they will support.

Click here to continue reading, https://www.sme360.ng/2021/02/27/tips-for-raising-capital-in-your-first-year-of-business/

Being an SME in Africa requires unique and effective marketing ideas to keep things going. Marketing is an integral part of generating leads for your business and establishing your brand. You have to research your target customers and make use of the perfect sales channel, e.t.c. to ensure the business is up and running.

The only way to achieve all of these as a business owner would be to try out these marketing ideas:

Establish Expertise in Your Niche
As an SME in Africa, you have several other businesses competing for the same space as you. However, one thing that can help you stand out is establishing yourself as an expert in your field. Marketing tactics are common with virtually all businesses, which is why you have to find ways to stand out from the crowd. What better way to do this than by proving how much of an expert you are.

Some ways you can achieve this include:

Hosting podcasts and webinars on topics people will find relevant and useful to their everyday lives. To gain more reach and visibility, you can collaborate with experts in the niche.
Join online platforms like Quora and provide answers to questions related to your area of expertise. When you do this over time, people will get to notice you and what you stand for.
Start up a blog and put up relevant and informative content on various topics around your niche.
Become active on social media platforms like Instagram, Twitter, Facebook, e.t.c. Join in on conversations you have adequate knowledge about and share your knowledge with people.
Taking out time to engage like this will go a long way in enhancing your reputation.

Create More Video Content
Maintaining a personal connection with your clients is paramount, especially in this era of social distancing. The most effective way to maintain this connection is through video content. Unlike before, video creation has been made easier. It doesn’t require special equipment or technical knowhow to get started. Smartphones now come with high-quality cameras and the ability to share videos on various social media platforms.

Ensure your videos are authentic and do not scream ‘marketing’ as viewers can suspect when you’re all out for marketing. YouTube alone has over 2 billion active monthly users. Combining this platform with others is a great boost to your business.

Set Up an SEO Friendly Website
Businesses need websites where people can find information about the business and purchase products and services. With a website, being fully optimised for conversions and search engines is of great importance. While you can focus on other marketing tactics, ensuring organic traffic to your website should be a priority.

Click here to continue reading, https://www.sme360.ng/2021/03/01/5-unique-marketing-ideas-you-can-try-out-in-2021/

Today, a lot of successful businesses are being run by women. We are witnessing more women rise to take their place in sectors that men had initially dominated. Women are becoming more aware that they also can transform businesses as men could. Hence, indicating that women have the same magic fingers as men.

As a result, many people expect a woman running an SME in Africa to do a remarkable job just like any man would. Hence, as International Women’s Day approaches, many business owners are looking for innovative ways to celebrate women for their relentless efforts and contribute to transforming the business world.

We have carefully highlighted a few ways any SME in Africa can celebrate International Women’s Day.

· Raise Funds For Girls’ And Womens’ Charity
One of the best ways any SME in Africa can celebrate international women’s day is to find innovative ways to empower less-privileged women worldwide, especially in Africa. As we celebrate the women who have shaped the foundations of the world that we live in, we shouldn’t forget the ones who would love to do the same but have little or no opportunity. There are a couple of ways you can do this as a business owner.

First, you can set aside some funds from your business to donate to non-profit women empowerment organizations. This way, less- privileged girls such as orphans or women such as widows can be empowered to actualise their dreams. Keep in mind that nothing is too small to celebrate these women as your widow’s mite may be all they would need to stay alive to keep fighting for their future.

Second, an SME in Africa can collaborate with other SMEs to create a fundraising campaign to empower less privileged women during international women’s day. This is a way out for business owners who would like to do more for women than what they can raise as an individual organisation. Funds raised can be geared towards helping women secure quality education, start up a business, or get something to eat.

· Create A Mentorship Platform For Women
Every SME in Africa needs proper mentoring to succeed. Reports indicate that about 67% of women understand that mentoring is a crucial aspect of their career advancement. However, the sad part is that only 10% of these women have a mentor. So, if you are an experienced business owner, you can offer to mentor as many women as you can. You don’t have to worry that your experience is too little to make any impact. All you need to do is to find women with less experience than you and impact your knowledge.

However, if you are too shy to mentor these women on your own, you can collaborate with other business owners. Another alternative will be to secure the service of a reputable consultant or mentor to help them. This way, you don’t have to take the responsibility of mentoring people by yourself. You may be able to pitch your idea to a consultant in such a way that you may not even need to pay a dime to secure their services.

· Start With Your Employees
If you have women among your team, one of the ways to celebrate international women’s day is to celebrate them. You can get them some gift and gift cards that indicate how much you appreciate their efforts in your business’s success. However, the celebration should be more centred towards your appreciation of all they do despite the challenges they have to face as women in a “not so women-friendly sector”.

You can come up with a special event on the day to celebrate your female employees. Most times, we rack our brains trying to celebrate and appreciate people who may not even notice or appreciate our efforts at the expense of people that depend on them as a source of motivation to keep pushing. One of the ways to fix this is to celebrate your female employees. Let every member of your team give them a standing ovation. If it is not a bother, send them personalised messages about how much they mean to you and your business.

To continue reading, click here https://www.sme360.ng/2021/03/01/how-businesses-can-celebrate-international-womens-day/

Raising capital is key to starting, running, and scaling your business. Most businesses fail in their first year simply because they aren’t able to raise sufficient capital. When a business has sufficient capital, it can grow into a giant in the industry.

It is no secret that raising capital is not so easy, especially for businesses in their first year. Not to worry, this post is just what you need. We will share a few tips to help you raise capital in your first year.

How To Raise Capital For Your Business

According to researchers, several startups capitulate in their first year because of several reasons. Of all the reasons, the most common is “capital.” This just shows how important a requirement capital is to the thriving of a business.

Here are some tips to help businesses raise capital in the first year:

Bootstrapping
Bootstrapping is just a complex business term for building a business on personal savings. Most times, it may involve the cash from the business’ first sales as well. As such, a bootstrap business is one where the entrepreneur raises the business without cash from external sources.

Bootstrapping is the same as self-funding. This works for individuals who have been nursing the idea for a long period and have saved up over time. It could also work if you are earning a lot and want to start a small side hustle.

One of the biggest advantages of bootstrapping is that you have no obstacles to funds. As long as you already have the funds saved up, you only need to withdraw from your bank to grow your business.

Where the challenge lies is that you can hardly start a huge business through bootstrapping. As we mentioned above, you can only start a small side hustle this way. If you are looking to start a large business, you may want to try out any other tips on this list.

Angel Investors
One of the most common ways of raising capital in the twenty-first century is through angel investors. Who are angel investors? They are individuals with huge net worth that provide financial support to entrepreneurs and startups. Usually, they do this in exchange for equity in the business.

Many small businesses don’t know about angel investors. The ones that do scarcely know where to find them or are scared of losing their business ideas in the end. These investors come together sometimes to scrutinise proposals. This helps them to select the businesses that they will support.



Before you can approach an angel investor, you should have certain things in place. Some of them include:

– A business plan.

– Registered business name.

– Clarity of business terms.

– Legal protection for your business.

This brings us to how to find angel investors for your business. There are several places to find angel investors. Some of them include:

– Friends and family.

– Social and religious organisations.

– Social media forums.

– Angel networks such as Nigeria Angel Investors.

One of the major benefits of angel investors is that asides from funding, they also offer mentorship. When starting a business, you need a lot of mentorships to grow. This will help you to avoid making silly business mistakes.

Business Accelerators and Incubators
One good way that SMEs in Africa can raise capital is through business accelerators and incubators. Both are quite different, even though the differences are slight. A business accelerator is an organisation that offers funding and support services to startups. To do this, they enrol startups in mentorship programs, provide office space, and a lot more. The funding that accelerators offer is usually in return for funding.

Onn the other hand, business incubators help startups develop by providing resources and several services. They collaborate or partner with different kinds of organisations, including government bodies, investment ventures, and economic development organisations, to mention a few.

One of the chief differences between both is that accelerators help fast-track businesses while incubators nurture them. Regardless, raising capital from such organisations is a huge possibility as an SME in Africa. Asides from the funding you will receive, you will also make connections to other startups.

To continue reading, click here https://www.sme360.ng/2021/02/27/tips-for-raising-capital-in-your-first-year-of-business/

In Africa, SMEs continue to be major drivers of the continent’s economy.

The harsh reality is that we are now faced with uncertain times in Africa and around the world. The COVID-19 pandemic has jolted the world economy to its knees, and for startups, action must be taken towards ensuring that they succeed despite the uncertainty in the world.

SMEs in Africa must ask themselves: what are the qualities of startups who succeed? How can I thrive even during uncertain times? How do I attract new customers and investors?

Effective strategies must be built to sail through the tides of uncertainties.

In this article, we would dive into the 7 qualities of startups who succeed in uncertain times. These qualities will guide SMEs in Africa towards running a successful business even amid uncertain times. Let’s dive in!

Ability to adapt to changes:
Startups who succeed can adapt to changes. As an SME in Africa, it is important to have a dynamic approach to strategising for your business. Technology and data are major considerations for building a more dynamic strategy for your business. What new technologies are available? The best startups can adapt quickly to changes in data, technology, or human behaviour. Due to the pandemic, it is clear that there are certain changes in the way consumers now behave. For example, online shopping has become the norm. If you are in retail, you might want to switch from in-store shopping alone to both install and online shopping and delivery to compete.

Determination:
Having strong determination is another important quality for startups who succeed. Running a startup during uncertain times isn’t easy. Many challenges come with it. However, Determination is a quality that can help overcome such challenges. Even when the road gets bumpy, a successful startup emphasises determination and keeps the vision in view. As an SME in Africa, it is important to emphasise determination as a culture and motivate your team towards achieving the set goals as a business.

Social Skills:
This is an important quality for startups who succeed. Nothing spells success like having a network of influential people as a startup. Guess what? This can open doors to investors and partners who are interested in your business. As a startup, having strong social and networking skills is key to running a successful startup.

Innovation:
In a completely saturated market, innovation sets a business apart. As a startup, it is important to provide products or services that add value to the customer. Creating innovative products that respond to consumer behaviour and overall market changes is an important quality for startups who succeed. Businesses that are thriving during these uncertain times are businesses that have been able to innovate. Startups must ask themselves. What real value can I offer consumers? What makes my business stand out?

click here to continue reading... https://www.sme360.ng/2021/02/26/7-qualities-of-startups-who-succeed-in-uncertain-times/

Several external and internal factors impact the marketing environment of a business. While some of these factors are within the control of the business, others aren’t. A combination of these internal and external factors makes up the marketing environment.

What is a Marketing Environment?
A marketing environment is a combination of internal and external factors affecting a business/company’s ability to build a relationship and serve its clients/customers.

Components Of The Marketing Environment
All marketing environments are made up of both internal and external components. Although the internal environment can be controlled, the same cannot be said for the external environment.

Internal Environment
A business’s internal environment combines all the factors and forces within the organisation that affect all operation areas. Components within the internal environment can be grouped under what is tagged ‘The Five Ms of Business’ which include:

Men: Everyone in the organization including skilled and unskilled workers.
Minutes: Refers to the time taken for business processes to be complete.
Machinery: The equipment needed to facilitate and complete the processes.
Materials: All factors of production needed in the production process.
Money: Financial resources required to purchase equipment and pay employees.

Not only is the internal environment under the control of the business owner/marketer, but it can also be changed. These changes can occur with a change in the external environment.

5 Tips To Help You Assess Your Marketing Environment
Stakeholders in a meeting discussing their internal marketing environment

External Environment
The eternal environment has to do with external forces and factors the business owner has very little or no control over. There are two types of external environment:

Micro Environment
Also known as the task environment, it comprises external forces directly related to the business. These factors include customers, suppliers, competitors, market intermediaries, and the general public.

Macro Environment
The macroenvironment is also known as the Broad environment. It consists of external forces and factors affecting the business sector as a whole but directly affecting the business.

The macro-environment is made up of :

i Demographic environment
ii Physical environment
iii Economic environment
iv Technological environment
v Socio-cultural environment
vi Political environment

Importance of Marketing Environment
It helps to understand Your Competitors

Every business circle has various players competing for the same spot. An understanding of your marketing environment will provide useful information about what advantages your competitors have over you.

Helps in the planning process
Understanding your internal and external environment is essential for planning. For these plans to succeed, you must become aware of everything your marketing environment entails – dynamism, future predictions, and the present situation of things.

Guards against threats
Being able to predict future changes will guard your business against unforeseen contingencies. Not just that, you also get to take advantage of opportunities as they come.

Understand your customers
The marketing environment will help you understand your customers’ needs and wants. With this, you’ll be able to provide top-notch customer services.

Tips To Help You Assess Your Marketing Environment
In carrying out an adequate assessment, a clear understanding of the following factors is essential:

1. Economic Factors
Economic factors combine all the economic determinants, and these determine the direction in which an economy moves. SMEs in Africa should analyse this factor as it will help set up possible strategies.

To assess how much the economic factor affects your business, consider the interest rate, inflation rate, unemployment rate, credit accessibility, foreign exchange rate, e.t.c.

2. Political Factors
An SME in Africa needs to prioritise the political environment when coming up with business strategies. The political environment includes assessing government policies, stability, and instability of the present political factors and the associated risks that come with it.

Some risks associated with the political factor include government takeover, unexpected ownership loss resulting from nationalisation, changes in labour law, e.t.c. Political instability has a great impact on a business and the profitable life span of such a business.

3. Socio-cultural factors
With this factor, you get to consider your current business environment and what it is made up of. Business owners need to understand the norms, customs, and values of the environment such business is situated.

To sell a market to a particular group of people, you have to understand their cultural characteristics. These characteristics include lifestyle, language, literacy,

To continue reading, click here https://www.sme360.ng/2021/02/25/5-tips-to-help-you-assess-your-marketing-environment/

Innovation is an idea that has been transformed into practical reality. For a business, this is a product, process, or business concept, or combinations that have been activated in the marketplace and produce new profits and growth for the organisation. This could also mean taking steps to improve or replace business processes to increase efficiency and productivity, or to enable the business to extend the range or quality of existing products and/or services developing entirely new and improved products and services – often to meet rapidly changing customer or consumer demands or needs.

Being innovative in your startup company or SME in Africa translates to successfully exploiting new business ideas. Marketplaces – whether local, regional, national or global – are becoming highly competitive. Competition has increased due to wider access to new technologies and the increased trading and knowledge-sharing opportunities offered by the Internet.

Innovations are all around us. From exciting new technologies to new startup business models, the very idea of innovation is taking off just as fast as the businesses that embrace it. Regardless of this fact, though, practising innovativeness in your startup company or SME can truly be a tough nut to crack. You see, the reality is that even though many African entrepreneurs want their businesses, products, services and employees to be “innovative”, most of their businesses still end up with anti-innovation cultures without even realising it.

Innovation is an idea that has been transformed into practical reality. For a business, this is a product, process, or business concept, or combinations that have been activated in the marketplace and produce new profits and growth for the organisation. This could also mean taking steps to improve or replace business processes to increase efficiency and productivity, or to enable the business to extend the range or quality of existing products and/or services developing entirely new and improved products and services – often to meet rapidly changing customer or consumer demands or needs.

Being innovative in your startup company or SME in Africa translates to successfully exploiting new business ideas. Marketplaces – whether local, regional, national or global – are becoming highly competitive. Competition has increased due to wider access to new technologies and the increased trading and knowledge-sharing opportunities offered by the Internet.

Innovations are all around us. From exciting new technologies to new startup business models, the very idea of innovation is taking off just as fast as the businesses that embrace it. Regardless of this fact, though, practising innovativeness in your startup company or SME can truly be a tough nut to crack. You see, the reality is that even though many African entrepreneurs want their businesses, products, services and employees to be “innovative”, most of their businesses still end up with anti-innovation cultures without even realising it.

This sad reality is mostly because so many of these young businesses are focused on cost, efficiency and short-term growth, rather than creativity and a longer-term mindset. This can leave little room for fresh ideas. To be truly innovative in your business, it’s important to understand that the mechanisms needed to grow a business are often different from those that simply keep it from falling apart. You have to be willing to explore a little, put up some uncertainties, and adopt some different ways of thinking.

This guide explains how you can make innovation a key business process at your startup. It also outlines the different approaches you can take to get you there. The guide gives you advice on planning for innovation because creating the right business environment to develop your ideas is vital to the success of your business regardless of your chosen industry today:

1. Analyse the marketplace
There’s no point considering innovation in a vacuum. Innovation is an important entrepreneurial function for business especially a startup. It is not enough for your business to provide just any economic goods and services; it must provide better and more economic ones. Your business doesn’t need to grow bigger, but it is necessary that it constantly grows better. To achieve maximum proficiency in your innovations then, you must take the time to research and analyse your market place.

Having a greater understanding of your marketplace from the very start will enable you to create a sound business strategy to establish and grow your brand into one that’s better than the competition.

To move your business forward, study your marketplace and understand how innovation can add value to your customers. Market research can be carried out at various stages of a new idea’s life cycle, from pre-launch and beyond.

2. Identify opportunities for innovation
In every business niche or marketplace, there is a discrepancy between what is and what should be. This is a key to developing wildly successful businesses, but it’s tricky.

When you identify opportunities for innovation in your marketplace, only then can you work to adapt your product or service to the way your marketplace is changing. You could also develop your business by identifying a completely new product.

You could innovate by introducing new technology, techniques or working practices – perhaps using better processes to give more consistent product quality. For instance, If your research shows people have less time to go to the stores, you could overhaul your distribution processes, offering customers a home-delivery service, possibly tied in with online and telephone ordering.

Again, suppose your research shows that your chosen industry is saturated with cheap products, rather than undercut your competitors on price. In that case, you could innovate by revamping your marketing to emphasise your merchandise quality, and then charging a premium for your improved services.

3. Study and Learn from Your Customers
Ensuring that your innovative ideas respond to your customers’ needs will help your startup company evolve as you better understand more of those needs. You have to involve your customers, learn their likes and dislikes, and ask them how their customer experience can be improved. Heinz noticed that people stored their sauce jars upside down so they designed an upside-down bottle. So don’t just ask them, watch them.

If you simply ask your customers how you could improve your product or service they will give you plenty of ideas for incremental innovations. Typically they will ask for new features or that you make your product cheaper, faster, easier to use, available in different styles and colours etc. Listen to these requests carefully and choose the ones that will really payback.

To continue reading... https://www.sme360.ng/2021/02/20/how-to-practice-innovativeness-in-your-startup-company/

The Federal Government on Sunday put the country’s earnings from the export of cashew at $500m and stated that they are set to support about 500,000 families across the country.

The Minister of Agriculture and Rural Development, Sabo Nanono revealed this in Abuja when he signed a Memorandum of Understanding with the United States Department of Agriculture West Africa PRO-Cashew Project.

Punch reports the Federal Ministry of Agriculture and Rural Development said in a statement issued in Abuja by an officer in the press department, Okeh Juliet, that the project would be for the development of the cashew agro industry.

The minister said the initiative would improve productivity, expand the national hectarage of the crop and achieve national food and nutrition security, revenue generation, exchange earnings, wealth creation and employment across the country.

“Nanono informed (his guests) that the government’s focus is to continuously and sustainably develop the commodity for export because since the 1990s cashew has increased the Nigerian Gross Domestic Domestic ranking as the second non-oil export foreign exchange earner for the country,” the statement stated.

The ministry added, “It (cashew export) generated about $500m for the country in 2018, providing livelihood for about 300,000 to 500,000 families mostly youths and women in Nigeria.”

The minister was further quoted as saying, “Currently, the national production capacity of cashew in 2020 is 260,000 metric tonnes on 100,000 hectares of land. Average yield is 600kg/ha as against the global average of 1.23kg/ha.”

He said the latest initiative would help the ministry achieve an increased production capacity, rising from 260,000MT in 2020 to 350,000MT by 2023 and processing capacity from 15 per cent in 2020 to 35 per cent by 2023.

To kickstart the collaboration with the USDA West Africa PRO-Cashew project, Nanono constituted the Cashew Value Chain Working Committee to look into the problems and challenges affecting the growth of the sub-sector in Nigeria.

He said the committee with the support of USDA West Africa PRO-Cashew Project would develop a 10-year strategic plan for Nigeria cashew project.

The Chief of Party/ Managing Director, USDA West Africa PRO-Cashew Project, Jeans Guay, said the project was a five-year West Africa project that would be implemented by cultivating on new frontiers in agriculture.

Source: https://punchng.com/500000-families-earned-500m-cashew-export-says-fg/
Click www.sme360.ng to read more

It is no secret that the business environment is going through “uncertain times” currently. One of the characteristics of a striving business is increasing revenue, while that of a great enterprise is to survive a harsh economy. If your business only thrives during profiting situations, it means your enterprise is not reliable.

The best economic situations are not forever, but the best businesses are forever.

To be among the leading businesses is to be determined to remain profitable, irrespective of economic situations. Sometimes, there are unplanned events in the economy that makes buying and selling difficult. Enterprises that are determined to survive difficult times must always embrace change.

There are ways to keep your business running, irrespective of the economic situation.

Presently, there is a global pandemic that has destroyed lives, properties, and businesses. Although, this same pandemic has become a platform for the rise of many enterprises.

What is the secret of such enterprises?

A business that wants to survive a difficult economic situation must be:

Valuable;
Committed;
Irreplaceable.
Your customer must see your business as a value that they will be unwilling to compromise your business services for another. However, another trait of a great enterprise is the ability to build a brand and become irreplaceable.

According to the U.S chamber of commerce, cleaning service is a highly rated business of the pandemic. It is glaring that a cleaning service is valuable to every organisation and individual.

“When you are committed to something, you accept no excuses, only results.”- Ken Blanchard.

There are over thousands of reasons your business should fail, but accepting these reasons makes you irresponsible. In most countries in Africa, there is no plan for SMEs by the government; business owners have to plan their businesses by themselves and yet make returns to the government. Unpleasant right? But this is not enough reason to close your business. Businesses that fight through difficult times usually grow to become the leaders of their industry. As a business owner, you must learn perseverance, commitment, and doggedness.

Arthur Webster says saying words is the easiest while living by these words is the hardest.

Below are tips for scaling your business during uncertain times:

Reputation:
One of the assets of every business is a good reputation. No enterprise can perform better than its reputation. If your business desire growth and impact, reputation remain a crucial factor for achievement.

The reputation of your business is crucial to your survival during uncertain times. Every small and medium scale enterprise should be cautious of protecting its public image. If your business must scale through uncertain times, you should prepare to build an appropriate reputation.

Adaptation:
The ability to adapt to changes in environmental and economic situations is crucial. Presently, businesses that cannot use the online method of working and performing transactions will wind up in this pandemic.

Wise business owners have adapted to the present situation by training staff on how to work from home. The story of Nokia remains relevant for adaptation; the brand could not adapt to the development of the technology sector, which led to its reduction of the market share.

It means every business that desires to scale uncertain times must adapt to the systems and method that is useful to keep selling in such times.

Invest:
Surviving difficult times demand the willingness to invest in the different sectors of the business. Most times, negative economic situations deprive organisations of their targeted profit and make the business environment uncomfortable.

In our contemporary world, the arrival of Covid-19 has led businesses to spend hugely on technology to stay relevant in business. Undoubtedly, organisations that invest in improvement and expansion reap the benefit of sustaining their relevance.

Continue reading here https://www.sme360.ng/2021/02/11/scaling-your-smes-in-uncertain-times/

Have you got a business idea that you think it’s the next big thing? Or an idea you think will impress everyone else and leave them wondering why they never thought of it. Maybe an idea you believe would positively solve a particular problem.

Coming up with new ideas can be exciting. However, starting a business is not about how great your ideas are but how feasible they are. A business idea should be both realistic and viable, no matter how good your idea is. Before launching your business officially, be sure it is an idea that would not only take the world by surprise but blossom into a successful venture.

That’s why it’s important to test out your business idea before you spend time and money developing a business or product for which there’s no market. It’s hard to strike the right balance between getting your product to market quickly and taking the time to prepare yourself for a successful launch. We have pointed out a few things you should note before you give your business idea a go or invest any more precious time or money in a potentially shaky venture in this article. Read further to find out tips that would help you test out a business idea before launch:

Research the market:
Market research is a process to determine your product’s viability or a new service, which allows you to know the target market through feedback obtained from the research.

In the research process, try and identify the potential target market for the new service or product. Is there a particular niche you are looking to target? Then focus on finding what makes that group tick.

Here are some assumptions to focus on while running your research:

Who is your customer:
Not everyone will buy what you are selling, so carve out a niche you think would be interested in your product or service.

What problems are you solving:
Focus on highlighting the problems your business tends to solve. Write down these problems; you can validate whether customers also see them as problems. And, more importantly, whether customers think they are problems worth solving.

How does your business solve that problem:
It’s the most important aspect of the research, how does your product’s value tie back to the customer’s problems you are trying to solve? During this process, you may learn things that will cause you to reshape or reconsider your original idea, which is important during the planning phase.

Build a prototype or test service:
To know if you are building a product your potential customers would want, build a product or service prototype to test it out. Your business should be based on what is on-demand, not what you really think is a fantastic idea.

The best way to test a business idea is to build some prototype and show it to people to get some honest and authentic feedback.

Get a selected group you consider your niche to test out the product or service and focus on solid feedback to drive improvements. Also, be open to changing or adapting your idea to fit what your customers want.

Analyze Similar Business or Competition:
This is another test you should consider trying out on your business idea. There are no standalone or original business ideas that do not reference either someone who has tried or done something similar.

This is a great way to find flaws in your present business idea all from reading customer reviews on similar businesses. Dissatisfied clients are quick to share what they don’t like about something that a similar business is doing or has done, and these insights will likely open up weaknesses of your idea.

If your business idea is a physical product, look on Amazon for something similar and see what buyers have to say. Pay most attention to the 1-star reviews, which will call out the cons and often offer suggestions for improvement. If your idea is a service or restaurant, you can look on Yelp, Foursquare, Google reviews, and Facebook to see what problems nearby businesses are battling, and find ways to tweak your idea to be better.

By looking at other businesses, you can see what has worked in the past or not. And also help you define how to make your idea stand out or be unique.

To continue reading, click here https://www.sme360.ng/2021/02/09/5-tips-to-test-your-business-idea-before-launching/

saxietohgbaskie:
Lovely

Thank you

If you feel the need to be on the right side of the trends table, add a little hint of FOMO (fear of missing out) because of the new social media platform Clubhouse… Then I am here to tell you that you are probably on the queue with millions more. For the rest of you (our readers) who don’t know what I am talking about, I’ll give you a gentle overview.

When we think of social media, we immediately think about the oligarchs; Facebook, Instagram, LinkedIn, etc. It gets even more expansive when we add the concepts of trends, as Twitter and the more recent Tik Tok comes to mind. But as the year 2020 has shown us; world-shaping phenomenons can spring up at a moment’s notice- no thanks to Covid19.

Clubhouse seems to be buying into this reality and quickly becoming a big deal as it keeps amassing significant grounds in the social media space across the world

What is the Clubhouse App?
Clubhouse is an exclusive social media platform that takes several clues for its operational strategy from existing platforms’ strengths and adds an interesting twist of scarcity to drive virality. Exclusivity because it is currently invite-only.

Clubhouse focuses on connecting people through audio by allowing those invited into the app to choose from a host of chatrooms to join. Think of it as the live recording of a podcast where you can actually talk back and probably contribute to the conversation—then added with the trendy ‘disappearing’ feature created by Snapchat which has been a frenzy in the past few years. This means that as soon as the chat ends, the whole session disappears forever.

This and the other features I’ll highlight below creates a highly viral strategy that has driven it’s accelerated growth pace in the last few weeks. Note that at the time of this article Clubhouse is valued at about $1 billion and exclusively available on iOs. – The Information

What makes the Clubhouse App ‘tick’?
We all understand marketing as the ability to get the audience’s attention most relevant to our business. It becomes viral marketing when we are able to experience this sharp growth in interest within a very short period of time. Virality can be touted as the pinnacle of modern-day marketing… As everyone wants to take the spotlight, fast.

Here are some powerful strategies we can say Clubhouse did significantly well that makes their a marketing success worthy of emulation;

(1) Leverage:
While many might not be excited about this, Facebook has shown us that anyone can take what works from other competitive platforms to integrate it into an already existing one or create a spin-out platform to serve as direct competition.

Hence making bold the saying “Imitation is the biggest form of flattery”. Well, this is definitely something that Clubhouse has done well. The huge frenzy for things like data privacy, short-lived (or disappearing) messages, closed rooms, live events, etc. are somethings that Clubhouse has capitalised on. As such, they are riding with the wheel, instead of re-inventing it.

(2) Exclusivity:
We know the natural instincts to want what appears ‘seemingly’ unattainable. This clearly inspired the strategic publicity of this application, leveraging celebrities and gossip. For example, the US-based celebrity Bow Wow opened up on a personal bit of information unknown to the public prior to his clubhouse session, which went viral.

We also notice this with the spill out of discussions from specific room chats within Clubhouse onto Twitter which spurs interest from the questions. “What is this about?” or “How can I know more?”. A phenomenon that is well known to users of other social applications like Onlyfans.

(3) Scarcity:
Basic economics dictates that a supply shortage often leads to an increase in demand. It is obvious Clubhouse is taking advantage of this for interested signups. From giving their existing audience the ability to invite one to a few people using selectively distributed invites, adding those interested in using the Clubhouse application to a backlist of other applicants. It ramps up the feeling of value derived from finally joining in on the clubhouse experience so much that those accepted feel the need to share this as “good news” across their other networks.

To continue reading, click here https://www.sme360.ng/2021/02/03/understanding-the-clubhouse-app-and-its-power-in-marketing/

Accessing grants is very important for small businesses. So are you thinking of starting your own business in 2021? Do you need funds to start, sustain and scale your business?

No matter what phase you are in business, funds are crucial to achieving your business goals. Small business grants are an easy way to access the funds you need to boost your business. These small business grants are available for SMEs in Africa, and unlike loans, grants don’t need to be repaid, so no interest rates, collaterals or refinancing. All you need to do is qualify for these grants!

These small business grants are offered to individuals, firms, businesses and corporations to fund their businesses.

However, it is common for SMEs in Africa to face difficulties when accessing small business grants. What do business grant providers expect from African entrepreneurs? How can African entrepreneurs increase the chances of being successful with the process?

In this article, we would look at seven grants small businesses should check out in 2021. Read to the end to find out how you can increase your chances of success with the process! Let’s dive right in!

1. Tony Elumelu Entrepreneurship Programme (TEEP)

The Tony Elumelu Entrepreneurship Grant is provided by the Tony Elumelu Foundation (TEF). It stands to provide 10,000 aspiring African Entrepreneurs with a chance to profit from a $100 million grant, create 1,000,000 jobs and contribute $10 billion to Africa’s annual revenue, improving its economy over the next ten years.

The Tony Elumelu Entrepreneurship Programme (TEEP) is a Pan African initiative of the Tony Elumelu Foundation founded by a Nigerian billionaire investor, Tony Elumelu. The programme focuses on empowering African entrepreneurs through mentoring, training and funding.

Condition
All applicants must be residents of one of the 54 African countries.
Business must be in existence for at least three years.
To apply click here

2. GROFIN Fund

GROFIN fund is a pioneer financier specialising in financing and supporting small businesses across Africa and the Middle East. GROFIN fund focuses on small businesses that are majorly underserved by other financiers. It offers a unique solution patient risk-capital. Its fund size is $100 million to provide funds to Nigerian micro, small and medium enterprises.

Conditions
Business operations must be in one of the following: Nigeria, Ghana, Zambia, Egypt, South Africa, Kenya, Tanzania, Rwanda, Uganda.
Business must have a turnover of less than $15 million.
Business should require financing between $100,000 and $1.5 million.
To apply click here

3. Bank Of Industry Youth Entrepreneurship Support Program

This is another small business grant available in Nigeria. The Bank of Industry launched a youth empowerment program aimed at young and talented entrepreneurs looking to venture into different Nigerian economies. It aims at addressing youth unemployment by funding their ideas. However, applicants will have to go through eight weeks of extensive entrepreneurship training online.

Conditions
Applicants must have a minimum qualification of OND.
Must have an innovative business idea in Nigeria
Must be between the ages of 18-35 years
To apply, visit the YES-P registration portal online.

4. Seedstars Africa

Seedstars Africa is an organisation that offers SME grants in over 53 countries in the world in regions like Africa, Asia, the Middle East and South Africa. They aim to support entrepreneurs with a business in any African country, build online businesses in Africa, and fund web and mobile tech startups in Africa. To access this business grant, applicants will have to apply for the business grant competition for young business owners every year. This business grant gives ample opportunity to businesses and companies in need of capital.

5. Savannah Fund

Savannah Fund is also another promising fund option. It provides business grants to African entrepreneurs. Savannah Fund has generated more than $8 million, as it focuses on high growth technology startups in Africa. It has records of support to African entrepreneurs from Kenya, Nigeria, Ghana, South Africa and other countries. It seeks to bridge the business funding gap between venture capital investment and early startups in Africa.

To continue reading, click here https://www.sme360.ng/2021/02/03/7-grants-small-businesses-should-check-out-in-2021/

Almost every small and medium enterprise can relate to the problem of capital inadequacy. With so many brilliant and marketable ideas, just one thing seems always to be missing – money. In the world of business and financial empowerment, it takes more than ambition and willpower to breakthrough.

Essentially, entrepreneurs need to have sufficient cash to start up their brands or business ideas. While there are diverse ways to raise funds, bank loans are a great way to obtain the required cash, However, when it comes to obtaining loans, only a tiny percentage of SMEs access these loans at the end of the day and there are so many reasons why.

Top on the list of reasons is that small businesses tend to have some lapses when trying to raise funds. Securing a bank loan goes beyond waltzing into any bank and requesting for some money to fund your business idea. Knowing that banks too are looking out for their own interests, only the prepared will be successful.

Banks make it their responsibility to ask interested entrepreneurs so many questions, and a business owner’s ability to show preparedness proves to them that one is truly deserving of a loan. Here are some simple tips to help SMEs secure bank loans.

Have a Business Plan
Your business plan provides detailed information to the bank about who you are and what your business is all about. By having a business plan, you not only prove to the bank that you’re competent and ready, but you provide a framework to guide yourself and your team members.

You can come to terms with the realities of all you will need to do to achieve your mission and vision. To boost your chances of securing a bank loan, ensure that your business plan is carefully prepared, highlighting your objectives, market opportunities, long-term business goals, and realistic ways of achieving them. All these contribute to a successful business plan, and eventually, a successful loan application.

Have a clear financial model
While a business plan shows you the process required to make your small idea into a huge success in the text, a financial model shows what that plan can achieve and possible limitations in financial terms. Even when a financial model is not a prerequisite to obtaining a bank loan, lenders will be more inclined to give funding to a business that has a clear approach on how it intends to spend the money, accounts for how it will pay back both the principal rate and the interests, and much more.

This also helps you as a business owner see exactly what is required of you to ensure a win for both the lenders and your business as a whole. From your projections, the bank will also be able to determine whether or not you will truly be able to pay back the loan at the due date or not.

Know How Much You Need
Asides not having a business plan, another easy way to lose the bank loan is by not knowing how much your business needs. Overestimating and underestimating are just as dangerous. You do not want to showcase your unpreparedness to the bank you’re applying to. This is why preparing your business plan comes first, because it makes you see your obstacles even more clearly and shows you what lies up ahead. With your business plan and financial model, you will be able to speculate how much your business will require adequately.

Have existing Financial Records
How much did you start the business with? How much money have you made or spent up until this point? These are just some of the answers the bank will need to know to make their decision as to whether your business is worth it or not. By presenting your cash inflow and outflow records, you also give credence to your business’s legitimacy. Your financial record conveys to the bank that your company has a market and possesses the required potential to pay back the loan successfully.

Have a Clean Credit Record
Before applying for a loan, you need to ensure that your credit record isn’t looking suspicious or dubious. In other words, before you can get a loan from the bank, they have to be sure that you have a habit of repaying your debts. If, however, you had multiple pending credits you were yet to attend to at the date of your loan application, there is a high chance that the bank you’re applying to will not trust you enough to grant you the loan.

Continue reading here https://www.sme360.ng/2021/02/01/how-to-secure-bank-loans-as-an-sme/

Taxation tips are essential for every entrepreneur that runs an SME in Africa. Interestingly, many individuals and businesses run away from the idea of taxes and taxation. It is your obligation as a business to pay tax to the country’s government where you derive income.

One of the reasons businesses default in paying taxes is their lack of knowledge and poor planning. This post will explain the idea of taxation and then provide you with five essential taxation tips.

Taxation
It is no secret that most business owners in Africa, especially sole proprietors, evade tax. This is because they don’t know what taxation means and the implication of evading taxes. Taxation refers to a process through which a government or designated body imposes levies or financial obligations on residents.

In a nutshell, taxation applies to every kind of involuntary levy that individuals or businesses are required to pay to the government. The revenue gotten from taxation is known as “tax.” There are several reasons why we should pay taxes as owners of SMEs in Africa. A few includes:

Sustain the government.
Social welfare and security.
Avoid prosecution from back taxes.

With this foundation in place, let’s share some interesting taxation tips with you.

When you go into business, one of your main aims is to “make money.” We cannot exempt paying taxes from making money. Like we mentioned above, paying taxes is an obligation. But the question is this, “how do you pay taxes without stress?”

This is where our essential taxation tips come in. We will show you a few tips to improve your tax planning as a business in 2021.

Choose a Suitable Business Structure
There are different business structures. The structure that you choose will determine how the government recognises your business. This goes on to affect how much you will pay as tax. Here’s a recap of the different business structures for better understanding:

Sole proprietorship
In this case, you run the business as an unincorporated entity by yourself. You and the business share an identity, so you bear all the burden and enjoy all the profits.

Partnership
Here, two or more individuals run the business. There are three types depending on the legalities involved. They are joint ventures, limited partnerships, and general partnerships.

Limited Liability Company (LLC)
In this case, a single individual or a group of individuals may own the business. However, the business has a different identity from the owners. Usually, different countries have different requirements for LLCs. It is important to check before starting one.

Others include S-corporation and Corporation. If you run at a sole proprietorship level, you shouldn’t register with the government as an LLC. Doing this will mean that you will pay more in taxes, which will hurt your business.

Know the different kinds of taxes
Many owners of small businesses don’t have the slightest idea what kinds of taxes exist. Without this knowledge, how can you even plan to pay taxes? Here is a rundown of the different kinds of taxes available.

Income tax
This tax is levied on every entity within a government’s jurisdiction, whether individual or business.

Corporate tax
This tax is imposed on business profits.

Capital gains
This form of tax is imposed on profits or capital gains from the sale of assets. Such assets include real estate, bonds, or stocks to mention a few.

Property tax
The local government levies this tax on property. The owner pays tax based on the land or property value.

Sales tax
This tax is imposed on the sales of goods and services. It could be “goods and service” tax, excise tax, State sales tax, or value-added tax (VAT).

With this knowledge, you know which kind of tax you should prepare to pay each month. Find out from your local tax authorities how much you should be paying.

Pick your Accounting Method
Whether your business is physical or digital, keeping accounting records is very important. You must track both your revenue and expenditure. While there are several kinds of accounting methods, small businesses make use of any of the two below:

Accrual method
In this case, you account for how much income or revenue you make in a tax year. It also allows you to determine how much you are owed with a high level of accuracy. In essence, it reports income and expenditure that is expected based on goods sold or services delivered.

Cash method
Here, you are accounting for the income that you receive in a tax year. It also accounts for the expenditure you make in a tax year that was actually paid. This means that if you don’t receive the income or make any expenses, there is nothing to record. It is the most common accounting method for small businesses.

You can adopt any of these methods to make your calculations. However, depending on your business needs, you may need a special accounting method not mentioned above.

Know the tax breaks that apply to your business
This is one of the most important taxation tips on our list. Every tax system makes certain tax breaks available to different businesses. It is a matter of knowing which you qualify for so that you can enjoy them. Some of the most common tax breaks include:

Alternative vehicle credit.
Disabled access credit.
Work opportunity credit.

You can check with your country’s Internal Revenue Service to find out which tax breaks are available. This will give you some leverage in the nearest future.

Continue reading here https://www.sme360.ng/2021/01/29/5-essential-taxation-tips-for-small-business-owners/

What if you’ve identified your strength in a service already dominated by a big player? Is there a chance for your small business to hope for any kind of success? Your instincts might also trigger fright or flight. This article is prepared to make you scratch all that. And help you become a fighter (not in the literal sense though). Here I’ll explain to you how your small business can go against a larger competition in the market.

At first glance, it doesn’t look like a fair fight for your small business that is competing with a much larger company. Does it? The big corporations of this world seem to have endless resources for outdoing their smaller competitions—things like having full-fledged in-house marketing team.

Also hiring advertising agencies to create marketing collaterals, websites messaging, advertising, direct mail and email campaigns. They test and retest, conduct quantitative analysis to measure market share, develop new creative messaging focused on brand development. They hire the best and brightest out of business school, and they pay them hefty salaries. Marketing budgets are often in the millions.

Small businesses like yours, for the most part, have few to none of these things. So how can your small business possibly compete and more importantly survive? Or successfully get its message out? Is it a lost battle from the beginning? The answer is a lot more positive than you would imagine, especially in 2021.

What if you’ve identified your strength in a service already dominated by a big player? Is there a chance for your small business to hope for any kind of success? Your instincts might also trigger fright or flight. This article is prepared to make you scratch all that. And help you become a fighter (not in the literal sense though). Here I’ll explain to you how your small business can go against a larger competition in the market.

At first glance, it doesn’t look like a fair fight for your small business that is competing with a much larger company. Does it? The big corporations of this world seem to have endless resources for outdoing their smaller competitions—things like having full-fledged in-house marketing team.

Also hiring advertising agencies to create marketing collaterals, websites messaging, advertising, direct mail and email campaigns. They test and retest, conduct quantitative analysis to measure market share, develop new creative messaging focused on brand development. They hire the best and brightest out of business school, and they pay them hefty salaries. Marketing budgets are often in the millions.

Small businesses like yours, for the most part, have few to none of these things. So how can your small business possibly compete and more importantly survive? Or successfully get its message out? Is it a lost battle from the beginning? The answer is a lot more positive than you would imagine, especially in 2021.

Of course, small businesses can and do get the word out about their products and services, but not nearly the same way that big businesses do. And this is a good thing. In recent times, most big businesses are taking a page out of the small businesses’ approach to ‘grassroots marketing’. These days, they’re looking to reach their prospective buyers more directly, which is already a strong point for smaller businesses. SMEs are bereft of internal bureaucracies that slow down decision-making. This often results in a more personalised approach to the market.

So without the resources of “Goliath”. We have listed below how your small business can go against larger competitions.

(1) Focus on one or two target (niche) markets.
You don’t need to reach Millions. You need to reach buyers most likely to buy. To achieve this, you need to first answer the question “Who are your most probable targets?” or what they call your “ideal customers” in marketing. These are the people more inclined to patronise your business with the least resistance to your marketing efforts. Once you have identified these ones, the bulk of your marketing communications, products delivery, and after-service efforts should be directed towards satisfying them. Because your products align with their needs, they are easy to please.

If this is done properly, they become brand ambassadors and drive referral traffic to your business at no cost. According to Nielsen, 92% of respondents trust referrals from people they know.

(2) Concentrate on Common Sense marketing
Common sense marketing in this context refers to a more organic marketing approach that doesn’t cost millions. Things like referrals, your web presence, social media, and public relations. In 2021 we’ve learnt that the best marketing can be nearly free. Some stats that support this claim from Forbes includes;

● 78% of B2B marketers say that referral programs generate good or excellent leads. ● 60% of marketers say that referral programs generate a high volume of leads. ● 54% say that referral programs have a lower cost-per-lead than other channels. ● Marketers rate referrals as the 2nd-highest source of quality leads.

What affordable marketing options are you using?

(3) Unlock the power of your employees
Marketing is an everyday affair for small businesses. Everyone in your team needs to be involved in marketing the business because they are the business. It is easy for your prospects to connect with a business that they know. And a small business like yours is easier to get to know.

One question that should be paramount in your marketing strategy should be this; “Does your staff represent your company well?” Their out-look, etiquette, manners, empathy, knowledge of the products, and willingness to support the custom does the most in winning the heart of both prospective and existing customers alike.

Marketing is the effort of getting people to buy. For your small business, keeping a tight focus on what really matters helps you sustain your business in the face of fierce competitions while eliminating the need to have millions of resources.

To continue to read more insightful articles, click www.sme360.ng

Wondering how to get customers for your small business in 2021? It is not news that in Africa, SMEs contribute over 30% of their nation’s Gross Domestic Product (GDP) while online businesses are now forming a large part of these numbers.

To grow customers online, you do not need a huge bank loan from the Bank of Industry.

However, what you need to understand is the rules of marketing online as a starter to run your business when low funds to start.

It has already been established; that running a business even online can be costly without the right tactics in place. Businesses that can run low on marketing and still garner results can survive easily.

The following are options you can leverage:

Host a webinar:
Hosting one is a great way to get brand engagement and recognition by potential businesses and customers. It allows you to educate and inform people on a particular conversation or trending topic. Today, if you use an Apple; you can leverage Club House, which is the only audio application for conversations.

Create a referral program
Informing other people is still the cheapest and fastest way to create trust and grow your business. Referrals are options given to customers who bring other people to your business.

Referrals do not have to be monetary. For example, you can offer them 2% off their next purchase for referring other customers.

Business Cards
We think business cards have gone out of fashion. A well-designed card can prove a good deal when well thought out. In your business card, do well to include your Instagram page, LinkedIn page, Facebook Page, websites, phone number, and even QR codes if possible.

Use Facebook Ads
Facebook is one of the cheapest ways to advertise and get your products to a potential customer. Advert can start from as low as N500 or $1.

However, because of the exchange rate, it may cost slightly higher or lower.

Blog
Blogging helps increase your SEO (search engine optimization). When you create relevant content for your audiences, it increases your reach to generate new customers.

It is free, and you can sign up on WordPress. For instance, If you are a Chef, you can consider sharing recipe tips on your blog.

Google My Business
Google is one of the biggest tech supporters of small businesses in Nigeria. Google My Business allows customers to find you on google map, connect with your customers, post updates about your business, and see how customers interact with your business. It is free.

Email Marketing
There are many free email marketing applications that you can utilize even without their premium offers, and many offering free ready-to-use templates for growth.

In 2019 alone, email accounted for a large number of sales than physical.

As small business owners and entrepreneurs with challenges of electricity, road networks, and available resources, Less is good so you can focus on other aspects of scaling your business in 2021.
Finally, the budget for your marketing goals can be as little as N5,000; which can generate N10,000 when the right tactics available for your business.

To get more information on scaling your business through marketing, stick to our marketing feature page.
Go to www.sme360.ng to read more!

Do you know that you can own a business in 2021 with N50,000? Do you dream of one day building a very successful business?

Successful SMEs in Africa started as just a dream or simply an idea. There are so many business opportunities available in Nigeria and guess what? These business opportunities are all around you, there are multiple problems that need to be solved every day! Not only are there business opportunities but there are also businesses to start with N50,000! You might wonder, can I really start a business with just N50,000?

Online Tutorials:

Do you know that you can own a business in 2021 with N50,000? Do you dream of one day building a very successful business?

Successful SMEs in Africa started as just a dream or simply an idea. There are so many business opportunities available in Nigeria and guess what? These business opportunities are all around you, there are multiple problems that need to be solved every day! Not only are there business opportunities but there are also businesses to start with N50,000! You might wonder, can I really start a business with just N50,000?

In this article, we are going to explore 10 businesses to start with N50,000!

Online Tutorials:

How many times do you scroll through your social media feed and see an online tutorial or course? Probably every single day! This is because we consume lots of content now more than ever. People are looking out for training they can quickly enrol to get better at what they do. You can start up your own online tutorials on any particular subject you are great at and teach people who require your services. You can use platforms like Zoom or WhatsApp to hold your classes. You can also upload your courses on sites like Udemy and get paid every time someone enrols for your course.

Baking Business:
This is an evergreen business you might want to start in 2021! Cakes and pastries are things we can never get enough of. Think about birthday parties, weddings and other events week in week out. You can start your own baking business right from your kitchen, making cupcakes and small chops and selling them to earn income.

Catering business:
This is also one among many businesses to start with N50,000. Food is an absolute necessity and going into the food business is also very lucrative. You can start up a catering business right from your home, deliver to your clients and make profit. You can advertise yourself on social media and around your neighbourhood.

Skincare products:
If you have a passion for beauty, this is a good business to start. You can make and sell your own skincare products and make money from it. You can also hold skincare training to teach others how to make skincare products or better still you could offer consultancy services to people with skin issues.

Dry Cleaning Business:
This is one business you can start up in 2021. The dry cleaning business in Africa has become a goldmine for smart investors as people have become busier and now need dry cleaning services every day. You can start up your dry cleaning business right from your home and make money.

Tailoring Business:
People will always have to wear clothes. If you have a flair for fashion, you can start your tailoring business with as low as N50,000. All you need is a standard sewing machine and some other materials. You can advertise yourself on social media and around your neighbourhood to attract customers.

Hair making:
This is a lucrative business you can start with N50,000 naira. There are a thousand women in need of your services. You can start up your hair making businesses and make some money. All you need is a few hair styling tools, and you are good to go. You can set up your own shop or even start by offering home services to potential customers.

Social Media Marketing:
It is no news that we now spend most of our time online. Businesses have now shifted their operations to the online space as most of their potential customers can be converted online. These businesses are in search of social media experts to help them match social media expectations with their overall business goals. You can start up your own social media marketing business and help entrepreneurs grow, manage and expand their reach through social media.

Continue reading here https://www.sme360.ng/2021/01/21/10-businesses-to-start-with-n50000-in-2021/

Are you a man? Either working class or not looking for suitable business ideas for men to venture into. This article will provide all the guidance you need in deciding on a business idea to venture into if this is you.

If you are a man and an SME in Africa, below is a list of business ideas you can startup. All these businesses can either serve as a primary or side hustle.

Laundry Business
Everyone wants to look neat and presentable all the time, which makes the laundry business a viable one. As a man, you can provide people with laundry and dry-cleaning services. This business is one that requires very little or no formal training to kick start.

To learn more about the laundry business, the internet is always there to guide you through the process.

Barbing Salon
Hardly will you pass by any street these days without spotting at least one barbing salon. Considering people, especially men’s quest to look good and well-trimmed, frequent visits to the barbing salon is inevitable.

Opening a barbing salon is one of the most profitable business ideas for men to venture into. Salon owners are making a profit steadily by providing grooming services to both males and females. However, this business field requires specific skills to be able to thrive.

For starters, it is advisable to learn from someone already established in the business. With this, you get equipped with the necessary skills in just a matter of time.

On the other hand, if you’re not one to go through the whole learning process. You can open a barbing salon and hire an experienced barber to do the job. It’s a win-win either way.

Beauty Salon
Make no mistakes of thinking the beauty world is for females alone. Men are beginning to dominate the beauty industry and thriving while at it. By now, it is no longer news that most women go all out when it comes to looking good.

One of the numerous ways to go about this is by maintaining a neat and beautiful hairdo. As an SME in Africa, if the beauty industry appeals to you, it might be time to set up your beauty salon.

Like any other business that requires skills, running a successful beauty salon requires one too. You can either learn the skills or get a shop space and hire professional hairstylists to handle the job.

Fitness Center
With the rave surrounding staying fit and healthy in our world today, this is another on the list of business ideas for men. As an SME in Africa, venturing into this business is very profitable. With a reasonable amount of money, you can establish a fitness centre for fitness enthusiasts.

Cleaning Business
The cleaning business is one that thrives majorly in the urban world, i.e., cities and towns. With a low startup cost, this business can be ventured into by anyone, including men. Also, a cleaning business does not require renting a shop. You can kickstart one from the comfort of your home.

Photography
Are you great at taking cool pictures? Now might be the perfect time to turn it into a side hustle or a full-time job. Photography is a profitable business you can embark on if you have a knack for taking pictures.

However, to stay on top of your game, you have to stay abreast of the latest trends. One way to achieve this is by attending training when necessary.

Delivery Business
With most people living a hectic life, going out to purchase essentials can be quite tedious. This need has given rise to the business of delivery, which makes life easier.

As life gets busier, people’s spending capacity also increases as well as their lifestyle. These factors and more have led to the expansion of the delivery business across Africa.

Restaurant
Running a restaurant is a lucrative business idea for men who enjoy cooking. Even if you don’t, that doesn’t stop you from opening your restaurant and hiring the right hands for the job.

Food is a necessity in the world we live in, and not everyone enjoys cooking from the comfort of their homes. Opening a restaurant to cater to such people’s needs is a sure way to earn some income.

What’s more interesting about this business is the fact that it is not gendered specific. Anyone with the interest and skills can start up this business.

Continue reading here https://www.sme360.ng/2021/01/22/10-business-ideas-for-men/

Harvard Business School is one of the biggest and best business schools in the world. This school is ranked among the best business schools consistently. Owners of SMEs in Africa need to gather knowledge, especially in business.

This is why we are looking at 10 Harvard Business School Courses you can check out this year. Without further ado, let’s check them out below.

About Harvard Business School
Before we go ahead, let’s shed some light on Harvard Business School. This institution is the graduate business school of the famous Harvard University located in Boston. It offers a plethora of courses in its full-time MBA program.

Harvard Business School is undoubtedly one of the biggest in the world, considering that it also owns Harvard Business Publishing. This publishing company publishes all kinds of leadership articles, business books and case studies. It also publishes the famous Harvard Monthly Business Review.

Asides from courses in its physical location, this business school also offers courses online. Of course, online courses have become more popular because of the pandemic.

Top Harvard Business School Courses To Consider
Like we mentioned earlier, there are several courses to choose from on this school’s list. We have put together ten that you can check out as the owner of an SME in Africa.

Entrepreneurship Essentials
This course is great for any entrepreneur or individual that seeks to have a head start when it comes to business. It focuses on teaching individuals how to build businesses from scratch. This is why we believe that it will be perfect for African entrepreneurs.

The course is brief but highly intensive. It covers how to evaluate ideas, raise capital, assess the market, and identify risks. The good news is that there are multiple start dates every year. As such, you can avail yourself of this course whenever you are ready.

Cost: $1,050

Duration: 6 – 8 hours every week, 4 weeks.

Alternative Investments
How much do you know about investing? To boost the quality of your investments, you can enrol in this course at the Harvard Business School. This is key because it has been predicted that the global economy will experience a 3% shrinkage in 2021.

As such, you can begin your exploration of the investment terrain through this course. Alternative Investments explores opportunities in real estate, hedge funds, private debt, private equity, etc. The aim is that students will gather the knowledge and confidence to assess investments. Three professors at the business school handle this course, so you are bound to enjoy it.

Cost: $1,600

Duration: 6 – 7 hours every week, 5 weeks.

Management Essentials
If you will like to venture into graduate business education, then you should enrol for Management Essentials. This course aims to create management professionals out of regular students.

Students will explore several intensive case studies including the Cuban Missile Crisis and Chilean Mining Rescue. They will also learn how to make quick decisions, effect change, and grow businesses. This course is perfect for individuals that have recently been promoted into the management cadre.

Cost: $1,600

Duration: 4 – 7 hours every week, 8 weeks.

Global Business
The business environment is one that will be in a constant state of change. One phenomenon that has thrown business owners into a frenzy all over the world is the new coronavirus. It is more critical now more than ever to have a clear understanding of the global economy.

This is why we think every owner of an SME in Africa should take this course. It examines the core issues that affect the world economy and gives a foundation in macroeconomics. Students will learn through exploring how political risks, environmental change, and government policies.

Cost: $1,600

Duration: 6 – 8 hours every week, 4 weeks.
Continue reading here https://www.sme360.ng/2021/01/16/10-harvard-business-school-courses-to-check-out/

Many business owners wonder why they need a business partner. Your business is your brainchild and like every natural child, it will require adequate nurturing to grow. If you own an SME in Africa, you must be willing to give your undaunted commitment for your business to thrive. As a result, you will need to find a partner that will have the same level of commitment and passion towards your brainchild.

You must be willing to take finding a partner as seriously as anyone would when looking for a life partner.
In this post, we will take a look at 7 things you should look out for when choosing a business partner.

Who Is A Business Partner?
To adequately understand who a business partner is, you will need to understand what a business partnership means. Partnership in business involves two or more individuals or parties having a legal agreement to manage and/or operate a business, thereby sharing its profits.

You must be willing to take finding a partner as seriously as anyone would when looking for a life partner.
In this post, we will take a look at 7 things you should look out for when choosing a business partner.

7 Things To Look Out For When Choosing A Business Partner

Who Is A Business Partner?
To adequately understand who a business partner is, you will need to understand what a business partnership means. Partnership in business involves two or more individuals or parties having a legal agreement to manage and/or operate a business, thereby sharing its profits.

Typically, business partners invest their money and other resources in a business, hence, making them part-owners of your business. They enjoy the profits and take part in the losses of the business together.

There are several reasons why finding the perfect partner is a no-brainer for any SME in Africa. The most significant reason is that it provides the extra resources (whether financial, intellectual or relationship) your business needs to thrive. However, working with the wrong partner can truncate the growth of any SME in Africa.

This highlights the need to invest all you can to ensure that you only partner with the right person towards the success of your business.

7 Attributes Of The Perfect Business Partner
Here are 7 things that you should look out for when choosing a business partner:

1. Complementary Skills:
The first process in choosing a partner is identifying your strengths and weaknesses. This will help steer you towards the business partner that will complement your skillset. This is the most significant thing every owner of an SME in Africa should look out for.

Many business owners want to only partner with people that think and act like themselves. They feel more comfortable with working with a clone of themselves. However, for your business to thrive you need a business partner that will complement (not contrast) your skillset. This implies that you should go for someone whose strengths are your weaknesses.

2. Passionate:
For your business to thrive, you will need to find a partner that shares the same level of passion about it as yourself. Passion determines motivation, hence, influencing commitment. The passion of your business partner will determine whether they will be as hardworking as you are or not.

A passionate business partner will be willing to give whatever it would take to achieve the business goals. Passion will help you differentiate the perfect business partner from the one that will only come up with excuses. A passionate business partner will make your business one of their main priorities.

3. Reliable:
Aside from being passionate about your business, the next thing you should look out for when choosing a partner is reliability. Irrespective of how enthusiastic they may appear, you will need to make some research to find out if you can depend on them.

One of the ways to identify whether you can rely on a business partner or not is by paying attention to their previous job or business experience. Ask questions about their experiences. Their response will help you identify if they are reliable or not.

4. Ability To Build Significant Relationships:
Networking plays a significant role in the success of any SME in Africa. For your business to grow, you will need to develop an extensive network of industry influencers, investors, and potential customers.

Your business will grow faster when you grow your professional and social circle. Hence, the need to choose a partner that is well-connected across your field. Furthermore, you should make sure that your business partner can build relationships and loves doing so.

5. Approachable:
When looking out for a business partner, you should go for someone that you can talk to about almost everything related to your business. Failure to do this often causes issues to fester between both parties as time goes by.

Not being able to communicate freely with your partner can cause simple issues to pile up until you both reach the breaking point where you start lashing out at each other. This is one of the ways that resentment creeps into businesses and once it creeps in, the business will begin to experience a downward spiral.

To continue reading, click here https://www.sme360.ng/2021/01/16/7-things-to-look-out-for-when-choosing-a-business-partner/

How do you drive small business growth in 2021? This is very important considering the reappearance of a Corona Virus’s new variant. Because of this, some parts of the world are moving into a second wave or third of lockdown. It is imminent that while we wait for vaccines and cures, businesses need to be flexible going into 2021.

There have been possible news of another wave of lockdown in Nigeria for cities such as Lagos even though fairly enough businesses have recovered. That is why in this article, we will unlock several ways small businesses can stay on their game in 2021.

Pivot to Online Courses:
More small business owners are converting some of their skills and knowledge to online training that people can learn from. A few platforms like teachable allow you to upload contents that people can pay for online. To get started what you need is a good video phone and a well-written script covering your expertise. It is a good way to earn passive income for your business.

Flexibility:
More business will go virtual should a second wave occur. Large corporations and organisations have to go through bureaucracy to effect changes such as work from home. But with a small surface area and team, the business can easily change processes and systems without affecting productivity, unlike large organisations that need several levels of acceptance to make a decision. Your small company is better for it.

Brand Visibility:
As a small business, if you are yet to improve your brand presence across key platforms, it may prove counterproductive at a time where movement and contact from person to person is limited. Small businesses can leverage social media and networking platforms like LinkedIn to stay connected to new and existing clients.

Cash flow stability:
In 2019 most businesses could project a steady flow of revenue. In 2021 based on new dynamics, there will be less focus on revenue and cash flow.

Dealing with a product that has a longer buying life cycle means that you have to wait a few months for the revenue to arrive. As a business, the focus will now be on sales that can be made in the short term so that returns on investments can be used to keep the business afloat. Focus and invest more on the offerings that bring in revenues in a short time.

Content marketing:
More consumers are predicted to be online in 2021. Businesses should establish a relationship with followers and fans by creating genuine content. Content made has to represent the brand through blog posts, email, social media, and several platforms identified by your business.

Content marketing will drive your business to thought leadership, leading to buyers of service and product offerings.

Click here to continue reading https://www.sme360.ng/2021/01/09/seven-trends-to-help-drive-small-business-growth-in-2021/

Welcome to 2021. It is no secret that many people want to start new businesses at the start of the New Year. The problem, most times, is finding the right ideas to build on. It is important to find the right business idea else; you may be battling with failure in the nearest future. As you ponder on what business ideas you can build on in 2021, we have put together a list for you. Check out our top 20 businesses you can start in 2021.

Best Business Ideas 2021
Ready to run a new business this year? Check out some interesting ideas for SMEs in Africa:

1. Consultant
Are you very knowledgeable or skilled in a certain field? You can begin to make money from your skill or knowledge. How? Start consulting. People need help in different areas, including human resources, communication, social media, and leadership. The interesting thing about this business is that you can run it virtually.

2. Online Tutor
COVID-19 exposed us to the fact that people can learn remotely. The demand for online tutors has grown considerably over the last year. You can seize this opportunity to share knowledge in different fields.

One way to do this is by running a YouTube channel or signing up with a website that runs such services. It isn’t necessary to have advanced knowledge. You can always opt for easier courses.

3. App development
We have more people using smartphones today than ever. Because of this, many businesses need apps for a smoother customer experience. Do you know how to develop apps? This is where you come in.

Develop apps for businesses at a fee. You can also come up with app ideas and sell them on different app stores to make money.

4. Cleaning service
Have you noticed that people are becoming more engaged with work and other activities these days? As a result, they have less time to clean their homes and offices.

You can become their cleaning plugin 2021. Cleaning is one of the most profitable businesses currently anywhere in the world. This is because it requires minimal overhead costs and is pretty straightforward.

5. Home care services
Do you have a passion for caring for others? Then you can consider starting a home care business. This business caters to older citizens. According to the National Institute on Aging, seniors’ global population will increase by 351% by 2050.

This figure is already on the rise today so that you can start your business already. Here’s the good news, you don’t need to have a healthcare background to run this business.

6. Digital Marketing
As more and more individuals move online, the place of digital marketing cannot be overemphasised. If you are an expert with content marketing, SEO, social media management, etc., this is a great idea for you.

Start your business and reach out to other businesses around you to help them market for a fee. Watch how your business grows exponentially in 2021.

7. Branding
One of the reasons why many businesses haven’t reached their full potential is poor branding. If you have a background in branding, then you could start making good money from this. Most businesses are ready to pay huge amounts to branding experts for their expertise. Why can’t it be you?

8. Rideshare driver
In case you are wondering what ridesharing is, you must have heard about Bolt or Uber. Do you know that the drivers under these companies make a huge sum every month?

If you have some time on your hands and you like to drive, you can become a rideshare driver. This is a good way to start a side hustle in 2021 while keeping your current job.

9. Copywriting
Do you love to write? Many businesses are in search of skilled copywriters to help improve their digital marketing campaigns. You can sign up on freelance websites and start publicising your services. One of the best things about this business is that you can control your time. Wouldn’t you like that?

10. Graphic design
This is another very profitable business. Because of the need to be online, businesses are in search of skilled graphic designers. You can provide them with graphics for social media posts, email marketing, and print at affordable rates. This business doesn’t require much capital except your PC and your creativity.

11. Logistics services
So many businesses are going online these days. As a result, they need help with delivering their products to customers. This is where logistics services come in handy.

You can become their delivery plug. All you need is a means of transportation, and you can connect with different vendors to begin.
Continue reading here https://www.sme360.ng/2021/01/11/20-businesses-you-can-start-in-2021/

Businesses in 2021 seek to expand and perform better than previous years. This thirst for growth is applicable to all SMEs in Africa regardless of the industry or sector. Whether you are planning to start off a new business or grow an existing one, a business plan is essential.

What is a Business Plan?
According to Investopedia, a business plan is a written document that describes in detail how a business defines its objectives and how it is to go about achieving its goals. A business plan lays out a written roadmap for the firm from marketing, financial, and operational standpoints.

How To Create A Strategic Business Plan
Take some time to think it through
Before you kick start any business, you have to be prepared. The preparation process requires some deep thinking about what it is you want to achieve. Put together a list of what 2021 should look like for your business. Write everything down to aid some clarifications and guide you in the planning process.

Next, you want to analyze your marketing scope. What has worked for you so far? In what area can you use some improvement? An analysis of your past and present marketing strategy will help you come up with a better strategy for your business in 2021.

Review Your Goals
The next step in creating a killer business plan is to review your goals. First, you have to identify what those goals are. Then, ensure you gain some clarity for each of the goals. Where are you right now in your business? Where do you want to be by the end of 2021?

How do you go about this? It’s simple, set SMART goals. SMART stands for – Specific, Measurable, Achievable, Realistic, and Timely. In setting these goals, ensure they are in line with current business trends.

Identify Your Target Audience
One thing SMEs in Africa need to bear in mind is that everyone is not your customer. For your business to be successful, you need to identify your target audience. What interests them? What are their core values? What beliefs do they hold tight? E.t.c.

Once you identify your target audience, you can channel your business plan to suit their needs. One good way to know what works for them is by asking questions, get into their heads to know what really works for them.

Determine Your Business Objective
Having a clear business objective is essential for businesses in 2021. Objectives represent what your business is trying to achieve and what is expected at the end of a certain period. Your business objectives should be consistent, quantifiable, realistic, and time-bound.
Components Of A Business Plan
Regardless of what your business is about, all business plans should cover some essential components. Some of these components include:

Executive summary
Executive summary gives an overview of what your business and plan are about. It is the first or last section in your business plan and can be achieved in one or two pages.

Company/Business description
This section includes the key information about your business, goals, and target audience you seek to serve. Also, your business description should discuss what makes your business stand out from other businesses in your industry.

Market analysis
SMEs in Africa should have adequate knowledge of the market they are getting into. A well-detailed market analysis shows you have carried out your research and know what you’re getting into.

In the analysis section, you need to make use of data and statistics. In addition, provide information about your target consumers and their estimated income level.

To continnue reading, click here https://www.sme360.ng/2021/01/12/how-to-write-a-business-plan-in-2021/

POS business does well in local and remote areas with no banks, no ATM outlets, or limited banks’ availability. However, in areas with a reasonable number of banks situated and the population seems to be rapidly growing. There is still a gap in the unbanked population, especially for individuals in rural areas. And this seems to be a gap agency banking is trying to bridge.

POS is also known as Point of Sales, is a retail banking service that allows you to carry out financial transactions away from the indoors of a bank using your debit card and a POS machine. Beyond all these, with the aid of a POS machine and of course, your debit card, you can make bank transfers and also perform cashless transactions – like using your debit card to make payments in boutiques, malls, hotels, eateries, and virtually any business with a functional POS machine.

The agency banking system was kickstarted in Nigeria in 2013, after its guidelines and operations were released by the Central Bank of Nigeria. It has since become another lucrative business opportunity. For a fee or commission, individuals can withdraw a certain amount of money with their debit card without having to use the ATM. This development has led to the reduction of queues in banks. With little capital, you can start a POS business, here is what you need to know before you start:

10 Tips for Starting a POS Business in 2021.

Research:
Research is essential when you are starting a POS business. With research, you will acquire the necessary detailed information about the business. Before you venture in, research will help you know the PROS and CONS of the business. This purpose will help you determine the opportunities and goals around the business.

Know Your Target Audience:
It’s important to put into consideration who your target audience is; these are areas you should consider when learning about your customers:

Remote Rural Communities – where there is not an iota of banks and financial institutions.

POS business does well in local and remote areas with no banks, no ATM outlets, or limited banks’ availability. However, in areas with a reasonable number of banks situated and the population seems to be rapidly growing. There is still a gap in the unbanked population, especially for individuals in rural areas. And this seems to be a gap agency banking is trying to bridge.

POS is also known as Point of Sales, is a retail banking service that allows you to carry out financial transactions away from the indoors of a bank using your debit card and a POS machine. Beyond all these, with the aid of a POS machine and of course, your debit card, you can make bank transfers and also perform cashless transactions – like using your debit card to make payments in boutiques, malls, hotels, eateries, and virtually any business with a functional POS machine.

POS Machine Graphic
The agency banking system was kickstarted in Nigeria in 2013, after its guidelines and operations were released by the Central Bank of Nigeria. It has since become another lucrative business opportunity. For a fee or commission, individuals can withdraw a certain amount of money with their debit card without having to use the ATM. This development has led to the reduction of queues in banks. With little capital, you can start a POS business, here is what you need to know before you start:

10 Tips for Starting a POS Business in 2021.
Research:
Research is essential when you are starting a POS business. With research, you will acquire the necessary detailed information about the business. Before you venture in, research will help you know the PROS and CONS of the business. This purpose will help you determine the opportunities and goals around the business.

Know Your Target Audience:
It’s important to put into consideration who your target audience is; these are areas you should consider when learning about your customers:

Remote Rural Communities – where there is not an iota of banks and financial institutions.

Near Schools – University and college campuses will be a good advantage in establishing your POS outlet because of the many school transactions students engage.

Places Where ATMs are always crowded or in areas where there are shortages of banks/ATM posts.

POS business thrives well close to markets and banks because of the many transactions carried out in these places. In populous business: premises like supermarkets, malls and large vendors

Draft a Business Plan:
Have a plan, detailing the challenges of running a POS business, how to scale it for growth and requirements for its operations properly laid out. The success of your POS solely depends on a well-thought plan that considers all round details of the business.

Pick a Suitable Name:
Find a good venturing name for your business. It may not necessarily be your name. You can dub your business any name you feel is the best and could be easily pronounced by your would-be customers.

Source for a Good Location:
When starting a POS business, a good location is important. Go for a business area more than a residential area, in a business area your chances of having more customers are higher and will have an impact on your business profit.

Here are some of the key things you should consider before settling for a particular location –

Network: This is because while a location with good network/service will ensure smooth daily transactions, a location with a bad one will give you lots of headaches; And your first-time customers will likely not come back.

Number of competitors: This is a piece of very important information to guide you on what your competition is like. However, you should worry about those that operate in your desired area of operation (that’s where you want to site your pos business). Secondly, those that are closest to your desired area of operation should also be carefully analyzed. Knowing the number of competitors you have in a particular area, you are looking to situate your POS business helps you to be more strategic.

To continue reading, click here https://www.sme360.ng/2021/01/13/10-tips-for-starting-a-pos-business-in-2021/

SMEs in Africa must invest in making their customer service impeccable to make significant headway in 2021. It is one of the best ways to improve the bottom line of your business. Businesses with poor customer service tend to struggle in the long run as they often fail to struggle to retain or attract customers.

Furthermore, your customer service speaks volumes about who you are and what your business stands for. SMEs in Africa must prioritise the satisfaction of their customers above being profit-driven alone.

10 Ways Customer Service Can Shape Your Business In 2021
African SME owner
As we begin our adventurous business journey in 2021, we must learn to place customers’ satisfaction above everything else.

Here are ten major ways that excellent customer service can shape your business in 2021:

1. Significantly Save Operational Costs
According to business reports, businesses that retain just 5% of their customers experience about a 25% increase in their overall profits. Furthermore, the report states that it is more likely for existing customers to talk more about your brand. Hence, implying that businesses that retain customers often spend less on operational costs than businesses that don’t.

From the report above, we can see that attracting new customers is five times more expensive than retaining existing ones. Hence, highlighting the need for SMEs in Africa to prioritise customers’ satisfaction above anything else.

2. Improving Sales Of Products Or Service
One of the ways that customer service can shape your business this New Year is by improving the sales of products or services you offer. The chances of selling a product or service to an existing customer are higher than selling to a new customer.

Business statistics indicate that the probability of selling a product or service to a new customer revolves between 5% and 20%. However, according to the same report, the likelihood of selling the same product or service to an existing customer revolves around 60% and 70%.

3. Reducing Overall Business Problems
The way you treat your customers will affect the overall problems that your business may experience. SMEs in Africa can significantly reduce business sales problems and potential legal issues by treating their customers well.

A lot of businesses get into all forms of problems simply by treating customers poorly. Businesses that prioritise customers’ satisfaction are often more successful than those that don’t. One of the reasons for this is that they do not have to spend a huge chunk of their time and resources solving issues that arose due to poor customer service.

4. Enhancing Brand Recognition
One of the ways customer service can shape your business is by enhancing brand recognition. Your customer service is one of the best ways to let your customers know and have a feel of what your brand represents, its values, and what to expect every time to come to you.

Failing to communicate your brand values via your customer service will allow customers to make assumptions about what it represents. Satisfied customers are most likely to live positive reviews about your brand. Hence, influencing new customers to check out what you have to offer.

5. Enhance Your Chances Of Keeping Existing Customers
People tend to stay more in places where they are treated like royalty. As a result, one of the most effective ways for SMEs in Africa to keep existing customers is by offering impeccable customer services. Satisfied customers will most likely do business with you when the need arises than risk having a poor experience at a new store or business.

6. Increase Your Customer Base
Although there are several effective ways to advertise your business, none is as effective as “word-of-mouth” advertising. The best part of this form of advertising is that no amount of money can buy it. People would rather pay attention to their family member or friend’s recommendation than they would pay attention to an online review.

A report indicated that about 77% of satisfied customers are likely to share their experience with your brand with their friends. Hence, indirectly or directly influencing them to patronise your brand.
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