By Ruoro kairu
Starting a business is no small feat. At the same time, we’re living in an age where technology, information, and other resources are readily available.
According to a survey done by the Kenya National Bureau of Statistics in 2016, there are an estimated 7.5 million businesses that were started in Kenya in a five year period. However, the survey also detailed 2.2 million businesses that had closed in the same time period.
As a small and medium scale entrepreneur (SME), you may be facing challenges in your business that could be making you feel like you want to close shop. Before you make that decision, have a look at advice we gathered from businesses that have stood the test of time, and are now growing and succeeding.
1. Make a plan
The pace at which the business world is moving is incredibly fast. Today, you may be relying on one resource, tomorrow, you may find it has changed, or a new one has hit the market.
This is one of the reasons why many upcoming business owners do not take a keen interest in creating a plan. However, regardless of the market trends, you should have a plan in place.
With a proper plan, you’ll be able to have realistic goals and metrics. Later, you’ll be able to work on achieving these goals.
N.B: After creating a plan, you can come back to adjust it based on the growth of your company and market trends.
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2. Focus on the tiny details
There are different reasons why you might have started a business. When you do start the business, you’ll find a lot of fascinating facts and aspects of the business.
You might be tempted to focus only on the areas that fascinate you. However, to be successful, you’ll need to look at every facet of the business.
Additionally, you’ll need to place a keen eye on the ‘small stuff.’
Many business owners end up neglecting key areas of the company such as accounting or payroll.
While payroll is not the most fascinating of subjects, you should still focus on it. You can also approach it from different angles, such as outsourcing your payroll needs to an expert.
3. Know how to manage people
How good are your leadership skills? Are you finding it hard to manage your employees?
Managing people takes a whole new route when it’s your business. While there are some transferable skills, there are also fundamental differences in other means of management.
Learning how to manage your new employees will take time and practice. However, you can enroll in a leadership course to help you understand how you should manage your employees.
4. Meet your new boss
One of the popular reasons why people start businesses is to get some sort of freedom. In your business, you’re essentially your own boss.
However, you still have a ‘boss’ who demands more of your time, effort, passion, and resources. This new boss comes in the form of your customers, creditors, the government, regulators, and so on.
While you will gain some form of freedom from employment, you’ll also be required to work hard to satisfy your new boss.
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In the end, it is important to note that starting a business has its ups and downs. To be successful, take every setback as a challenge. Look for ways to overcome any hurdles and celebrate when you achieve a target. Get up anytime you feel like you’ve been knocked down. And anytime you can’t figure something out, seek guidance and help from other entrepreneurs and specialists.