business advice

10 Areas You Should Focus On in Business

Article By Jimmy Muhinda An organised venture makes it easy to run and sustain over time. 1.EMPLOYEES. How do you hire/recruit employees ? What do you look for in an employee ? What tasks are available in your venture ?  How do you facilitate employees ? How do you  build their capacity ? How often do you appraise employee performance ? When and how do you retain or fire employees ? 2.CUSTOMERS Who are your customers ? What categories of customers do you serve ?What category makes you the most money ? What category makes you the least money ? What measures are in place to generate more money from each category of customers ? Must you serve all categories you currently serve ? How must  your customers be handled at all times ? How must feedback be received and responded to ? 3.SUPPLIERS. How do you source for suppliers ?How many suppliers serve you ? What kind of suppliers do you deal with ?What terms do you look out for ? How many of your competitors do they serve as well ? Under what terms do they serve your competitors ? 4. PRODUCTS/SERVICES What products/services do you offer ?

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Seeking to elevate as an entrepreneur?

For the last eight years, i have been working on projects with micro, small and Medium entrepreneurs across Africa & the Middle East, One thing stands out. Some businesses fail, other flourish. But, universally, the biggest challenge most struggling business owners face is not knowing what their biggest challenge is. Contradicting? Yes, that’s so true. Ask a a failing business owner of what the cause is and they will say; economy, bad luck, and other seemingly invalid issues. The truth is, you can’t treat what you don’t know. If you find yourself trapped between negative cash flows, stagnating sales, poor workmanship, less customer retention, etc, what do you fix first? This is a tough question to every entrepreneur. To be sick is one thing, to know the sickness is another. So, do entrepreneurs know the sickness in their business often times? As it is for sickness, that the doctor must know the sickness before treating it, same as in business, to proactively correct something in your business, you must know it first, and to know it you need solid systems in place.  Systems allow you to know and see exactly where the bend is in your business. Systems make alarms when

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No crying in Business

In the “A League of their own” movie, one actor named Tom (not sure of name), makes a shout out phrase; there’s no crying in baseball!” To me it sounds like; “there’s no crying in business.” Owning and running a business can be hard, and sometimes it’s so hard that it makes you want to cry, lament or somehow break off. The most frustrating parts of running a business is trying to build a customer base, them a team of high performing employees who can be relied on, and who will help you grow your business with enthusiasm and skill. Then comes issues of compliance (tax, legal structures, licencing, etc) and cashflow balancing. Always tough. These issues can be frustrating that you want to cry, or worse, to give up. I know, i’ve been there several times trying to scale up my three startups. Most of the time, you realise that the environment have got some few gaps to fill but as a person you have ran out of fuel , you feel you can’t push more. You have lost a mojo. That appeal and spark to push more on the terrain. One thing that I have stayed with, is understanding

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