Ep15: Surviving the Sharks
Doing business in Africa can be tough, more so when you have big competitors operating in your industry. In a recent survey conducted by smartcompany, it was discovered that 61% of SME owners said small businesses failed because of an inability to manage costs, 50% said inexperienced management, 50% said poorly designed business models or no business plan, 49% said insufficient capital, 37% said poor or insufficient marketing, and 35% said insufficient time managing the books.
SMEs do not necessarily fail because of the monopoly of the market caused by big competitors, they fail because they fail to compete smartly. Below are ways your business can survive the competition:
- Cut your costs by being more efficient in your processes. Instead of travelling for business meetings, consider skyping or calling. Instead of spending so much money on printing documents and invoices, invest in digitizing your processes.
- Focus on retaining customers. Use loyalty schemes, small discounts and regular communications.
- Work on delivering outstanding customer service.
- Target your marketing appropriately.
- Use your online platforms efficiently
- Trim down your offerings, concentrate on what will sell
- Keep your staff happy
Listen to how you can survive the Sharks below:
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