15/07/2024
NewsfeedOpinionReview

Tips For Small Business Owners

By Chewe Chunga, Co-founder of Nkwazi Technologies

We’ve all been there, staring at our 6-inch screen and scrolling through the Instagram posts of someone we admire in our line of business. Maybe it’s technology, maybe it’s retail, maybe it’s the plug that seems to have a knack for getting everything right. Then when we’re done scrolling through the abyss of our own underachievement we look at our own entrepreneurial efforts and think what I’m I doing wrong? How can I grow my business? In this article, I’m going to share some tips on how to grow your business. As I do, I’m cognizant of the glaring fact that I myself I’m still figuring business out. Regardless here are my tips:

  • Focus on your customers.

Your customers are the reason for your existence as a business, and without them, you wouldn’t be in business. Therefore, it’s crucial to focus on their needs and preferences. Make sure you’re delivering quality products or services that meet their expectations.  When you mess up, which invariably everyone does, make sure your recovery is 10 X times better than your normal service delivery. Indeed, your capacity to recover and learn from mistakes will build resilience in yourself and the business. Listen to their feedback, respond to their queries, and address their complaints promptly.

We’ve found that a satisfied customer is not only a repeat customer but also a potential brand ambassador who can refer new customers to your business.

  • Manage your Finances.

Effective financial management is crucial to the success of any business. Managing your cash flows can spell success or doom. So, make sure you have a solid budget, monitor your expenses, and keep track of your debt manageable. 

“My uncle told me of a man in Lusaka who won a multi-million kwacha contract from a certain Ministry, he received the 10 % down payment, paid workers and bought tools and proceeded to fly to a European country to live in a penthouse for 2 months with his latest fling of the month. Suffice to say that project failed and today he doesn’t have anything significant to his name. Lesson? Manage every kwacha well. Those skills will serve you well in the long run.” – said Chunga.

Moreover, you can also leverage financial tools, such as accounting software, to streamline your financial processes, improve accuracy, and save time (for more information on what customised software do email us info@nkwazitech.com)

  • Build Strong Relationships

Building strong relationships with your stakeholders, suppliers, partners, and investors, can be critical to your business’s growth. Make sure you communicate honestly, effectively and show appreciation for their contributions. 

“My uncle again told me a story of a man whose import business collapsed when farmers lost their land in Zimbabwe. These unforeseen events and the debt he had acquired lost him his home and business. However, the relationships he had created with a cold storage owner allowed him access to interest and collateral-free loans that helped him rebuild his business. Therefore, never underestimate the value of good relationships, ” added Chunga.

  • Innovate and Adapt 

The business landscape is constantly evolving, Sun Tzu wrote, “Just as water retains no constant shape, so in warfare there are no constant conditions.”  To stay ahead of the curve, you must be willing to innovate and adapt to change. Keep an eye on emerging trends, technologies, and customer preferences, and be open to experimenting with new ideas or approaches.

In conclusion, be bold, work hard and never be afraid of failure. Virgin founder Sir Richard Branson wrote “You don’t learn to walk by following the rules, you learn by doing and by falling over” fear of failure will kill a business faster than failing. Indeed, By focusing on your customers, building strong relationships, innovating and adapting, and managing your finances, you can take your business to new heights and achieve sustainable growth.

Source: Nkwazi Technologies