Kenya has been named top of the entrepreneurial spirit ahead of any other country on the continent with scores high in tech transfer, research and development expenditures.
The early released data from the upcoming 2016 Global Entrepreneurship Index likens Kenya to China ten years ago and it is a positive trend.
The Global Entrepreneurship Index measures entrepreneurial strengths and weaknesses in countries by looking both at individual business perception and institutional conditions that may support or hinder entrepreneurship.
Eight years ago, Kenya made global headlines launching M-Pesa one that the country has been prided with across continents. According to Gerhard Hartman, Sage HR, employees should be considered the main asset in a business environment.
People working for people and not for companies result to successful entities. When colleagues believe that the organization and its leadership team care about them personally and professionally. This ultimately results in long-tenured employees, which has a very real and direct effect on company growth.
While the institutional environment matters and possible profit margins need to be carefully considered, it is personal enthusiasm and passion that propel the business forward. It is important that you are happy managing and growing it day in and day out. The mind-set always needs to be positive. There is no need to know everything, but you need to know how to deal with challenges.
Don’t forget the systems
However, people cannot be the only dependent assets in a company. Social media has become a powerful tool for business owners. As a business owner you need to take advantage of social media to engage with your customers. Ensure that you have a strategy in place to manage your social media accounts and social conversations with customers. Messages need to be brief and true to the business.
In your posts to the target audience, follow the 80/20 rule. Customers prefer messages that relate to the industry and the business, instead of trying to directly praise and sell a product. 80 per cent of the messages should therefore talk about your business indirectly.
Customers can tell when you’re not being sincere and will not engage with you. Social media allows you the opportunity to interact with the customer in real-time and create conversations. Yet customers may also voice negative sentiments about your business, this is why it is crucial for you to constantly monitor your social media accounts. It is important to note that channels like Twitter provide opportunities to conduct powerful market research.
Companies should also consider automated systems to reduce the amount of time spent on administrative tasks and managing financial compliance. An automated solution eliminates a great deal of paperwork. The software frees space to focus on and keep track of the well-being and professional development of colleagues. Automated HR and payroll software solutions are some of the most useful systems in many businesses.