Drivers of growth, SMES

8 drivers of growth for any company

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It is always a breeze of fresh air to network and meet up with other entrepreneurs. Recently Power PR Communications was invited to attend the POSB SME Development forum workshop .Though there were a lot of topics that were covered at the work shop, what stood out for me as an entrepreneur is what I will share with you today,

For your business to grow, you have to know the drivers of growth for your enterprise. Since all our businesses are different, it is important to know your business.

The 8 drivers of growth for any business are;

  1. Know your customer

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We are all in business because we want to get profits, but for you to get those profits, you have to know your customer. The first step is to identify your target market, this way it will be easy to sell our products to the right people and make massive profits. Also it will make it easy for you to plan and implement to implement your marketing strategy and know which advertising methods to use so as to reach out to your customers.

  1. You should understand the people, behavior and culture dynamics

Any organisation is as good as the people who work for it. Only employ people that add value to your company and not place holders who are there to get a salary and bring nothing to the company. Hire people who are ambitious and who have the same vision with you, to make your company to be even bigger and better.

  1. Make sure you are in touch with technology

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We live in a world that is constantly changing, make sure that your finger is always on the pulse of technology. This will help you to identify tools that will enhance our business and make it grow

  1. Operations

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Make sure that your operations are sleek. This will make your company credibility and this will enable you to grow your business. Go back to the drawing boards and start using your company systems. It is ideal to have meetings regularly so that you can know what is going on and where you need to improve for your company to grow. Make sure that you check your books often so that you know exactly how much you are making, set goals and meet targets.

  1. Funding and finance

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Every company might need funding from time to time, make sure that your books are up to date so that you can apply for funding which can be a loan if there need be.

  1. Opt for partnerships

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Partnerships will help your organisation grow, this is mainly because you will be able to tap into your partner’s market and you can get new clients for your business and possibly those who will be your clients for decades to come.

  1. Embrace the chance of risk

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All businesses are risky and they are mostly affected by the economy and the political situation of a country. Make sure that you do a thorough. PEST analysis for your business as often as possible.

  1. Make sure that you have correct and up to date financial records

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Having financial records not only makes our company transparent but it will make your company credible as well and it will make you eligible to get a loan. Most importantly you will be able to track the growth of your company.

It is important for all companies to register so that the will be able to pay tax. Also make sure that you have a company account.

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If you are an SME, you can open an SME Account POSB Bank for as little as $10. And if you want a loan, they have affordable interest rates.

For more information visit their website www.posb.co.zw and for updates and affordable financial services follow POSB bank on Facebook @Posb Zimbabwe and on twitter @POSBZimbabwe

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Money Money Money, SMES

6 Financial pitfalls business people should look out for

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We live in an age where financial literacy is very important if you want to start a business or when you are already running a business. Some statistics have shown that start-ups usually collapse in the first two years of business. Though there are many reasons why businesses collapse, this article will look at 6 pitfalls business people should look for

  1. Do not mix your personal and business finances,

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As a business person you should be able to not mix your business and personal finances. If you know the difference and you respect your business’s money, your business will be able to grow

  1. Record all your business transactions

This will help you keep track of the profits that you are making and make plans to improve your business. Make sure you record issue invoices, receipts, orders, goods received, and delivery notes

  1. Do extensive record keeping

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This will make it easy for your auditor to prepare financial statements because all the documents will be there

  1. Owners of the business should pay themselves last

As the owner of a business, it is ideal to pay your employees first, this is because for them, money is the best motivator and if you do not pay they, they may not put in all the effort because of the fact they were not paid.

  1. Make sure that your paper work is in order

Make sure that your paper work is in order, and your filing system is up to standard. It is important to have the paper trail that is in order and make sure everyone who works for you has a contract. Also sign contracts with our clients this will enable you to source other contracts and renew existing ones do that you constantly have income for your business.

  1. Do proper staffing and hire people with the right qualifications

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For your business to grow, hire people who are qualified for the job. Gone are the days where nepotism was used to hire. Hire people who are ambitious and even smarter than you. They will add value to your company and even bring bigger clients and help grow your company. Constantly check, do not trust anyone when it comes to your business, make sure you just randomly check books so that you know exactly how your company is doing. This will help determine where to make changes in your business.

  1. Embrace change and think outside the box

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Have your finger on the pulse of what is happening. Do not let businesses pass you by because you were not willing to embrace change. Have as many payment options as possible so that anyone can pay any how and have payment systems that will give you money. For example if you are running a boutique, you can offer laybys for clients, clothes on credit with interest, flexible payment terms, custom made dresses, offer to alter clothes at a fee. All this is income for your business.

Remember that would rather make a $1 than not to make not even a cent. Go out there and conquer.

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PR and Advertising

The difference between Public Relations and advertising

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Just what is public relations? And how does it differ from advertising? Public relations is the opposite of advertising. In advertising, you pay to have your message placed in a newspaper, TV or radio spot. In public relations, the article that features your company is not paid for. The reporter, whether broadcast or print, writes about or films your company as a result of information he or she received and researched.

Publicity is more effective than advertising, for several reasons. First, publicity is far more cost-effective than advertising. Even if it is not free, your only expenses are generally phone calls and mailings to the media. Second, publicity has greater longevity than advertising. An article about your business will be remembered far longer than an ad.

Publicity also reaches a far wider audience than advertising generally does. Sometimes, your story might even be picked up by the national media, spreading the word about your business all over the country.Finally, and most important, publicity has greater credibility with the public than does advertising. Readers feel that if an objective third party-a magazine, newspaper or radio reporter-is featuring your company, you must be doing something worthwhile.

PR is an excellent tool because it gives you exposure you don’t have to pay for directly. Good PR rarely happens without effort. Getting good publicity usually requires careful planning, persistent effort, and, often, spending money for press release mailings, copywriters and PR consultants.