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;
- Know your customer
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.
- 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.
- Make sure you are in touch with technology
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
- Operations
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.
- Funding and finance
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.
- Opt for partnerships
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.
- Embrace the chance of risk
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.
- Make sure that you have correct and up to date financial records
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.
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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