Profiting in adversity — Money Matters Weekly #25
Last year was the curtain raiser. Now the whole country is deeper into belt tightening mode. The Finance Bill, 2021 has kicked in. Taxes are levied on everything. As a Small Business Owner (SBO) what does this do to your customer as they pay more for fuel, electricity and food? They are going to be more cautious about how they spend their money. Being responsive to customer needs is a critical business strategy during a forecasted sudden market slump post enactment of the Finance Bill, 2021. It can help to improve retention and sales volume while giving your brand some extra gloss. This involves things like surprising customers with discounts and giveaways, running a loyalty program tied to incentives, listening to and acting on customer feedback and over-delivering on promises. Focusing on your customer is just one strategy for living through these structural adjustment programs. Other strategies include
- New marketing strategies
- Flexible staffing
- Create new revenue streams
- Cost efficiencies
- Partnerships
Small Business Owners are embracing partnerships. I serve at the SME Founders Association which houses the Founders Network which fosters partnerships between SBOs and other ecosystem players. The networkprovides growth opportunities for them by leveraging on numbers. Want to learn more.Call me on 0720297433 for your next steps including free consultation with business experts
Mt Kilimanjaro Photo credit: Lorraine Miranda
Special offers
1 . If you are not on Google Workspace (available on any browser) you don’t know what you are missing. As a small business owner for the sake of your online image and for more details email or Google chat: elsie@businesscom.africa or Tel: +254 101 355 351
2.Readers will get special rates at Ace Dental Care, Westlands Nairobi once they check in with me for a treatment voucher by calling +254720297433. Offer valid till July 31 2021
3.To schedule a free 15 minute videocall to discuss any aspect of your business in full confidence click here. I will be back to you within 24 Hours. Watch what I said at a June 2021 Pitch to investors conference by clicking here1. Get Free Business Advice from SME Experts on Thursdays at the Founders Conversation organized by the SME Founders Association. Sign up here
About Melvin
I am a Coach, Mentor and Trainer — visit my profile. I am passionate about making small businesses thrive in the marketplace by enabling business owners develop a healthier relationship with money.
Wishing you a great week ahead.
I leave you with a quote from Shakespeare’s “As you like It”
“Sweet are the uses of adversity,
Which, like the toad, ugly and venomous,
Wears yet a precious jewel in his head;
And this our life, exempt from public haunt,
Finds tongues in trees, books in the running brooks,
Sermons in stones, and good in every thing.”
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