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‘ABC’ Strategies to Sustain Growth of Small Businesses in The Least Developing Countries (LDC)
As the World Economic Forum kicks off in Cape Town, South Africa, this article suggests simple ways that small businesses in the world’s poor countries can keep their businesses afloat.
I. Keep proper financial records.
The figures generated by a company are an index of its health and growth. However, many small business managers tend to be positively afraid of them and therefore do not keep track or update them on a regular basis.
It is not good enough to monitor the health of the company through annual accounts. This is usually not available until the following year, which in terms of knowing a company’s financial position is quite a long way off.
There are good reasons why the landlord should ensure that good business records are kept, providing information to, for example, the Revenue, Customs and Excise (for VAT) and the bank manager. However, the most important reason above all is that properly kept accounts, summarized at the end of each month and combined with an inventory or estimate of stock value, will provide the owner-manager with up-to-date information. information about the business. By doing so, it would allow the owner-manager to spot danger signs and react while there is still enough time to take corrective action and plan for the future.
II. The development of modern financial management practices.
This is necessary to assess the working capital requirements of the company. Discounted cash flow analysis could be used to support investment decisions (ie import and export of goods). Financial management practices such as cash flow analysis discounting could be added to the primary school curriculum in Ghana in the early school years as most small businesses or small medium enterprises (SMEs) employ many school dropouts. In case most of the products are imported from overseas suppliers, managing the currency properly is very vital. As mentioned above, foreign currency hedging could be used to reduce or reduce the cost of purchasing imported products. This is not to say that the small business should grow overnight, but it is to allow small businesses to identify with modern financial management practices in their early stages of development if the growth earned is sustained.
III. Adequate financial management strategy
This is how to use the available funds to achieve the desired goals. In other words, the setting of objectives so that the various financial obligations are fulfilled with the best financial practices available, involving working capital and current asset management. This would involve keeping good records of assets owned by people that are used by the company. Periodic estimates of the market value of these assets would be more appropriate. It’s about knowing the real value of the business at any time.
Introducing a proper financial and investment strategy would provide steady and sustainable growth for the company in the future. Reliance on overdrafts as a form of working capital could be alleviated by the owner-manager agreeing with his bankers to have a fixed-term loan agreement. Other sources of financing should be explored, such as having commercial relationships with more than one bank and involving business angels. You should have a strategy.
The company should look to take advantage of some of the existing government schemes such as the Business Assistance Fund (BAF) and seek a financial management consultant to assist in the formulation and implementation of the strategic financial management plan. Following the above, it is essential that professional managers get involved in the management of the organization. This provides the company with the opportunity to achieve its goal of entering the wider economy and the ability to maintain its earnings.
IV. Negotiations and deals with bankers
There must be negotiations with bankers, not only to discuss loan rates and maturities, but also to protect the owner-manager’s personal wealth. – that is, convincing the bank to accept new conditions so that it no longer acts personally as a guarantor of the business. Likewise, the Owner may agree to pay a percentage point or more of interest to enable the separation of the assets belonging to him and the business. V. Establish an adequate management information system (MIS).
The use and introduction of information technology within the company to facilitate the collection of accurate information or data, and the maintenance of commercial records, could act as a powerful competitive weapon. i.e. the introduction of relevant financial management computer hardware and software, EPOS (Electronic Point of Sale) machines, accounting software, etc. This should be based on financial planning and forecasting.
VI. Develop a financial management reference point for SMEs
The company’s growth, however, is to some extent hampered by the structural weaknesses inherent in the particular industry. These include, for example, fragmentation, limited distribution channels, lack of a concerted and coordinated effort, and most importantly, a standard financial policy. By standard financial policy is meant a reference point for a financial management discipline to be integrated in some way into small business owner-managers. For example, a strict code of avoiding over-trading, over-stocking and shortages must be outlined and enforced.
VII. Introduce more differentiated products and be profitable
Since the market is young and still growing, a policy of increasing market share should be continuously pursued to increase stock turnover and reduce slower moving items. Market share in export markets could be gained through a more proactive and targeted marketing orientation. This system would be much more efficient than the current approach of randomly selecting customers.
Being a small business, you have an advantage as you can become more flexible to meet the demand of your customers. Areas that could be exploited include, for example, delivery times, quality, order processing and new product launches, and customer service. You can also sustain the business by strengthening the quality and keeping it at a high level. If people discover the quality of the product, the company will be able to generate more sales through awareness, training and product development programs.
A very rare tactic in Ghanaian business circles, the company could maintain market share and increase it by providing its distribution channels with efficient after sales service. This can be done by improving customer service to differentiate products through fast delivery, order taking and processing, quick response to questions and product availability.
VIII. The creation of a new organizational structure.
Some financial institutions consider the caliber of staff they are dealing with in order to negotiate an agreement in a transaction. The employment of qualified workers outside the family, or a motivated workforce. For example, a finance manager, an accounts officer, a financial administrator who could double as a secretary. The limited financial resources of small businesses often make it difficult for them to attract high-quality people in the early years. However, as the company grows, its management requirements often increase beyond the capabilities of the original staff. The added workload is usually transferred to the owner, who simply cannot handle all the tasks by hand. If the survival and growth of a company depends on mature judgment, then it is vital to have the best possible decision makers with adequate financial background.
IX. Development of a new management style to adapt to the company’s vision.
In small businesses, it’s often the owner who has a vision for the business and takes care of every detail. Unfortunately, this 100% hands-on style of management does not often allow staff to develop their talents and skills. Staff are not encouraged to think that the boss does not have all the answers. An owner inadvertently usurps the employee’s responsibilities. There is a danger that staff cannot use their initiative when the owner is away. For this, it is proposed that the Owner develops an organizational style of leadership. This would enable employees to fulfill their potential and their expectations of them. This can be achieved through training so that they can perform their duties and responsibilities effectively.
X. Development of a financial plan to address the following:
Sales and distribution This mechanism is used to get products and services to customers, that is, the company’s own sales force should be used for direct marketing. Alternatively, other distributors and retailers can be used or own retail outlets can be established. This is expected to boost distribution, which has been found to be a problem for most SMEs.
Pricing and Discount Strategy: Current practice within the company is for the owner and staff to charge different prices to different customers based on their judgment of the customer’s ability to pay. This creates some confusion among some customers. Although an actual price list is not critical, the general price structure and rationale for this structure should be provided. The policy of discounts and price changes should be addressed, as well as the impact of a pricing strategy as a whole on gross profit (revenues minus cost of goods sold). Homestretch Venture, for example, proposed to indirectly recover the charge for hairdressing services by providing free drinks to customers on busy days, including Sundays, when competition is interested in the hairdressing business.
Future marketing activities and related budget. It is intended to show how the overall marketing effort will be organized and how resources within the company will be allocated between the various marketing tools. Sales strategies must be formulated in each market to perpetuate future growth. Ex. the creation of agencies in other parts of the country and the expansion of links with suppliers, etc. This strategy would be an imitation of the large retail and manufacturing companies in Ghana that have been successful using such a strategy. Advertising, public relations and promotions – this will play an important role in the company’s attempts to generate sales. The company’s intentions in this regard should be conveyed in basic concise terms. One way to achieve this is to focus on the concept and creative content of the communication campaign. For example, the equipment to be used and the vehicles to be used, such as electronic media, print media or direct mail.
The services of an outside agency should be explored to assist in promotion and advertising. Although FM stations are popular, other means must be sought to build the SME’s corporate image. Contacts should also be established with local media that write or broadcast information about businesses within the Community, i.e. newspapers, radio and television. This is believed to reduce costs, but generate necessary sales and returns, thus providing the necessary cash flow.
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