We are at the beginning of a new year, and as an entrepreneur in Kenya you may be yearning for a fresh start following a tough 2023. And as you set your New Year resolutions, we have prepared the following pointers to help you in deriving a holistic approach that will position you for entrepreneurial success in 2024.
First, know your business. Begin by gaining a comprehensive understanding of your business. Without knowledge of your own enterprise, effective planning becomes elusive. Identify the nature of your business and its intricacies as a crucial starting point.
Second, know your target market. Recognize the problems your business addresses and strategize on retaining existing clients while attracting new ones. You should thoroughly study your clientele, discerning their unique needs to tailor your offerings accordingly.
Third, know how to reach your clients. In the digital age, a well-thought-out plan for reaching your clients is indispensable. Develop a strategy, allocate a budget, or assemble a team dedicated to amplifying your products and services across various social media platforms. Embrace technology to connect with both existing and potential clients.
Fourth, if introducing new products is on the agenda, outline the specifics of what you plan to launch. Formulate strategies, with a strong emphasis on leveraging social media to enhance product visibility and awareness.
Lastly, have a reputable and reliable financial institution. Selecting a trustworthy financial institution is often overlooked despite it being paramount for an entrepreneur’s success. You should deliberately align yourself with an institution that understands your financial needs and is committed to supporting your journey right from inception. Consider institutions like Faulu Microfinance Bank, which empowers Kenyan entrepreneurs through a vision focused on community upliftment.
The bank offers a range of financial services tailored to various segments, including investment, savings, and insurance, with special reference to community, retail, MSME, and institutional banking segments, and bancassurance.