The kadogo economy refers to Kenyan informal markets of fast-moving consumer goods serving low-income populations. These typically involve kiosks/stands that sell commodities at their lowest divisible level and at affordable prices.
Though commonly neglected in corporate networks, they remain robust and post the highest growth rates in the retail sector. All the same, their efficiency can greatly be improved through automation.
Previously, we mentioned how businesses face the threat of various penalties from the Kenya Revenue Authority (KRA). These mostly arise from disorganized information leading to incorrect calculations and late filings. Furthermore, many businesses lack accurate knowledge of their full tax obligations.
This article will therefore overview common tax categories, then recommend a more efficient tax accounting method.
In our previous article, we discussed strategy as one of the foundations of a successful business. We explained that it is what gives expression to the vision, through a plan of execution that aims to take the business to the desired destination.
But what goes into developing a good strategy?
For your enterprise to grow and advance successfully, it must be rooted in solid principles and practices. Like the foundations of a building, the 5 items discussed below may be unseen to outsiders, but they can make you not only stand out from competitors, but also stand the test of time.
You have probably heard it said that Customer is King. American businessman, Michael LeBoeuf adds that a satisfied customer is the best business strategy of all.
This article helps small businesses in Kenya better understand the benefits of engaging customers, and how best to do so.
Effective management of employees involves a delicate balance between enhancing labor productivity and maintaining staff well-being.
This is even more important for a small business where proverbial cogs in the wheel are few and therefore malfunction in one is felt relatively intensely by the entire system. Below is a list of strategies that entrepreneurs in Kenya can use to improve their human resource operations so that their small business runs like a well-oiled machine.
One of the best learning and preparation tools for small businesses are reports. Not only do they present outcomes from past actions for evaluation, but they also enlighten users (e.g. owners and investors), for proper decision-making.
This article focuses on four major financial reports needed in small businesses in Kenya. These are: sales report, income statement, balance sheet and cash flows statement.
