For their growth and sustainability, small businesses are key hubs in bringing innovations, new ideas, products, and services to the market. The success of small businesses signals a competitive and dynamic business environment that attracts investment and fosters economic growth. But, 46.3% of small businesses close down within their first year of operation.
Category: Small Business
Retail Inventory Management? Tips to Improve Small Business Inventory Management
Inventory management goes to the heart of retail, which depends on making the right goods available to customers at the right time and price. Efficient inventory management also helps retailers reduce excessive transportation and carrying costs.
How to Handle Refunds: 3 Tips for Retail Business Owners
Refunds are inevitable in any business. In this article, we share three simple tips for retail business owners to handle refunds.
Why kadogo economy also needs automation
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.
How small businesses in Kenya can ensure they are tax compliant
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.
From an idea to a business. (the in between)
You are probably not familiar with Punch list. Punch list is a project management app that helps contractors and homeowners […]
How to develop a good business strategy
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?
5 Foundations of a successful business
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.
Pricing strategies for your small business.
Inexact pricing strategies for your small business are like fish in the water without gills. Your business may be a […]
4 simple ways to make your business unique
No single business is truly unique. Inevitably, someone is bound to copy an idea and present it differently. In order […]