Over the weekend, we held the first of our webinar series providing practical business tips for SMEs and fledgling businesses. The session was moderated by Mariam Adeyeye and Ifeanyi Ndiomewese was our guest speaker on the day.
In the wake of the recent global epidemic, Businesses in recent times have had to sit back and take into account novel ways to survive these difficult times. This is why our team at Vesicash had a conversation with Ifeanyi Ndiomewese, a Lead Venture Analyst and Start-Up editor at Techpoint.Africa on styles to adopt by businesses to be able to thrive in the ‘new normal’. Here are the insights we got and hope that would come in handy:
Leverage on relationships
There is no doubt that entrepreneurship is a tough game and it could be even tougher in the emerging landscape- this is where the power of relationships comes in.
Business owners should create an affinity with their users such that they trust their brand and even become an advocate of what they do when the ride gets tough.
However, these relationships shouldn’t be limited to those patronizing the brand only. Rather, other stakeholders within the chosen niche should be considered- either by fostering existing ones or carving out new relationships, it helps businesses to know what they are doing wrong or right and how to stay above the waters.
Entrepreneurs should ensure that they have the right team.
To be able to thrive in any situation, whether good or bad, it is important to have a solid structure in place- it isn’t the number of team members that matter but the assurance that this team is the right one.
Starting with a small but dynamic team helps businesses actualize the set dreams and scale through any hurdle that might arise in their entrepreneurial journey.
Businesses should build for sustainability.
Another important tip for businesses is for them to build products that a lot of people would benefit from thereby increasing the potential value that can be derived from the market. After all, the essence of business is to be able to create solutions for their users.
Due to the COVID 19 pandemic, individuals and businesses alike have had to look for new ways of surviving and navigating the new terrain and ensuring that their respective needs are met- this creates a situation rife with opportunities for businesses to come in by making provisions for the emerging problems and deriving value for their businesses from the solutions they have provided.
For instance, the pandemic should have taught owners of physical stores that there is a need to run an e-commerce store and liaise with a notable logistics company for home delivery purposes.
Another example of sustainability is the clamor for payment security since the exchange of physical cash should be limited- this is an opportunity for an escrow provider to turn out different products that can serve this need.
Businesses should create market segments for their products.
Ifeanyi also suggested that another tip to thriving in the ‘new normal’ is by creating fragmented markets for products. The key to this is by ensuring that there is a core value that these different products would center around.
Those running an agribusiness could consider delivery of poultry products to a particular area while processed items are sent to another- either way, money is being made and people are getting fed.
He advised all business owners to find a unique factor that brings the different users together and then ensure that each of these market segments works towards actualizing the set goals.
The key to thriving above all situations is to have a small but dynamic structure, build products with the future in mind, and also create market segments that would serve the core values of a business entity.