Economists say that Kenya is because of the SME sector. The sector employs 86 percent of Kenyans and contributes 45 percent of the country’s GDP.
The numerous challenges facing the SME sector have threatened to bring it to its knees. With almost half a million of them dying annually, something needs to be done to reduce the death rate of businesses.
Despite the business environment in Kenya being difficult, business owners are to blame for the woes facing the SME sector.
Stats show that over 60 percent of SMEs that are dying, do so because of poor management through poor decision making by bosses.
2019 is here with us and the business environment just got tougher. The government has started implementing most of the taxes outlined in the new Final Act.
In 2019, if some SME bosses will not be ready to shape it, then they should be ready to shape out. Here are some of the things an SME boss should do to meander through 2019:
Most SME bosses don’t listen. Those who fail to listen, fail to learn. You can never learn if you are always talking. There is power in listening.
A good boss listens more than he talks. Listen to what your juniors have to say. They may have something that might save your business.
2019 will be defined by loyalty. Loyalty is rare. If you find someone who is loyal, do not take it for granted because your competitors will be ready to snatch them from you.
Do not mistake loyalty to desperation and think that you own that “loyal” person. Cultivate loyalty and reward it for the betterment of your business.
Never let talent go. If you have a talented team, do not let it go unless it is to enhance your business. It hurts a business to always lose your best talents to competitors. Nurture talent and keep it.
Make your client a priority
Most clients are impatient. They want results. They don’t entertain excuses. You either deliver or they will look for someone else. Make sure that your clients are happy and your 2019 will be amazing.