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Entrepreneur's Corner

Managing Your Finance As An SME And An Entrepreneur

BY Soko Directory Team · December 5, 2023 09:12 am

During the third Abojani Economic Empowerment Conference held at the Radisson Blu Hotel, Nairobi, Eunice Kinyanjui, Head of Small Business, I&M Bank, shared some great nuggets of wisdom that every entrepreneur and SME within and without Kenya needs to grasp.

Here are 6 Key Takeaways From Her Presentation:

Read Also: Dear Entrepreneur, 10 Tips For Unlocking The Power Of Compounding To Become Rich

ONE

You need funding to ensure the business continues running. Do you prefer selling equity or debt?” Determine what option [equity or debt] your business is ready for. If your business can not grow profits to pay off debt, reconsider organic growth through offloading equity.’

TWO

Are you eating every gain from your business or plowing back the profits? Many businesses do not survive 3 years from inception as entrepreneurs do not separate business finances from personal finances. Sacrifice for the business until it’s able to pay you a salary.’

THREE

As your business continues growing, funding becomes an important aspect. When you acquire equity, you are inviting us to own part of your business. Debt can also be used to finance your business when used intentionally.’

Read Also: Kenyans Gear Up For The Third Abojani Economic Empowerment Conference

FOUR

Make sure you move your business from the startup/rollout stage to the growth stage. It is easier for banks to finance businesses at the growth stage than in the startup stage.

FIVE

A business that is not well planned, regardless of the expertise behind it, is not sustainable, and a business that plows back capital has a more sustainable future

SIX

Understand the stage that your business is at. If a business overstays in the idea generation stage, startup stage, or growth stage for so long, then there is a problem.’

Read Also: 10 Lessons From The Third Abojani Economic Empowerment Conference

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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