Supporting small-scale entrepreneurs to expand their businesses in Sub-Saharan Africa - The New Times

Supporting small-scale entrepreneurs to expand their businesses in Sub-Saharan Africa - The New Times

Supporting small-scale entrepreneurs to expand their businesses in Sub-Saharan Africa - The New Times

Posted: 31 May 2021 12:25 PM PDT

AFRICA today is at the highest statistical peak of its youth populace that history has ever recorded. The continent is into a crisis of figures, and the facts are sounding wild alerts. Our population is in a turmoil of hordes of job seekers trying to find themselves a place on this congested grid. Our media is restless at throwing the facts in our face, and our people are hopeless. They are tired of running within an endless maze of lower-middle management survival and seek social redemption. 

Africa has also been dealt with the greatest opportunities for this century. With a large young population and a rapid growth rate, Africa stands to become the world's biggest human resource hub. Many of these youths contribute to more than two-thirds of the sole breadwinners for their households. They make the majority of people investing in locally-oriented small scale business units. Most importantly, they are running a monopoly of innovation and invention in initiatives in the business sector.

The narrative in Africa has continuously placed them on the periphery of the informal sector; taking the description of the Rwandan 20-year-olds persuading passersby to purchase their clothes in malls or 22-year-old Ghanaians clad in blue and shoving their food baskets between taxi windows along or the dust raising force and fuss of youths in Nairobi-Kibera streets. They have taken on jobs this era has chosen to call hand-to-mouth. Their motivation has persistently been said to be survival and not more.

The kind of perspective that the development experts and demographic analysts have cultivated undermines the considerable potential of youths engaged in small scale businesses. Many of these are running self-initiated start-up projects capable of bringing forth the greatest employment blueprint for the next century of Africa's economy.

To revamp the narrative and trigger policy reforms, the MasterCard Foundation and Restless Development's Youth Think Tank researchers just launched a scintillating report on 'how to Support SMEs to create employment in Sub-Saharan Africa.' The young people's accounts in this report are indicators of a collective effort to overturn things and deliver us socioeconomic salvation. This is a collage of aspirations, dreams and objectives of a young tribe of risk-takers who set out to challenge the norms and alter the trajectory. They have remained firm, stood strong amidst a major global crisis, and are ready to take on even bigger challenges.

Young entrepreneurs in Africa are more willing than ever to enlarge their units of operation and foot the cost for it. All they need is a structural set-up to enable the productivity of their processes and unlock possibilities for the success of their plans. Over time, the youths' prowess to determine current market demands, consumer tastes, and trends has stood out despite the deficient organization skills. They hold a great individual effect and are constantly looking forward to new avenues of expanding their consumer circles. 

The different development partners ought to reconsider the kind of support offered to the young business proprietors regarding whether it fits within the business' vision and acknowledge the contextual variety of these enterprises. The policymakers may as well consider creating a competitive environment to spur creativity and innovation. This will then birth a generation of a hybrid entrepreneurial resource.

We are optimistic that if the youths are exposed to a more friendly local context, the large pool of hand-to-mouth labour could transform into a mass corporate entity. The youths are willing to increase their leverage and enable the growth of their peers to achieve a universally coveted dream. If these findings inform the resolutions of the top decision-making organs in Sub-Saharan Africa, we stand to become a global economic cradle.

Patrick Karekezi is a Global Youth Researcher with the Youth Think Tank under MasterCard Foundation and Restless Development .

The views expressed in this article are of the author.

7 Time-Saving Tips for Small Businesses - Business 2 Community

Posted: 31 May 2021 08:04 AM PDT

As a small entrepreneur, you must have the idea of saving time and letting your business grow. For that, it is worth considering specific practical tips that can help in fuelling the growth of your business.

time saving

Today around 30.7 million small businesses in the USA already account for 99.9 percent of the US market capacity. So if they can prove themselves as one of the best businesses, why can't you?

However, prior to everything else, let's explore this blog with the tips and recommendations that will be highly advantageous for your small business in the long run.

1. Set Clear Goals and Expectations

Setting clear goals and expectations is the very first step that you shouldn't forget. As a small business owner, you must clearly understand what you want to achieve when you are thinking about saving time. This practice will help in boosting work productivity quickly.

When you consider this time-saving tip and follow it, you can get the right direction to achieve your business targets. Again when you're an entrepreneur, you will have to consider many things on your desk. And you also have to stay inspired to keep working.

It is worth noting that precise business planning offers you growth 30 percent faster compared to the scenario when you don't consider planning it out in time.

2. Prioritize Tasks

According to the Pareto principle, around 20 percent of the things we are doing are responsible for approximately 80 percent of the results. So it's worth noting that you must always pay attention to setting the proper priority to your task beforehand. When you prioritize the activities and allocate proper time for doing them, you can get better outcomes.

Daily activities with priority can not only help you save time but also help your small business achieve success swiftly. However, you have to segregate the more critical tasks and the lesser important tasks.

As when you own a small business, you will have specific questions like which are the essential stuff that can help me attain the set goals in a shorter time?

As soon as you understand the same, it will become easier for you to allocate adequate hours to the handpicked important task. Also, make sure to assign the productive hours to the jobs that will give you the best shot before attending to the other tasks.

Reaching business milestones will also be more manageable with these time-saving and prioritizing approaches.

3. Printing Own Business Materials

The emergence of 4D printing is impressive, and it has refined itself from 3D printing. When you involve this technique in your small business, you can rest assured about reducing the chances of undergoing procedures to create the materials for your business.

When you have self-printed materials, you can easily manage your company work at any time with minimal effort. Besides, you can get a high-resolution copy of the logo and all the business entities printed in your own office space. Self-printed materials can also help you trim down the costs associated with branding and reaching out to the customers.

The assistance doesn't end here. Why not consider printing your checks on your own? The FBI estimates more than 500 million checks are forged annually in the US. Losses from check fraud total $18.7 billion and affect over 70% of organizations each year. So, it is highly beneficial in printing your own business documents that are accurate and refined. It can keep away the chances of the loss of financial data or data breach.

Printing business materials on your own can financially enable your small business, and it will offer you the availability of your financial records at your fingertips.

4. Automation of Business Operations

Automation of operations is one of the significant steps to consider for saving time in small businesses. You mustn't be afraid of automating tasks as it can help you manage stuff like accounting, payroll, marketing, and everything else to save time.

You can also customize automation tools to enable tasks more precisely while also giving you the space to focus on the more important projects.

The automated processes also make it easier for you to run the business without flaws. You can consider utilizing the high-end automated marketing tools that will be helping in sending the mails to the customer or the vendors without wasting your time at all. Sending emails to every individual is problematic. To escape it, you can consider automation.

The McKinsey reports suggest that around 45 percent of the current activities can be automated by enabling technology. This strategy is something that will be very helpful for you in the long run.

Millions of small businesses around the globe are saving funds by automation. So, you've got the idea about how automation can be quite helpful for you in the coming time.

5. Processing Daily Activities Swiftly

Everyday troubles due to the daily activities are numerous. You never know how mishandling these activities can create a mess in the longer run.

So you must follow the process to do it in lesser than two minutes. You shouldn't put it off. In case you just wait more than two minutes then you will have to do three other things. They are "delay it," "delegate it," and "delete it."

"Delay it" will be putting it on the calendar for the to-do list regarding when you can pick up a later date and postpone working on it.

Delegate is the step where you can get the opportunity of deciding whether someone else can do the work for you or not.

Delete it isn't a bad move. You may feel like this decision can be one of the worst ones to allow problems to rise. But it's just the opposite. Sometimes, something you are considering that will benefit the growth may not be that important. At such a point, it's worth deleting it.

6. Avoidance of Multitasking

According to different sources, around 2 percent of people consider multitasking to be effective and perfect for them. But remember doing multiple projects all at the same time can lead to a significant increase in errors, and these errors can go to a situation that you will not be able to come back to the right point ever.

It will be wholly time-consuming and detrimental to the growth of your company. Consider breaking the larger task into milestones and setting them into the stages that can increase the chances of completing the task quickly. This approach will even help in reducing the chances of mistakes and errors.

7. Enable Collaboration

Similar to outsourcing, collaboration with other businesses proves to be the best part of saving time. It will increase work productivity while opening room for expansion of the business possibilities.

You don't have to completely keep working on a single project for more time while ignoring the important part of that project. With collaboration, you can complete tasks in a shorter time. Such a strategy can ensure saving more time to concentrate on other parts of your small business.

Key Takeaways

Setting the specific goals for the business and implementing the significant tips as mentioned within the specific period will help saving time and applied efforts.

All these strategies and tactics work for the growth of a small-scale business while even boost the set targets for success.


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