Will African Preneurs embrace social media for business enmasse?

Despite the important role social media plays in finding and keeping new customers, the New European survey has revealed that SMEs are more cautious.  However, how is Africa fairing and in which ways are they using social media to reach prospects?

Bearing in mind that it is estimated that more than 12 million Kenyans are now using social media to interact compared to a dismal number just 5 years ago, social media is growing in leaps and bounds and African Preneurs are in with the flow.   A snoop into facebook conversations shows that language has become an excellent barrier to entry for small entrepreneurs who want to reach their target market without worrying about the larger 'global' suppliers taking their business away.  Language on social media can be manipulated to create a sense of belonging and as we all know most customers like to identify with the brands they use.  

It appears that the DIY (do it yourself) approach by African Preneurs is creating a fun but seriously beneficial buzz while saving them a huge amount of money on marketing campaigns that push rather than pull.  Why is this so attractive?  May I say it is because most African Preneurs are interacting with customers using funny joke pages, locally created content and slang (mixture of local dialects and english/french).  I mean, you can spend hours laughing your head off on facebook pages that seem to spring up daily but the more serious thing is that these pages connect with thousands and gather more likes than an expensive advert on tv!  

It is no surprise that African SMEs have decided to define their own space and create their own interpretation of what a real marketing 'touch' is...

7 things that most business owners forget to do!

· back up their computer data on a daily or weekly basis. More than
70% of businesses that lose more than 1 week’s data due to I.T. glitches
and can’t retrieve the data from a backup go out of business within a year

· get employer’s liability insurance as soon as they take on their first
employee. This is a law, not an option. Basic employer’s liability
insurance can cost as little as a few hundred pounds a year

· get signed contracts for the jobs they are to do or to supply. Without
a signed contract for the job, you have little or no chance of recovering
any money from a client or supplier if they change their mind once you’ve
already started on the job, or if they just won’t pay you for it

· chase outstanding invoices in a timely manner. Most small business
failures are due to cash flow crunches. Don’t become a ‘failure’ statistic -
invoice as soon as possible and chase payment as soon as it’s overdue

· ask for better terms with their suppliers. See the point made above
about cash flow. Don’t ask, don’t get!

· get employees to sign contracts. If you don’t set out the rights and
responsibilities from the outset, if any debate arises with an employee
then you will waste time and goodwill resolving it

· file bookkeeping paperwork. From having lower accounting bills to
being able to withstand a tax or VAT inspection with ease, it can take as
little as 20 minutes a month to file your financial paperwork the right way.

For more information on any of these items, and for more details about how to implement any of the suggested actions, please email info@businesslinkkenya.com

Find out if you have got what it takes to START A BUSINESS!

Starting up a business requires a considerable investment of time, funds and energy. Before you begin, you need to honestly assess whether you really have what it takes and how well you think you might handle the risks involved.

You may want to consider the following questions:

• Are you prepared for the personal demands of setting up a new business?
• How well do you handle uncertainty?
• Do you have a positive attitude?
• Are you prepared to take chances and gamble on your ideas?
• Do you have any of the key qualities of a typical entrepreneur?
• Do you have an absolute determination to succeed?
• Can you bounce back from setbacks?
• Are you able to delegate?
• Do you have core business skills?
• Are you prepared to spend time carrying out in-depth market research?
• Do you have sufficient funds to set up a new business?
• Are you willing to draw on expert help when you need it?

Very few entrepreneurs can claim to be strong in all of the areas required. The key is to make the most of your assets and take action to address any gaps. This could include learning new skills yourself or drawing on outside help by delegating, recruiting or outsourcing.

Ultimately, you are the only person who can decide whether you have what it takes to make your dream of starting a business into a reality.

Thinking of writing a Press Release?

You might ask yourself, "Why should the media be interested in my business?" – or you could turn it around and think: "Why should my business be interested in the media?"

The problem is that big events in the life of a company are not necessarily big events to anyone else

You should be interested in the media because they will offer you a low-cost way of raising your profile, gaining credibility and, of course, more business – which is what we are all interested in.

The problem is that many business owners have no idea how to talk to the media, or what might catch the interest of a reporter. Alas, when a company takes its first faltering steps into the world of public relations (PR), it often ends up disappointed.

In a great press release, the first line provides almost everything you need to know

Here's a typical scenario. The managing director of a small web design company decides that the team needs more publicity. A local PR company is hired, and a decision is taken to create a series of press releases about the business. A junior member of the PR team is assigned to the task, and comes up with a press release that begins "XYZ Web Design is proud to announce the opening of a new office in Newtown..." The managing director reviews the release, makes a few changes, adds a prominent quote with his name on it and approves it for release. Around 500 journalists receive the release, including national newspapers, since the MD is keen to be quoted in them. The result? No mentions at all, not even in the local paper. The MD cancels the contract with the PR company and vows never to talk to the media.

What went wrong? Was it the wrong audience, the wrong time or the wrong approach? Probably all three, but particularly the latter.

However, if you persist, and you deliver what people want to read, you will receive plenty of press coverage and generate more interest in your business. And that’s what we all want, isn’t it?

Businesses can never afford to waste money, particularly now, but the scattergun delivery of dull press releases is almost guaranteed to produce a nil return. National newspapers receive releases by the thousand every week, the vast majority of which go into the paper shredder unread. Not only that, but the topics that many companies regard as of vital importance – such as a new branch office, winning a new contract or launching a new service – are often not newsworthy.

Clearly, a different approach is needed, so let's take things one step at a time.

1. Firstly, are press releases always a waste of time? Absolutely not. A well-crafted release, delivered at the right time to a reporter with space to fill, is a godsend. Unfortunately, even some PR companies don't know how to craft a good press release. A good release is almost the direct opposite of a good novel. In a novel, the scene is slowly set, the characters are gradually introduced, and the ending only hinted at before being revealed in the final few paragraphs. In a great press release, the first line provides almost everything you need to know, and the detail is filled in only towards the end. That's important, because few reporters will ever read past the first paragraph. Newspapers provide the clue. When we read a paper, we scan through the headlines until something catches our interest. We then read the first few lines and decide whether to read the whole article. Press releases need to have exactly that structure, so that the reporter can spot the story straightaway, and decide whether it is right for their readers.

2. That brings me on to the second point. Obviously, a press release has to catch the attention of a reporter in the first instance. However, the real audience is the readership of the paper or magazine that the reporter works for. You need to consider exactly what will interest the readers, and why they would bother to read a story about your company. Obvious 'hooks' include local interest, something innovative or even a celebrity connection (though these can have downsides as well as upsides). Once you have decided what is the best 'hook', make sure that it appears in the first line of the release. Immediately after that, include a quote (which does not have to be from your MD), reinforcing the point and ideally mentioning the company name. You can then go into a bit more detail about why the story is relevant and, importantly, finish off with some details about the company.

3. Thirdly, consider the timing of your press release. If you are aiming to catch the attention of a weekly paper, you need to make sure that they receive it three or four days before publication, since that is when most of the stories are decided on and written. Only the front and back pages will be left until the last moment, and these stories are unlikely to be driven by press releases. If you are pitching to a monthly magazine, the lead times will be much longer, and may run into months. For example, most Christmas issues of monthly magazines will be completed in September, so there's no point sending them a story about your great tree decorations in October. For daily papers and broadcast news, late morning is a good time, since the early rush is over, and you can grab their attention in time for a mention in the early evening.

4. Lastly, consider tailoring each release (yes, I mean every single email or paper release that you send). Ensure that it fits the interest of the specific reporter that you are sending it to and, of course, their readers. Ideally, contact them in advance and ask them to look out for it when it arrives. It will give you the opportunity to find out a little more about their interests, and maybe tweak the release a little before sending it. However, never call them later on to ask if they will be using it. You should never become a pest. And never, ever call to ask why they didn't use a release, since that may be the last conversation you ever have with them.

So there you are. A four-point plan to delivering the perfect press release.

You should still consider getting professional help, since PR companies will know the best places to send releases, and many of them are genuinely good at writing them. Don't expect every release to end up in print. Sometimes the news is so full of other exciting stuff that your new widget falls by the wayside.

Nice day!

What makes a successful Entrepreneur?

I have always been asked the question... what makes an Entrepreneur? I believe different things make different types of entrepreneurs but the following is a useful list of all time essentials drawn from my personal experience and extensive research into famous entrepreneurs.

Innovation

In many instances I believe that ‘imagination is more valuable than knowledge’

Passion

Considering how tough the rat race can become in today’s economy and globalization bringing forth aggressive competition, one has to have passion to keep up and not loose focus.

Resilience

The ability to regroup and self-analyse when faced with challenges or threats is a KFS (Key Factor of Success) for entrepreneurs today.

Selling the concept

Kerching! You can employ the best marketing and sales team but if you can’t sell the idea to yourself or to your staff, then my advice is you better pack your bags and leave sweetheart!

Working Smart

This is not about time management but about ‘life management’. How does one manage to run 2 or 3 businesses at the same time? It is by being smart and getting Expert advice on how to minimise risk and maximise success! This is where I insist that seeking a Business Coach or Mentor has great advantage and it is where the Western world has made huge leaps ahead of counterparts from the developing world who underrate its importance. A business coach is highly qualified and experienced and is a great source of sound advice and support because of his/her ability to spot ‘danger signs’ and opportunities from a different angle.

Being agile

We can never be certain about the future and therefore entrepreneurs must continue to be flexible and adaptable so that they can react quickly to the needs of their clients and the ever changing market place, to take advantage of new opportunities.

Remember that while large organisations have a lengthy process when implementing change or agreeing to new product releases, a smaller business has a competitive edge because those top-level decisions can be made NOW!

Be a Warrior not a Worrier!

A big part of being a successful entrepreneur is having your heart and mind free from worry about the what-ifs of life.

Customer is King!

This should be your mantra... Treat your customers like royalty! this can be done through word of mouth, social networks, remember clients' birthdays, invite clients to corporate christmas parties, regularly offer them freebies, etc.

Be a Great networker

Love people, attend meetings, connect with people or get someone around you who can. Watch out for the ‘Queen Bee’ in every situation and make sure your address book is full of these types of contacts. The 6 degree principle really works. If your competition is too much of a threat find a way to collaborate... another key tactic in the western world ‘CO-OPETITION!’

Where can the African Preneur get business advice and support in the UK?

I usually get asked to help African entrepreneurs access the best possible information and services to help them on their business path in London. I know that if you are based in UK you can get great advice and support from the following organisations:

• ACCA Global is the global body for professional accountants that offers business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. ACCA has the highest proportion of female members and students of any UK-based professional accountancy body. ACCA business advisers can provide the full range of accounting services and in many cases they are also available to act as non-executive directors or business mentors.

• British Chambers of Commerce is the national body for a powerful and influential Network of Accredited Chambers of Commerce across the UK.

• British Library Business & IP Centre supports entrepreneurs and inventors from that first spark of inspiration to successfully launching and developing a business. It offers free access to the UK's most comprehensive collection of business and intellectual property information, one-to-one advice sessions, and workshops and events. To find out more visit www.bl.uk/bipc or call 020 7412 7454.
  

• Business Link helps business save time and money by giving instant access to clear, simple, and trustworthy information.

• CBI's mission is to help create and sustain the conditions in which businesses in the United Kingdom can compete and prosper for the benefit of all.
  

• Compete For is a website that allows businesses to compete for contract opportunities generated by London 2012 and other central and local government organisations.

• Design Council is funded by the UK government to promote the use of design throughout the UK’s businesses and public services. Their Designing Demand programme is a design support programme for UK businesses. It helps them become more competitive, increase their profits and boost their performance through strategic, effective use of design.

• Englands RDAs are helping to create prosperity across England. They are strategic leaders, bringing together views of the people who live and work in each region, and combining these with a unique set of business and economic insights to make the most of the opportunities globalisation brings.

• The Federation of Small Businesses is the UK's largest campaigning pressure group promoting and protecting the interests of the self-employed and owners of small firms.

• Home Business Network helps you start a business, work from home part-time or full-time and make money. Forum, competitions, offers and advice on home business opportunities.

• Horsesmouth an online mentoring service that brings together a range of mentors of every age, race and background. Many highly successful entrepreneurs are mentoring anonymously on horsesmouth.

• IoD (The Institute of Directors) is Europe's largest membership organisation for business leaders, providing professional development programmes and flexible training opportunities.
  

• NFEA is a network of independent, not for profit, Local Enterprise Agencies and similar organisations committed to responding to the needs of small and growing businesses by providing a range of appropriate quality services.

• NCGE - By understanding the circumstances in which graduate entrepreneurship can flourish, NCGE's goal is to influence, and inspire, an increase in the number of students and graduates who give serious thought to self-employment or business start-up.

• PRIME (The Prince's Initiative for Mature Enterprise) helps people over the age of fifty set up in business for themselves.

• Princes Trust help develop key skills, confidence and motivation, enabling young people to move into work, education or training.

• WEConnect is the leading UK supplier diversity initiative spearheading the connection of women-owned business and multinational corporations. It is the UK's leading advocate of women-owned businesses as suppliers to global and national corporations and government bodies.

I'd love to hear from you if there's more agencies out there that could be of help to other African Preneurs! Enjoy the worldcup and have a lovely Saturday!