Strathmore Business School hosted Kenya’s Top 100 Mid-Sized Companies Conference on 6th October 2016. The conference which is a precursor to the gala dinner in which the 2016 Top 100 mid-sized companies will be unveiled, attracted SME’s within the capital and beyond, discussing the thematic topic: Being Relevant in Changing Times.
According to the 2016 Top 100 survey, 76% of Top 100 listed companies registered a revenue growth in 2016 and a 44% increase in marketing and advertising opportunities. Google Kenya’s Country Manager, Charles Murito encouraged business practitioners to design business models with a consumer centric approach, having in mind the information and the technology consumers have at hand. Currently, Kenya has the highest internet penetration in the region with 52% internet penetration and 48% internet access to services through Smart Phone devices. This has increased significantly over the past 2 years where the records were at 27%.
The competition, now in its ninth year in Kenya, has since expanded to Uganda, Tanzania and Rwanda. Up to 604 companies applied to enter this year’s competition.
The survey cited unfair competition and political instability as the leading challenges faced by small and middle sized businesses in Kenya. Sanlam Kenya CEO, Mugo Kibati said companies planning expansion beyond their vision bearers must institutionalize management where all processes are managed via market research and not individual instincts. He further urged SME’s to focus on risk mitigation strategies by adopting risk management solutions in order to combat the tough economic climate and scarce resources. It was observed that many businesses ignored the need for risk management solutions adoption due to poor financial knowledge associated with self-made successful traders who assume they know it all.
The conference demystified the myths and misconceptions associated with income declaration and revenue remittances. James Ojee, Deputy Commissioner- Domestic Revenue, shed light on the best practices and the opportunities presented for business people. “Take advantage of amnesty and bring yourself into compliance. Kenya Revenue Authority has no intention of targeting SME’s but intends on encouraging voluntary compliance.” Concluding his session, he mentioned the viability of changing the institution’s name from an authority of tax regulation, to a service rendering institution. Revenue collection and remittances often sends cold shivers to Business practitioners who often feel targeted by the Kenya Revenue Authority.
About the Kenya Top 100 Survey
The Kenya Top 100 mid-sized Company survey is an annual competition that seeks to identify the best managed SMEs in the region. It is an initiative of Nation Media Group and financial consulting firm KPMG. Strathmore Business School is a knowledge partner of the survey.