By Irene Kinuthia
In todays global and dynamic marketplace, consumers exert significantly greater control over entrepreneurs decision than ever before.
Shifts in consumer behaviour, including unprecedented access to information, a greater choice of goods and services, and refined expression of individual preferences have diminished the efficiency of traditional research and development.
In response, companies now need to drive growth based on research. This approach balances operational efficiency, service excellence, and bottom-line management for top-line growth.
Moreover, for the business to grow, it needs to access various professional services and advice. Medium sized companies need an ecosystem in which they can grow with the support of research, appropriate training, and relevant professional services.
Looking at recent studies in the international arena as well as listening to Kenyan businessmen indicates that a medium sized company is at a point where it needs to look at the following critical differentiators.
Know your customer
First is to know your customer. An entrepreneur seeking a competitive edge needs to know the target client well. This means going out to study their behaviour, psychology, social and financial patterns. It becomes easy to refine your product or service to the clients needs.
Another key differentiator is human resource management. The entrepreneur needs to move away from running operations and focus more on infusing his or her vision into employees. Employing the cheapest labour may turn out expensive for your business. The entrepreneur may want to look at various ways of attracting top talent.
Some owners of business opt to offer them shares. Further to this, the middle level management becomes critical since these are the link between the owner and employees. One should put in place a suitable incentive plan for middle level managers to attract and retain the best. As the leader in the organisation, spend a fair amount of your time with this section of your staff so you can transfer your energy and enthusiasm for the business to them.
Capital and how to raise it cannot be overlooked at this point in your business. Our continent is rich in natural resources and human potential. All we need are visionary business leaders who can maximise on these resources for the good of its inhabitants and future generations.
Source: Business Daily