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It's time to fire your clients!!!!

Posted in Entrepreneurship

Merry Christmas; It's time to fire your clients!!!!
 
Every end of year you must fire your worst performing clients and on board new ones. Before I give you my rationale let me share with you an analogy.
I was watching a premier league match the other day and the presenters were talking animatadely about which teams were relegated in the just concluded season (Nairobi City Stars and Ushuru just in case you were wondering). While they were being relegated new teams were being promoted; Kariobangi stars, Nakumatt, Nzoia Sugar and Zoo Kericho. (I know you thought I was going to talk about the English Premier League, umesahau at Wylde we belive in Africa.) Anyway, it occured to me that  the premier league has a self renewing mechanism. Every year stronger teams are added as weaker teams are made to give way for them. The league only gets stronger with time. New teams compete to stay on the league and staying on the league earns them more money. To stay on the league teams must work hard, work smart, develop new strategies, put in place better systems, develop better team work, get better players, get better coaches, learn new skills, do more drills etc.
 
Now back to my story on firing clients. As a consultant, a service provider you are the league and clients are the teams. Clients need to be working hard at getting better and clients who you serve should be implementing the changes you are recommending to them and should therefore be getting better and eventually win in the market. If they dont then they should be dropped from the league and allowed to play in the junior league for a season so that they can be promoted when they become better. As you drop them you create space for new clients who will perform better who will grow. As you drop the non performing clients you also create space for yourself to focus on performing clients who can then get better service and pay you more. Every year as the league becomes better and better it is able to pay players more and more and the league itself becomes more profitable and can support the teams in the league better.
 
 
You have heard of the Pareto principle; 20% of your clients make 80% of the revenue. You need to consistently fire the bottom 20% of your clients who are not performing as you move increase attention and value to the top 20% of customers who are performing.
 
If you agree with me then inbox me the names of the clients you are firing this Christmas. If you disagree with me then  tell me why on the comments section and let's have a healthy debate. 
 
 
Christopher Odongo
Entrepreneurship Ecosystem Builder
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
 

The benefits of being in a Business Club

Posted in Entrepreneurship

I joined the Greatness Business Club at Wylde International when my business was at it's knees. I say this because the numbers were not making business sense at all and option of closing was the easier.

The journey at Wylde despite the financial challenges has been a new beginning for my business. The key areas in any business I believe is people, processes and product. These are the three areas I have given priority in turning around the company to profitability.

 

People
The recruitment process is handled professionally whereby the full process of advertising to on boarding is done. No more adhoc employment. this has meant introducing JD's, Role profiles, targets and performance,measurement clearly defined and communicated for each role.

 

Process
Finance being my biggest challenge I'm now working with a Finance Consultant on a retainer fee where we have initiated and implemented
Budget 2018
Finance strategy for 2018 and 5 year Finance plan is work in progress.


Product
We have reviewed our laundry services and created a new product for corporate clients.

 

Caroline Kusimba,
Director Swirl Laundry.
Langata Mall
Langata
 

 

Creating Sustainable Rural Livelihoods for Kenyan Youth, by DR. MELVIN D'LIMA

Posted in Entrepreneurship

All Kenyan counties have a burgeoning youthful population segment. Approximately 60% of our population are below 35 years of age. Our education system creates a dependency in these young people, on formal employment, yet we are in a post industrial dispensation.

Agriculture, much of it slash and burn, forms the backbone of the economy. The question that begs an answer is how do we create sustainable livelihoods for all these individuals without consigning them to being minor players in the supply chain of second hand goods, cars and substandard prescription drugs, among other, fast moving consumer goods.

A Side Hustle is Good For Your Career, by VICTOR OTIENO

Posted in Entrepreneurship

Side hustle has always been considered to be the forte of underpaid employees seeking to shore up their incomes to meet their basic needs. It's often associated with small business ventures such as small kiosk, car wash, movie store among others.

In this day and age of great uncertainty, side hustles must be embraced across organizational functions to include both junior staff and senior managers, by enabling them at the very least to have an extra income stream. A side hustle in this sense may be take the shape of taking up consulting work, speaking engagements, coaching or even developing a product or service.

The Silent Evolution in the Kenyan Pharmaceutical Industry, by VICTOR OTIENO

Posted in Entrepreneurship

Silent Evolution - Pharmacy

 

Private pharmacies in Kenya and Africa in general have traditionally been the first point of contact for healthcare for the general population.

For the longest time now, private local pharmacies have relied on strategic location as their key differentiator or competitive advantage in addition to selling branded drugs, vis-a-vis generic drugs.

Furthermore, the profitability of private pharmacies in Kenya has been fuelled by low cost, driven mostly by sale of fake drugs, fueling a false sense of high profitability by some unregulated and unqualified industry players. The sector faces other myriad of challenges such as stock pilferage, inefficient operations systems, and unsupportive, outdated and inconsistent policies.