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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The sector faces other myriad of challenges such as stock pilferage, inefficient operations systems, and unsupportive, outdated and inconsistent policies.

Professional Negligence Redefined, by DR. MELVIN D'LIMA

Posted in Entrepreneurship

She was forlorn. A thirty something year old dentist with a KES two million loan to be repaid and not enough patients to attend to at her rented clinic! She had tried all the text book marketing gimmicks - free community check- ups, Facebook marketing and hiring agents to source for insurance companies to put her on their lists of service providers. It was not working. It is the economy, everybody told her. She kept asking herself, "Why now? Why me?"

Down the road was another dentist with a "well" equipped clinic with a dental unit installed in 1974!! He wanted out. "Was there a young dentist willing to take over his premises?", he asked. At close to 70 years one tires of doing the same things, day in day out.

Ease of Doing Business in Kenya Index Means Nothing to Kenyan SME Development, by VICTOR OTIENO

Posted in Entrepreneurship

The other day the World Bank released its latest report on ease of doing business in which Kenya had reportedly moved up 21 places from 113th last year to 92nd in the 2017 report.

The world Bank program evaluates countries on 10 key indicators: Starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, resolving insolvency, enforcing contracts, and trading across borders.

The assumption in the ranking is that there is a direct correlation between foreign direct investment activity in a country and the country's position on the ease of doing business index. The effort by the Kenyan government to improve the county's ranking is noble and commendable, but it doesn't help the cause of local SMEs who are major contributors to Kenya's GDP and employment.

SMEs: Using the Company End Year Retreat to Fill Your Strategy Execution Gaps, by VICTOR OTIENO

Posted in Entrepreneurship

SMEs Can Use their End Year Retreat to Fill their Strategy Execution Gaps

 

As the year is drawing to a close, most organizational staff cannot wait for the company's end year retreat for them to relax, unwind and indulge in food and drink like their life depended on it.

End year retreat ideally should be fun filled but should always have a learning undertone, especially learning that improves the organization.

One thing that one thing most organizations struggle with without admitting it is strategy execution gap, a situation where the organization has developed a great strategic document that is supposed to guide it for the next five or so years but remains just that; a document.

What to Expect from Your Accountant, by ANN ICHUNGWA

Posted in Entrepreneurship

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Most entrepreneurs are lost when it comes to what they expect from their accountants. In addition, not all business owners are adept at handling finances. However, it’s important as an entrepreneur to familiarize yourself with basic bookkeeping and money management principles and activities. Having consulted for several SMEs, I’ve developed an easy checklist with timelines, that you can use to gauge your understanding of the financial state of your business, as well as what to expect from your accountant.