Managing payments to your suppliers could easily be the biggest worry you face while running your growing business, especially if the supplier has more bargaining power than you do. And, higher bargaining power on the part of your suppliers is an eminently possible scenario when yours is a small business that is just beginning to
For decades, the World Bank has believed that the key to unlocking Africa’s prosperity lies in empowering entrepreneurs. This philosophy holds good in a world where all is equal, and all conditions hold true across all economies. But Africa is not a land that can forget its past and plunge headlong into a capitalism-fuelled future
If you are a woman entrepreneur with plans to start your own business, or to grow an existing business, getting mentorship from existing entrepreneurs or membership of an entrepreneurship support group could be an important step in realising your business goals. As a first step, believe in yourself and your abilities to succeed. At GroFin,
You won a big order from a reputable client, managed to ship the goods on time and heaved a sigh of satisfaction at successfully closing an important sale. We know the temptation to pat yourself on the back is great, but the job is only half done – the money still hasn’t found its way
Against the backdrop of the slow growth of most global economies, Africa shines out as home to a trillion-dollar, resource-rich economy which is host to some of the fastest-growing markets in the world. It is widely promising to turn into the next China in growth terms and, for committed entrepreneurs, this challenging continent could well
‘Inventory is a necessary evil.’ Any business owner, particularly from the stock intensive manufacturing, wholesale or retail space, would likely agree with that statement. Having too much inventory exposes your business to the risk of potential write-offs of unsold and obsolete stock, as well as to the pitfalls of committing money to slow-moving inventory when
Samuel Sedegah is doing GroFin proud, having recently won the 2015 CFO Ghana Award for outstanding contribution to the growth of SMEs. We spoke to him to find out more about the man behind the mission.
Have you ever faced a stretch because of inability to meet payments based on current cash flows? No wonder then, if you ask anyone who manages their own company, they would tell you without hesitation that cash is king. When it comes to your own business, sales are important, yes, but making sure that you
Caption: GroFin women entrepreneurs from Sub-Saharan Africa and MENA regions. Which region would you say has the highest proportion of female entrepreneurs? Many would believe it is the advanced world, with US and Europe leading the charge, as these regions normally do. But, while it may come as a surprise to most, it is Sub-Saharan
For some people, the entrepreneurial route offers the freedom of being their own boss and the ability to think, plan, and innovate in their own unique way. However this freedom, comes with a price. “Through my multiple years of starting and managing successful enterprises, I have learned that real, sustainable success comes not only
Pursuing success is the number one motivator in pushing limits and extending the reach for each and everyone. For some, success is measured in terms of wealth, while for others, it is their emotional quotient. An analysis on how those who are viewed as successful Leaders, for instance, might help us better understand the dynamics
“Perched astride two continents, sandwiched between two seas, and watered by a river that feeds ten countries, Egypt is a nation destined to have extensive contact with the outside world.” Nabil Fahmy, the former Egyptian ambassador to the USA, spoke these words at the turn of the century and they couldn’t be more true today.
People are the most important asset in a business. Yet many entrepreneurs still think the biggest lever for growth is financial capital. They make their growth prospects contingent on obtaining a loan or tie their aspirations to the facilities, equipment and real estate they envision for the business. A company’s value is unconditionally created by
Regardless of all operations, strategy and management factors, staff productivity can make or break a business. Recruitment & training are thus fundamental to any CEO’s efforts to ensure or improve worker output. Many firms struggle with the aforementioned areas and many others wonder what more can be done. Employee ownership is complement to recruitment and
The irrefutable evidence for empowering women just keeps coming. Last month, the IMF released a new report quantifying GDP losses due to gender gaps in selected countries. On the upside, it shows how many billions of dollars the world has to gain by empowering women, literally 15-40% of GDP. Women’s expanding economic output has already
In Africa as in many emerging markets, supply chains are still a huge challenge. We are currently tackling this problem by finding serious entrepreneurs with high-potential and a clear vision.
While Facebook is a first step, MENA SMEs may find a whole new world as they begin to engage social media. Twitter, for example, allows for more bite-sized informational exchange and thus, is of particular interest to B2B service providers in MENA.
In a world where more companies fail than flourish, there seems to be little consensus on the key success factors. Even companies with thrilling ideas, Ivy League-educated leadership and rounds of venture capital funding have crashed and burned. While experience is the best teacher, even experienced entrepreneurs still have less than a 50% chance of
In analyzing GroFin’s portfolio and others operating in a similar space, it’s become clear that we as investors are becoming more cognizant of emerging trends. Recently, there has been an almost palpable shift away from a gender-specific silo towards a more holistic vision of empowering women as investees, employees, consumers, suppliers and beyond.
Despite being the world’s second fastest-growing region, Africa’s challenge is translating this growth into broad-based improvements in well-being. Tackling five key areas for sustainable SME development (infrastructure, regulation, capacity, finance and business linkages) together with targeted investment in high-growth sectors will put Africa on the trajectory toward booming, yet inclusive economic development.