Saving your ESME

Follow these strategies to help your business remain successful.

21 July 2019 | Banking

Windhoek • Mbo Luvindao

Research shows that there are many reasons why Emerging Small and Medium Enterprises (ESME) fail. Though this may be due to a lack of planning and management skills, no differentiation, and absence of a vision, one solution is to make sure that your business plan is regularly assessed and updated with the most recent trends and developments in the market, so that your business stays the course in an ever evolving business environment.

Entrepreneurs sometimes feel that there is no need to consult their business plan because they understand their industry. This is a risky practice, since a business plan is a map that indicates the business' ultimate destination; its business goals, and how the goals will be achieved. As a result, it needs to be revisited at least quarterly.

These four aspects listed below are critical to look at during the process:

Ask yourself serious questions.

The survival of your business depends on the kind of questions you ask yourself once you assess your business plan. Questions such as who, what, why and how, should take precedence, for example:

• Why does my business exist and is it still relevant?

• What message is my business sending into the market?

• Am I priced correctly?

• How is my marketing

• How do my actual sales compare to my forecasts?

• How is my business performing in comparison to my competitors?

• What do my customers need? Why? Have I engaged them?

• What problem is my business solving and how?

Questions have a way of bringing reality into perspective. Thus, it is crucial that you ask yourself the right questions while relooking your business plan.

Starting a new venture, product or service

If you find that you looked at the original overview of your business plan and noticed that you have expanded without including a new product or service into your business plan, it is advisable that you include it immediately.

Consider the economy

With the current irregular economic environment, the business needs to adapt in order to survive. Invest time, money and effort into studying your target market to see if there is a shift in their needs. Look at the demographics and psychographics of your surrounding environment.

During research, if you notice that the market's demand is more than the supply, then you are still in business. Talk to your target market and listen to what they have to say as they will give you valuable information on how they are adjusting in a tough economic cycle.

Take action and set goals

A business plan alone is not enough to ensure success. Take the time to draw up your short-, medium- and long-term goals. Set deadlines to accomplish them and make sure that you reassess your goals on a regular basis.

To assist entrepreneurs in their journey, Bank Windhoek believes that the days of reviewing your business plan every year are over. These days the ability to change is a prerequisite for business success. Through our mentorship programme, we help entrepreneurs to review their business plans effectively so that the business remains relevant and embraces change.

*Mbo Luvindao is the manager of Bank Windhoek's ESME Finance Branch.

Similar News


Cards as good as cash

1 week ago - 11 August 2019 | Banking

The Bankers Association of Namibia has learned that some merchants continue to add a surcharge (additional fee) to card transactions or are setting minimum or...

Hold on to your purse strings!

2 weeks ago - 04 August 2019 | Banking

With the upcoming school holidays, some of us may wake up to last-minute getaways with family and friends.While it's therapeutic to unwind, spend time with...

Why comply?

1 month - 14 July 2019 | Banking

Windhoek • Njeri SiskaOften banks receive questions about why Anti-Money Laundering, Combatting Terrorist and Proliferation Financing (AML) requirements such as Know Your Customer (KYC) and...

Empowering future leaders

1 month - 07 July 2019 | Banking

An intensive leadership programme for Learner Representative Committee (LRC) members from high schools in Windhoek has just come to an end.Hosted by the Capricorn Group...

Safeguard your financial security

1 month - 07 July 2019 | Banking

Windhoek • Riaan ViljoenWe live in times where fraudsters look like neighbours and sound like friends. When it comes to private and payment card information,...

Cashless parking now at city mall

1 month - 30 June 2019 | Banking

Since Friday, visitors to Maerua Mall have been making use of a quicker and more convenient way to pay for parking, thanks to Standard Bank's...

Fraudsters at it again

2 months ago - 16 June 2019 | Banking

The Bankers Association of Namibia (BAN) has warned of new scams that fraudsters are using to steal money from unsuspecting clients.According to BAN chairperson Sarel...

SMEs: Take care of creditors

2 months ago - 09 June 2019 | Banking

Windhoek • Mbo LuvindaoThere comes a time in any entrepreneur’s lifecycle when situations get tough. With the persisting drought combined with a challenging economic environment,...

For more peace of mind

2 months ago - 02 June 2019 | Banking

FNB Namibia recently introduced an additional safety measurement called Online Secure, which requires customers to enter a One Time Pin (OTP) as confirmation that an...

Tying the knot on a budget

2 months ago - 26 May 2019 | Banking

As soon as you are engaged, you start thinking of your big day with the hope that it will be a memorable affair. You want...

Latest News

City of angels

2 days ago - 18 August 2019 | Society

Tanja Bause “More and more kids in Namibia are being orphaned daily and fewer people are taking care of them,” says Bettie Hoakhaos (52) of...

Ongos on the go

2 days ago - 18 August 2019 | Infrastructure

The groundbreaking ceremony for the N$ 4.3 billion housing project of the Ongos Valley took place in the capital this earlier this week. A total...

Residents and |Gôagoses at loggerheads

2 days ago - 18 August 2019 | Infrastructure

Residents of Duneside informal settlement in Rehoboth’s Block E said they want their Town Council and the Rehoboth Urban East Constituency office to bring basic...

Good possibility for rain

2 days ago - 18 August 2019 | Disasters

Swakopmund • Erwin LeuschnerFor many Namibians, especially farmers, there may be a small glimmer of hope. The strong El Niño phenomenon, which is one of...

Giving hope to the destitute

2 days ago - 18 August 2019 | Social Issues

Walvis Bay • Leandrea Louw The Promiseland Trust, established in Walvis Bay in 2009, feeds more than 2 500 children across the town every day.Founded...

Vlinders vlieg hoog

2 days ago - 18 August 2019 | People

Windhoek • Yolanda Nel Oulike babaklere het 'n manier om enige mamma-hart te laat smelt en ander broeis te laat. Juis daarom het 'n mamma...

Agriculture in harmony with nature

2 days ago - 18 August 2019 | Environment

“Sustainability so often has negative connotations,” says Fabian von Hase. He finds the term “ecological health” more fitting.“Sustainable means that we do less harm to...

Prickly intruders

2 days ago - 18 August 2019 | Environment

Windhoek • Theresa Lang Gunhild Voigts carries gardening tools with her wherever she goes. Peek in her car and you will find rakes, saws and...

Computers for Omaheke library

2 days ago - 18 August 2019 | Education

The Omaheke regional library in Gobabis last week received a donation of laptops from Bank Windhoek. At the handing over, the director of education in...

Load More