How to network your way to building a robust business
How to network your way to building a robust business
If you want to build a robust business, it is important to get out there, make connections, and network with others. Business networking involves connecting with potential customers and other individuals who might refer business to you. It also means making contact with people who can provide key information that can help you grow your business and is based on creating trusting relationships with other businesspeople.
Networking helps you promote your business and can lead to new opportunities, both very important as business owners seek to recover from the Covid-19 pandemic. Of course, with the disruptions caused by the pandemic, which have meant fewer chances to meet others in person, there has been a shift to networking virtually, which can actually offer you more opportunities to build connections across borders.
Below are some key reasons why networking is important for your small business and tips on how to network well to achieve your business goals.
- Networking is a great way to acquire new business leads. Leveraging the contacts you make when you meet people can open doors for business opportunities. Always communicate professionally when you follow up on leads, be sensitive to timing (for example, send that email when you promised to), and use common courtesy when following up.
- Networking can help you to identify business best practices. Learning from what others do is a valuable strategy for all businesses. For example, suppose you own a wholesale store and belong to an association. Ask around to find programs that other members use for stock management or other critical operational tasks that you can bring back to your own business.
- Regular networking will help you build confidence. It will help you become more familiar with talking to people you don’t know over time, enhancing your communications skills and enabling you to make lasting connections that can bring both positive professional and personal results.
- Networking is a great way to make relevant connections. It will enable you to meet and engage with highly influential people you wouldn’t otherwise be able to talk to or find easily. You can call on these new connections for assistance when you need them. So be sure to ask the right questions to find out if the person you are networking with knows who you want to know.
Don’t wait until you have run out of opportunities to start networking. Be sure to start making these connections to expand the number of opportunities that come your way!
Are you an early or growth stage startup interested in scaling your business? Apply for the THRIVE VIII Accelerator program 2022
Are you an early or growth stage startup interested in scaling your business? Apply for the THRIVE VIII Accelerator program 2022
The THRIVE Accelerator program seeks applicants for the THRIVE VIII Accelerator program 2022. The program targets and supports early and growth-stage startups active in various agriculture value chains to facilitate their business growth. The annual program offers a three month virtual and in-person training that provides investment opportunities and direct access to practical learnings from Central California’s largest agriculture companies.
Why should you join the program?
By joining the program, successful applicants will get the following benefits:
- Investment funding of up to $100,000 ($50,000 cash, $50k in program value).
- Access to an extensive partner network inclusive of over 6,000 farmers, growers, and agriculture partners for technology adoption
- Mentorship and coaching from experts and industry leaders from our extensive global entrepreneur network
- Participation in our award-winning program that will validate your startup to potential investors and give you access to THRIVE’s ecosystem
Who is eligible to apply?
To be eligible, applicants must have technologies that drive towards a more efficient, sustainable and secure agriculture future with a focus on:
- Supply chain management and traceability
- Big data and predictive analytics
- Biotechnology
- Indoor farming
- Animal health and livestock
How to apply
Eligible startups can apply by filling in the form here.
Application Deadline: 05th November 2021.
For more information, visit https://thriveagrifood.com/
Struggling to manage Internet costs for your small business? Here are ways to optimize your Internet usage.
Struggling to manage Internet costs for your small business? Here are ways to optimize your Internet usage.
Due to the pandemic, most businesses globally are working remotely, and as a result, there is increased demand for Internet connectivity. However, increased demand has come alongside higher costs. Internet service is an essential tool for improving competitiveness and efficiency, reaching customers, and interacting with vendors, and with the Covid-19 pandemic, it has become even more critical. Business owners in Rwanda are already struggling to maintain their businesses afloat are now also grappling with this added expense.
- Determine the data speed and reliability you need
Internet speeds are determined by how much data the connection can download or upload per second—often referred to in Mbps (megabits per second) or Gbps (gigabits per second). The speed and reliability also depend on your location and the data plan you have. Business owners must engage service providers to test data speeds at their locations; this helps you understand whether the connection will be fast enough and offer a performance quality suited for services and applications you use. It also helps you avoid overspending. Businesses can also take advantage of several tools available on the Internet to evaluate data speed needs, such as https://www.verizonwireless.com/freedom/datacalculator.html.
- Choose an appropriate Internet connection
There are different types of Internet connections, offering various performances in terms of data speed and mobility. These include optical fibre, cable, satellite, WiFi, and 3G/4G mobile networks. While the different types of connections are associated with various pros and cons, the choice of connection typically depends on your requirements. In terms of reliability and link uptime, broadband WiFi Internet and Mobile WiFi routers (Mifi) serve as a clear leader against using 3G/4G mobile networks. Mifi routers are the best option for businesses having less than five users who are working remotely. For companies with more than five workers, broadband Internet provides a suitable connection. It allows you to connect up to 10 devices at the same time.
- Reduce unnecessary streaming
Streaming of any kind (music, videos, etc.) increases data usage dramatically. Video streaming is especially something to be cautious about when you need bandwidth for other tasks such as online marketing or virtual meetings. When using apps like Facebook or YouTube, ensure to switch off ‘auto play’ and decide which videos you want to open and watch. You can also cut back on data usage from streaming by watching videos in standard definition instead of high definition. When watching a video, you can select the data usage options auto or low, which consume less data than watching in medium or high that consume more data. Businesses can also consider restricting users to limit streaming, ensuring they instead use bandwidth for more critical tasks for business operations.
- Schedule data usage according to business activities
Business activity usually rises and falls according to predictable schedules. Many companies operate on a nine-to-five schedule, while some experience peak activity when the sunsets. Scheduling activities and data usage according to this pattern allows further optimization of digital resources. Suppose your business operates on a nine-to-five basis. Here, you can limit backups and software updates until the evening when operations are done and save a particularly intensive update or backup for the weekend instead. A company that has activities concentrated in the evenings and on weekends should consider the opposite schedule. These backups and updates are critical; remember, if your software isn’t up to date, you can suffer from seriously decreased performance, and you may also risk losing important information if data backup is not done regularly.
The actions above are not exhaustive on optimizing your Internet usage, but they are a strong starting point. Let us know how they work for you via this email: smeresponseclinic@gmail.com
The Latest Government COVID-19 Preventive Measures
The Latest Government COVID-19 Preventive Measures
On 13th 0ctober 2021, the government reviewed and issued new COVID-19 preventive measures. The new measures issued will take effect from 14th October and will last till 14th November 2021, where the cabinet will review them upon a health assessment.
Below are the updated government measures.
- Movements are prohibited between 12:00 am and 04:00 am nationwide and all businesses must close by 11 pm.
- Travellers who are fully vaccinated will no longer require quarantining at hotels upon arrival in the country. However, a COVID-19 PCR test taken within 72 hours will be required for all arriving and departing passengers while complying with set health guidelines.
- Public offices will continue with essential staff but not exceeding 75% capacity while other employees continue to work from home.
- Private businesses will continue to operate at full capacity while complying with the set COVID-19 preventive measures.
- Physical conferences and meetings will continue but should not exceed 50% of venue capacity. All participants must present negative COVID-19 test results taken within 72 hours prior to the meeting.
- Public transport (buses) will continue to operate at 75% capacity with strict adherence to the health guidelines (social distancing, open bus windows for proper ventilation, and proper mask-wearing). Motos and bicycles will continue to comply strictly with the health guidelines (disinfecting passenger’s helmets).
- Bars and recreation/entertainment venues shall resume gradually at 50% capacity. All customers should be vaccinated and must possess negative COVID-19 test results taken within 72 hours. The Rwanda Development Board will provide detailed guidelines.
- Tourism will continue with strict adherence to COVID-19 health guidelines. This includes hotels, tour operators, and transport services assisting guests.
- Individual and non-contact sports activities will continue with strict adherence to health guidelines. Gyms and fitness centers will continue progressively while adhering to detailed guidelines from the Ministry of Sports.
- Swimming pools, pools, massage parlours, saunas shall re-open gradually with detailed guidelines from the Rwanda Development Board.
- Events and gatherings, including concerts, festivals, and exhibitions, held in designated or approved venues such as outdoor tents will continue at not more than 50 % capacity. All participants must possess negative COVID 19 test results taken within 72 hours before the event
- Gaming activities shall resume gradually while adhering to detailed guidelines from the Ministry of Trade and Industry.
These measures will be reviewed after a health assessment. For more detailed COVID-19 measures, visit: Office of the Prime Minister
SME RESPONSE CLINIC ANNOUNCES BUILDING BACK HEALTHIER SERIES WITH UPCOMING RADIO SHOW
The SME Response Clinic is pleased to announce that we are launching the Building Back Healthier Series, which focuses on supporting business owners and entrepreneurs with insights to positively impact wellbeing.
The series will launch with a radio show on 18 October at 7:30 pm. Please join us for the discussion, Supporting Entrepreneurs’ Wellbeing during COVID-19, on KT Radio’s Ubyumva Ute? show.
The radio show will feature expert psychologists from the Geruka Healing Center in conversation with entrepreneurs who will share their experiences. Experts will provide insights on best practices on self-care to support day-to-day business operations as well as information on existing support services for individuals experiencing difficulties.
Join us as we work to
- Raise awareness around common wellness issues for entrepreneurs and business owners
- Identify emerging challenges for entrepreneurs and business owners resulting from the COVID-19 pandemic
- Share knowledge and insights to promote personal self-care and wellbeing
- Encourage sharing of knowledge and experiences among entrepreneurs and experts in the wellness community
- Share information on existing support services for individuals experiencing difficulties
Speakers
Dr Vincent Sezibera – Clinical Psychologist & Director, University of Rwanda/Centre for Mental Health
Divine Uwase – CEO & Founder, Sharama Events & Tours
Jeannette Umutoniwase – Founder, Inzira Dreams Network
In need of investment? Here are tips on how to make your business attractive to access the finance you need to grow.
In need of investment? Here are tips on how to make your business attractive to access the finance you need to grow.
Building a successful business from scratch can be challenging. It takes a lot of effort, resilience, and time to move from the idea stage to operating a fully established business. One of the most demanding phases of running a business is when an entrepreneur wants to begin scaling up – and a primary challenge here is financial, having the needed funds. One of the ways to access funding is through investors, and to do this, businesses must demonstrate strong potential. Here are tips on how businesses can do this to be better positioned to attract investment.
- Have clear business goals.
Investors are always interested in what your business will bring to the world and how it generates cash flow. Before appearing in front of investors, ask yourself why your business exists and what purpose it serves. As a business owner, you should be able to summarize this in a couple of sentences and express it clearly to your potential investors. Additionally, present a clear plan on how your business will generate cashflow as money is at the heart of every investment.
- Prioritize and focus on critical business operations.
As a start-up, your business’s success depends on so much more than your big idea. Create a strict priority list to help you determine how you spend key resources such as time and money. This will allow you to focus your attention on important operations so that you can later focus on lower priority operations. Investors are more often interested in entrepreneurs who demonstrate the ability to focus on the most critical aspects of their business.
- Put end users of your product or service first.
Every business’s success depends on its customers. Investors are interested in businesses that can show that they understand their target market and customers. Consider doing a market study to understand pain points, preferences, pricing from competitors, and buying patterns of target customers. This will enable you to create a tailored product or service that will meet customer needs.
- Celebrate the wins, but always keep your eye toward the future.
As a business grows, it is worth keeping in mind that it needs constant nurturing to scale up. Use customer feedback to refine your offers and look for alternative ways to grow. Investigate other markets, competitors, and new customer segments you can tap into. This will enable you to stay competitive, making your business attractive for investment.
- Build a good team for your business.
One of the traits of an investment-worthy business is a good team and the business’s ability to retain it. Investors will examine not just your offer and business model but also the effectiveness of those employed by your business. Investors are more drawn to businesses with good teams because it breeds confidence that you will make good returns for them.
- Choose investors carefully.
Assess your potential investors before approaching them for funding. It is as critical for the entrepreneur to choose the right investor as it is for the investor to select the right entrepreneur. Therefore, determine whether the investor is the right fit and can add value to your business. To assess your investor, consider looking at things like their network and other businesses they are investing in. Additionally, ask your potential investor about their expectations and how they plan to add value to your business.
Establishing your business as an investment-worthy venture can help you access needed funding to scale up your business. Consider implementing these tips, and feel free to share with us any additional tips you think can be helpful via this email: musa.kacheche@consumercentrix.ch.
The SME Response Clinic is pleased to announce Building Back Healthier, a series on wellbeing for entrepreneurs.
The SME Response Clinic is pleased to announce Building Back Healthier, a series on wellbeing for entrepreneurs.
Since the emergence of the COVID-19 pandemic, we have all faced challenges in our day to day lives. For entrepreneurs, the impacts have been two-fold, affecting businesses as well as personal lives. At the SME Response Clinic, we understand that while Rwanda has allowed businesses to reopen at full capacity and the country has been rolling out vaccines, circumstances are still far from “business as usual.”
The SME Response Clinic acknowledges your resilience in managing your business in the face of the challenges posed by the pandemic, and we would like to support you as you build back better. With that in mind, we’re pleased to introduce the Building Back Healthier Series, a series of radio shows, webinars, interviews, and articles to help you as a business owner and as an individual.
The series will launch with a radio show featuring the topic Building Back Healthier: Supporting Entrepreneurs’ Wellbeing during COVID-19 on 18th October 2021 at 7 pm on KT Radio’s Ubyumva Ute program. It will feature expert psychologists in conversation with entrepreneurs who have faced many of the challenges you have faced. The radio show will be followed by two webinars and interviews with entrepreneurs and experts focused on wellbeing from across different segments, including youth, women, start-ups, and established businesses, so that there is something for everyone.
Evidence shows that positive wellbeing contributes to better decision-making, problem-solving, and innovation, all of which impact a business owner’s bottom line. So, join us as we launch this exciting initiative to support wellbeing for entrepreneurs!
Are you a youth entrepreneur with a solution aimed at adapting to climate change? Apply for the African Youth Adaptation Solutions (YouthADAPT) Challenge today!
Are you a youth entrepreneur with a solution aimed at adapting to climate change? Apply for the African Youth Adaptation Solutions (YouthADAPT) Challenge today!
The Global Center on Adaptation (GCA) and the African Development Bank (AfDB) invite youth entrepreneurs to apply for the African Youth Adaptation Solutions (YouthADAPT) Challenge under the African Adaptation Acceleration Program (AAAP). The Challenge seeks to inspire and scale solutions focused on helping adapt to ongoing climate change driven by youth entrepreneurs in Africa. Selected applicants will have an opportunity to develop and fully commercialize their businesses via a 12-month accelerator program. Ten winners will be selected, and each will receive a business grant of up to $100,000 to grow their business.
The Challenge is open to solutions (products, services, tools, or ideas) targeted at climate change adaptation and increasing resilience. These solutions must also contribute to raising awareness on climate adaptation among communities. To be eligible for the Challenge, applicants must fulfil the following criteria:
- Youth-led applicants aged between the ages of 18 and 35 years
- Commitment to delivering climate adaptation or resilience solutions addressing real-life challenges
- Legally registered enterprises operating in Africa
- Be able to show company revenues for at least two years
Note: 50% of the enterprises to be supported will be women-owned or women-led.
How to apply
Interested youth enterprises can apply by filling in the form here.
Submission deadline: 06th October 2021.
For more information:
Email: solutionschallenge@gca.org
Visit: https://gca.org/african-youth-adaptation-solutions-challenge-2
Thinking of starting a business or growing your startup but unsure of where to start? Develop a Business Model Canvas
Thinking of starting a business or growing your startup but unsure of where to start? Develop a Business Model Canvas
Are you an entrepreneur thinking of starting a business or a business owner in the startup phase with plans to take your business to the next level? The Business Model Canvas is an entrepreneurial tool that enables you to visualize, design, and reinvent your business model. Developed by Swiss business theorist and author Alexander Osterwalder, the tool can help business owners develop a clear view of their value proposition, operations, customers, and finances. As a small business owner, you can use it to identify how the different components of your business relate to each other. That’s powerful when deciding where you need to focus your time and attention as you start and grow your business.
While business plans can be helpful when starting or growing a business or necessary to obtain financing or investment, the business model canvas can provide entrepreneurs with an easier starting point. Business model canvas is precise and structures business models more quickly than developing a business plan, which can take several months to write.
The canvas includes nine building blocks with main questions for each as follows:
- Key partners —Who are the buyers and suppliers to relate with? What other alliances will help you accomplish core business activities and fulfil your value proposition?
- Key activities—What are the most important actions you must engage in to fulfil your value propositions, strengthen customer relationships, optimize revenue streams, etc.?
- Key resources—What resources do you need to optimize value for your customers and sustain your business?
- Value propositions—What products and services will you offer to meet the needs of your customers? How will your business be different from your competition? What challenges will you solve for your customers?
- Customer relationships—What types of relationships will you forge with your customer segments? What are the relationship expectations of each customer segment?
- Customer segments—What sets of customers will you serve? Which are most important to your business?
- Channels—Through what means will you reach your targeted customers and deliver your products and services to them? Which are most cost-effective?
- Cost structure—What are the essential costs your business will face? Which resources and activities will cost the most?
- Revenue streams—How much will you charge for your products and services? What are customers willing to pay for? How will customers pay?
Embracing the tool can help entrepreneurs easily identify gaps during planning, visualize what is important, and provide context for next steps.
Updated Government COVID-19 Preventive Measures
The Latest Government COVID-19 Preventive Measures
On 22st September 2021, the government reviewed and issued new COVID-19 preventive measures. The new measures issued will take effect from 23rd September and will last till 13th October 2021, where the cabinet will review them upon a health assessment.
Below are the updated government measures.
- Movements are prohibited between 11:00 pm and 04:00 am in the city of Kigali. For the rest of the country, movements are prohibited between 9 pm, and 4 am with businesses closing by 8 pm. However, for districts including Burera, Gicumbi, Kirehe, Ngoma, Nyagatare, Nyamasheke, Nyaruguru and Rwamagana where movements are prohibited between 8 pm and 4 am, and businesses close by 7 pm.
- Public and private offices will continue with essential staff but not exceeding 75% capacity while other employees continue to work from home. Private business also resumed with essential staff not exceeding 75%
- Physical conferences are allowed but should not exceed 50% of venue capacity, and event organizers must comply with all COVID-19 preventive measures, including a negative COVID-19 test results required for all participants taken within 72 hours before the meeting.
- Arriving passengers at the airport must present a negative COVID-19 PCR test taken within 72 hours before departure.
- Public transport will continue to operate at 75% capacity with strict adherence to the health guidelines (social distancing, open bus windows for proper ventilation, and proper mask-wearing). Motos and bicycles will continue to comply strictly with the health guidelines (disinfecting passenger’s helmets).
- Malls and markets will continue to operate with only essential vendors not exceeding 50% capacity of registered traders.
- Tourism will continue with strict adherence to COVID-19 health guidelines. This includes hotels, tour operators, and transport services assisting guests.
- Individual and non-contact sports activities will continue with strict adherence to health guidelines. Gyms and fitness centers will continue progressively while adhering to detailed guidelines from the Ministry of Sports.
- Events and gatherings, including concerts, festivals, and exhibitions, will be held in designated or approved venues such as outdoor tents will continue. All participants must be vaccinated and test possess negative COVID 19 test results taken within 72 hours before the event
- Gaming activities shall resume gradually while adhering to detailed guidelines from the Ministry of Trade and Industry.
These measures will be reviewed after two weeks upon a health assessment. For more detailed COVID-19 measures, visit: Office of the Prime Minister