Interested in taking advantage of a training opportunity to help your business? Here are some tips for maximizing your chances to participate.
Interested in taking advantage of a training opportunity to help your business? Here are some tips for maximizing your chances to participate.
As an entrepreneur, seeking out training opportunities can be a valuable step towards enhancing your skills and knowledge, which in turn can help you grow your business. Unfortunately, most opportunities have limited spots and fierce competition, so maximising your chances of being selected for such programs is crucial. In this article, you’ll find five essential tips to increase your likelihood of securing a business development training opportunity.
- Thoroughly research the organization or institution offering the training: Before applying, gain a deep understanding of their mission, values, and the specific focus of their training. This knowledge will enable you to tailor your application to align with their objectives, increasing your chances of standing out as a suitable candidate. Most opportunities will focus on a specific sector or stage of business growth.
- Highlight relevant experience and skills: When applying, emphasize your relevant experience and skills that demonstrate your ability to drive business growth. Showcase any previous entrepreneurial ventures, leadership roles, or projects highlighting your expertise. By highlighting your accomplishments, you can effectively convey your potential to not only learn but also contribute to the program and the organization. If you do not have relevant experience or skills, express your willingness and demonstrate commitment to learn.
- Craft a compelling application: Take the time to create a well-written and tailored application that clearly articulates your motivation for applying. Explain how the training opportunity aligns with your goals and aspirations. Use specific examples and achievements to support your claims, showcasing your ability to apply business development strategies effectively. A compelling application will make you stand out from the competition.
- Network and seek recommendations: Leverage your professional network to gather information about the organization or institution offering the training opportunity. Seek recommendations from mentors, colleagues, or industry professionals who can vouch for your skills and potential. A strong recommendation can significantly enhance your application and increase your chances of being selected.
- Prepare thoroughly for interviews or assessments: If the selection process includes interviews or assessments, it’s crucial to prepare thoroughly. Research common interview questions related to business development and practice your responses. Familiarize yourself with case studies or business scenarios that may be presented during assessments. By being well-prepared, you can confidently showcase your knowledge and skills, leaving a lasting impression on the selection committee.
Securing a business development training opportunity can be a game-changer for entrepreneurs looking to enhance their skills and drive business growth. Do not be discouraged if you fail to land an application for an opportunity. Learn how to bounce back from rejected applications and learn from the mistakes. With careful planning and a proactive approach, you can increase your likelihood of being selected for a business development training opportunity. Good luck!
The Power of Mentorship
The Power of Mentorship: Why It’s Key for a Startup Entrepreneur
Starting a new business can be both exhilarating and overwhelming. For a startup entrepreneur, navigating the complexities of the business world can be challenging, making the journey to success seem daunting. In such situations, mentorship emerges as a powerful tool that can significantly impact the trajectory of a startup. In this article, we delve into the reasons why mentorship is a key factor for a startup entrepreneur’s success and how to identify a mentor who can support you.
Here’s how a mentor can help:
Learning from experience: Mentors bring a wealth of knowledge and experience. They have likely encountered similar challenges and obstacles that a startup entrepreneur is facing. By sharing their experiences, mentors provide valuable insights and lessons that can help new entrepreneurs avoid common pitfalls and make informed decisions. With a mentor’s guidance, entrepreneurs can make well-informed decisions, mitigating the risk of costly errors and preserving valuable time and resources
Building a strong network: Mentors often have extensive networks within the industry. Introductions and connections made through a mentor can open doors to potential investors, clients, or partners. A robust network can accelerate a startup’s growth and increase its chances of success.
Objective feedback: Mentors can offer impartial and constructive feedback. They can objectively assess the startup’s strategies, products, or services, identifying areas for improvement. Constructive criticism allows an entrepreneur to refine their ideas and make necessary adjustments.
Fostering accountability: Mentors help hold entrepreneurs accountable for their actions and goals. By setting milestones and regularly reviewing progress, mentors keep entrepreneurs focused and on track, preventing distractions or deviating from the startup’s vision.
Gaining Confidence and Leadership Skills: Mentorship empowers entrepreneurs with valuable leadership skills. By observing and learning from their mentors, startup entrepreneurs can hone their own leadership style and cultivate the confidence needed to lead their teams effectively.
Innovative Thinking: Mentors often challenge conventional thinking and encourage innovative approaches. This mindset shift can inspire the entrepreneur to think outside the box, leading to creative solutions and competitive advantages.
Mentorship is undeniably a critical element for startup entrepreneurs. The guidance, support, and wisdom shared by mentors can make a significant difference in the journey towards entrepreneurial success. Embracing mentorship not only enhances the startup’s prospects but also fosters personal growth and resilience. Aspiring entrepreneurs are encouraged to seek out mentors who align with their vision, values, and goals, as the power of mentorship can be the catalyst that propels their startups to new heights of achievement.
Top of Form
Rejections: Mastering the Art of Rejection And Build Resilience.
Author:
Malik Shaffy Lizinde, Expert Entrepreneur
Date:
The Art of Ideating – Newsletter
Rejection. An inevitable part of life, it is particularly so for those who dare to step into the world of growth or even entrepreneurship. From clients declining proposals to ideas needing to meet the enthusiasm they deserve or even being rejected by your own people, can often feel like a daunting roadblock. However, as I learned through my own journey, it’s possible to transform rejection from a roadblock into a stepping stone.
In my life, I faced more rejections than I could count. Each ‘no’ felt like a critique of my vision, creativity, personal belief, and even me. Each failed business venture felt like a nail in the coffin of my dreams. However, with time and much soul-searching, I learned that these rejections did not measure my worth or potential. Instead, they were opportunities for learning and growth.
One of the most challenging aspects of my journey was that it was often not there when I reached out for support. The people I thought would be my cheerleaders sometimes rejected my ideas or me as a person. I was rejected for not being one of them, for being misunderstood, and for being me. This was a tough pill to swallow, but it forced me to develop a thick skin and become my own biggest supporter.
Dealing with rejection, particularly from those close to us, can be a gut-wrenching experience. However, over time, I learned great ways to cope:
Separate the Rejection from Your Self-Worth: Remember, rejecting your idea or business is not a rejection of you as a person. You are not your work. This distinction can help prevent rejection from affecting your self-esteem.
Use Rejection as a Learning Opportunity: Instead of seeing rejection as a dead-end, view it as feedback. Analyze what didn’t work and use this knowledge to refine your ways of doing, improve your skills, and return stronger.
Practice Resilience: Like a boxer in a ring, you must get back up each time you get knocked down. Resilience is the key to transforming rejection into success. This is a trait I saw exemplified by being Rwandan and learning from our own transformation. We Rwandans chose to see their challenge not as a setback but as an opportunity for growth.
Build a Trusted Support Group: Surround yourself with positive influences and people who believe in you no matter what. They can provide the encouragement you need when you face rejection.
Don’t stop: Persistence is crucial in the face of rejection. Remember that ‘no’ often means ‘not yet.’ Keep refining your craft, and stay true to your vision.
My journey as an entrepreneur of, even my personal life, for I have grown up till today, has been filled with rejection, but every ‘no’ and every failed venture has been a stepping stone towards growth and eventual success.
Mastering the art of rejection is about transformation and resilience. It’s about shifting our perspective to see every ‘no’ as a ‘not yet,’ every setback as a setup for a comeback. It’s about embracing the lessons that rejection brings and using them as fuel to drive our growth.
Rejection is not a dead end; it’s a return on the path to success. And remember, you are not alone in your journey. We are all navigating the path of rejection, resilience, and eventual triumph.
Failure is Not an Option: How Resilient Entrepreneurs Bounce Back from Setbacks
Embracing failure can help an entrepreneur build resilience. Here’s how!
Entrepreneurship can be a thrilling and rewarding journey, but it is also fraught with challenges and uncertainties. While success stories often grab the headlines, what goes unnoticed are the countless failures that pave the way to triumph. Failure is an inevitable part of the entrepreneurial process, and the ability to bounce back from setbacks and challenges separates successful entrepreneurs from the rest. This article will explore why failure and resilience are essential components of the entrepreneurship journey and how embracing them can lead to greater achievements.
Failure as a trigger for growth: Failure in entrepreneurship is not an endpoint but a means towards growth and improvement. When entrepreneurs encounter failures, they come with invaluable opportunities to learn from mistakes, refine strategies, and develop innovative solutions. For instance, a failed product launch might lead to insights that inspire the development of an even better product or a more targeted marketing strategy. Embracing failure and using it as a catalyst for creativity can lead to breakthroughs that may not have been possible otherwise. Each failure provides critical insights that bring entrepreneurs closer to success. See failures as an opportunity to examine what you did and how you might be able to do better next time.
Embracing a growth mindset: Resilience is closely tied to adopting a growth mindset—a belief that abilities and intelligence can be developed through dedication and hard work. Entrepreneurs with a growth mindset view failure as a natural part of the learning process. Rather than succumbing to self-doubt or fear, approach challenges with curiosity and determination, seeking to understand how to improve and adapt strategies for future endeavors.
Navigating the emotional rollercoaster: Emotional resilience is crucial to navigate the fluctuations entrepreneurs experience – the highs and lows of the journey. Managing rejections from potential investors, facing market downturns, or witnessing temporary failure of a product launch can be emotionally draining. Entrepreneurs must develop emotional intelligence to effectively manage stress, anxiety, and disappointment. Surround yourself with a supportive network of mentors and peers to help cope with the emotional roller coaster.
Building grit: Grit, unwavering perseverance and passion to achieve long-term goals, is a defining trait of resilient entrepreneurs. The willingness to keep going despite obstacles and setbacks sets successful entrepreneurs apart from those who give up too soon. Entrepreneurial ventures are never smooth sailing, but those who possess grit can weather storms and continue striving for success. [INSERT HERE HOW TO BUILD GRIT].
Turning setbacks into opportunities: Resilient entrepreneurs view setbacks as opportunities to pivot and innovate. They understand that challenges often lead to unexpected opportunities for growth and improvement.
In entrepreneurship, failure is not an option but a necessary part of the journey. Resilience is the armour that equips entrepreneurs to face failure head-on, learn from it, and emerge stronger and wiser. By embracing failure and developing resilience, entrepreneurs transform stumbling blocks into stepping stones on success.
Are you a startup entrepreneur with an innovative tech solution that works to end global hunger? Apply for the WFF Startup Innovation Awards before 15 July 2023
Are you a startup entrepreneur with an innovative tech solution that works to end global hunger? Apply for the WFF Startup Innovation Awards before 15 July 2023
The World Food Forum, an independent, youth-led global network of partners, invites applicants for the WFF Startup Innovation Awards powered by Extreme Tech Challenge (XTC). The awards were established to support and showcase innovators and entrepreneurs harnessing the power of technology to drive the sustainable transformation of agrifood systems in support of ending global hunger and achieving the Sustainable Development Goals.
Successful applicants will have the opportunity to win the following awards:
- Better production startup award
- Better nutrition startup award
- Better environment startup award
- Better life startup award
- Startup innovator of the year award
Additionally, finalists and award winners will have the opportunity to gain global visibility, raise capital, network with international entities, and identify membership opportunities to support pioneering tech breakthroughs.
Interested applicants must fulfil the following to apply:
- Be legally incorporated as a business enterprise
- Not a publicly-traded company
- Agree that only non-confidential information is being submitted and there is no confidentiality agreement implied between XTC, its partners, and applicants regarding submitted pitch decks
For more information on the awards and application details, visit: WFF Startup Innovation Awards
How market analysis can help grow your business
How market analysis can help grow your business
Once a small business is up and running, a common challenge owners face is identifying how best to attract new customers. Market analysis, which helps a business gather and analyze information about its target market, is one of the most effective tools used to identify potential customers. It helps business owners to make informed decisions about their products, services, marketing, and pricing.
There are many ways to conduct a market analysis, and the best approach varies depending on a business’s specific needs. However, there are some common steps:
- Define your target market: Who is your business targeting? Identify your those customers most likely to buy your product or service, the size of the market, and the competitive landscape. For example, suppose you have a business that sells sports products. Here, your target customers will be people interested in sports. You’ll identify whether the market is contracting, stable, or growing (luckily, in Kigali, it is increasing due to heavy investment in the sports industry) and look for other businesses offering similar products so you can see how yours might compare.
- Gather data: What can you learn about your target market? Once your target market has been defined, the next step is to gather data to learn how to provide the product or service customers are most likely to purchase. This data can be collected from various sources, including events, customer surveys, networking with stakeholders in the industry, or public and private sources like newspapers. The data gathered can be qualitative or quantitative. Using our sports example, this may mean scoping out events where industry players are present to collect data on which sports equipment will most likely be in high demand for a certain period (qualitative) and how much will likely be required to satisfy your target market (quantitative).
- Analyze the data: What does this data tell you and how can that inform your business decisions? Once data has been collected, it needs to be analyzed. Look for trends and patterns from what has happened in the industry so far and think ahead about what that may mean for your business for the next few months. Here, a sports business could look at recurring sports events like the Basketball Africa League to see what products were most sold during this period to then make decisions about which products to stock and how best to promote them.
- Develop a plan: What’s next? Once the data has been analyzed, the next step is to develop a plan. Here, you want to focus on setting a budget, purchasing the items you expect to sell well in advance, and identifying marketing messages and tactics.
Market analysis is less complicated than it sounds – follow the four steps above, and you’ll be on a good track to better understand your target customers, the competitive landscape, and different opportunities and challenges in the market.
Do you struggle to maintain quality for your products or services without increasing costs? Here are tips on how to cut costs without affecting quality.
Do you struggle to maintain quality for your products or services without increasing costs? Here are tips on how to cut costs without affecting quality.
Most businesses struggle to maintain quality products and services without incurring extra costs. Cutting costs in a small business without affecting the quality of products or services can be challenging, but it’s possible with careful planning and execution. Here are some strategies to consider:
- Streamline operations: Evaluate your business processes and identify areas to improve efficiency. This may involve automating tasks, consolidating roles, or reorganizing your team structure. For instance, when invoicing clients, you can structure it to ensure the process is consistent and that any employee in your business can replicate it. Here are a few steps to streamline and structure your invoicing process.
- Reduce overhead expenses: Find ways to lower your fixed costs, such as negotiating better lease terms, reducing utility bills, or finding more affordable insurance providers. For example, Rwanda Energy Group (REG) offers promotions on electricity purchases (double units) if they are made at the start of the month. You can use this opportunity to reduce your electricity bill by purchasing more units, which will be doubled, lasting longer.
- Optimize inventory management: Keep track of your inventory levels and avoid overstocking or understocking. Implement an inventory management system to help you make informed decisions about purchasing and stocking, improve your cashflows, and save money. To optimize inventory, small businesses can use inventory management techniques, including ABC analysis, batch tracking, economic order quantity, and just-in-time inventory.
- Outsource non-core tasks: Consider outsourcing tasks not central to your business, such as accounting, marketing, or IT support. This can help you save on labour costs and focus on your core competencies. Hire freelancers instead as needed.
- Implement cost-effective marketing strategies: Utilize digital marketing channels, such as social media, email marketing, and content marketing, which can be more affordable and effective than traditional advertising methods like radio or print ads. Run ad campaigns on Facebook (most popular in Rwanda) and customize your ads to target specific groups of people who are most likely to buy your products or services.
- Negotiate with suppliers: Build strong relationships with your suppliers and negotiate better pricing or payment terms. Explore the possibility of bulk purchasing or joining a purchasing group to get better deals.
- Encourage employee engagement: Engaged employees are more productive and can help your business save money in the long run. Foster a positive work environment, provide opportunities for growth and development, and recognize employees’ contributions. Award employees who have been exceptional at their jobs and provide non-financial benefits such as break rooms and day meals.
- Continuously evaluate and adjust: Regularly assess your cost-saving strategies and adjust as needed. Stay informed about industry trends and best practices to ensure your business remains competitive and efficient. Constantly check with financial regulatory authorities to keep track of new regulations such as new taxation policies (recently passed to reduce taxes for small businesses) and new small business development facilities such as the Economic Recovery Fund.
Remember, it’s essential to maintain the quality of your products and services so that your customers keep coming back for more. Focus on strategies that improve efficiency and reduce waste without compromising customers’ experience.
Please share your experience in reducing costs while maintaining the quality of your products and services.
Are you struggling to access funds to grow your business? Learn from Clementine Mukamana, a business coach, on how best to prepare yourself to maximize your chances of accessing funds.
One of the most pressing challenges for entrepreneurs, especially startups, is financing. Inadequate access to finance or capital prevents entrepreneurs from effectively executing core business activities and expanding their ventures. Many entrepreneurs in Rwanda, especially startups, lack much-needed information on how to best prepare themselves before venturing out to source funding for their businesses.
In an interview with the SME Response Clinic, Clementine Mukamana, a Business Coach working at the African Management Institute as a Sourcing Associate, shared tips on how entrepreneurs can position themselves to access funds for their businesses. Here are the highlights:
Highlights
Have a clear vision for your business: A clear vision provides an entrepreneur direction and purpose, facilitating better decision–making. According to Clementine, entrepreneurs should be clear on what they want their business to look like before seeking funding. This will help them maintain focus by prioritizing business activities that will help them secure the funds they need to kickstart or grow their business. For example, you might be interested in agribusiness. Network with people in the same industry and enrol for skills development programs to help you learn business growth tools, which in turn will help you pitch for funding from financial providers
Have proper business documentation: Proper documentation is critical for any business looking to access funds. During her training sessions, Clementine focuses on three aspects: understanding the problem your business is trying to solve, the solutions and the target market. A clearly documented business plan helps an entrepreneur effectively communicate with investors or potential funders for their business. Clementine also adds that it is critical to have certified documentation from business regulatory authorities before you think of sourcing for funds. These may vary depending on what type of business an entrepreneur is running, but the most common include business registration and tax registration documents.
Source for funds: When asked about available funding opportunities, business coach Clementine mentioned entrepreneurs should not limit themselves to traditional funding sources such as grants from donor organizations and loans from financial institutions. Funding opportunities can come from networking sessions, where entrepreneurs can meet potential customers, investors, and business partners. She also encourages entrepreneurs to enrol in training programs with an element of funding. Through such programs, an entrepreneur is often offered an opportunity to pitch their business to potential investors.
For more insights and opportunities, visit smeresponse.clinic
What does it take to be a successful entrepreneur?
What does it take to be a successful entrepreneur?
Being an entrepreneur is both rewarding and challenging. There is no sure secret to what makes an entrepreneur successful, but there are certain characteristics entrepreneurs can cultivate to have the best chances of building a long-lasting and lucrative business. Learn more below.
Self-motivation: While having a good community to support you is important, successful entrepreneurs are usually self-motivated and do not need encouragement to take steps toward building a better business. They start the day with a defined set of tasks and goals, always keeping in mind their main business objectives. They view challenges as opportunities to learn and grow rather than as reasons to quit.
Build your strength in this area by regularly defining tasks and goals for yourself and your team – each day or week. Think about how you can take your business to the next level rather than waiting for an opportunity to present itself. Reframe challenges as opportunities to deliver better products or services and meet customer needs.
Strong work ethic: Successful entrepreneurs tend to have a strong work ethic, and this drives how they manage their time. They are driven by a passion to work towards stated goals, even if it means working beyond regular working hours.
Build your strength in this area by developing a disciplined routine, embracing responsibility, and developing a mindset that demonstrates hard work through sacrifice and focus.
Creativity: Because of stiff competition in the entrepreneurship ecosystem, successful entrepreneurs are typically either creative themselves or good at hiring creative employees. The need for entrepreneurs to create unique ideas and provide user-friendly solutions for customers demands out-of-the-box thinking in everything from marketing to service delivery to product design.
Build your strength in this area by developing a curiosity mindset in your daily life, and networking with likely minded people in your field. Networking can help you discover new ideas and also get valuable feedback on your existing ones.
Robust leadership qualities: Most successful entrepreneurs are usually cited by their employees and communities as strong, compassionate leaders. Leadership skills help an entrepreneur develop talents in their team, drive efficiency, and ensure quality products and services delivery.
Build your strength in this area by regularly engaging with your employees to understand their challenges, successes, weaknesses, and strengths. This will enable you to know what actions to take to make them more productive.
Being a successful entrepreneur means being a dynamic individual with strengths across different areas. Assess yourself along the above-mentioned characteristics and identify where you can build your strengths. Click here for a quick entrepreneurial self-assessment and see where you can improve as an entrepreneur.
Inama eshanu zifasha umucuruzi gufata ibyemezo byiza byo mu rwego rw’imari
Inama eshanu zifasha umucuruzi gufata ibyemezo byiza byo mu rwego rw’imari
Kenshi na kenshi, abacuruzi bakenera kugura imitungo cyangwa ibicuruzwa bijya mu bubiko cyangwa bakagura ibindi bintu bagamije guteza imbere ubucuruzi bwabo. Ariko, kenshi na kenshi amikoro aba ari macye, kubera iyo mpamvu, ni ngombwa gufata ibyemezo byo mu rwego rw’imari byiza kurusha ibindi byose bishoboka.
Nimucunga amikoro yanyu uko bikwiye, muzabasha kugera ku ntego zanyu neza kandi mubashe kunoza imikorere y’ikigo cy’ubucuruzi cyanyu muri rusange. Dore inama eshanu zabafasha gufata ibyemezo bitanu byo mu rwego rw’imari.
- Ruhuka: Mbere yo kugira ibintu ugurira ikigo cy’ubucuruzi cyawe, ikintu cya mbere ugomba gukora ni ukuruhuka noneho ugatekereza ku ntego ufitiye ikigo cy’ubucuruzi cyawe. Ese igicuruzwa ugurira ikigo cyawe gishyigikira izo ntego cyangwa gihabanye nazo? Wikwishyiraho igitutu cyangwa ngo abandi bakigushyireho.
- Baza: Baza ibibazo bijyanye n’ibiguzi n’ingorane zijyana n’ibyo ugomba kugura. Komeza ubaze ibindi bibazo kugeza igihe wumviye icyo wishyurira n’icyo uhawe. Wigira isoni zo kubaza ibibazo byinshi. Dore bimwe mu bitekerezo by’ingirakamaro: Bizagenda gute nibidakora? Ese nshobora guhagarika kugura iki gicuruzwa ngasubizwa amafaranga? Ese hari amafaranga y’igihembo, imisoro, ibihano, cyangwa andi mafaranga ajyanye n’icyo gicuruzwa? Mu by’ukuri ni iki mpawe kubera amafaranga nishyuye? Iki gicuruzwa gifite iyihe garanti?
- Gereranya: Gereranya ibiciro maze urebe niba uri kwishyura igicuruzwa ku giciro gikwiye. Itegereze cyane maze urebe niba atari ikintu kigaragara nk’aho ari cyiza kurusha uko kiri mu by’ukuri. Genzura niba abantu cyangwa ibigo by’ubucuruzi mukorana byanditswe mu buryo bwemewe.
- Cishiriza : Cishiriza ikiguzi cy’ibyo ushaka kugura noneho urebe niba kijyanye n’amafaranga usabwa kwishyura. Ushobora kubona kuri interineti ibikoresho n’ibyo ushobora kwifashisha ubara bikagufasha kugereranya ibicuruzwa cyangwa serivisi zo mu rwego rw’imari. Gereranya ikiguzi cya byose, harimo amafaranga y’ibihembo n’andi yose usabwa kwishyura n’agaciro k’igicuruzwa uhabwa.
- Fata icyemezo : Niba watekereje ku byerekeranye n’uburyo igicuruzwa runaka cyagira uruhare ku ntego zawe, nyuma yo kubaza ibibazo byawe byose, nyuma yo kugereranya ibiciro, no gucishiriza ku bijyanye n’ikiguzi cyacyo, fata icyemezo niba ugomba gukomeza gukora igikorwa cyo kugura icyo gicuruzwa cyangwa kukireka. Andika ibi byose bimaze kuvugwa noneho ubirebe nk’uko biri koko kugirango ubashe gufata icyemezo.
Twizeye ko nimukoresha ubu buryo, muzabasha gufata ibyemezo byo mu rwego rw’imari birushijeho kuba byiza bizafasha ibikorwa by’ubucuruzi byanyu.
Five Tips to Make Better Financial Decisions
Business owners generally need to purchase assets or inventory or make other purchases to help their businesses grow. But resources are often scarce, so it is important, therefore, to ensure you’re making the best financial decisions you can.
If you manage resources appropriately, you will be able to better accomplish your goals and improve your company’s overall performance. Here are five tips to make better financial decisions.
- Pause: Before making a purchase for your business, the first thing you should do is pause and think about what your goals are for your business. Will the item you are purchasing support those goals or deter from them? Don’t pressure yourself or let other people pressure you.
- Ask: Ask questions about the costs and risks associated with a purchase. Keep asking more questions until you understand what you’re paying for and what you are receiving. Don’t be shy about asking many questions. Here are some ideas: What will happen if it doesn’t work out? Can I stop the transaction and get my money back? Are there fees, taxes, penalties, or other charges? What exactly am I receiving in return for the amount I am paying? What warranty or guarantee does this come with?
- Compare: Compare prices to make sure you are paying a fair price. Keep an eye out for anything that seems too good to be true. Ensure that the people and businesses with whom you are working are properly registered.
- Estimate: Estimate the costs associated with your purchase and make sure you are getting value for your money. You can find online tools and calculators to compare financial products or services. Compare the total cost, including fees and chargers, to the value you are receiving.
- Decide: If you thought about how a purchase will contribute toward your goals, asked all your questions, compared prices, and estimated your total costs, make a decision whether to move forward with the transaction or not. Write down all of the above and look at it objectively to help you decide.
We hope that by applying this method, you will be able to make better financial decisions to support your business.
