Grow Your Money?

▪I was going to use the title Grow Your Business – but i am sure Money caught your attention more…This is an example of how to use content when marketing your business.

▪ In the last workshop,we discussed about the most critical functions of your business: Finance,Branding,Marketing & Sales……. You’re in business to make money and to manage the money right?……Finance equals Money & Sales equals Money

▪ From these four functions which one do you think comes first? If you answered Sales, you are wrong...Finance comes first even before you start the business….The first question an Entrepreneur asks is, where we will i get money to start this business?

Managing money (FINANCE): You start a business by first coming up with an idea, planning how to execute the idea. Then you run into expenses to execute the idea. The money to start needs to be well managed and monitored yes? At this point, you are not making any sales yet

✔ If you are already running a business, what is the capital you used to start the business? Do you have records for the same? This is referred to as Owner’s Equity or Seed capital when it comes to the funding world

✔It is critical to learn/know how to manage money even before you start making money. Why? So that when you start making money (sales/revenue) you know how to direct the funds within the business (financial management)

▪ We give you free tools in our workshop to help you manage both your personal finance and business finance. Those who already using the tool will realize it is time consuming to do your own record keeping even if you have this tool

▪ If your business is already operational and can afford it,we recommend outsourcing the financial management to a professional accounting firm like Git Go Consultancy who will charge between Kshs 25,000- 30,000. This frees up your time to focus on other critical areas of your business

BRANDING – This includes all the activities that include choosing your business name,product name, colours, logos,business cards etc. It is a well thought out process as it will reflect your business personality. Do you know that if you are in the food business there are specific colours associated with the food business?

MARKETING: This involves identifying the market size,knowing the market potential,your target audience,learning their buying patterns,understanding your competitors + their prices,creating the right message for your audience (content), creating awareness of your product to the RIGHT AUDIENCE through proper targeting and the media you will use to reach your target audience (digital marketing)

✔Your objective during digital marketing can be either brand awareness or lead generation….Lead generation is ideal to use because it does both and makes your sales conversation easier/faster

▪ Again, to free up your time we recommend outsourcing the digital marketing to a professional firm who will charge between Kshs 20,000- 50,000 depending on the social platforms. FYI Boosting is not digital marketing…..If you are using the boosting function on Facebook, you are hardy scratching the surface of the capabilities of proper digital marketing

SALES Your marketing efforts should generate leads that should now be converted to actual sales. You should have a plan in place for who should handle these leads and the response time (12 hours,24 hours,48 hours) Keep in mind that the longer you take to contact a lead,the more likely it turns from hot to cold

AFTER SALES How fast do you deliver? Do you collect feedback from the customer about your product or service? How do you increase your customer lifetime value & referrals?

✔We discussed how to track your customer conversion rate from when they contacted you until the time you closed,the applicable volume discounts to stimulate repeat business, how to calculate the lifetime value of your customers and how to build the referral rate

▪All of this is a part if your marketing plan that becomes critical to growing the business & it also give direction to your digital marketing firm. Please review the section in your business plan for marketing strategy where you’ll insert all this

✔ Our open day is on June 8th and the next workshop starting on June 15th. Registration is through this link or call us on +254 732 494031 https://docs.google.com/forms/d/e/1FAIpQLSdzJPnHoYhvVyddFfBsliHL_vdm-F23-iYg8kTb6qq9tuAEUQ/viewform

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