Steps To Better Manage Your MSME and Grow

For many micro,small and medium-sized enterprises (MSMEs) they do not have the luxury of relying on managers but rather the sheer will and ambition of the business owner and proprietor.As the world has become a global village,with business owners forced to acquire knowledge in a variety of fields to remain competitive,solid management skills are vital for the present and future viability of the MSME as a going concern.

With a steep learning curve,MSMEs are faced with the challenge of growing their leadership and management skills beyond that of the business owner.This dictates the difference between success and failure,be it a barber shop with five employees or a restaurant with one hundred employees.

Over 14 million Kenyans,representing about a quarter of the population,are employed by MSMEs in various sectors of the Kenyan economy.This suggests a growing need for skills in team management and effective execution for continued success and increased job creation.

Globalization and an open economy presents a challenge for MSMEs top juggle implementing growth plans beyond their scope and still remain nimble while requiring their employees to achieve more with less resources.Hence they need to come up with structures and processes that are effective even for the smallest business while making maximum utility of time by employees to ensure increased productivity.These structures can lead to:

Proactive resource planning and allocation.

Improved efficiency in business processes.

Increased profitability.

Better customer relationship.

Effective management is a proven recipe for increased workforce satisfaction and less distractions through repeatable processes and guidelines that can be adopted throughout the business as you grow.

Here are the steps you can take towards managing your enterprise more effectively

  1. Plan

Developing a plan of attack is critical in the success if any venture.A well-thought-out plan will give your team a scope of the work before them and harmonize the goals of your employees with the anchor goal for your business.

Breaking down the plan into short-term deliverables while keeping a timeline for the tasks and responsibilities is a way of ensuring the plan is consumed by everyone in the enterprise.This will give you more visibility into the different facets of the plan hence better resource allocation and accountability from your team.

2. Effective Communication

Effective communication of the underlying goal to the team,be it on a monthly,quarterly or annual basis ensures the team is hyped and motivated working towards a shared vision.Making it easy for employees to update their supervisors on any anomaly or opportunity that arises can often lead to an enterprise being able to defend their position in the market or even start a different service provision occasioned by seamless and effective communication.

3. Technology

Business processes have become proliferated with technology tools that have become useful in conducting repetitive tasks in an enterprise. Combining technology that harnesses simplicity and efficiency will unlock the potential of your firm to do more with less.

In a nutshell

While it can be challenging for MSMEs during macro economic disasters,their advantage comes with being nimble and can weather any disaster in the economy focusing on better management of scarce resources to survive long enough for the economy to expand and take advantage of the addressable market opened up. Business owners have to figure out the best concoction for the success of their enterprises.

What is myNGOVO?

How many hours a day do you spend thinking about your financial situation?Reading on surviving on a budget?Searching for a better alternative to your current credit options?

What if you could put all that time back on your work schedule?Remember,accessing liquidity to meet your cash flow needs shouldn’t be so draining as the relationship between employer and employee is hinged on trust.It should be straightforward,convenient and also affordable.

That’s where myNGOVO comes in.

myNGOVO is a software platform that puts the financial wellness of workers above all else.Our platform provides employees the efficiency needed to do more with their income.

Available on your mobile device,the myNGOVO platform enables you to access your salary advance with ease.With a click of a button,advance payment is made to your mobile money account instantly.You can access salary advance anytime of the month and you have the ability to request payment more than once while within your limit.Never again waste your energy looking for ways to cater for your consumption needs. There’s no “mwezi iko corner” with our platform.Our platform brings cost savings that would have gone towards repaying costly debt,keeping you organized with your finances and maintaining your purchasing power,allowing you to enjoy essential goods and services in your daily life that you would have cut in order to make loan repayments.

At myNGOVO,we are committed to rethinking and redesigning products that encourage the broader coverage of financial inclusion especially for low-income workers,eliminating inefficiencies that stand in the way of getting serious work done.

Work takes effort,but compensation for work shouldn’t

Learn more about myNGOVO and discover how our financial-wellness platform can help your business in crossing the finishing line.

Reach out to us for inquiries: info@myngovo.co.ke and request for demo of our platform through email: sales@myngovo.co.ke.

How myNGOVO Partnership Will Change Your Business

What is myNGOVO Partnership?

We have moved in a technology-enabled era where most of the mundane workplace tasks are being automated by using software.It used to be work-from-office as the normal but the COVID-19 crisis accelerated flexible working where you don’t have to see your colleagues on a daily basis and videoconferencing with clients miles apart.A study by IWG- a flexible space provider-found that 70% of professionals work remotely at least once a week.

What does this imply for the workforce?

It means that with the fluidity of working from anywhere,we face the challenge of motivating workers through timely compensation for work done while trying to maintain a collaborative and energized workforce.

The answer to this challenge?myNGOVO partnership.

How myNGOVO partnership can Benefit your Firm

Simply put,the ability to cater for the financial well-being of your team will effectively increase their motivation,ability and willingness to work harder in meeting goals and create a positive synergy between departments.

Gain back productive hours

According to a Purchasing Power white paper that examined how employers can improve employee’s financial wellness,44% of full-time employees worry about their personal finances during work hours,which would have otherwise been spent in a productive manner.Financial strain affects both the employee health and productivity.

Improve your company’s bottomline

Employers who adopt financial wellness benefits and programs such as myNGOVO,help employees ease financial stress and be more productive.Hence the employer will get the most out of their human capital.

A better workplace with myNGOVO

At myNGOVO,we’ve been working to be a collaborative partner to employers and to empower employees from inception.Our platform is built to deliver peace of mind and confidence that your firm needs.As a result,you can easily scale your operations efficiently.

While trends and fads come and go,myNGOVO partnership will abound as this is an innovation whose time has come.By leveraging technology,employees can access salary advance payments anytime,anywhere with no complexity added.You can set your employees and your business for success and that’s worth investing in.