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10 Ways to Use your Phone as a CRM Tool

10 Ways to Use your Phone as a CRM Tool

What is a CRM Tool? A Customer Relationship Management (CRM) tool is essential for fostering business growth. It enables businesses to effectively manage conversations and relationships with clients, ensuring alignment with expectations and the development of strong, positive business relationships. However, for the Nigerian business person, CRM tools can be both expensive and cumbersome, especially when considering that customer footfall might not always justify investing in the latest and most robust industry software. In my experience, a practical approach is to recommend starting with the use of mobile phones. By adopting effective note-taking and sales habits, individuals can take the initial step of utilising their phones as a makeshift CRM tool. The advantages of using a mobile phone for this purpose are noteworthy. It provides a cost-effective solution, particularly for those who may find traditional CRM systems financially challenging. 10 Ways to Use your Phone as a CRM Tool Here are some suggestions on how your mobile phone can be effectively used as a CRM tool to grow a business: 1. Contact Management: Use the phone’s contacts and address book to organise client information. Categorise contacts based on their importance, potential, or specific business criteria. One trick I do is to include notes on where I met people, the specific business or social context, and outstanding action items or agenda that we have in common. 2. Calendar and Reminder Functions: Leverage the phone’s calendar and reminder features to schedule follow-ups, meetings, and important dates related to clients. This ensures timely engagement and prevents missed opportunities. 3. Note-Taking Apps: Utilise note-taking apps or even simple text messages to record important details from client interactions. This helps in creating a comprehensive record of conversations and key points. 4. Communication Tracking: Keep track of communication history by using messaging apps or call logs. This allows for a quick reference to past discussions, making future interactions more informed and personalised. 5. Task Management: Use the phone’s task management apps to create to-do lists and set priorities. This helps in staying organised and ensures that critical tasks related to client management are not overlooked. 6. Email Integration: Integrate email accounts with the phone to manage client communication effectively. Respond promptly to emails and use folders or labels to categorise and prioritise messages. 7. Customer Segmentation: Group clients based on common attributes using features like contact groups or labels. This aids in targeted communication and allows for a more personalised approach. 8. Document and File Storage: Utilise cloud storage apps such as Google Drive or Dropbox to store important documents related to clients. This ensures easy access to necessary information, even when on the go. 9. Social Media Monitoring: Monitor and engage with clients on social media platforms through mobile apps. This helps in staying connected and understanding client preferences and behaviors. 10. Regular Backups: Ensure regular backups of important client data on the phone to prevent data loss. Use cloud services or other backup solutions to secure valuable information. Conclusion The beauty of adopting this approach is that individuals who become accustomed to managing their client relationships using their phones and establishing good habits can seamlessly transition to more comprehensive CRM solutions as their business grows. This initial step not only facilitates effective client management but also sets the foundation for a smooth integration into more sophisticated CRM tools. Also read: Leveraging Technology to Grow Your Business

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Make or Buy Decision: What Do I Have to Lose?

Business decision making is not an easy road. Ironically, perhaps unfortunately, it is a road taken way too often by both intrapreneurs and entrepreneurs with significantly threatening outcomes. It is easier to take instruction than to be the one to determine the pathways to outcomes, hence it is good to have some fore knowledge of how to take those decisions. Asides the fear of the rebound/boomerang of decisions, the fear of being able to handle decision outcomes is significant. With the current market situation, how businesses decide to either ‘make’ or ‘buy’ a component of a product/service, or an entire product/service is significant for both process and product costs including profitability and liquidity. This article focuses on both quantitative and qualitative considerations that business managers should assess before taking a “make or buy” decision. What is a Make or Buy Decision? In basic terms, a “make or buy” decision puts businesses on an uneven pedestal, much like a pendulum – wherever you swing has costs and potential benefits which can be predetermined, but actual impact is known only after the decision has been made. Few examples include the decision to ‘make’ or ‘buy’ ready-made spices, napkins, engine spares, oils, chips. For services, it might be a decision to outsource a business, HR, accounting, or other processes. For accounting purposes, it might appear easy to determine the cost of ‘buy’ decisions – product or service cost plus any incidental costs, that’s all. But for decision making, it is not that easy especially when you have to compare with a ‘make’ option. This becomes complex, because you have to imagine alternative forgone (opportunity cost, remember this from elementary Economics?) – school no be scam o. An understanding of how opportunity cost works is important in business decision making. To ensure that we can apply a critical and analytical approach to our business decisions with respect to “make or buy” decisions, below is a fictitious example. The highlighted lessons can be applied to most scenarios even very complex decision situations. MTY Ltd. is opening a new plant in Ikeja, Lagos State that would produce 500,000 units of brake discs monthly. Two suppliers of a significant component used to produce brake discs submitted a quote of ₦760.00 and ₦710.00 per unit including freight and insurance. MTY Ltd. has the capacity to produce 700,000 units of this component in their Ota, Ogun State factory, which has become out of use for over a year. The associated cost of producing one unit of the component in their Ota factory includes Materials – ₦90.00, Labour – ₦250.00, Overheads – ₦350.00. Transportation from Ota to Ikeja is currently challenged due to the state of the road. The choice to produce at the Ota factory comes with commitments to labour and environmental laws, while excess production can be sold at the open market. 3 Decision Scenarios from the Example Above 1. Buy from the cheaper supplier This looks like the best solution especially if management is looking at minimising cost. Some drawbacks to consider on this decision include quality assurance. How can MTY Ltd. verify the quality of the component as well as alignment with their brake discs specification? Would using the component require additional production cost? If MTY Ltd.’s customers are aware that a significant component of their brake discs is outsourced, would it influence their purchase decisions and how? In this era of sustainability, to what extent does the supplier align with the SDGs in their production? Does the supplier comply with government regulations and industry standards? 2. Buy from the more expensive supplier There is the bandwagon effect of higher stakes – “because it is expensive, it has to be good”. This is not always true. Management would like to justify the extra cash. Why are we paying more when we can get it for less? The other questions about compliance and customer perception are relevant here as well. 3. Produce at the Ota factory This is the make decision scenario. The quantitative cost of the component is what a Performance Manager (Cost/Management Accountant) is trained to compute based on certain principles and assumptions, which I will not highlight due to space constraints, but I will give a simplified outlook. Materials: ₦90.00 + Labour: ₦250.00 + Overheads: ₦350.00 = ₦690.00 At a glance, this looks cheaper than both ‘buy’ decision scenarios, but considering the full situation, it might not necessarily be cheaper. Transport cost from Ota to Ikeja is not included in the computation. Labour and Environmental compliance cost for maintaining the factory is not included in the computation as well as the fact that the factory has been out of use for some time which might require some repairs or upgrade. On the flip side, producing at the factory gives more assurance of quality except management deliberately desires to produce low quality components. The prospect of selling excess capacity at market price is also significant. Asides taking a part of the component’s market share, there is brand visibility that production can confer. Conclusively, there is no straight forward answer to any “make or buy” decision scenario. Availability of credit options can become an appealing and compelling consideration for ‘buy’ decisions, while quality assurance and the need for brand visibility can drive ‘make’ decisions. Businesses are advised to consult professionals before taking a “make or buy” decision as they are trained to identify areas of advantage and leverage.

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Equipment Required for Starting a Cake Business

Launching a cake business in Nigeria is not only profitable but also exciting. Done right, it has the potential to generate substantial revenue. To ensure a smooth and professional operation, it’s essential to invest in the right equipment when setting up your business. These tools can significantly enhance efficiency, speed, and the overall quality of your work. Equipment Required for Starting a Cake Business in Nigeria 1. An Oven: A domestic oven should serve you during your startup phase. As your business expands, you can get a locally fabricated oven to make more cakes at a time, although it comes with the challenge of regulating the heat. Alternatively, you can acquire an industrial oven instead. While it is recommended that you acquire an industrial oven when you expand, you can acquire an industrial oven at the startup phase if you can afford it. 2. Mixer: The mixer eases the process of production. It is best to invest in a good one. 3. Refrigerator: For your cake business, it’s crucial to have a refrigerator to store creams and butters and to cool cakes before decorating. Download Free eBook: Setting Up a Cakes and Dessert Business in Nigeria 4. Work Table: You will need a good work surface for cutting and trimming your cakes and kneading your fondant icings. 5. Camera/Smart Phone: You need a good camera to take quality pictures of your products for advertising and publicity. Where you cannot afford a camera, invest in a good smart phone. 6. Utensils: Pans, turntable, electric scale, measuring spoons, cups, bowls, spatula, pallet knife, and basic decorating tools. 7. Raw materials: When it comes to buying raw materials, it is usually better to buy just enough raw materials for each production and then you plough back the profits after sales into the business. Do not buy materials in bulk especially when you do not have orders as this will tie down your funds unnecessarily. Please note that if you want to focus on other pastries and desserts like doughnuts, the equipment required are the same as you would use for cakes except that you may need to add some specialized pans and cutters. Download this comprehensive business guide to delve into the ins and outs of initiating and expanding a cake business in Nigeria. From initial startup costs to navigating regulatory requirements, discover everything you need to know for the successful growth of your cake venture. Culled from FATE Foundation’s Business Entry Guide on Setting Up a Cakes and Dessert Business in Nigeria.

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Inventory Management: Key Strategies and Best Practices

What is Inventory Management? Inventory management is the process of overseeing and controlling a business’ inventory (stock) of goods and materials. It involves balancing the need to have products available for sale or production while minimising the costs associated with holding excess stock such as expiration, tie down of funds, breakages and pilferages. Effective Stock Management Strategies Not too long ago, a family member was using a specific product at home, which I decided to try. “This is excessively sweet,” I remarked. Suddenly, everyone’s attention was focused on me, as if questioning when I had last used the product myself. This prompted us to inspect the product together. To our surprise, we discovered that the product had expired for three (3) months. One of the consequences of selling expired products is the erosion of trust among your customers and consumers. This not only leads to an immediate loss of revenue but also jeopardizes long-term business prospects. Effective inventory management is crucial for businesses of all sizes, as it can impact profitability, customer satisfaction, and overall operational efficiency. Here are some key aspects and strategies for managing inventory: 1. Stock Classification: Inventory can be classified into different categories based on their importance and demand. The most common classification method is ABC analysis, which categorises items into three groups:– A items: High-value and high-demand items that require close monitoring.– B items: Medium-value and medium-demand items that need regular attention.– C items: Low-value and low-demand items that require less frequent monitoring. 2. Inventory Tracking: Implement a robust tracking system to monitor stock levels in real-time. Barcode scanning, RFID, or manual tracking methods can be used to keep accurate records of items coming in and going out. Stock management software can be used as well. 3. Reorder Points and Safety Stock: Establish reorder points for each item in your inventory. When the stock level reaches this point, it triggers a reorder to replenish supplies. Safety stock is an extra buffer to account for unexpected fluctuations in demand or lead times. Lead time is the period of time that it takes for goods to be delivered after someone has ordered them. 4. Supplier Relationships: Build strong relationships with suppliers to negotiate favourable terms, such as lower prices, shorter lead times, and reliable delivery schedules. This can help in reducing carrying costs and ensuring a steady supply of goods. Carrying costs are the various costs a business pays for holding inventory in stock. 5. FIFO and LIFO: Choose an appropriate method for valuing yourstock, such as First-In-First-Out (FIFO) or Last-In-First-Out (LIFO), based on your business needs and tax considerations. 6. Regular Audits: Conduct regular physical audits to verify the accuracy of your stock records. This helps identify and rectify discrepancies. Audit is simply the examination of records. 7. Continuous Improvement: Continuously analyze your stock management processes and make improvements based on data and feedback. This will help you to easily calculate turnover rate (how quickly your inventory is being sold), spot obsolete/expired ones and source goods from multiple suppliers to reduce the risk of disruptions in the supply chain (supplier diversification). Conclusion In conclusion, effective inventory management requires a balance between having enough to meet customer demand and avoiding excess inventory that ties up capital and storage space. It is an ongoing process that should be continually reviewed and adjusted to adapt to changing market conditions and business needs. Also read: The Importance of Inventory Management

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How to Scale Tech Companies in Nigeria

Scaling tech companies in Nigeria means growing operations to serve more customers, increase revenue, and have a more significant impact in the market while simultaneously improving efficiency and profitability. This can be accomplished by expanding into new markets, improving production capacity, streamlining processes, growing the workforce, and harnessing technology. The ultimate goal is to achieve sustainable growth, reach a broader customer base, and improve the quality of products or services. Yet, accomplishing this goal is frequently challenging for tech companies in Nigeria. They grapple with limited funding for various reasons, including their early-stage status, reliance on self-financing, struggles to attract investors, revenue difficulties, high development expenses, and the impact of economic downturns. Strategies for Scaling Tech Businesses in Nigeria Despite facing financial limitations, especially limited funding, you can efficiently scale a tech company with these strategies : 1. Effective Resource Allocation To achieve sustainable growth and efficient resource management, businesses should prioritize the development of a Minimum Viable Product (MVP) that meets essential market needs. By releasing initial versions of products, businesses can gather valuable feedback, validate ideas, and generate revenue for further expansion. Additionally, implementing cost-optimization strategies such as utilizing co-working spaces, open-source software, and negotiating favorable terms with suppliers helps businesses maximize resources and minimize expenses. By focusing on these developing an MVP and implementing cost-optimization strategies, businesses can effectively control costs, streamline their product development process, assess market feasibility, and deliver an MVP. Ongoing evaluation and refinement of these strategies are crucial for long-term success. 2. Customer Centric Growth Strategy Another essential strategy for scaling with limited funding is customer acquisition and retention. Businesses can target intended audience and broaden reach by wisely allocating resources and putting cost-effective marketing techniques like content marketing, social media, referral programs, and Search Engine Optimization (SEO) into practice. In addition, focusing on client feedback and iteration enables organizations to obtain insightful information and modify their product or service to match the demands and preferences of their customers. This iterative methodology guarantees that firms may steer clear of expensive errors and create a product that appeals to their target market, ultimately resulting in higher levels of client pleasure and loyalty. Businesses can maximize scarce resources and promote long-term success by giving customer-centric growth plans first priority. 3. Building a Strong Team and Network To succeed with minimal resources, tech companies should prioritize building a strong team and network. This involves attracting and retaining talented employees who align with the company’s vision through competitive compensation packages. Building a solid network provides opportunities to connect with mentors, investors, and industry experts, leading to access to resources, industry knowledge, and potential collaborations. Additionally, forming strategic alliances with complementary companies or competitors can accelerate expansion without high initial costs. By prioritizing team-building, networking, and strategic alliances, tech organizations can access valuable expertise, resources, and growth opportunities even with limited financial resources. 4. Business Financial Planning and Efficiency Successfully managing finances, acquiring funding, and operating a business efficiently are vital for achieving success. Key approaches include creating a realistic financial plan, closely monitoring financial matters, and exploring alternative funding sources such as angel investors and crowdfunding platforms. Enhancing operational efficiency involves streamlining processes, automating tasks, adopting project management tools, and optimizing the supply chain. Implementing these strategies leads to improved financial performance, sustainable growth, and a competitive advantage. It also ensures secure financing, increased efficiency, and enhanced financial planning. Regularly evaluating and adjusting these methods is crucial for ongoing success. Conclusion Tech companies with limited funding should strive to scale their operations strategically to achieve growth within budget constraints. Scaling offers several advantages, including capitalizing on larger market opportunities, gaining a competitive edge, achieving cost efficiencies, fostering innovation, and attracting investors. By expanding their reach, diversifying their offerings, optimizing costs, adapting to market trends, and demonstrating growth potential, tech companies can unlock their full growth potential and ensure long-term success in the competitive tech industry. Emmanuel Otori is the Chief Executive Officer of Abuja Data School. He is a Small Business Consultant, Start-Up Advisor and Consultant For SMEs across Nigeria. You can read his other articles here.

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Selling with Empathy: The Peculiar Nigerian Scenario

The world generally is experiencing some levels of economic hardship. There’s a lot of pressure on the world economies to strike a balance between opening their doors to the influx of immigrants and ensuring the standard of living of its citizens does not change due to the new economic pressure. We all know that the economic situation in Nigeria has taken a downward turn and more people are losing their ability to afford the kind of lifestyle they could boast of say some ten years ago or more. Selling with empathy is fast becoming the new tactic to ensure that businesses do not lose their clientele and can remain going concerns. Empathy has emerged as a powerful tool for building meaningful connections with customers. It’s no longer enough to simply provide a product or service; businesses must prioritize understanding and addressing the needs and emotions of their customers. This shift towards empathy-driven selling not only fosters trust but also leads to long-term customer loyalty. In this article, we will explore the five principles of applying empathy in customer interactions across all touchpoints of a business. Whether you run a school, hospital, supermarket, etc. employing empathy in dealing with your customers differentiates your business from your competitors. 5 Strategies for Selling with Empathy 1. Active Listening Active listening is the cornerstone of empathy in any customer interaction. It involves not only hearing the words spoken by the customer but also understanding the underlying emotions and concerns. When a customer feels heard, they are more likely to trust the business and feel valued. The rising inflation and hike in fuel prices have put a lot of pressure on the populace. Tips for Active Listening: 2. Understanding Customer Perspectives Empathizing requires putting oneself in the customer’s shoes and trying to see the situation from their point of view. This means recognizing their emotions, concerns, and motivations. By understanding their perspective, businesses can tailor their responses to better address the customer’s needs. Ways to Understand Customer Perspectives: 3. Responding with Compassion and Kindness Empathetic selling involves responding with compassion, even when faced with challenging situations. It means showing genuine care for the customer’s well-being and aiming to provide solutions that benefit them, rather than solely focusing on the sale. Practices for Compassionate Responses: 4. Customizing Solutions Empathetic businesses recognize that every customer is unique. They go beyond generic responses and seek to offer tailored solutions that address specific needs and preferences. This level of personalization not only enhances the customer experience but also builds trust and loyalty. For example, creating sales packages that will cater to your diverse customers such as installment payments, discounts, etc. Strategies for Customizing Solutions: 5. Follow-Up and Continued Support This is the road less traveled by most businesses. Empathy doesn’t end with the sale. It extends into the post-purchase phase, ensuring the customer feels valued and supported even after the transaction is complete. Regular follow-ups and ongoing assistance demonstrate a commitment to the customer’s long-term satisfaction. Actions for Continued Support: In conclusion, empathy-driven selling is a transformative approach that not only leads to increased sales but also builds a loyal customer base. To remain top of mind of your customers in our present economic realities, businesses need to step out of their comfort zones and demonstrate to customers that they understand the emotional key drivers of customer experience.

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Growing your Business with Data

Growing your Business with Data

Growing your business requires harnessing the power of data, as it has evolved into the lifeblood of every business, regardless of its size or sales volume, in the 21st century. Within the competitive marketplace, gaining an edge is no longer solely reliant on years of experience; it hinges on the presence of reliable data that guides informed decisions for sustainability and profitability. It’s evident that many business owners lack the knowledge of how to gather data, let alone utilise it for effective decision-making. The utilisation of data from Small and Medium-sized Enterprises (SMEs) to enhance and expand your business isn’t a mystery; rather, it’s a skill that can be acquired. Comprehensive Guide on Growing your Business with Data 1. Data Collection and Storage: Identify the key data points that are relevant to growing your business and achieving your business goals. This could include sales figures, customer demographics, website traffic, social media engagement, inventory levels, and more. Implement systems and tools to collect, organise, and store the data securely. Cloud-based solutions are often cost-effective and scalable options for SMEs. For example, you can utilise accounting software to maintain your records. If accounting software exceeds your budget, an alternative would be to manage records using Microsoft Excel or traditional notebooks, and then store them within Google Drive. 2. Data Analysis: Use data analytics tools to process and analyse the collected data. This could involve identifying trends, correlations, and patterns within the data.Perform both descriptive (what happened) and predictive (what might happen) analyses to gain a comprehensive understanding of your business’s performance. Examples of tools include Kissmetrics, Google Analytics, Excel and Woopra. 3. Business Insights: Extract actionable insights from the data analysis. These insights can guide your business decisions and strategies. For example, you might discover which products or services are most popular among specific customer segments, allowing you to allocate resources more effectively. 4. Operational Efficiency: Identify areas where operational improvements can be made. Analyse processes to find bottlenecks, inefficiencies, and areas for automation. By optimising operations, you can reduce costs, enhance productivity, and deliver a better customer experience. 5. Customer Personalisation: Use customer data to create personalised experiences. Tailoring your offerings to individual preferences can significantly improve customer satisfaction and loyalty.Send targeted marketing campaigns, offer personalised recommendations, and address customer needs more effectively. 6. Innovation and Product Development: Leverage customer feedback and market trends to drive innovation in your product or service offerings.Data can guide you in identifying emerging customer needs and preferences, allowing you to develop new offerings that meet those demands. 7. Marketing and Sales Strategies: Craft marketing strategies based on data insights to target specific customer segments more effectively.Utilise data to track the performance of marketing campaigns and adjust strategies in real-time based on their effectiveness. 8. Scaling and Expansion: When planning for growth, use historical data to understand growth patterns, identify expansion opportunities, and allocate resources strategically. Conclusion In summary, effective data utilisation requires a combination of technology, skilled personnel, and a solid understanding of your business objectives. By leveraging data, you can make informed decisions that drive your business forward.

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How to Keep your Business Running after Working Hours

“Whenever the customer wants it, you should be there” Many offices typically operate from 9:00 AM to 5:00 PM due to the costs and effort of running night shifts or servicing the office at night. However, the concern is that your customers don’t sleep. When they want a solution, they want it immediately and the earlier they speak to someone, the less anxious they feel. Knowing that most offices are closed after 5:00 PM and on weekends, customers often seek alternative ways to reach out during these times. As an entrepreneur whose business is centred on customer satisfaction, here are some options to keep your business running after working hours: 1. Social media pages To effectively keep your business running after working hours, it’s important to be active on social media. Creating pages on platforms like Facebook is crucial. These pages can be set up to automatically respond to messages with customized replies. The platform also lets the customer know when they can expect a response, based on the average reply time. This helps reassure the customer that they are dealing with a customer-centric organization, whether it’s during working hours or not. In fact, the message can even include an emergency contact if needed. Here’s an example below: 2. Auto-responder An auto-responder is a system organisations use to send an email when they’re out of office, on leave, on a particular assignment or outside their country of operation. The email often contains information regarding when messages will be read and replied to or an option to contact another individual in the organisation that could process the enquiry. Below is an example of an automated message. 3. A 24/7 Office Phone I read a story online about a customer who needed a product on Monday morning. They tried calling a supplier they found online but nobody answered the office phone. They kept searching and found another supplier who answered immediately and delivered the materials on time. It made me think, what’s the point of having an office phone if nobody picks up? Nowadays, an office doesn’t have to be a physical place. It’s about the people and processes that can operate from anywhere, anytime. Every office should endeavour to use mobile phones, with someone available to handle calls and respond to inquiries anytime. It’s important to keep the business running smoothly all day, while still maintaining good telephone manners. 4. Online Support Services To make the most of an organisation’s online presence, it’s important to consider all platforms. Websites should have a support system that works on both computers and mobile phones, accessible anytime with an internet connection. These chat boxes should be automated to respond to messages, and allow users receive notifications for answers to their any enquiries. 5. Integration of Chatbots Chatbots use artificial intelligence to respond to questions from customers. They analyze similarities, patterns, and keywords to provide consistent answers. Chatbots serve as a temporary solution for basic information until a human representative takes over when the chatbot can no longer handle the customer’s requests. Implementing this system across platforms requires a fully integrated technology team. A successful business focuses on promptly addressing customer needs, keeping communication open, providing clear information, and delivering on time. When these elements work together, a business can definitely become a household name. 

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6 Post-Subsidy Strategies for Reducing Costs

Nigeria has enjoyed fuel subsidies for a long time, as early as the 1970s. However, its removal was announced on 29th May, 2023, and implemented afterwards. Subsidy removal on Premium Motor Spirit (PMS) is often associated with increased inflationary pressure. This means that every economic agent, from households to businesses will be impacted by its removal. As a small business owner, you’ll typically have to deal with higher costs of procurement, energy, logistics and raw materials. Since higher cost of doing business is a threat to profitability, and could increase business mortality rate if not well-managed, here are six (6) post-subsidy strategies for reducing costs: 1. Inventory optimisation: Produce and/or procure just the right amount of inventory required to meet demand for quick turnover and also to avoid wastage, especially for perishable items. 2. Stockpiling and batch deliveries: Encourage customers to consider stockpiling when purchasing non-perishable items to reduce delivery costs. For example, a customer might be unwilling to pay N2,000 delivery fees on an item that costs N1,500. But, if they purchase another item in two weeks, you can send both items together at the same delivery price. Also, introduce batch deliveries per location or days so that customers can share the cost of deliveries, thus cheaper deliveries. Customers who want instant deliveries will have to pay the premium price. 3. Customer retention: This is critical during inflationary periods because acquiring new customers becomes harder. Maintain cordial relationships with existing customers by offering exceptional customer service and implementing periodic loyalty programmes to encourage retention. 4. Market research: conduct market research to determine the right pricing that’ll keep your business profitable while balancing customer affordability. 5. Exploring shared resources with other businesses: Identify sector-specific entrepreneurs within your network and collaborate to purchase raw materials in bulk to reduce operational and logistics costs. 6. Exploring intervention programmes: Occasionally, intervention programmes dedicated to supporting or providing relief to small businesses are launched by the government, non-governmental organisations or the private sector. These programmes might be in form of grants, loans, or access to market opportunities. Get first-hand information about these programmes by joining entrepreneurship networks, industry-specific sector groups, accessing entrepreneurship resources on platforms like MSME Hub and keeping up-to-date with business news.

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Integrating AI Technology into Business Operations

Definition of Artificial Intelligence AI technology is a broad term that refers to any type of computer software that engages in humanlike activities – including learning, planning and problem-solving. Broadly speaking, AI can support three important business needs: automating business processes, gaining insight through data analysis, and engaging with customers and employees. How Startups are Evolving with AI Technology Startups that use AI applications for a variety of businesses and industries have seen significant growth as a result of the rise of this technology. Artificial intelligence is being used increasingly heavily by modern businesses. They are setting the standard by providing a variety of services, such as sophisticated chatbots and automated customer support. Artificial intelligence (AI) is a sophisticated technology that employs algorithms to complete tasks that were previously handled by humans. Artificial Intelligence Benefits Startups must have a solid grasp of AI technology and how it may help them grow their business before adopting it into their operations. Also, they would have to make investments in AI-focused personnel or look for alliances with AI technology suppliers. Therefore, startups can integrate AI in the following ways: As a result of integrating Artificial Intelligence (AI) in business operations, the company can make relevant decisions more swiftly, enabling it to take advantage of opportunities for competitive advantage that may otherwise be forfeited. All of this can result in a sizable reduction in operational costs for businesses utilizing AI technologies.

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