Operations Archives - Page 3 of 10

How to Curb Mass Migration of Tech Talents from Africa

The search for commensurate rewards is one that drives the human pursuit in different sectors, from medicine, to tech, to artisanship and entrepreneurship. This is why tech talents have been leaving the African continent in search of greener pastures. Due to the ongoing trend where the immediate environment does not facilitate the growth and expansion of talents, people are forced to new locations. Places like Silicon Valley encourages tech enthusiasts to build more and develop already existing technologies in order to improve the quality of lives. The impact of human capital in developing a region cannot be overlooked as it is a key factor. Through human capital development, values gained from experiences and skills are transferred as solutions to organizations, companies and establishments which in turn develops the country or regional economy. Not only are tech employees migrating, start-ups are also migrating. It is no doubt the 4 M’s of business which are money, machine, manpower and material are key factors to sustaining business growth and achieving success in an industry. In a scenario where there is money and material but no manpower to coordinate the working process or utilize available resources, productivity is hampered. Therefore, the constant migration of proactive minds to other climes will have a long reaching effect in the development of the African continent if not checked. Hence, if you set up the industries and put up the infrastructure with no requisite man-power you have already set yourself up for failure. Common problems which cause tech migration: The issues can majorly be classified into 4 M’s which are lacking as seen in Africa. They include: Method The nature of tech jobs differs amongst the various arms of technology and usually requires flexibility. Most tech jobs can be done remotely and so disrupts the conventional mode of technical jobs. In Africa, not many countries have companies that accept working remotely as it is believed, distance might affect productivity. Machine Infrastructure is a great component in getting jobs done in the tech space. A tech operator would need his tech tools like computers and other gadgets to get his job done. These tools do not power themselves and obviously need power supply, internet connection, network configurations and the likes. Not having electricity or power supply elements can be highly discouraging. Industries and organizations come under infrastructure as there are fewer companies to create opportunities, provide the suitable workspace and meet the needs of employees. Money Money is a big factor in brain drain in Africa where most tech employees are overworked and under-paid which is why they look to work with the western world where they get paid according to the value they offer and duration of tasks. The salary of tech employees outside Africa can sum up $200,000+ per annum and those in Africa can’t earn up to that following the unfavorable conditions of the environment. Manpower The master of it all. With the numerous unfavorable situations, skilled individuals migrate, families move along, friends inspire skilled friends to leave also because everyone wants to make it. Africa is left to worsen with already existing problems and more to come. In years to come, only few inhabitants would be skilled and Africa would be forced to invite home its people to provide solutions with their expertise. Solutions to retaining tech abilities in Africa Amidst the whole situations, possible solutions to minimize or stop brain drain in Africa include: Good Working conditions for employees. Favorable rules and regulations set up for start-ups. Up-skilling staff through job training and workshops. Start-up support in every aspect e.g. funding, advisory, mentoring and networking. Building the tech sector as a separate industry to be budgeted for. Increasing the remuneration of tech employees and modus operandi according to work functions. Healthy start-up competitions. Setting up Tech regulatory bodies to monitor and evaluate technological progress in the country/region. Inculcating tech in educational curriculum.

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Tips and Tricks of Choosing a Business Name

Your Business name will be associated with you for a long time. So, it’s critical to think about it thoroughly before forming a company, developing a website, or making signage and other promotional items. To help you started, here are a few pointers. How important is a name? Apple. Google. Yahoo. History is replete with examples of industry giants who had names that were at best, nondescript, and at worst, irrelevant. So, should you invest time and energy in choosing a ‘good’ name for your company? And how do you go about achieving this? Choosing a Name The following criteria should be taken into consideration in choosing a good business name: It should be available as a domain name It should evoke the thing it names It should be easy to pronounce It should be inoffensive globally (or at least in your target markets) It should have positive associations It should be easy to say It should have unambiguous spelling It should be memorable It should not be too long You can also create polls, surveys and leverage communities on social media (e.g. Facebook, Instagram and LinkedIn) to get input from the larger world and your target customers when choosing a company name. Registering a Domain Name When choosing a domain name, you are advised to have full dot-com availability. If you can help it, you should ideally endeavor to stay away from the following: Hyphens Special characters Dot-net Dot-org Other top-level domains Country domains Changing Your Name Ideally, the name you choose should reflect: Who you are What you do How you do it It’s not the end of the world if you decide after a year or so that your business name is not quite right. However, you would have largely wasted any earlier marketing effort in building up awareness. Action Steps Brainstorm 5 potential names for your business Use social media to determine the most popular version Check hosting websites such as Godaddy and Bluehost to confirm the availability of your chosen name Read Also: Converting your Business Name to a Limited Liability Company For more posts from this author, visit: www.gloryenyinnaya.com

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How to Leverage Data for Business Growth

Many organizations are seeking ways to offer their products and services to customers in an efficient way in order to save time, ease their processes and provide the highest quality of delivery as at the expected time. One major opportunity that most start-ups are not taking advantage of in their quest for efficiency is the availability of data in the public domain as well as the internal data they are gathering to make business intelligent decisions. When is mined correctly, it helps you act with precision and less assumption and it reduces the margin for error and ultimately makes your business thrive. How To Gain Actionable Insights From Data Data gathering Gathering of data is the most rigorous step as without data, the ability to make decision is hampered. Assumptions would thrive and there would be much gap in the margin of errors. Before collecting data, the scope of the project in terms of questions to be asked in the survey, the duration of the project and field enumerators to be used as well as medium for gathering the data should be known. These tools are for gathering data Surveymonkey, Google forms, Microsoft forms, Hubspot and Google analytics. Data Cleansing Data cleansing or wrangling is the art of removing unwanted items not needed in working with the data collected such as symbols, extra spacing, grammatical error etc. Data Analysis To analyze any form of data that has been collected, these tools are the most comprehensive tools in the marketplace, they include Microsoft Excel, SPSS, STATA, Python, R programming, MATLAB, E-views. Data Visualization Data visualization is the art of representing data in the form of charts in order for comprehension by stakeholders. Examples of tools for data visualization are Power BI, Tableau etc. Business Intelligence The action taken having seen the feedback hidden in the data collected is called business intelligence (BI). This is the most important aspect in order to act with precision. What is Predictive Analytics? Predictive Analytics is a form of using records from past data collected over a period of time to determine what the future holds in the form of forecasts. Predictive Analytics is a branch of data analysis that helps to make decisions in the business world. Tools for Predictive Analytics There are free and paid tools for predictive analytics and they are numerous in the form of software applications. They can be utilized by anyone who has competence in gathering data from customers through surveys or from a database and knowledge of which tool is applicable to best analyze certain data. Non-coding tools Microsoft Excel SPSS STATA 2. Coding tools Python R Programming Application of Predictive Analytics Stock Control Staff Utility Price fixing Managing of Peak Times Determining call rates The future of business will be driven by African start-ups that can use the data gathered to study behavioral tendencies of customers and how to serve their needs with a greater level of efficiency. Read Also: Thriving Through Disruptions – Tips for Startups

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Non-Monetary Compensation of Employees

Running a business requires both the entrepreneur’s effort as well as the support of other team members who contribute their quota towards positioning the business for growth and sustainability. These team members who are referred to as employees, are often compensated for the role they play in the daily affair of the business. As a startup, you may want to attract the best talents as employee but may not have enough funds to compensate them. The economic depression and inflation on goods and products have also reduced the value of salaries in the hands of current employees. The following are non-monetary compensations you can consider giving to your employees: Equity Compensation (“Pay Me in Equity”): One of the most common forms of non-cash compensation of employee is allotting a portion of shares to such key employees. This builds a sense of ownership and belonging in the company. An employee who is a shareholder or a potential shareholder is more likely to be loyal to the company. Companies must however ensure that the shares are not given outright, rather the shares should vest over a period and certain restrictions must be placed on the shares in the interest of the company. Flexi work: Since the incidence of the covid-19, the world of work has changed. Many organizations have come to realize that productivity can still be achieved even when employees are not in a brick-and-mortar office 9a.m to 5 p.m. Employers should infuse flexi work in the schedules of employees because it can reduce stress and increase productivity. Hours spent commuting can be better utilized. Concerns about the dedication of the employee to work can be addressed by the use of technology which will enable employees log in hours spent on daily tasks and this can be monitored from the back end to measure employees’ performance. Happy Ambassadors: Employers should pay attention to the wellness and health of their employees and must show their genuine concern for creating a healthy balance of work and personal life. Employers should also be interested in the career growth of employees. Whilst it is important for your employees to be driven by profitability goals of your business, employees should not feel like a means to an end only. They should be able to envision their relevance, growth and the fulfillment of their career goals within the context of the larger goals of the business. Freebies – Employers may consider providing or subsidizing breakfast and lunch to its employees. Allowances such as transportation allowance, mobile phone credit top-ups and data allowances are also good ways to incentivize an employee. Personal and Professional Development: Employers may consider paying for trainings and certifications that would enhance the skills of its employees. This will not only make the employee happy, it will most likely have a positive impact on the productivity of the employee and ultimately the company. There are also some good online certifications you can encourage your employees to sign up for. The genuine interest of an employer in the professional development of an employee is always palpable. Recognition: Recognize the efforts of your employees so that they feel valued and are motivated to do more. You will be surprised how far a simple “Thank You” note would go! The year is rounding down and this may also be a good time to pay bonuses or give personalized gifts or have a social end of year event to reward your employees and let them know you appreciate them. Read Also: How to Ensure Employee Satisfaction

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Five Basic Customer Needs

Customers come in contact with businesses because they have a need that those businesses can cater to and make life easier for them. Their awareness of what a business does comes about through various means. It could be word of mouth, social media, newspaper, business listings and the likes so regardless of the size of your business, customers will always look out for five basic things as it plays a vital role in their purchase decision. With the pandemic, it became clear that businesses must make every effort to ensure that their activities are centered on giving customers their best if they want to remain in business. In addition, customer’s expectations are on the increase and so it is important to keep these little reminders in mind as they implement their business strategies for the year. The 5 Basic Customer Needs Value for money: Job loss is on the increase because business income lines are thinning out. This has made customers become more deliberate about how they spend their money: the focus is now on getting the essential items like food, shelter, etc. To stay topmost on the minds of your customers, you have to be a value giver at every interaction. Ensure that what they are getting measures up to the amount invested. If you exceed their expectations while at it, fantastic! Favourable pricing: In Nigeria, for instance, parting with cash is increasingly a hard thing to do. Customers are looking for businesses who will not only give them value for money spent but whose price is equally pocket friendly. Agreeably, the cost of running a business is on a daily increase so if you want to attract premium customers, it is imperative that you deliver top notch customer service and that your product is of high quality. Swift action: Customers are increasingly impatient and they want to spend as little time as possible with their transactions. This is a consequence of having within their reach ample information to inform their buying decision and a plethora of alternatives to choose from. It’s no longer enough to just be available, you’ve got to also be swift in your transactional activities. Respect: This probably ranks about 75% of the reasons why a customer would continue their patronage of a business. Remember repeat purchases is what keeps your business going. Each customer you let go is you letting money go to your competitor. Respect for customers and staff should be entrenched as one of your core values within your business. Appreciation: Customers will keep flocking to businesses who appreciate them and make them feel special. Your customer shouldn’t be just another addition to the number. Appreciate them for choosing to spend their money on your business and this can be done in various ways and may not always require you spending money. Conclusion Regardless of the size of your business or organization, all customers tend to want the same things: your attention. When customers get to receive these basic human considerations from you, it becomes easier to align with customers needs and can even raise the bar in your service delivery. If you want premium profits, you’ve got to give premium value. Found this useful? Please leave a comment.

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The Benefits of Standard Operating Procedures

“Organizations cannot experience sustained growth until they develop a set of standards to guide their operations”. Standard Operating Procedure (SOP) is a detailed and systemized instruction that is expressed in a step-by-step sequence on how the roles of employees should be carried out. A standard operating procedure is usually created by the employer in order to create a company culture that transcends individual differences in carrying out activities related to business and office management. The Need For A Standard Operating Procedure? A standard operating procedure ensures that a business can be successful since it operates with precision, accuracy and uniformity while working across different stakeholder segments of the business. When regulatory agencies visit an organization and realize there is a standard operating procedure at work, it sends a positive image of control and proper management of activities. It serves as the foundation of a good quality management system, such that an organization can become responsive when an error occurs, therefore making the ability to get back on track feasible. Most small businesses are run in an informal manner regardless of the number of years or the number of resources invested in them. The desire of most organizations is to become №1 in their industry and grow their businesses through the ranks from a brick and mortar business to a medium sized organization or conglomerate. However, it should be considered that only systems make organizations to serve the different the kind of people that come into it, and this is not to resent individuals with great talent who make immense contribution to delivering value in these organizations but that the organization takes the discipline to put a system in place and refine it as they grow. A standard operating system compels team members to share in this generally accepted standard that the organization is trying to put in place. A number of processes are examined to fine tune what is expected in an ideal organization Areas Standard Operating Procedures Are Applied Cloud Storage of Electronic Documents While different organizations have procedures for saving electronic documents. An easy to use general procedure is to create a folder that holds electronic documents for a month, this monthly folder is then embedded with weekly folders to save activities done for the week and the weekly folder has daily folders to save activities done for the day. Each folder will contain a set of specific documents, images or visuals saved with the name of the document or client’s name and date. This allows for easy referencing. The folder is then uploaded to the cloud or saved in a hard disk. Receiving and Answering Calls Imagine an organization where there is no procedure for answering and receiving calls, without initiative on the part of the handler of the device, it appears to anyone like a chit chat which from a distance can be observed by the person at the other end. A recommendation that provides flexibility is as follows Good afternoon Sir/Ma, I am XYZ, the customer center head How may I help you? The outline here for calls is to accord the client or prospect with the level of respect regardless of their age and only call them by their name if they only ask to be called by their nomenclature. While all the information that is being requested by a customer may not be available at hand while the call is ongoing, it is important to let them know that you would return the call when you gathered further information, in order to prevent informing the customer wrongly and misrepresenting the organization. Choosing a font style and size in every document An organization has to be seen as one with whoever it is having business dealings with and one way to show uniformity is in the preparation of documents that are either for use within the organization or one to be sent out Font Size: Georgia Font size: 12 Line spacing: Double line spacing Document format Some documents are sent out in an editable format and because these can easily get exposed to viruses, might make the client go through the stress of getting to open the said file. A PDF (Portable Digital Format) document is what is recommended as it doesn’t lose its authenticity from whichever platform it is sent online. These sets of operating procedures as simple as they are can save an organization from acting randomly and bring about cohesion and a sense of accountability in following such principles. Procurement For an organization to make procurements especially private organizations, it is necessary that the store manager communicates a depletion in the specific item by sending a notification through the procurement officer to the manager, the manager then passes same to the accounts officer to verify the duration for the depletion of the item is as specified before requesting for a list of eligible vendors to generate an invoice for the items requested. Funds will be transferred to the vendor and upon confirmation by the vendor; the item is released with a receipt as evidence of payment. The procurement manager then upon delivery ascertains that the item requested is exactly what was purchased; he then sends it to the stock through the store keeper who enters this as a new stock. An organization depending on the culture they intend to build can create procedures that work in order to ensure accuracy and avoid duplicity of procedures initiated without authorization from the management. Read Also: Guidelines to Developing a Standard Operating Procedures Manual

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Why You Need a Business Continuity Plan

There are many uncertainties in business and the more a business grows, the more the uncertainties. All these uncertainties are risk factors associated with businesses and they could arise due to expansion to a new geographical location, promotion of team members, and production of a new line of product or seeking partnerships to strengthen the market share. The ability of the business owner to ensure the business can continue its operations in spite of the numerous risks at any point in time could determine whether a business would go bankrupt or evolve. What Is the Business Continuity Plan? A business continuity plan is a document that outlines the actions or measures that should be taken should there be a disruption in the form of an associated risk such as fire outbreak, loss of equipment, death of the business owner, or a collapsed building. The ability to get back into business despite the disruption is key to business success. As customers will continue to demand for the products and services and the inability to meet these demands would lead to a huge loss in market share and more effort to win them back if it takes a longer time for the business to get back on its feet. A business continuity plan is significant in the following ways: Availability and Accessibility: The plan ensures that a business is sustained and can continue to offer its products and services regardless of any disruption. The use of Information Technology (IT) infrastructures such as cloud computing help to save and backup all documents such as receipts, invoices, purchase orders, bank transactions, log sheets of staff, etc. online and in real-time. Uninterrupted operations: The plan ensures that systems that govern the smooth operations of a business can be installed immediately after the disruption so that operations can continue seamlessly. Disaster recovery: A secondary source of ensuring a business can sustain itself back into operations is key when it comes to disaster recovery and its management. Disaster recovery could be the ability to get back from where everything stopped. A website that has experienced cyber-attack and is the major source of engaging customers should have a sub-domain hosted separately so that it can get back live quickly and recover swiftly. This way, the company will minimize its losses. Processes for designing business continuity plan While planning to have a holistic document for the business continuity plan, the following metrics are important to ensure a robust design is carried out Business prioritization: The starting point for planning a business continuity plan is to identify and quantify the risks, threats, and vulnerabilities. This should be done across all platforms and departments. Adoption into IT: Take the input from business prioritization and perform an overall business continuity program design. Information Technology gives a competitive advantage when it comes to risk management as it provides the infrastructure to safeguard and ensure easy recovery and accessibility to files saved with the aid of cloud computing. The risks identified from the business prioritization should be adopted into workable IT systems. Manage: The ability to utilize what has been designed prior to a gap caused by a breach requires discipline. Hence, it is important to update the files regularly so that you can enhance the capacity of the team to utilize the systems designed effectively. The key components of business continuity are: Strategy: Strategy helps to create a secondary system in place while ensuring that the day-to-day operation runs smoothly. Organization: Organization of the key components of the internal and external resources that keep the system running, most especially the human resources, their responsibilities, and opportunity to communicate output through a regular assessment of all systems ensures organization of the overall plan for business continuity. Software applications and management: Any Software application that is used regularly for business operations should be backed up. Processes: Documentation of all processes with specific terms in the form of a flow chart or process map, such that any team member can begin to deploy the knowledge from the files without needing a third party to make explanations. Technology: Every form of technology that supports the overall existence of the business, such as the infrastructures for production, maintenance, repairs, use of energy, etc. should be documented. A business continuity plan is important because it becomes a reference point should any form of disaster occur and helps to provide the framework for recovery to deal with different forms of risk and the ability to return to operating again.

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Ten Marketing Tips for Startups

As an entrepreneur, marketing is critical to the growth of your business. It is one of the most powerful instruments to get your company up and running as it provides the platform to introduce your brand to the world. This is what is known as marketing/promotion and though we know that it may sometimes take a huge chunk of your budget, it is important to know that the result is always worth the expenses. Here are 10 major marketing tips that are extremely useful for promoting your brand, irrespective of your financial position: The first rule, know your clientele: When you know your target audience, it is easier to devise marketing strategies that create a real connection between your brand and customers. Therefore, it is vital to know your potential clientele and the message you are trying to pass across to them so as not to lose their attention. Social media marketing: Just like it is possible to feel like you know someone after 10 minutes of scrolling through their Instagram page, so also, it is very likely that your potential clients will quickly form an opinion about your brand based on your social media posts without ever being exposed to your team, services or products. That said, engage a social media expert who understands how you want to portray your brand and who knows the best way to grow your network of customers. Do not be afraid to change strategy: Be honest about what is working or not. Not every business model has to advertise via regular social media channels. Whilst Instagram may work very well for marketing one product, radio jingles may be more useful for another product. If you have tried a strategy and it keeps failing, do not be afraid to try something different, including billboard adverts, flyers, radio/TV adverts. Remember, your target market will determine the best marketing strategy. E-mail marketing: This is an alternative marketing strategy. Your database is a gold mine and what you do with your record of phone numbers/emails can possibly skyrocket your progress into success. You can choose to send periodic updates, newsletters, discount codes, etc. to the contacts you have accumulated over the years. You must however be careful not to infringe on applicable data privacy regulations. You must ensure that the numbers/emails are only used for intended and agreed-upon purposes. Connect emotionally: Most great brands have built up their image using compelling stories to drive connection with their clients. No one is saying you should make up stories or tell untrue tales, but there is nothing wrong with giving your customers a brand that they can easily connect with. A business can use real-life day-to-day experiences as a marketing strategy to connect with its potential customers. Socialize: It is important to make out time to attend networking events, seminars, workshops, religious and political engagements that are relevant to the line of your business. You have the opportunity to market your business to every person you meet. Therefore, always be prepared for impromptu conversations. At such events be clear in terms of your outcome and act on your goal; initiate a conversation, exchange cards, target potential customers, distribute free branded gift items to attendees, etc. Follow-up: It is not enough to attend events. After interacting with a prospective client or customer, it is also very important to immediately follow up with a call, email, or text message; while the memory of your meeting and interaction is still fresh in the mind of the other person. During a follow-up interaction, use formal greetings, speak clearly, listen, be respectful, suggestive, and not imposing. Be resilient and interested in getting positive feedback. Build products that clients can trust: There is nothing greater than having returning users who recommend your products to their friends/families because they were satisfied with your product. Referrals have proven to be one of the most effective and resourceful marketing tools for businesses. It is therefore very important for a business to focus on earning the trust of its customers. Your customers will only recommend a product they trust. Build a client referral system: Word of mouth referrals have proven to be a useful key in influencing purchasing decisions especially for emerging businesses. Therefore, strategically build a system whereby existing clients trust your product and are inspired to let people in on your fantastic product/services. You can take the further step of rewarding those who recommend your product by creating a bonus/point earning system. Form strategic partnerships with other brands: This is one of the easiest ways to build your reputation as a startup. Many small businesses have sparked public interest within a few hours of announcing their partnership with bigger brands. While it may be impossible to collaborate with the biggest brands yet, there are always other brands you can strategically connect with to improve sales and visibility.

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How to Develop an Operations Plan

A critical component of your business plan is a strategy for managing your company’s operations. A comprehensive operations plan needs to answer the following questions: Operations strategy How will operations add value? What will you emphasize – cost, quality, timeliness, flexibility? Does your process give you a competitive advantage? Scope of Operations In-house or outsource? Product and process design? Order fulfillment? Customer service/technology support? Installation? Describe how you will get off the ground running as a business Product/process development Intellectual property Rollout strategies – regions, products, channels Marketing strategy – advertising launch, activations, online Agreements with key customers/partners Strategic alliances Facilities and equipment installations Market tests or beta tests Key hires Describe the initial management team for the business Background and experience for each management team – a strong start off management is vital for investors Any holes in the management team? If so how do you plan to address it? Board of Directors or Advisory Board? Organizational chart Ownership structure Corporate Social Responsibility/Impact Investing In summary, an operations plan should describe the process for producing and delivering your product/service and is a critical element of your business planning exercise. Read Also: Key Components of a Business Plan I

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Key Factors that Hinder SME Growth

According to a report published by the World Bank, it was observed that while Small and Medium Enterprises (SMEs) create 7 out of 10 jobs in emerging markets, access to finance has remained a key constraint to SME growth. The Report noted that access to finance is one of the most cited obstacles facing SMEs to grow their businesses in emerging markets and developing countries. While access to funding is a challenge for most SMEs across the world and especially in Nigeria, the ability to create jobs to support the ongoing efforts of the Federal Government of Nigeria has become a significant priority as several financial interventions such as the Anchors Borrowers Programme, TraderMoni, Survival fund, AGSMEIS initiative, the creative industry fund, etc. seeks to drive economic development by directly impacting SMEs in order to create jobs. A question of whether the interventions provided has been properly utilized has also been a major concern to the Central Bank of Nigeria as there has been a high level of defaulting in the ability of these SMEs to make repayment for the loans as well as a discovery of misappropriation of funds. The challenges SMEs face are hinged on different factors and access to finance is one of them, however, without fixing some other challenges that are cardinal to the success of a business, access to funding would make no difference in the operations of such businesses. Some of the key factors that hinder the growth of SMEs aside from access to finance are: 1. Lack of Good Financial Records One of the reasons for the failure of SMEs is the lack of proper financial records. Inability to understand whether a business is making a profit or running at a loss is an assumption that owners of SMEs indulge in, thinking that as long as there is cash flow, the business can survive. While cash flow ensures that a business keeps running, survival does not in any way equate to growth as growth comes from profitability. In order to expand, offer additional products or services, or hire extra hands you need your business to be profitable. Keeping financial records does not have to be rigorous. It simply has to be what forms the cost of running the business (expenditure) and what are the sources of revenue (income). Income has to be higher than expenditure in order to be profitable in business while still serving the client with quality value. There are several tools in place to ease bookkeeping e.g. Quickbooks and Sage 50. These tools can help managers without accounting background track their finances. 2. Lack of Standard Operating Procedures (SOP) Due to the lack of jobs for the teeming population, entrepreneurship becomes the best chance for most recent graduates and those in the informal sector, therefore leading to the emergence of accidental entrepreneurs. These sets of entrepreneurs lack the basic skills to compete globally with their counterparts as there are many gaps such as lack of adequate training to establish and manage a business. They do not also have a Standard Operating Procedure for their businesses. Standard Operating Procedures are a set of instructions that help to create structure on how a business is operated by the team, this helps to create cohesion and organization in the day-to-day activities of the business. SMEs usually run on impulse either due to ignorance or inability to hire an expert to create an SOP, leading to haphazardly running the organization in a fire-brigade approach, making deadlines almost impossible to reach and satisfying customers becomes a mirage. 3. Inability to Leverage Social Capital Social capital refers to the ability to leverage key relationships with different stakeholders that are key to a business. This form of capital can either be a relationship with the supplier of raw materials required for production, to support the receipt of input at a reasonable price or provision of the materials on credit. Relationships with family, friends, associates, and belonging to circles of social clubs can be the beginning of securing customers whose patronage would help secure capital for takeoff. 4. Inability To Create Visibility Online Creating social media handles on Facebook, Twitter, Instagram, LinkedIn, and other channels as well as having a website are necessary for a business to become visible to its target market. SMEs are limited in customer acquisition as their dependence is only on customers that can access their physical location. Being able to gain visibility to markets outside your environment of operation will give your business a competitive edge and also ensure you gain immense visibility online, therefore, increasing your overall efforts in acquiring customers and continuous cash flow. When these factors are properly tailored to support the growth of a business, having access to capital might not necessarily be a major challenge as reported by SMEs as a buffer of opportunity to benefit from the market has already been created as a result of putting the following constants in place.

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