Factors favouring success of businesses in Kenya

  

Date Posted: 11/19/2012 3:21:04 PM

Posted By: jullieflavia  Membership Level: Gold  Total Points: 2188

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1) Sufficient funds and finances.
Availability of funds in a business and for a business person is a very important issue and an important determinant for success in any business. Availability of funds ensures that the businesses are run in a successful manner.
2) Low interest on loans.
Availability of low interests on loans encourages people to lend money and return back with some low interest rates. This ensures that business persons get to the businesses and they work hard towards achieving the objectives.
3) Correct judgment of the market.
Correct judgment of the market allows a business person to know or estimate the best time to invest in the businesses thereby increasing the probability of succeeding.
4) Availability of resources.
Availability of resources will encourage businesses to exploit the resources and use them to make the business run in a successful way.
5) Ability to compete.
A successful business is one that is able to compete fairly with other businesses across a particular range of market. Competing with other businesses makes a business to put up with other businesses and ensures that they do not fail in their course.
6) Good marketing strategies.
A successful business must market its products targeted to getting more customers who are the essential providers of hope in business since a business will only make profits when there are customers.
7) Qualified staff.
A business can succeed when there is qualified staff to help an entrepreneur in managing and carrying out the business.
8) Ability to be innovative an creative.
Innovativeness is very important in any business. For a business to succeed, it is important to bring in new technologies in the business and also create new products through the same that help satisfy customers’ needs effectively.
9) Suitable location.
A business will probably succeed when it is strategically located in an area where there are the targeted customers. For instance, a business dealing with farm equipment will possibly

target customers from agricultural areas than in the industrial areas.
10) Proper market research.
Analysis of the market before going into business is very important. Through market research, a business person will be able to identify what the customers need and the various methods that can be used to satisfy these needs.
11) Good public relation.
Relating well with your customers is a boost to your business. Customers will like shopping or doing business with you when you relate well with them.
12) Proper debt management.
Business people should learn to give out credit but after assessing the credit worthiness of the customers. Also important is the manner in which the businesses manage its debts. This should be done properly so that the business is able to move forward to better heights.
13) Proper management of finances.
Business success also is determined by how one manages his or her business finances. The finances of the business should be managed efficiently and for the planned actions so that the business runs as planned.
14) Commitment to business.
A business owner should be committed to proper management of the business inorder to achieve the goals of the business.

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