Take charge of your business destiny all the time
Between 95 and 99 per cent of companies in most economies in the world are SMEs, which contribute between 30 and 50 per cent of the GDP and sometimes up to half of the employment opportunities.
When governments want to create jobs, they look to SMEs because their cumulative impact on employment is usually in multiple.
If 100,000 SMEs create a job each, that translates to 100,000 opportunities. Corporates, on the other hand, are known for restructuring and efficiency. However, for corporates to create these kinds of jobs it would take years and lots of scaling.
Despite this large contribution, SMEs still don’t have a home in many economies. Their fragmented nature also fragments and mutes their voice. Their impact nonetheless continues to be felt.
In 2020, a few local SME professional services experts came together and decided to create a forum dubbed the ‘Big Baraza’, tailored for SME conversations by entrepreneurs and institutions that are interested in engaging with SMEs, creating relevant products and services or integrating SMEs as part of their value chain so that they feel heard and interact with each other.
Two years later, the Big Baraza is now mainstreamed into an annual convention, organised by SNDBX. This year’s convention, at Movenpick hotel yesterday and today, is aptly themed ‘Owning the times’ and speaks to the unique challenges facing SMEs, including unprecedented economic disruption through fuel shortages, falling strength of the shilling, rationing of dollars, growing government debt that is squeezing out businesses from the debt market and an aggressive tax regime that threatens to squeeze water from rocks daily.
The take-home for SMEs attending the convention is to learn how to spot and take up opportunities in adversity. The truth is adversity is not the enemy of progress rather it can be one of the greatest enablers of progress. In fact, many adept business owners will tell you opportunities abound despite adversity. The trick is how to spot them!
When a disruption happens, three places to consider when looking for opportunities are to first observe how your customers are consuming your product afresh and ask yourself whether your product meets their needs or goal.
Secondly, understand their challenges which could range from lack of access—customers can be denied access to a service or product because it is too far or it is not available at the right time. Limited know-how—customers often lack knowledge on how to use a solution. This is why companies such as IKEA made DIY furniture thus making it possible for everyone to become a carpenter.
Lastly is limited time—sometimes customers just do not have the time to consume a product or service. This is why convenience-driven solutions backed by e-commerce platforms have become extremely popular.
The Big Baraza is an unmissable opportunity for business owners to reflect and refresh their commitment to the dreams they once had when they began the journey. Just like a vehicle needs regular service to keep performing at its optimal level, entrepreneurs, too, need a pitstop such as what Big Baraza is offering—access to professional service experts who will diagnose and advise them on practical solutions to attempt growth even in a broken economy.
Through key note addresses, workshops and break-out sessions, SMEs will interact and discuss frustrations of building a business, adapting to changes in the operating environment and positioning for growth, financing and scale.
The Big Baraza hopes to carve out a niche in the Kenya calendar as the one event that finally puts SMEs on the map, raises their voice and showcases their impact.
— The writer is chief executive, SNDBX — bigbaraza.co.ke
