Maureen quit employment to start a business after several year of preparation. She was confident that with her experience, contacts and network she had developed while working, success was a walkover.
However, 18 months into the business she realised she was going nowhere. High startup cost and low sales had depleted all her capital.
She had not managed to get good sales people and nearly all her contacts vanished into thin air. Just a few wanted to do business with her new venture.
After spending sleepless nights and agonizing on what to do next, she resolved to downsize and do sales herself. To start with, she realised it is easy to get an office administrator than a good sales person.
Though she had never considered herself to be good in sales, she decided to give it a try. In any case her survival seemed dependent on it.
Just three months in the field things turned around and her business started on a meteoric rise.
In terms of business success nothing contributes more than the owner’s ability to sell. Selling is the Achilles’ heel of many business owners though. Quite interesting, most business owners do not consider themselves sales people and do not even try to sell. They assume they are good in other things but not sales.
Yet ability to sell is what makes a successful entrepreneur. Contrary to popular misconception, sales is not a hard job. You just need to master few basics.
First, understand your products and your customer’s needs. It is only after understanding customer needs that you can figure out how to solve them.
Secondly, sell yourself first. This is something that most entrepreneurs don’t know or appreciate when selling. The seller or the sales person is as important, if no more, than the product in the buying process.
The customers ‘buys’ the seller first before the product. In this case not every person can sell. The seller must endear or ‘sell’ themselves to the buyer first before they can sell the product. As a business owner with the vision, passion, determination to success and product knowledge, you are in a better position to sell the product better than hired untrained folks chasing commission.
Third, do your homework well to understand the person you are targeting before making a sales proposal. This saves you the cost of trying to sell to everyone. This is called prospecting. You need to isolate people who can benefit from your product and are able to buy at your price.
Finally, don’t seek money first. Seek to solve customers’ problems and everything else will be added unto you.
In modern times, the market needs problem solvers not sellers. People hate spending money and no one wants a salesperson to sell to them. They are always preoccupied with their problems and are ready to get rid of them at any cost.
If you position yourself as a problem solver, and you actually solve problems, you endear yourself to your customers.
World Bank pushes G-20 to extend debt relief to 2021
World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.
“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.
He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.
The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.
People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.
For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.
Debt burdens, already unsustainable for many countries, are rising to crisis levels.
“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.
Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans
The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.
“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”
According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.
Tighter Reins on Platforms for Mobile Loans
The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.
Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.
Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.
Scope Markets Kenya customers to have instant access to global financial markets
NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options.
This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.
The Scope Markets app offers clients over 500 investment opportunities across global financial markets.
The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.
The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).
The platform also offers an enhanced client interface including catering for those who trade at night.
The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour; Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).
The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.
Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”
He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.