As a boy, Mohan Beckford’s mother would send him to collect payments from members of her “pardner” savings group, and to deliver payments to the member whose turn it was to receive the “pardner draw”. Digital Paadna coming
Digital transformation company, Next Step Digital Solutions (NSDS), is set to showcase an innovative new fintech application, MyPaadna, in commemoration of its sixth anniversary this month. The user-friendly app is a digital version of the traditional ‘Pawdna’ or ‘Susu’ savings system used in Jamaica and other Caribbean countries.
What is the reality of small businesses’ adoption of digitization in their businesses? This is a vital question for any well-thinking business operator to contemplate on. Digitizing one’s small business has become important with the current technological ecosystem we live in and Jamaica’s rapid adoption of e-commerce technology.
Benefits of Networking to Small Businesses, networking is a platform via which you, as the entrepreneur, can learn, interact, get ideas, be motivated, etc; however, some entrepreneurs will join groups and attend events with the sole purpose of selling their business but how about changing that purpose? Sell you. Genuinely connect with people to expand your associations rather than try to do a hard sell. It is an inspiration when you are amongst people who are on the same path.
Your business idea is finally a reality, congrats to you! The next step is to get the word out, the closest and most inexpensive tool to you is social media; here is the social media guide for startups. These channels are excellent for business awareness, engagement and even sales.
As a new business, one of your biggest goals is to create awareness, as such you will need to explore the basics of influencer marketing for startups. Because you will be at the awareness phase for a significant period, depending on your target group, influencers can help to power your business through different means.
No one is perfect and neither is your business, things will never be one hundred percent smooth and you will make mistakes; while some mistakes are inevitable to foster the learning process, nonetheless, there are a few costly mistakes to avoid as a small business owner. This is one of the main reasons why mentors are important as they guide the way based on their experiences.
Accounting tools for your business serves more as an asset to the business than that of an expense, however, many small entrepreneurs make the mistake of not taking their business’ cash flow seriously. This is one of the main reasons why most startups die within their first 5 years.
While growing up, I have always heard people say “Work on your weaknesses, maximize your strengths”; Pretty much, you should work and maximize on both, tackling the strengths and weaknesses as an entrepreneur.
The benefits of a mentor to an entrepreneur are immeasurable; In every instance of our lives, we will find people ahead of us or behind us. In no one instance is everyone at the same place, hence the importance of experience. You will never know everything.