SOLOMON Islanders naturally have the flare for business. There is no shortage of people who want to start a business or income generating activities. Guess what happens when somebody gets some money? Immediately the thought of how to make some money on top of that is the natural inclination. There’s others though, who just want to spend whatever they earn.

Generally, our people are entrepreneurial. That means they want to do something, take a risk etc. This is a huge potential that could be harnessed to deliver much benefit to our country in terms of employment creation and payment of government taxes when their businesses are becoming successful. In other words, the entrepreneurial spirit in our people is a potential that needs to be built on, supported and strengthen. With right support and intervention, more Solomon Islanders can do businesses successfully and sustain them into the future.

I put my hat out to those who have strived through thick and thin in charting their businesses to success. It’s not easy but sheer determination, will-power, hard work and of cause applying business knowledge is critical to attain success

While many people desire to start a business, the fact remains, that is four out of five businesses will go bust within the next three years. This is the trend even in developed economies where people are more learned and informed.

 

So what needs to be done?

Here are few thoughts in response to that question. People who do businesses must go back to the basics. First, keep the business separate from the owner. This is a tough one in our culture but those who get this right are able to wither much of the hassles affecting many small businesses.

Secondly, keep basic records of your business income and expenses. If you can keep your expenses lower than your income consistently, your business will not only survive but grow as well. Why you go into business is because you want to make a profit. The only way for you to know that that your business makes a profit is by keeping good financial records.

Thirdly, have some basic costing knowledge so that you can sell you products or services at the right price giving you the margin that will take care of your operating expenses and give you the profit you want.

Fourthly, learn how to handle your customers. Your customers are the very people who will bring the money into your business and you must know how to handle them and keep them happy. A satisfied customer is money in the bank account.

Fifthly, have some basic financial management knowledge to manage your business finance. In addition, you need to have some basic marketing and sales knowledge.

A basic written business plan would be handy to guide your operation moving forward.

Besides, having a trusted business coach could offer much needed support in different aspects of your business especially when things are tough and you need second opinion.

Finally, build up your own knowledge base and that of your staff so they can be productive and contribute positively to your business objectives.

Your business success can only be in direct proportion to your knowledge base so embrace learning

According to Dale Carnegie — ‘Knowledge isn’t power until it is applied.’

At Solomon Islands Small Business Enterprise Centre (SISBEC) we are passionate about supporting you to gain relevant and practical business knowledge and skills.

To know more how we can help you, call us on phone 26650/ mobile 7667270 or call in Level 2, Anthony Saru Building.

 

Ben Nginabule

SISBEC