Micro-, small-, and medium-size enterprises in Kenya account for 96% of employment and 60% of value added. But they struggle with productivity—only 6% as productive as large companies in Kenya. What can be done to close this gap? 🔎 Explore the data set: https://mck.co/3VRk2i4
McKinsey Global Institute’s Post
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Between June 25 and July 1 at least 39 people died in Nairobi during clashes between police and protestors demonstrating against proposed tax hikes. Unrest in Kenya won’t derail economic growth but will prompt public sector spending cuts. Private sector activity will remain robust despite strained government finances. 👉 In Q3 firms should prepare for periods of commercial disruption and fluctuations in customer sentiment amid recurring bouts of social unrest, especially in Nairobi. 👉 Firms selling to the public sector will face weak demand, tough pricing negotiations, and payment delays for the foreseeable future. 👉 In contrast, MNCs selling to the private sector should ensure their goals reflect upbeat economic growth prospects through 2025, and remain focused on capitalizing on robust services activity. Read our full view of the outlook ahead 👇 And then sign up to The Lens to receive weekly insights into high-impact trends and developments for business professionals: https://lnkd.in/eFtS5Tje #Kenya #Kenyaunrest #WilliamRuto #geopolitics
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Navigating Financial Challenges: Strategies for Success in Kenya's Recovery Phase As we navigate through the aftermath of the economic shock and grapple with soaring fuel prices, businesses in Kenya face unprecedented challenges. However, with strategic approaches, it's possible not only to survive but to thrive in these turbulent times. Here are some essential tips: 1️⃣ Redefine Priorities: Focus on core business activities that have the highest impact on revenue generation and cost optimization. This may involve reevaluating existing projects and redirecting resources towards essential functions. 2️⃣ Diversification of Revenue Streams: Explore new markets or services that align with your expertise. Diversification spreads risk and can uncover untapped opportunities in evolving market landscapes. 3️⃣ Financial Prudence: Rigorous financial management is key. Monitor cash flows, control expenses, and explore financing options that align with your long-term goals. Seek advice from financial experts if needed. 4️⃣ Leverage Technology: Embrace digital solutions to enhance efficiency and reach a wider audience. Technology can streamline operations and open new channels for customer engagement. 5️⃣ Adaptability and Innovation: Flexibility is crucial. Be open to pivoting your business model or adopting new strategies in response to changing market dynamics. Innovation can lead to differentiation and competitive advantage. 6️⃣ Customer-Centric Approach: Listen closely to your customers' needs and adapt your offerings accordingly. Building strong relationships based on trust and value-addition can lead to long-term loyalty. 7️⃣ Networking and Collaboration: Collaborate with industry peers, associations, and government agencies. Sharing insights and resources can lead to mutually beneficial opportunities and strategies. 8️⃣ Upskilling and Reskilling: Invest in the development of your team's skills. A well-equipped workforce is a powerful asset that can adapt to evolving market demands. 9️⃣ Sustainable Practices: Consider environmentally-friendly and socially responsible practices. Sustainable initiatives can not only reduce costs but also enhance your brand's reputation and appeal. #Remember,embracing these strategies can position your business to not only weather the storm but to emerge stronger and more resilient in Kenya's recovering economy. Let's support one another through these challenging times and seize the opportunities that lie ahead! #BusinessResilience #KenyaEconomicRecovery #FinancialSuccess
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Chairman, Nakuru County Investment Board | Head of Investments at GulfCap Group | I transform ideas into successful businesses.
It's Time to Reinvent Government in Kenya! 🇰🇪 Every problem comes with equal or greater opportunity! A longstanding issue in Kenya has been public frustration with perceived government inefficiency. Many Kenyans feel the quality of services they receive doesn't justify the taxes they pay. We have an opportunity to Reinvent our Government, just like the US did in 1993 with their National Partnership for Reinventing Government (NPR) launched by President Bill Clinton. What was NPR? Goals: Make government more efficient, cost-effective, and citizen-focused. Strategies: Treat citizens as customers, empower employees, and prioritize results. Impact: A cultural shift towards better service delivery, streamlined processes, a focus on outcomes and citizens became more satisfied with service delivery. We can do this in Kenya too! Here's the plan: Listen: Understand the needs of Kenyans and government workers. Identify roadblocks to better service. Innovate: Develop solutions that are efficient, transparent, and hold everyone accountable. Learn from best practices around the world. Deliver & Adapt: Implement solutions step-by-step, prioritize impact, and constantly improve based on feedback. Let's work together to build a government that truly serves the people of Kenya! #ReinventKE #GovernmentReform #Opportunity #engagethepresident
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Are you ready to kickstart your business journey in Africa, specifically in Kenya? Look no further! Mozam Consulting is your strategic partner for navigating the dynamic business landscape in Kenya. Here's how we can empower your business: 1.Office Setup and Workforce Building: We specialize in setting up offices and assembling skilled workforces tailored to your business needs, ensuring a smooth transition into the Kenyan market. 2.Data-Driven Business Prospecting: Leveraging advanced data analytics, we help identify lucrative business prospects, enabling you to make informed decisions and maximize opportunities. 3.Compliance Guidance: Navigating regulatory frameworks can be daunting. Our expert team provides comprehensive guidance on compliance matters, ensuring your business operates smoothly within Kenyan regulations. 4.Business Strategy Implementation: With years of industry experience, we collaborate closely with you to develop and implement robust business strategies aligned with your objectives and the Kenyan market dynamics. 5.Stakeholder Collaboration: Building effective relationships with key stakeholders is crucial. We facilitate collaboration with stakeholders to foster mutual growth and success. 6.Feedback-Driven Efficiency: Continuous improvement is key to sustained success. We gather regular feedback and insights to fine-tune business processes, enhancing efficiency and productivity. Empower your business today with Mozam Consulting! Contact us at [email protected] to embark on a successful business journey in Kenya. #YourStrategicBusinessPartner #EmpoweringYourBusiness 🚀
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Just released! PwC’s East Africa Family Business Survey 2023. This year’s findings include results from 95 family business owners in Kenya, Tanzania, Uganda, Rwanda and Ethiopia. Download the full report for insights: https://ow.ly/ZGE250Q7L1m #FamilyBusinessSurvey
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Have you had a chance to dive into the Kenya Medium Term Revenue Strategy (2024/2025- 2026/2027) blueprint? Already read it? 📚 Share your thoughts and insights in the comments. If not, then access the document here:
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Many discussions are currently underway regarding the recently released Uganda Revenue Authority Annual Data Book and report. The report indicates that businesses have experienced a sharp decline in annual incomes over the past 4 years, with many falling out of their traditional income bands. This report is both concerning and insightful, emphasizing the urgent need for extensive support and strategic guidance for businesses navigating economic uncertainties. How can we empower businesses in Uganda to adapt, innovate and thrive in these challenging times?
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Challenges Loom Over Kenya's Business Landscape 🇰🇪 Kenya's business confidence took a hit in October due to factors like surging living costs, rising fuel prices, and ongoing currency instability. The latest Stanbic Bank Kenya Purchasing Manager Index (PMI) survey provides insights into this downturn: 📉 New orders declined across all sectors, with construction, wholesale, and retail witnessing the sharpest fall. 📈 Around 46% of firms reported higher expenses due to increased fuel and transport costs, currency fluctuations, and added tax burdens. 💰 To maintain margins, Kenyan companies raised their selling prices in October, leading to increased inflation. 💼 Job cuts accelerated, marking the quickest pace since June 2020, in response to declining output and new orders. 📦 While export orders remained robust, business expectations for the next 12 months appear subdued. At 20X Entrepreneurs, we understand the complexities of the business landscape. Our sales training, coaching, and recruitment services can help you navigate challenges and seize opportunities even in uncertain times. #sales #kenyabusiness #economictrends
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