Things to be Reviewed When Running MSME Business – Before you jump into the entrepreneur’s world, there are several things that need to be considered before initiating the business; Generally the proper “dos and don’ts” of business.

For the entrepreneurs, tips and tricks will be very helpful, especially for guiding them to set the proper steps on the beginning of entrepreneurship.

These steps will be helpful on avoiding mistakes that might casually put business at risk. So, here’s the 6 things must be avoided when starting your business.

1. Ignoring business plan

A brilliant idea and a newfound motivation won“t be a swift step when building new businesses. Making your ideas out of your head and on paper is an important first step so that a business launch can succeed.

Having a business plan forces you to review every angle of the business idea, from your value proposition, marketing assumptions, to operational and financial planning.

2. Ignoring the market overviews

When starting a new business, you need to make sure there is a market that you can offer through the service / product.

Imagine devoting time and money into a new business just to find out people are not interested in what you offer. Although it may seem complicated, understanding the market and why it is important will eliminate confusion and manage a growing business for the long term.

Here are some questions that need to be considered when determining the market:

  • Who is your main competitor?
  • How long have they been in the business?
  • Is this business going well?
  • What is the price charged by other businesses for similar products or services that you offer?
  • Where are your main prospects?

3. Ignoring what the customers want

It’s not enough to assume that your business idea is good. Your customers must also think so. In order to succeed in a new business, you must invest in the target business audience and, like the market, know them well.

Ignoring their desires will put you on the fast track to failure. But, if you understand what they are looking for, you will gain trust from them and open the secret key to converting them from prospects to customers.

4. Ignoring marketing and advertising

After understanding the market and getting to know the target audience, you must disseminate / promote your new business to attract potential customers.

Although it doesn’t have to be big, your business must have a marketing and advertising budget. When generating income, you can expand your budget in this area and focus on strategies that are better, targeted, to grow your business.

5. Unadaptive to changes

Business trend changes through time, we call it the industrial revolution. Today, we stand on the 4th industrial revolution. Business on this era were marked with the integration to the internet.

In order to accelerate your business, makes your business go digital. Choose the most suitable platform for your business acceleration needs.

6. Insufficient funding

The other business acceleration needs is the allocation of funding. Many MSMEs actors, quit to expand their business because of the absence of business fund.

The difficulties of access loan hinder MSMEs actors to grow their business.

There are ways to gain business fund, but there won’t be any funding if you don’t have a proper financial records of your businesses as the collateral.

Tokoin could actually assist MSMEs actors in creating the proper financial records of business transactions.

By combining digital identity and digital ledger, Tokoin able to help MSMEs with a credit scoring services.

With this proper technology implementation, Tokoin facilitate the MSME to record every transaction as a set of data that can be used as their financial transparency. This technology provides MSMEs with valuable assets that helping them to embrace economic inclusion

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