WAYS OF OVERCOMING THE CHALLENGES FACED BY SMALL AND MEDIUM ENTERPRISES IN UGANDA

 1. Locating the business in areas where they can easily access support services, markets as well as raw materials.

2. Undertaking research and development to come up with new products that meet the customers’ needs and beats off competition.

3. Ensuring good business management. This is done through creating a work environment that encourages productivity, hiring competitive people and training them, being able to think strategically, e.t.c.

4. Establishing good relationship with customers and ensuring that they are always satisfied with the products and cannot be taken away by competitors.

5. Conducting thorough market surveys before starting businesses to ensure that businesses went into are the ones whose output (goods and services) will be competitive, have a fair sized market and profitable prices.

6. Avoid over expansion. Expansion should only be done after careful review, research and analysis as well as identifying what one needs to add in order for one’s business to grow.

7. By saving and reinvesting business profits back to the business to ensure that adequate working capital is maintained to run business operations.

8. Keeping and using up-to-date information and data on suppliers, consumer tastes and their buying habits to ensure that businesses are not left behind by the changes taking place.

9. Formation and being active members of relevant business associations like Uganda Manufacturers Association, Uganda Small Scale Industries Association, through which businesses can access a range of services and assistance.

10. Monitoring and keeping abreast with what the competitors are doing and learning from their experiences.

11. Advertising and promoting products so that new customers are attracted as well as keeping old ones.

12. Regularly training stall to ensure that they are skilled enough to manage business operations.

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