When its time to engage Plan B!

September 7, 2018

To succeed in business, you must also plan for the down moments.

Joanne Mwangi – Yelbert, Founder of Professional Marketing Services Ltd

If there is ever a challenge in Kenya, its usually during election years. And in 2017, it was not any different. It’s a mix of uncertainties, scared investors, unwilling market and a wait and see attitude; a mix which would kill any business.

Even after the cloud passes, business does not always pick up at once. So what plans do you have in place to deal with the times when no income is coming from business? CEO Joanne Mwangi of Professional Marketing Services works with a plan dubbed “the tortoise”.

What is “the tortoise”?

The tortoise is a place where you are making slow, steady income. It could be a more affordable version of your core product. Take Norda industries as an example. Aside from their usual Urban bites product that costs Kshs 54, they also have a low end version that costs Kshs 10 so even if the economy goes bad and not so many people can afford the higher priced product, everyone can afford the 10 bob one hence it becomes their security in low times.

Invest outside your core business

Another type of “tortoise” would be a business outside your core business for example, a retail kiosk that is bringing in income every day.  Other people prefer to set up a block of flats to act as the tortoise. Regardless it’s important to find what works for you in the anticipation that the business is not doing well.

And if you are in business, you know that will definitely happen.

Joanne Mwangi – Yelbert, Founder of Professional Marketing Services Ltd, was a guest at Founders Drink-up in May 2018. Visit our Studio to Listen to the full Podcast.

Subscribe For Our Event Updates and Weekly 10X Newsletter