By The Inspirer.
Many businesses, especially small and medium enterprises fail at their early stage of operations. Experts in Business Development reveal some of related big challenges and propose solutions to the given issue.
The Inspirer conducted a Q/A exclusive interview with Eliel RUGWIZANGOGA, the Founder and Managing Director of ROYAL PARTNERS Ltd to capture some lessons that can help the community of Business Owners and Job seekers; to nurture their projects with required skills and mentorship to achieve success.
He said that ROYAL PARTNERS is a Business and Management Consulting Firm based in Rwanda, established in early 2017. The big reason that pushed Mr. Eliel to establish such a Consulting Firm, was to bring solutions to Entrepreneurs, Business Owners, NGOs and Job Seekers through consulting services and capacity development initiatives. Further important information is gathered in the below Q/A interview:
What were the challenges you have experienced on the field before thinking of ROYAL PARTNERS as a solution?
“For entrepreneurs, the big challenge we wanted to tackle is the business failure at early stages; and this happens because of different reasons. The first one is that most of entrepreneurs start their businesses without conducting any market research and consequently they fail to develop products that meet the market need. The second reason is that they are too optimistic about how easy it will be to acquire customers and they fail to develop a successful business model. Third, they fail to generate reports with real-time data on the state of their business’s finances, since effective money management is an important factor that contributes to the success of startups. Fourth, they lack tax knowledge to influence tax compliance positively, in order to avoid penalties and interest charges. The fifths, they fail to raise funds from banks, investors and donors because their projects are not well developed. The last reason but not least, is misunderstandings and some conflicts that arise among team members, when a business has no guiding rules and regulations as well as policies and procedures.
For Job Seekers especially in the field of business and management, we found the gap between skills they acquired from school and the labor market requirements as the big challenge. Nowadays, in the same field, the skills in Bookkeeping and Accounting, Financial Planning and Reporting, Taxation as well as Accounting Software, are the most in-demand skills employers seek, that most of graduates have not mastered at school. As Rwanda has opened doors for foreign investors, the young people should improve their skills in order to benefit from this big opportunity.”
What are the services ROYAL PARTNERS company provides to respond to the challenges you have mentioned?
“In responding to the above mentioned challenges, ROYAL PARTNERS Ltd has initiated different consulting services tailored to the specific needs of Entrepreneurs, Business Owners, NGOs and Job Seekers.
We assist people in the field of Accounting, Finance and Management; providing professional short courses (Bookkeeping and Accounting, Taxation, Accounting software, Basic to Advanced Microsoft Excel, etc.) which practically prepare them to compete on the changing labor market and emerging technologies.
For Entrepreneurs, Business owners and NGOs, we help them develop ideas and grow their businesses or projects, determine their best funding options and set the key milestones they need to grow; through our business development services which include but not limited to the development of Business Plan, Marketing Strategy, Statutes or articles of associations, Grant Proposals, Internal Rules and Regulations, Financial Policies and Procedures. We also provide bookkeeping, Accounting, Tax and Audit, as well as recruitment services to companies, NGOs and Faith Based Organizations.”
How do you measure customers’ feedback on your services so far?
“So far we have got positive feedback from many of our customers, who refer ROYAL PARTNERS to their friends and relatives. Most of them have already implemented their business ideas, others have got their projects funded, some of job seekers got jobs after completion of professional short courses we provide, while others have improved their business performance because of our services.”
How do you approach your clients?
We approach our customers through different ways. First of all, we identify customers who may need one of our services, then after, we approach them through distribution of fliers and business cards, telephone calls, emails, visits, technical proposals, conferences, media, sign posts and banners, website, etc.
Those who need our services can find us at Kicukiro – Sonatubes, KG 3 St, Kigali (Rwanda Head Office). They can also contact us on (+250) 0788 446 200 / 0738 446 200, or write a message at email@example.com