As an entrepreneur in Ghana, there are events almost every day that you can attend to meet other entrepreneurs, get your product in front of potential customers, and learn new skills. The question is “Should you go?” and if you do go “How do you make the most of it?”
In an ideal word, you would be able to start your business with your savings or maybe a gift from your father or mother. You would get to profitability before the money runs out and reinvest those profits to grow your business. In this scenario, you maintain 100% ownership and you do not have expensive debt to finance. Unfortunately, for most of us, we need to take some outside capital grow our businesses. But how should you do it? Debt or equity?
What is bootstrapping?
Bootstrapping is a term that originated in the 1800’s in the United States. It came from an idiom to pull oneself over a fence by pulling up one’s bootstraps (the loops at the top of tall boots to help you pull them on). Think about that. Go stand in front of a fence and pull up on your shoes as hard as you can. Will you ever be able to pull yourself over? What started out as a phrase to describe the impossible, today it means to start something with your own means.
Why is it that so many business owners come to our #OZÉ workshops and ask about getting started with Facebook Ads? Do they know something you don’t?
Let’s look at the data.
The average Ghanaian spends almost 3 hours a day using social media? Really!? 3 HOURS!?
Yep it’s true. In fact, there are now 5.6 Million active social media users across the country.
Let me paint you two pictures.
Picture one. A customer walks into your store. They typically buy their Omo from you once a week. This time they stop by your shop and find you are out of Omo! You try to offer them a competitive product, but they are loyal to the Omo brand. They walk a few doors down and buy it from your competitor. They decide that they like the competitor better and they don’t shop from you anymore.
If you’ve upgraded to OZÉ Pro, then you have access to the Employee Accounts feature! This means you can add employees and managers to your OZÉ account. Once you add them, they will receive a SMS and an email asking them to create an OZÉ account connected to your business account.
What is OZÉ Pro? OZÉ Pro takes the OZÉ App to the next level. When you unlock OZÉ Pro, you unlock powerful features that wouldn’t normally be available and take a bold step towards business growth and efficiency. With OZÉ, it’s like you’ve added a new member to your team. With OZÉ Pro, you also increase the power of each of your employees.
Your cash balance, also known as Initial Cash Balance, is the amount of money in your “business wallet” when you started using OZÉ. Think of it like the total amount of money your business has in cash, in your mobile money account, and in your bank account your first day using OZÉ. You set it while making your business profile.
Want to record a loan? We’re still working on a feature to make this easier, but here is the work around.
Let’s look at an example: Imagine you just received a loan for GH₵1200 with 10% monthly interest. This loan is to be paid off in 1 year.
Your profile picture is located in the upper left hand corner of the menu. It can be a picture of you, your business’s logo, or anything you want!
OZÉ is a for-profit, mission-driven business. But what does that really mean? We created OZÉ because we are on a mission to end unemployment in Africa. No small task, right? But that doesn’t mean it can’t be done. And while there are many ways to tackle this issue, we believe the fastest, most sustainable solution is through small businesses, the lifeblood of economies.
Your dashboard is where you can see the health of your business at a glance and in real-time! You can see your profits, sales, expenses and your cash balance for today, last week, or even for last month. If bar charts and line graphs are new to you, feel free to call Coach. That’s what we’re here for.
Social media is all around us but its impact on small businesses is still difficult to calculate. Some posts seem to go viral within a day while others struggle despite months of advertising and planning. This blog introduces the basics of social media, the myriad platforms, and first steps to forming your business’s social media strategy.
Do you want to see just your sales on one screen? Are you looking for a particular expense? Do you want to know which category of sales is moving the fastest? These are all questions you can answer using filters!
Have you ever sold a product on credit and then forgotten to collect? Or maybe you sold a product to a friend on the promise that they would pay you next week and they still haven’t paid you. With reminder alerts, you can receive notifications when payment is coming due and (in the future) so will your customer.
Sometimes you sell a product or service on credit, meaning your customer doesn’t pay the entire amount of the transaction up front. Or maybe one of your vendors allows you to pay half now and half later. When this happens, it can be really hard to keep track of who owes you what amount and when (and who you owe)!
Sometimes you give a customer a discount on a sale. You can run a general promotion where all products of a certain type are 10% off or you could create a “Buy 10, Get 1 Free” scheme, or you could even just take a few cedis off the price to thank a loyal customer. In any case, you can use the discount feature in OZÉ to account for the difference in price.
Are you looking for answers to questions about your business? OZÉ Coach has the answers! OZÉ Coach is monitored by a team of experts who are happy to discuss any business related issues with you and talk through solutions.
OZÉ is a mobile app that empowers small business owners to make data-driven decisions to improve their performance. Once performance improves, we connect you to the resources that you need to accelerate your growth. Think of it as a cash ledger, but on your phone.
Below is a step-by-step guide for new OZÉ users to download and starting using the app.
Want to make sure your transactions are saved in case something happens to your phone? We don’t blame you. When you backup your transactions, they are kept safe and sound in our secure servers in the cloud. Then, anytime you need them you can log into the app on any phone and then you have them!