- SMEs that sets out to stand out from the competition – as opposed to merely trying to outdo its competitors – have better chances of survival.
- Businesswomen have special challenges seldom faced by men
- Doubts the likelihood of business existence today without Stanbic Anakazi’s assistance
Business stats reveal that over 50% of micro to small businesses locally are managed by women. Despite this skew, 40% of these women have little or no access to formal financial services. This has stifled their ability to grow investments and propel their enterprises to success and competitiveness.
Their financial exclusion has also limiting the type and magnitude of business women can ideally venture into.
There has been an huge upsurge of women entrepreneurs willing to push beyond the boundaries. This has helped aid the appetite for business type women can invest in. Institutional offerings such the Stanbic Bank’s Anakazi Banking coupled with the conducive commerce policies have helped women thrive in entrepreneurship. Of these daring womenprenuers is Mimi Namakando, proprietor of Location Café, one of the most popular bar and grills in Lusaka city of Africa’s copper producer Zambia.
Location Café offers a unique mix of local and international cuisines in addition to signature cocktails.
Namakando believes a lot of women are cocooning out of their comfort zones and have appetite for more business risks, supporting the growth in financial independence for women.
“The future of female entrepreneurship in Zambia looks promising despite the barriers that still exist for women in business. A lot of women are stepping out of their shells, trying out new things and achieving things for themselves – which is not the way it was just a few years ago,” she said.
In a competitive industry, businesses, especially SMEs that sets out to stand out from the competition – as opposed to merely trying to outdo its competitors – have better chances of survival.
Namakando knew the industry she was getting into was highly competitive before she started out. She vividly knew it was going to be turbulent to wrestle customers away from businesses that had been around for a while. She didn’t have the capacity to outperform them but nonetheless had to differentiate herself through sleek tact and strategy.
“I wanted to do something different to set my business apart from the rest. One way I did this was to have my bar set in the swimming pool. I also added LED tables in the pool just to add that extra flare to the place. The unusual setting of the bar and the fancy lights from the LED tables were an instant hit among patrons,” she told the Business Telegraph. After developing an eye-catching layout for the outdoor restaurant, set in a colourful garden, the next step for Namakando was to give her customers a reason to return.
“Once you have a niche, it becomes easier to establish your own crop of loyal customers, because they know they can only get a particular experience, service or product from you. For this reason, we have been able to hold our own even against business that have been here for far longer than us,” Namakando says. Businesswomen have special challenges seldom faced by men.
“Running a business as a woman has its own challenges, particularly if you are married as I am. I have to balance performing domestic duties, taking care of our children and my husband, while also making sure everything is running smoothly at the restaurant. To succeed in life, one must learn to divide their attention and find a way to give the right amount of attention to the things that matter most to them,” she said.
She explained how Stanbic’s Anakazi Banking helped her get an interaction platform with other business women she learnt from with more experience. This helped her see how they managed to organise their business and personal lives. You not only get easier access to finance and exposure to a wide network of like-minded people and potential partners, but also receive free business training and mentorship.
“I don’t know if Location Café would be in existence today if it was not for Stanbic banks assistance, “ Namakando said.