Top Survival Tips for Mauritius SMEs - Share
Useful survival tips for SMEs in Mauritius, including links to information about government funding.
According to the Government's 2017 National Export Strategy, small and medium businesses (SMEs) in Mauritius now contribute as much as a quarter of the country's economic output.
SMEs are also driving job creation, employing a growing number of people each year.
This doesn't mean that survival for Mauritian SMEs is easy. Like elsewhere, they face funding difficulties, high competition and rapid market changes.
If you have a SME or start-up company, these five tips may help your business thrive.
Investigate government funding
To incentivise entrepreneurial growth in the region, the Mauritian Government has created a number of favourable business development programmes. SME equity funding, leasing and refund schemes, subsidies and Development Bank support facilities are all designed to give Mauritian businesses a head start.
A good starting point for exploring government funding options is the website of the Ministry of Business, Enterprise and Cooperatives. The Schemes page on the site provides access to presentations about current schemes designed to support SMEs, through funding and/ or non-fiscal measures.
Other good resources for investigating government funding options for Mauritian SMEs include the following websites:
- the Small and Medium Enterprises Development Authority (SMEDA)
- the Cooperative Division of the Ministry of Business, Enterprise and Cooperatives, which offers funding, as well as free auditing, training and consultancy services
- the Incentives & Schemes page on the site of the Mauritius Chamber of Commerce (MCCI).
Opt for "mobile first" marketing
According to a survey conducted by the Mauritius Commercial Bank (MCB), at least 84 percent of residents in Mauritius between the ages of 35 and 44 own a smartphone.
Thanks to the Internet, even small businesses can extend their reach in ways they wouldn't have been able to in the past.
Worldwide, consumers are increasingly making their purchases online. For SMEs in Mauritius, marketing and selling online can open up markets, both at home and globally. So developing an Android or iOS app or mobile responsive website is a core business tactic that should go hand in hand with more traditional marketing methods.
Make good use of training opportunities
Continue expanding skills relevant to your line of business, and keep up-to-date with business trends and technologies. This can help equip you adapt and respond to today's fast-changing markets, and recognise new opportunities.
Depending on your needs, it's worth investigating options for free business training. For example, SMEDA regularly organises training programmes and seminars for SMEs.
Also, the Internet now provides access to a vast range of training resources for SMEs, on everything from small business accounting to marketing and customer management.
Encourage and act on customer feedback
Small businesses have always had one advantage over large corporations – their ability to relate personally to their customers.
Even in the digital age, it's important to retain this advantage. Make customers feel special, and you'll stand out from larger companies that make them feel anonymous, or like they're simply being "processed".
One way to improve your business is to get regular feedback. Talk to your customers. Also encourage them to comment and to rate or review your products and services on your website or mobile app.
Be sure to actively resolve complaints and respond to compliments as soon as possible, and iron out any complaints before they damage your business reputation.
Don't make the mistake of paying for premises that are larger or more luxurious than you really need, of hiring staff you can't keep fully occupied or of spending on equipment, technology or other assets that won't directly contribute to your profits.
Instead, be strategic. Don't worry about "looking" like a successful business – instead focus on being one. Take calculated risks, and invest your time and funds in ways that are the most likely to pay off over the long run.
Consider self-storage with Multibox
With Multibox, you can get the storage space you need for your business straight away. There's no need for time-consuming property searches or lease negotiations.
Our terms are flexible – you won't be tied into a long lease and you can easily move out or switch to a smaller or larger storage unit if your business storage needs change.
Renting out a self-storage unit also tends to be significantly cheaper than hiring industrial or commercial premises for storage in Mauritius.