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Small businesses are growing very quickly. For an optimal development that will not overwhelm the company, they must invest in the right tools.
In the midst of the influx of new, innovative technologies and gadgets, how can you find the right technologies? How will you know which ones are most promising for your business?
Here are some of the most useful technologies today that can help start-ups grow:

1. Use chatbots to increase your company’s communication range

A chatbot is a computer program capable of simulating a conversation with one or more people. The exchanges can be in text form, in the case of a chat, or carried out via voice mail.
This tool is increasingly being used to improve customer service, especially through instant messaging.
Chatbot users can:
• Learn about an event
• Book a means of transport
• Get practical information
• Get technical advice

Digital conversational agents continue to grow. They are now becoming a must. They both save time and maintain optimal customer service. By leaving common questions to a robot, teams save time and customers get real-time answers.
Thanks to machine learning, chatbots can help you learn a lot about your customers. They can even help you increase your traffic or sales.

 

2. Enable voice search to increase sales

Voice search is becoming increasingly common as an internet habit. Many people use this searching mode to look browse the internet, but also to buy online.
So why invest in voice search? First of all, a voice can tell you a lot about your clientele. Voice search reveals nuances that are invisible in written queries.
It can allow you to know your customers better and reach a wider audience or even new markets. To use this technology correctly, ask your marketing teams to work on the keywords that lead to your website. They should also conduct tests to know which specific voice searches are the most profitable to your business.

 

3. Try to include dynamic pricing

Dynamic pricing allows prices to be set in flexible ways depending on events, scenarios or trends in supply and demand. For example, the price of toys rises dramatically in the Christmas holiday season.
A study by Gartner found that dynamic pricing was the most successful marketing strategy.
It is certainly a frustration task since prices are constantly fluctuating. However, it can really help your business grow and get you ahead of the competition.

 

4. Anticipate customer demands with sentiment analysis

We agree that this technology seems a bit surreal. It generates an automatic analysis of a user’s feelings from a text. This can be valuable help in understanding the quality of customer interactions with your business.
In a way, it uncovers the hidden subtlety of words. According to Gartner, 75% of the companies most praised by their customers could lose up to 20% of their value. The reason for this is the decadent perception of brands and a loss of consumer loyalty. After all, customers are inevitably attracted by novelty or lower prices.
Using sentiment analysis can help you anticipate this phenomenon and better respond to the needs of your customers.

Whatever technology you use, do not forget the primary aim of your digital development. This would be the growth of your business through better customer service and marketing strategies.

Sure, Silicon Valley may be the first place that comes to mind when you think about startups. If you have entrepreneurial dreams, why not launch your start-up in Mauritius? Mauritius is ranked among the first countries in Africa and surely has a lot to offer to new entrepreneurs.

What is a Start-up?

A startup is a young company that is just beginning to develop. Startups are usually small and initially financed and operated by a handful of founders or one individual. These companies offer a product or service that is not currently being offered elsewhere in the market, or that the founders believe is being offered in an inferior manner.

Start-up VS SME

It’s no surprise that many are confused with start-ups and SMEs. They’re both established by entrepreneurs. They’re small in terms of revenue and number of employees. So, how are they different? Both are pursuing different business models and with significant differences in intent, function and funding options.

A start-up is temporary (usually lasts for 6 months) and it’s all about trial and error. For a start-up, it’s all about experimenting and testing your business model. The entrepreneur is usually uncertain about its target group or they are looking for a proper channel. Then they will start experimenting and searching for answers to the product they are trying to sell, checking out the market’s niche and how to maximize your revenue from the right customers. Finally, they will be able to grow it faster once your business model is settled and stabilized.

An SME is more permanent and it starts out with a structured organisation that focuses on the delivery of value to its already-known customers. An SME does not need to change its business model. Which means, at this stage, an SME is established with a stable and successful business model. SMEs are driven by making a profit and intend to secure a financially sustainable spot in a local market for the long run.

Launch your start-up in Mauritius

Now is an exciting time to witness the making of a startups scene, boosted by the returning Mauritian diaspora and local change-makers. And on a small island, you have the privilege to feel part of something huge! Want to launch a start-up? Why not?

Over the last 18 months, coworking spaces have popped up in each major business hub of the island. If you’re looking for a startup’s hub, The Turbine which a converted sugar factory turbine is the place to go and is the first startups incubator of the island.

Startups fill the void in society and create new ways to provide products and services to consumers. Mauritius being a developed island has still many unknown possibilities for new businesses for some beautiful years ahead.

8 steps to follow to Launch your Start-up in Mauritius:

  1. Conception of project/Business idea
  2. Preparation of business plan
  3. Deciding on form of business
  4. Choosing the right location
  5. Registering the business
  6. Look for funding sources for the project
  7. Implementing the project
  8. Planning and Organising Business Activity

How much does it cost to initiate a start-up?

Many people underestimate startup costs, and start their business in a haphazard, unplanned way. This can work, but it is usually much harder. A start-up might cost nothing but can also cost a lot of money depending on business nature. The 3 main costs incurred by start-ups are as follows:

  • Startup expenses: These are expenses that happen before the beginning of the plan, before the first month. For example, many new companies incur expenses for legal work, logo design, brochures, site selection and improvements, and other expenses.
  • Startup assets: Typical startup assets are cash (in the form of the money in the bank when the company starts), and in many cases starting inventory. Other starting assets are both current and long-term, such as equipment, office furniture, machinery, etc.
  • Startup financing: This includes both capital investment and loans. The only investment amounts or loan amounts that belong in the startup table are those that happen before the beginning of the plan. Whatever happens during or after the first month should go instead into the Cash Flow table, which will automatically adjust the Balance Sheet.

These will vary upon business nature – a simple Marketing Agency might need only some thousands of rupees to start but a small manufacturing agency might need some hundreds of thousands to start.

How can La Turbine help start-ups?

As an incubator, La Turbine help start-ups (businesses with either a tinge of innovation or an innovative concept/idea) to be established sustainably in their respective market. In their incubation program which lasts a year, La Turbine accompanies the entrepreneurs in taking the best decisions to achieve their milestones and objectives.

They are provided with a one to one weekly coaching and access to field experts in La Turbine’s network, potential investors, business angels and in many cases their first clients. A series of tailor-made workshops are designed for them to level up their entrepreneurial skills.

The incubated start-ups get free access to our networking and entrepreneurial events. Basically, they are considered as being a part of La Turbine. As mentioned before, La Turbine is a start-ups incubator with a co-working space. For the first six months, the incubated start-ups get to use the co-working space and its amenities freely. The last six months, they get a preferential rate. (This soothes their numbers)

When: Monday 29 October, from 16hr30 to 18hr30

“Is it interesting to accelerate my company’s growth with the financial and strategic support of external investors?”
Compass welcomes at the end of this month Lars Lindgren, Venture Capitalist and Swedish Business angel accumulating 35 years of experience.

Lars will lead two workshops on the capital investment:

  • A training for the entrepreneurs
  • A discussion for the active or potential investors

The workshop aims at helping you understand the advantages and inconveniences, to build a partnership with investors: business angel or investment fund.
The purpose is to give you elements of reflection to think about a partnership, but also to explain the different stages to build and maintain it.
This initiative is an essential requirement for the take-off of innovative projects in Mauritius: something that means a lot to us!

We are pleased to invite you to this first meeting. The presentation will be in English but Lars is bilingual.
Go on Facebook for more info!
If the idea seduces you, if the subjects presented below interest you, then confirm now!
To book your spot, RSVP on hello@compass. mu or hello@turbine.mu, or contact us on our website! Limited places available.