Beat competition with innovation, research

Business innovation is important for one to succeed in both local and international markets.  

In Summary

A supplier’s ability to generate and capture new ideas is one of the things that can set one apart from their competitors, as Joseph Bahingwire writes.

To thrive in both regional and international markets, suppliers have to be innovative and do intensive research, Kampala -based business consultant Mohamed Kalisa says.
Kalisa says with the East African countries coming together, competition for the market will be high and any trader or supplier who is not innovative will not be able to compete with the regional players.
“All traders must be very innovative, increase their creativity and do more research to understand how business is done by their competitors. This will enable them to come up with new ways to counter the competition from the other countries,” he says.

Innovation refers to renewing, changing or creating more effective processes, products or ways of doing things. For businesses, this means implementing new ideas, creating dynamic products or improving existing services which can be a catalyst for business. It can also help one adapt and grow in the marketplace.
He further says, to be successful, suppliers should be organised and keep business records to track their performance. This enables them realise when the business is doing well or not and come up with solutions early enough.

“If you keep your business records it is easy to understand the risks involved in your business and be able to manoeuvre through them which in the long run help beat the market competition,” Kalisa adds.
He says consistence in the supply of goods to customers as well as time management are all vital in sustaining customer loyalty, which will always give you an edge over the other suppliers.

Everest Kayondo, the Kampala City Traders Association chairman, says without continuous quality improvement, there is no way Ugandan traders and suppliers can win over their regional competitors.
He says if traders produce quality goods and increase their creativity and innovation, they can join the EAC market as competitors and not just consumers.

Market study
A market study is useful when defining requirements; preparing budgets; choosing procurement method; planning and scheduling the procurement of goods, services and works; evaluation of bids or proposal, and sometimes to justify contract amendments.