Keeping the risk factor at the lowest possible level is industry specific. The bottom line, however, is planning. Businesses that are most successful follow these simple rules:
- Keep to a simple plan. This environment is tough enough even with simple business concepts. Market needs are basic and most businesses don't need to have complex processes or services to be successful.
- Stay within your areas of expertise. Entrepreneurs come to Southern Sudan and see opportunity in every direction. Temptation often takes over and they find themselves under planning, over extending on cash demands, and venturing into industries they are trying to master as they go along.
- Keep cash flows under control. Basic cash flow management is a critical skill here. Banking is expensive and time consuming.
- Pay debts as agreed. reputation is everything in a market like South Sudan's. A small business environment means everyone knows your reputation as a businessman, whether they've done business with you or not. One bad transaction, missed or late payment can seriously limit your ability to succeed and take quite some time to recover from.