KENYAN BANKS WITH FRIENDLY RATES ON LOANS 2016

Most Kenyans don't or usually get loans from Kenyan financial institutions with the fear of paying heavy interest rate in comparison to the intended use of the money. They worry about not getting value from their loans.
According to CBK,in a review of institutions offering various types of loans to Kenyans done by February 2016,t  here are the banks with consumer friendly rates.

Housing Finance and Family Bank had
the lowest loan rates in the last quarter
of 2015 while Middle East Bank and
Guaranty Trust Bank were the most
expensive.
The move is meant to promote
competition and transparency in
pricing of loans and reign in on high
interest.
In the personal loans category of
between one and five years, K-Rep Bank
at 25.7 per cent offered the most
expensive credit as at mid-December
2015. Consolidated Bank comes second,
charging 25.4 per cent interest as
December 15.
The lender with the third cheapest
personal loans is Middle East
Commercial Bank at 24.2 per cent. UBA
Bank takes the number four slot at 24.1
per cent on personal loans. Guaranty
Trust Bank charged 23.7 per cent
interest.
Conversely, in the personal loans
category for between one and five
years, Habib Bank Ltd at 8.4 per cent
charged the cheapest rate. Guardian
Bank Ltd at 14.1 per cent offered the
second cheapest loans while National
Bank of Kenya at 14.7 per cent was the
third most affordable. Family Bank and
Housing Finance share fourth slot.
In its comparative report, CBK notes
that over and above these interest rates,
the banks may levy other fees and
charges, including administration,
processing, valuation, legal and
commitment fees, among others.

EFFECTIVE RATES CHARGED
“Therefore the effective rates charged
by individual banks may be higher than
these published interest rates depending
on the other fees and charges levied on
loan products by the specific bank,” says
the regulator.
“The actual rates are based on
negotiations between the bank and the
borrowing customers. It should be noted
that the published interest rates only
constitute banks’ lending rates.”
For business loans repayable between
one and five years, K-Rep Bank at 27.2
per cent gave the most costly loans as at
December 15. It is followed by Jamii
Bora Bank at 24 per cent with Guaranty
Trust Bank coming in third at 23.4 per
cent.
Meanwhile NIC Bank at 22.7 per cent
comes in at number four as the lender
with the most costly loans.
Transnational Bank is the fifth most
expensive lenders at 23 per cent
interest rate.
Conversely, UBA Kenya at 15.2 per cent
offered the cheapest business loans
while Gulf African Bank at 16 per cent
was the second cheapest lender of
business loans. First Community Bank
at 16.8 per cent is the third cheapest
lender of business loans.
Diamond Trust Bank at 17.2 per cent is
the fourth cheapest lender while Bank
of India at a rate of 17.5 per cent is the
fifth cheapest lender.
For the overall average weighted
lending rate for each commercial bank
which represents the weighted average
rate across all loan categories
(corporate, business and personal) and
maturities (overdraft, 1-5 years and
over 5 years) Middle East Commercial
Bank at a rate of 24.6 per cent is the
most expensive lender.
It is closely followed by K-Rep Bank at
24.2 per cent which makes it the second
most costly lender with Guaranty Trust
Bank at a rate of 23.8 per cent
becoming the third most expensive
lender. Credit Bank at a rate of 22.5 per
cent is the fourth mostly costly lender
while I&M Bank at 20.8 per cent is the
fifth most costly lender.
Contribute to the topic by commenting below

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HELB TO PHASE OUT INTERNSHIP LOANS

The Higher Education Loans Board (Helb) has
announced that it will phase out internship loans
to undergraduate students within two years.
Chief executive Charles Ringera said the
internship aid that ranges between Sh6,000 and
Sh12,000 is being scaled down and would be
phased out in two years.
The students’ loan agency has asked students to
seek the support of National Industrial Training
Authority, which is mandated to support
industrial attachments.
Helb has been offering internship loans to meet
students’ needs like accommodation during their
internship that comes either in the middle or end
of course work.
“We have asked the universities to advise their
students that the practicum component has been
discontinued,” he said.
The loans agency has been struggling to meet
the needs of growing number of university
students, forcing some to do without Helb’s
assistance.
Most of the students come from poor
backgrounds and require financial aid to meet
their tuition fees and upkeep.
Mr Ringera said the scaling down of attachment
loans was due to, among others things, the need
to promote equity and fairness.
“Currently the students eligible for practicum or
attachment loans are only the ones taking the
traditional science and technology-based
programmes like engineering, medicine, dental,
pharmacy and nursing thus locking out other
programmes which also incorporate field and
teaching practice within their education
programmes. This has led to inequity and
unfairness,” he said.
Mr Ringera added that the growing number of
universities and programmes requiring field
practice support has put a serious dent on Helb’s
ability to continue funding them hence the
reason to discontinue.
He also said it is not sustainable in the long run
as the internship support will affect the student
loans budget which is already strained.

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10 TOP INSURANCE COMPANIES IN KENYA

need to secure your business venture by
ensuring you cover up any risk that can arise
and hinder your business operations. The
question answer lies in your insurance - as in-
transferring your business risks to a third party
– an insurance company in your country
(Kenya). It means that you need the best of
insurance companies in your country to be safe
– avoid enterprises that are likely to go into
receivership or even collapse.
I will highlight the ten leading insurance
providers in Kenya. Insurance Companies are
formed to indemnify the insured if they incur a
loss arising from an insured risk. The company
put back the insured in the same state they
were before the loss occurred. There is a fierce
competition among the insurance businesses in
Kenya mainly focusing on health insurance and
motor vehicle insurance. Risks are eventualities
that happen without a plan resulting in a loss.
The top 10 insurance companies in Kenya
include:
Jubilee Insurance Company Jubilee insurance is
the country's leading insurance provider and the
best insurance company in East Africa. The
measure is by the parameters of market share
and gross premiums. The company has a
market share of approximately 11% making it
the dominant insurer in the country. Jubilee
Insurance is reputable for the provision of the
best medical insurance cover. The company has
a good risk management record. Jubilee has
embraced technology in the delivery of its
services to increase the quality of services they
offer clients.
Kenindia Assurance Company Kenindia is one of
Kenya's fastest growing insurance companies
regarding the market share they dominate.The
company commands a 9% market share of the
overall insurance market. The company came
into existence after some Indian insurance
companies operating within the Kenyan came
together to form a solid body.Kenindia is one of
Kenya’s first life assures that offer clients a
wide range of life insurance policy options. The
insurance policies cover that the company
offers include life, fire, and marine and motor
that are the most sought insurance covers by
clients.
APA Insurance Company APA has been in the
insurance market for a decade, and it has
recorded tremendous results. It holds a
substantial market share despite its short time
in the market.APA has developed a very
innovative package that has attracted clients to
take up covers with the company. It best
recognized for being the first insurer in Kenya to
offer protections for HIV/AIDS.The company's
strategy of coming up with insurance cover that
were not previously insurable made it easy for
the company to penetrate the market with ease.
The company was born as a result of the
merger between Pan African Insurance and
Apollo Insurance Company. APA Insurance
Company insurance company in Kenya seems to
be on the right track to taking a significant
share of the regional market.
Britam previously known as British American
Insurance Company offers a broad range of
insurance and related financial services. The
company has been in existence since 1920 and
has continued to enjoy growth regionally. The
increase attributes to the provision of superior
services to clients and tailoring their services to
suit the particular needs of the clients. The
insurer is reputable for its comprehensive life
assurance covers. Britam is an insurance
company in Kenya mainly owned by Kenyans
and managed by Kenyans.
UAP Insurance UAP offers a broad range of
products to consumers. Its products are tailored
to meet the existing market gap that is
indemnifying all possible risks to give clients
peace of mind. Risks are highly dynamic, and
UAP Company uses this opportunity to develop
new products in the market. The company
offers personal and business products. Under
the single tire, the company provides covers for
crop, livestock, home and motor insurance.
Under business insurance, the company
provides covers depending on the unique needs
of the enterprise.
The insurance company of East Africa ICEA is
one of Kenya's top 10 leading insurance
companies. The company has vested interest in
some economics sectors in the Kenyan
economy. The company long-term as well as
short-term insurance options.The company has
over the years enjoyed steady growth amidst
high competition from other insurers. The
company has establishments in the East African
countries.
Co-operative Insurance Company The company
previously Co-operative Insurance Service
Limited was formed in 1978.The name changed
in the year 1999 as part of a repositioning
strategy. It saw the company gains a national
outlook. The company provides services such as
life assurance and general insurance which
include motor, fire, theft, Marines among others.
CIC Insurance has a high value due to the
number of assets at its disposal.
Chartis Kenya Insurance Chartis insurance
formerly A.I.G is an international insurance
company that has found a home in Kenya. The
establishment of the business in Kenya over
four decades ago shows that the Kenyan
insurance industry is maturing. Chartis provides
complete accident, personal, health and general
insurance packages. Chartis is one of Kenya's
best public insurance providers. Recently I have
seen an advert on the mainstream that the
company might be adopting the original name
A.I.G. The company has roots in the US and is
believed to be one of the most profitable
insurance companies in Kenya.
Heritage Insurance Company Heritage is an
insurance company in Kenya whose
management believes it has an opportunity to
compete favorably in the Kenyan market and
the regional market. Heritage Insurance prides
itself on being the best bank regarding claims
payments for the insured. The bank is best
known for being prompt in settling claims to
clients who suffer losses. The company offers a
broad range of products to its customers. This
product could be short term or long term. The
products provide by Heritage range from
agricultural, property, goods on transit,
accidents, fire and theft.
CFC Life CFC Life is an insurance company in
Kenya owned by the CFC bank. CFC has
recorded high-profit rates over the years and
gained a considerable size of the market share.
The company's assets have a value of over 13
billion. CFC provides its customers with a group
of individual products. Its unique products have
attracted a wide range of clients who have
bought covers with the insurer. The company
aims at improving the life of their customers.
You can suggest in the comments section and
company that you think should be included in
the list of the top 10 best insurance companies
in Kenya

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10 STRATEGIES FOR INTERNET MARKETING SUCCESS

The best internet marketing in Kenya strategies
have brought change in the advertising world,
and agencies are coming up with new ways of
branding their clients products online. There are
many misconceptions about online marketing
strategies, and it is because of this reason I
have decided to write this exclusive article.
Most people have been giving me different
views on running their ads on the internet
because they have been given the wrong
information, or simply they did have knowledge
of what is the best strategy to use online.
Are the internet marketers in Kenya misleading
clients? Or do they lack knowledge of the best
practices to use? Why do you run ads for a
customer if you are very green in the online
advertising world? Why place someone’s ad on a
website that has zero visitors simply because
it’s you friend or it was mentioned somewhere
as the best site? Whether a website has a good
design or got votes as the best anywhere online
that cannot be used to promote clients products
online. That’s stealing from clients, and that is
what is giving people wrong perception about
online advertising.
What Companies Need For Internet Marketing

1. Website and Blog
Companies have physical offices and locations;
this is where your clients get their goods/
services or where a delegation of duties occur.
When it comes to the Internet circles, you need
a registered office, where online consumers
would buy your goods/services, leave messages
and get feedback without any physical contact.
A website must have a registered domain like
www.mybusinesstricks.com; this is your
company’s name. You need a website hosting –
this is where your website domain resides – like
the physical location. Read what is a blog and
how to run a successful blog.
You need to hire web designers to develop the
website for you. Since your site would be static,
you will need a blog for your site - read this
article on what a blog entails, I also recommend
you read about taking your business online. In
the blog, it's where you will update anything
new about you company, provide product
reviews and so on.
2. Social Media Accounts
Before you embark on any major online
campaign or think of hiring an SEO (search
engine optimization) expert, you need to have
the major five social accounts up and running.
They include Facebook Fan Page, LinkedIn
Company Page, Google Page and Local Listing
of Google, Twitter and Pinterest Account.
Having the above two categories in place, you
are ready for your internet marketing in Kenya,
either by yourself, a member of your staff, hiring
an internet market or considering MBT as your
marketing destination. Now, let’s look at the
right marketing strategies on the internet as per
their significance and importance.
Essential Internet Marketing in Kenya Strategies
to use to Promote Your Products
1. Content Marketing Is By Far The Best
First, before I analyze this strategy, am looking
at both the long term gains and short term gains
of either the advertising model. And yes,
content marketing is the Number one online tool
to use on the internet. And why exactly am I
saying that this is the number one method?
Using the Alexa Rank metrics – and I do not
want the noise that their metrics is not
consistent – I already know that – Google.com
ranks No. 1 in Kenya, YouTube No 3 and
Google.co.ke ranks No. 5. The three searches
engines, this means Kenyans consume more
content that you can imagine. In fact, when a
company advertises on TV or Print media,
Kenyans will use Google to search their reviews
and more information about the product.
And using the same metrics, all the leading
sites in Kenya, get most of their traffic from
Google and social media, a reason to continue
reading more about content marketing in this
article. The study has also shown that products
reviewed on blogs get more attention than
goods that have not featured on any website or
blog. There are several ways of content
marketing that you can use to promote your
products online – especially for long-term gains.
These methods include blog content, video
marketing, reviews, file sharing, and guest
blogging on authority blogs. Blog content is in
the form of articles, images, and infographics –
they say an image speaks 1,000 words, and I
say an infographic speaks a million words.
Remember when listing what you require for
internet advertising success? I said you needed
a blog and these articles you write or hire
someone to write you will publish on that blog.
For better performance on search engines such
as Google, I advise you write articles of over
800 words. Like this article you are reading, it is
over 2000 words and do not overuse your target
keywords – a keyword is a particular word you
want people to learn about when you publish
your content. After writing and publishing your
articles, interlink them using your target
keywords and share them on your social
networks. It might take some time for the
materials to be picked up by search engines but
once they start appearing in search results –
this is a long term investment you have made in
your business. You will also use the blog to
interact with your customers.
Let’s look at video marketing as part of your
content marketing strategy, as shown above,
YouTube is the third most visited website in
Kenya and world’s second largest search
engine. You create videos related to your niche
and upload them on YouTube, share with your
networks and customers to flock to your
business. There is another video sharing forum
called Vimeo – for Vimeo, you share videos
after paying and those videos appear on search
results better than the YouTube videos.
Reviews and Guest Blogging
Before you think of doing a review or guest
blogging – KINDLY – examine the statistics of
the website online. Use Alexa.com and
vampirestats.com to get an overview of how
the website ranks – do not allow yourself to be
a fool, get the right information. Some of these
statistics might be inaccurate, but since you are
reviewing all the sites using the same measure,
the statistics become accurate.
For instance, an excellent website in Kenya
should have its rank below 700, this means that
its getting ton of visitors every day. You can
have your products reviewed on a site and get a
link back to your original site, and this is the
same case for guest blogging. Here at
mybusinesstricks.com, our sponsored reviews
start at 5,000/= per review, and we have free
guest posts provided they meet all the
requirements on our website. To contribute to
our site, send us a message on our Facebook
page.
The last part of content marketing that we are
highlighting is the file sharing. There are several
online resources you can use to share your files
either in the PDF format or PowerPoint slides.
For PDF files, you can use Scribd.com and
Dropbox.com to share your business content
and use Slideshare.net to share your slides.
To achieve the success of content marketing,
you adhere to the following, share the right
content and do not misuse keywords. Share on
social media, leave behind Comments and reply
to comments, interlink your files, articles, do not
write questionable content, write for your
audience and not search engines.
2. Banner Advertising (Again, Remember to
Check The Websites Rankings)
There are two methods you can use to promote
your products in the Internet using the banner
advertising methods. You can decide to buy ad
space directly from websites giving this option,
and I highly recommend this option. Use third
party methods such as Google Adwords through
Google Adsense to serve your banner across
their network.
Banner advertising is an effective online
marketing strategy that you can use to increase
your business sales. We rank this as the second
best internet marketing in Kenya strategy to use
for your business.
3. Search Engine Marketing Strategies
A search engine is a website tool that helps you
discover content online through web pages –
refer to content marketing. Search engines
include Google, Yahoo, YouTube, Bing, Ask
among others. There are several search engine
marketing strategies that you should use and I
only recommend Search ads and Search engine
optimization. Each of the search engines,
provide its ads such that when someone
searches a particular product using a specific
keyword – your ad will appear beside the search
results. We have Google Adwords, Bing Ads,
Yahoo Ads, and if you are not familiar with this
options, you need to hire someone to help you
reach the right audience.
The second search engine marketing strategy to
use is the search engine marketing commonly
referred to as SEO (search engine optimization).
For SEO to work better for your company or
web business, you need to adhere to the
instructions give above on blog content. SEO
means optimizing your website pages, blog
content in a way that search engines will find it
when people look for information on the
internet. In this instance, you have no option but
to hire an expert in SEO. We have so many SEO
companies in Kenya and what you need is to
search for the in the Internet using your
preferred search engine.
SEO includes the on page optimization and the
off page optimization. The on page is a
technical part of SEO and requires an expert to
carry out the process for – but this is mainly
done by your website developers. It involves
having the right heading tags, a good source
cord, Sitemap creation and submission to
search engines. Deep linking, proper use of
anchor text – here is an example of an
appropriate use of the anchor text method for
deep linking – learn about the SEO services you
can provide in Kenya. The link connects an
article I wrote about “SEO services in Kenya,”
see the text of the link is different from the
article title.
The off page optimization includes link building
such as creating a link wheel, article prism, and
social bookmarking. Social sharing, guest
blogging, press distribution, article submission,
directory submission, blog commenting and
online reviews are other methods.
4. Social Media Marketing Strategies
I know most of you thought that I will place this
strategy as the number one method to use in
Kenya, but to your surprise, I rank this way No.
4. You can trust my analysis in the link I
provided above. I linked you to leading websites
in Kenya and most of them get traffic
organically from search engines that require the
application of the three methods above. I will
talk about two ways here Google Page/Local
Listing and Facebook, but remember to create a
Twitter profile for your company, ensure your
are listed on the LinkedIn network and get
verified on Pinterest.
a) Google Page and Local Listing
Google page is a must service for your
business, because of the power given to Local
listing on Google pages by the giant search
engine. And for your information, Google is here
to stay, and it is not likely to lose its market
share anytime soon – hence the reason to
comply with what it requires in ranking your
business website. You need to have a Gmail
account and create a Google Page from the
google plus of your profile. Once you create the
page – same way you do for Facebook, you
connect it to YouTube, Your website, and its
rankings improve on Google search results.
b) Facebook Marketing Strategies
Almost all the companies and brands in Kenya
are using Facebook to promote their products
online and reach over 3million Facebook users in
Kenya. Using Facebook to market your products
is very tricky; this is because Mark and his
team want to make more money from you. Now,
this is the funniest part of Mark’s team; you pay
to get likes. For you to share something and
been seen by your fans, you need to pay again,
does this make sense?
That’s why Facebook introduced the promote
posts option now calling it boost posts – just to
milk you more money. Just to give you some
statistics, when you share a link without content
to your likes of the page only 0.3% will see your
post. If you include some texts to the link 3%
will see the post and if your share like 150
words without any connection, around 16% of
your fans will see your post. For more people
who like your brand to see what you post, you
must boost that post even if you paid to the
get likes
5. Google Adwords Links
Using Google Adwords links is another way to
market your business online. For instance, in
Olx.co.ke, you can place your links to appear
after ads in a certain category. You can also
buy direct links from interested bloggers.
6. Email Marketing
Most Kenyans still use their emails to get
valuable information, and this is another reason
that makes Google and Yahoo top websites
because most people use Gmail and Yahoo mail
for online communication purposes
Among the many internet marketing in Kenya
strategies, for now, let me give you a chance to
conceptualize the above methods before we
analyze others ways for getting your business
online.

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INTERESTED IN ONLINE BUSINESS IN KENYA? READ THIS

article covers the definition of online
business in Kenya as understood by Kenyans,
the myths surrounding online investments and
taking your business online. Remember you can
hire me to guide you through every process of
understanding the Internet world regarding
investments.
I have decided to write this article after
realizing that 90% of Kenyans using social
media do not know the difference between
having an online business and taking your
business online.
It is an eye opener article for everyone who
wants to start an online business in Kenya, do
business online, selling products online and
make money online because the article explores
different available opportunities in Kenya.
What Is Online Business in Kenya?
When most people hear about online business ,
they think it’s simply the extension of the
physical stores to the online world. It is one
mindset about online business, and it's very
correct. The other school of thought of business
minded people is that online creates an entirely
different environment for starting new ventures
and this is the other mindset and perfectly in
order.
The third mindset about online business – and
the last one in this analysis – is the thinking of
transacting business online without participating
in any way in developing the online activities.
For instance, you have some products in your
house, and you need to dispose of them, you
can post your ads here for free , and you will get
customers to buy your products through the
online world connections.
So what exactly is an online business in Kenya?
It is the kind or type of businesses in Kenya
operated and transacted online through the use
of the Internet and information systems deliver
different services to Kenyans. It is through the
provision of digital content, online services
among other related businesses.
Start an Online Business In Kenya
Starting an online business where you make
your profits purely online is the most
advantageous way of making money online
through different programs. What exactly does
starting an online business entail?
Last year, I covered an article about the online
business ideas and the actual cost of starting
the same in this post about new business ideas.
You need to check the article to understand the
fundamental requirements of starting an online
business in Kenya.
How do you make profits online from the new
business venture? There are numerous methods
in which you can use your online business to
become rich – and it takes time if you follow
the basic rules of doing business online.
I will mention here different ways you can use
your online business to make abnormal profits
within one year. First, before you start your
online business, find out what suits you and
your budgets – the opportunities available online
are countless – do not make a rushed decision
because you will regret later.
The mention of this method you can use
assumes you have read the above article about
new business ideas in Kenya that require your
understanding of the basics of running an online
business in the East African economic giant.
You can run a classified ads website in Kenya
and spent few coins on marketing your website
and charging people a small fee to advertise on
your site. The fact that some sites are using
huge chunks of money does not mean that you
cannot sail in the market. It is because you will
be behaving like someone who cannot start a
supermarket just because some chains are
operating in all major towns in Kenya.
You can provide free fatty meaningful content
like mybusinesstricks.com and sell ad space on
your website. Our website does not share any
crap, silly stories, propaganda, and our
advertisers advertise their products on our site
because they got the right target audience. You
can create an online payment solution in the
case of your online venture and make more
money than you can imagine.
I have also covered different ways of how
making money online in Kenya in the following
articles
1. Explore Scam Free Ways To Make Money
Online by doing simple tasks and,
2. Learn four ways Kenyans can use to make
money online even if they do not have
certificates
Taking Your Business Online in Kenya
It is different from running an online business
because you just want your customers to find
the right information about your organization
online – or only – you are changing with the
changing times.
For instance, the Kenya Revenue Authority,
KRA, does not ‘actually’ make profits online but
most Kenyans are now embracing the internet
world and getting their PIN from the cyber
cafes’. It is one way of doing your business
online. You just let people find the right
information they want from your online office
free of charge.
Advantages and Disadvantages of Taking your
Business online in Kenya
One of the benefits of taking your business
online – in this case, we are using KRA as an
example, it’s that it will quicken service delivery
to all Kenyans. People no longer need to go to
Times Tower – the headquarters of KRA to get
their PIN and this is the best thing that
happened to the government institution since I
was born 28 years ago.
Another advantage of taking your business
online is that you can serve many people at
once. For instance, I teach guys simultaneously
about making money online from the comfort of
my living room and achieve the same results –
this would have been a difficult task was I to
teach them face to face and yet they are in
different locations.
Disadvantages for taking your business on in
Kenya is the fact that it will reduce paperwork,
and this would result in laying off some
employees from the company because their
work is taken by only a few Internet gurus who
would create the websites and update its
applications from time to time.
Doing Business Online in Kenya Without Owning
a Website | Blog
People in Kenya can still make money online
even if they do not own the platforms that are
used to do the businesses such as websites,
blogs, and applications. As mentioned earlier,
you can use platforms such as Olx to sell your
products and make money from the online
sources that refer customers to you.
Challenges of Online Business in Kenya
The online business in Kenya has similar
difficulties experience in other sectors and
which have a negative impact on someone’s
businesses. For instance, it has taken me time
to come up with this article, the content, the
flow and someone, somewhere steals my
content, publishes it on his/her website without
giving credit back to me – this is a big pain.
There are chances that the copyrighted content
might rank higher in Google and Bing search
results disadvantaging the original content –
remember traffic from other sources other than
search engines is not really that important
though it plays a big role in promoting someone
online.
Another challenge is pornography – I will not
elaborate this aspect
For Kenyan bloggers, another problem is getting
the companies to advertise on their websites. It
is difficult because most of them believe in
promoting their products online through
Facebook and Google AdWords this makes it
harder to do online business in Kenya. Most
who use Adsense to generate income from their
blogs make peanuts from the content. For
instance, mybusinesstricks.com, despite the
enormous traffic from search engines, makes a
few pennies from Google Adsense .
Would Like Learn About Making Money through
online business in Kenya or taking your business
online?

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10 TIPS TO A SUCCESSFUL BUSINESS

1. Keep the big vision in sight.
A big vision will take you far. I put this
tip first because when things go wrong
on the path to your success, and they
will, keeping the big vision in mind
will enable you to steer your way back
to a successful course. It may not
always be the course you imagined,
but your big vision becomes your
north star, which in turn helps you
navigate and orient yourself through
the darkness. I believe in this so much,
I even co-wrote a book on the
subject with my brother. Your vision is
your foundation, compass and celestial
beacon, lighting the way forward.
2. Fuel your vision with perseverance.
What should go hand-in-hand with a
big vision is the perseverance you’ll
need to keep moving forward. If
you’re a Game of Thrones watcher,
there was a great line in a recent
episode when Stannis Baratheon was
being advised about the lack of
wisdom in starting a battle in the
snow. He responded: “We march to
victory or we march to defeat, but we
go forward, only forward.”
Sometimes, when things get
challenging on your path as an
entrepreneur, you have to commit
yourself to moving forward, regardless
of the discomfort and fear
surrounding the next steps. When you
fuel your big vision with perseverance
and the spirit of “only forward,” you
eventually meet your success.
3. Make a plan, but be flexible.
You need a few sets of plans, even if
each is only a few pages. A business
plan, with an accompanying
marketing outline, are important
blueprints for success. They help you
map out the major landmarks of the
road ahead, define your success and
break the journey into important
metrics you can track your progress
against.
I’m not one for a giant, robust plan
nobody will access, but I do advocate a
more modest go-to plan that can act as
your basic instruction manual and
hold you accountable to specific
numbers. The reason I don’t support
highly detailed plans is that I believe
you need the flexibility to alter the
course as necessary. Sometimes, large
changes to the plan will be necessary.
Related: How to Establish a Vision
Statement Employees Will Get Behind
4. Embrace your expertise.
If you’re already innately good at
something, or have a skillset, embrace
it. Don’t try to be all things for all
aspects of your business. Hire out or
sign contracts with agencies for the
things you can’t do, and focus on your
strengths as quickly and often as
possible. Don’t be a jack-of-all-trades
and a master of none.
5. Don’t reinvent the wheel.
What is already working in other
people’s business models, in your
industry, in software applications and
other business operations that you can
emulate instead of re-create? Don’t
waste your time trying to set up
systems when you can simply purchase
and install one, saving precious time
and spending little money. I always
keep my burn rate in mind and run as
lean as possible. But sometimes the
best decision is to take on the expense
of some good systems so you don’t
have to waste time and make mistakes
building your own.
6. Don’t burn out.
This isn’t just a stale piece of advice:
Your health is literally the most
important thing in your life. When
your body gives out, you’re done. Your
heart doesn’t care how good a business
you have; your circulatory system isn’t
all that impressed with your money or
accomplishments. . . you get the point.
Personally, I try to eat really good
food, get good sleep and take as much
time as I can manage day by day to
laugh with my kids and see my wife.
You will burn out if you sacrifice your
physical and mental health on the
altar of your business. So, take care of
yourself.
7. Leverage everything.
Life hacks may seem like just viral
fodder on the internet, but they
can teach an important mini-lesson in
leverage. When you use leverage to
your advantage in every aspect of your
life, you go further, faster. Leverage
outsourced help to streamline tasks
and gain traffic time for important
phone calls. Leverage down time
waiting anywhere (the doctor’s office,
your kid’s school, your mechanic’s
waiting room, your airline flight) to
get stuff done.
8. Keep your sense of humor.
If you can’t laugh at yourself, you’re
missing out. I was almost asleep the
other night when I thought of a funny
event that had happened earlier that
day, and I suddenly found myself
erupting with laughter so loud I woke
the dog.
Laughing is a good cure to diffuse
stress, infuse some lightheartedness
into life and get some perspective on
the fact that, hey, this is only life after
all -- you don’t have to take it so
seriously.
So, try to laugh more and stress a little
less. It strengthens your emotional and
mental well-being, keeps other people
from getting under your skin
and keeps you cool and collected, plus
a lot more fun to be around.

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THE REAL COST OF CAR INSURANCE IN KENYA

A person can insure almost anything these
days: be it a flight to Mombasa, rental property,
or a valuable phone. You can even take an
insurance cover for your legs or arms if so
inclined. For most car owners Kenya, the third
party cover is usually the most crucial type of
coverage and in it is also required by law.
However, this coverage is only limited to
damage and physical injuries as a result of an
accident. For those who use their vehicles
often, stay in a flood zone or park their cars
where demonstrations are likely to happen,
know that apart from accidents, there are many
other ways in which their cars can be damaged.
This is where comprehensive insurance comes
in handy. A comprehensive insurance in Kenya
usually covers damage as a result of other
incidents other than an accident, like fire, theft,
vandalism, animal damage, the weather and
falling objects. Although this type of cover is
not required by the Kenyan law, it may be a
good idea especially if you consider the value of
the car you drive. In fact most drivers of
financed or leased cars are required to acquire
this type of insurance cover so as to protect
the car lender or owner’s investment.
The Cost of Comprehensive
insurance
The total cost of this type of cover largely
depends on the deductible amount. Higher
deductible amounts means you will cover more
of the damages before the insurance cover
kicks in in case of an incident, but on the other
hand this also lowers the overall premium you
pay. The type of car you drive also determines
your comprehensive insurance coverage rate. A
car that has high repair costs or more claims
usually attracts a higher premium. Vehicles with
various safety features like anti-theft protection
however can be eligible for discounts. You can
use our car insurance premium calculator to
help you determine the premiums you will be
paying on your new or used car. Some of the
benefits of this type of insurance includes: It
covers almost everything including hijacking,
fire, natural disasters and road accidents. The
cover also covers damages incurred by the third
party in case of an accident.
Why Comprehensive
insurance is important for
private motor owners
This type of insurance covers you and third
parties. It also allows you to claim any type of
damage to your car regardless of who is to
blame. The benefits of comprehensive policies
vary between various companies, so it is
essential that you check various insurers’
policies before deciding which one suits you.
But in most cases the cover usually includes
benefits such as: cover for glass and
windscreen, stolen or damaged belongings,
emergency break down assistance, recovery
services, hire or replacement car, the car radio
which can save you a lot of money.
What determines the overall
comprehensive insurance
cover cost?
Although different insurance firms have different
policies regarding the comprehensive insurance
cover, the average pay for all firms is equally
the same. However, the comprehensive
insurance cover cost of your vehicle will be
determined by a variety of issues including:
The specific case at hand. Because
insurance companies face many claims
under the comprehensive cover, at a time,
each and every case incurs a different
overall cost. For instance, a comprehensive
insurance based on theft will totally be
different from that of accidents or a natural
calamity.
The prevailing market value of your vehicle.
Vehicles have different market values
depending on their age, current condition as
well as the model and year. Some vehicles
will have a higher market value than others
which will determine the comprehensive
insurance cover cost. For instance, the
higher the value of the vehicle the more
expensive the overall comprehensive
insurance cover cost.
How to get the best
comprehensive insurance
cover?
Even with the fore mentioned, the
challenging part usually lies on how to get a
comprehensive insurance cover that
incorporates all your required aspects and
will stand on the fore front to protecting you
in case a risk arises. If you are looking for
the best comprehensive cover, keep the
following tips in mind to help you make an
informed choice.
Research adequately on the available
insurance firms offering the services. You
can visit the firm’s websites, as well
as seek consultation from trusted
individuals. Take your time to selectively
choose the best available package.
Reference from family and friends is the
best way to acquire reliable and adequate
information that can fully assist you in
making an informed decision.
Common mistakes to avoid
when choosing a
comprehensive insurance
cover
There are some common mistakes that if you
avoid, you are bound to get the best deal when
it comes to getting a comprehensive insurance
cover. Get to know some of these mistakes so
that you know all the dos and don’ts when
looking for one. Below are some of the common
mistakes:
Having inadequate information about a
comprehensive insurance cover. Information
is the key to any wise decision.
Ignoring guidance and consultation from
experts and professionals in the field. With
consultation, there are limited chances in
making the wrong decision. And in case you
don’t seek consultation, be assured that you
will end up having the wrong comprehensive
insurance cover.
If you own a car and reside in an area prone to
theft, as well as natural calamities having a
comprehensive insurance cover is the ideal
option. With a comprehensive insurance cover,
you are assured to up to the last cent
compensation in case of any risk resulting to
damage of your vehicle or third parties. You
should also check the policy on your cover for
more details about what your cover does and
what it does not cover. Most car insurers in
Kenya like Jubilee Insurance, Madison Insurance
and Heritage Insurance usually include an
excess clause in their policies. This means you
will have to pay the initial part of the damage or
loss to your vehicle usually up to a certain
amount. Note that you cannot claim amounts
that are less than the listed excess. The higher
the excess amount the lower your premium will
be.

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UNDERSTANDING BUSINESS ETIQUETTE IN KENYA

As far as African countries go, Kenya
can be considered very progressive. A
great many business etiquette protocols
overlap with the standard Western
expectations, with few exceptions.
Here’s a quick guide to business
etiquette when traveling in Kenya.
Time
The lax African approach to punctuality
is a pervasive stereotype — which
unfortunately has its roots in truth,
especially in social situations. Being
invited to a social lunch event at noon
generally means guests will start to
trickle in from 1:00 pm onward, with
actual lunch served to an hour later.
However, for business events and
meetings, time is usually well adhered
to. The Kenyan corporate scene mostly
values efficiency, with some
government office exceptions. This is
especially true where dealings are being
carried out with parties from out of
state: the assumption is that Westerners
are more inclined to be punctual; hence
times will be strictly adhered to in the
interest of being accommodating.
Essentially, timeliness should not be an
issue during your business meetings.
Salutations
The way you give or receive greetings
before a meeting is important, as it sets
the tone for the rest of the meeting.
In Kenya, like in most African countries,
it is of the utmost importance to show
respect to your elders or seniors, and to
be friendly to everyone across the
board.
When addressing someone in a business
setting, it is safe to keep with honorifics
and refer to them formally unless
otherwise stated. Use of Mr, Mrs or Miss
So-and-So are preferred, though it is
generally not necessary to use “sir” or
“ma’am” in conversation.
Furthermore, the usual standard shows
of respect are expected: rising from
your seat to shake someone’s hand,
making and maintaining eye contact
when communicating and so forth.
Dress code
A common question from business
travelers with their sights on Kenya is
about dress code: what is acceptable for
a corporate setting and what is not?
Most business is done in large cities
like Nairobi, which is a relatively
progressive business hub with less firm
or extreme guidelines on clothing.
Gentlemen can go with a suit for almost
all meetings, though in a pinch, a
formal shirt and trousers will do just
fine. Many Kenyan offices have a casual
Friday rule, but it is wise to stick to at
least casual formalwear.
This is of course dependent on where
the meeting is: for a corporate
appearance at a weekend event, golf
course meeting, and so on, the suit is
not necessary and more casual attire
can be worn.
For ladies, business attire can range
from dresses, to blouses with formal
trousers or skirts. High heels are not
frowned upon and jewelry is welcome,
provided it is not excessively loud or
gaudy.
Use of color is also okay in most
settings, though for more formal sectors
such as finance or law, muted colors like
navy blue or gray are preferred. The
rule of thumb generally is to err on the
side of modesty.
Clothing that is not too revealing, too
short or too tight is preferred in
business settings, both to adhere to
African morality and to present oneself
as a serious business executive.
Small Talk
A big part of African culture is the idea
of being friendly and welcoming to all,
essentially taking everyone as a brother.
For those visiting Kenya for business
reasons, you will find this to be true
even in business situations. It is
therefore not uncommon to begin
meetings with a session of more small
talk than Western visitors may be
accustomed to.
Should the situation arise, it is
considered polite to engage in the
discussions. These harmless
conversations play an important part in
building camaraderie, and prematurely
ending them could be seen as rude or
standoffish; a few well-meaning
inquiries after how you are enjoying
your stay and anecdotes about previous
trips could very well stand between you
and a productive business meeting.
Gifts and Tokens
When it comes to gift-giving in
corporate situations, discretion is key.
Gifts are generally not expected as a
normal part of business relations, and
you are by no means required to
provide one. Exceptions can be made
for the holiday season at the end of the
year, usually between Christmas and
New Years Day, when business partners
may send each other shows of
appreciation. These are
normally received either by high
ranking officials such as the CEO, or the
executive(s) that one has been dealing
with as company representatives during
the year. It should be made very clear
that the gifts are from you as a
representative of your organization.
In this case, you might consider sending
a gift basket, perhaps with wine and
chocolates. Other gifts can also be sent,
provided they are appropriate and not
overly personal or familiar.

In Summary
When traveling to Kenya on business,
the rules of interaction are for all
intents and purposes similar to what
Western visitors are accustomed to, and
not very far off from how the rest of the
world carries out their dealings.
Chances of you saying or doing
something unforgivably offensive
during your business trip to Kenya are
minimal. Your hosts will likely be very
accommodating of the cultural
differences, so there is no need to waste
your trip to Nairobi obsessing over the
intricacies of business etiquette.

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