If you have used Zoona to send money before, then you would have noticed its growth. Being in its 10th year, the company has made more than $5 million worth of transactions thus far. The growth of Zoona as a digital financial service provider provides some lessons for small businesses.
Customer-focused: This should be the focus of every product or business being developed. It should look at making the life of its customer better. Financial transactions take place daily, if done through banks only, then the illiterate would be left out. Having a customer in mind and what their needs are, the product being offered should focus on solving the solution.
Innovation: Zoona has so far introduced many products to reach its customers. The improvements being made still focus on the need to make financial transactions better and easy to do. Notable innovations introduced include, Sunga account, and bill payments among others. With tech advancement, the company has made an app to make its services more user friendly.
Don’t give up when business fails: This happens for a business in its startup stage. The death or coming back up of a business depends on its founder(s). The best to explain this for Zoona are the founders.
The company almost closed in its 2nd year, yet they stood back up.
The McGrath brothers have this as part of their story,“When we were feeling sorry for ourselves we could blame broken commitments, friends and partners who let us down, but the reality is we were green and made mistakes. We love the saying: How do you make good decisions? Experience, how do you get experience? Easy, by making bad decisions.”
It may not sound interesting, but its important to learn from mistakes.
Grow in your area industry: When you invest in any business, others will emerge and invest in your industry. Competition is necessary, all you have to do is make it better, improve your service delivery. Introduce new products in the same industry that address similar problems. That way you will stay in business. Starting off with making only regular money transfers, today you can pay bills using Zoona, and even make bulk payments.
Lastly, make an impact: if your business has to thrive make an impact in the lives of your customers. Zoona targeted people who have no access to financial services. The journey started with making financial transaction for a few, today the impact has been felt. When you make impact, you have customers subscribe to your services easily. In this way, you will expand.
Today, Zoona is in many African Countries impacting different lives.