James Wahome is the Director for Solutions Design at Ujuzi Code Limited, a software development company operating in mobile and web applications, and integrated tech solutions.
Greatest milestone: We launched the PesaBox app in February 2012. It was a mobile and web based analytical tool that allowed M-Pesa users to have a visual and cumulative analysis of their M-Pesa and M-Shwari transactions. At the time, there was no way of viewing M-Pesa transactions. We followed this with another application called Tumapesa in May 2015, front running Safaricom which unveiled its own Hakikisha feature in October 2015. These milestones showed me that that there are so many ways you can add value to existing solutions instead of reinventing the wheel.
Building a business: It boils down to discipline and putting client needs first. The saying ‘Serve a customer well, they’ll tell 5 people; serve a customer badly, they’ll tell 20’ is factual. Unfortunately, most businesses focus on sales instead of customers. From my early days as a developer, discipline has also been paramount. This includes meeting timelines and staying within the budget.
The key to making it: Never giving up is the secret. In business, you will have multiple near-death experiences. The urge to close shop and just call it a day is always lingering at the back of the mind. But my experience in business has taught me one thing; if your current business is not doing so well, pivot to another vertical instead of closing shop.
Biggest money mistake: The biggest money mistake has been hiring those we can afford instead of those we need. We lost quite a number of top end clients as a result. The learning from this was pretty straight. If you need a six figure engineer to complete a project, then hire that six figure engineer and then go out and look for money by whatever means to pay them. The quality of work they deliver will always get you bigger clients or repeat work.
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Biggest business loss: In our early days, we were slow at embracing change. We stuck with things we were familiar with. We offered the same services and failed to get into new verticals. This was despite having a front seat to these opportunities. Do not to dwell too much on the losses if you find yourself in such situations. Take the lessons and learn to move on as quickly as possible.
If I could go back in time: I would pick a board earlier than I did. It is important to reach out to experienced people outside your core network to help you set up a board and establish solid corporate governance structures. This will help you both at the beginning and later on when you want to raise capital from investors.
Saving method:Â My savings are based on goals. I have found that it offers me more motivation to attaining targeted amounts. It also allows me to figure out how much I need to set aside every month. Once I have a goal and a target amount, I institute a standing order that takes money out as soon as I get it.
My parting shot: Never use businesses that are similar to yours as a yardstick of where your business should be. Your uniqueness as an individual means that you cannot follow the same trajectory as your competition. The value of the relationships you foster is critical. Collaboration with other businesses and individuals will allow you to benefit from a larger pool of knowledge than your own. Always remember that entrepreneurship is a journey, not a destination.
This profile feature on James Wahome was first published in the Saturday Magazine. The Saturday Magazine is a publication of the Nation Media Group.