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Billionaire Business Man Humphrey Kariuki Charged with Tax Evasion

Kariuki was apprehended over alleged illegal importation of ethanol at his Thika-based alcoholic drinks manufacturing firm, African Spirits Limited

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Businessmen Humphrey Kariuki,Staurt Gerald and Peter Njenga before Chief Magistrate Francis Andayi at the Milimani Law Court to answer charges of tax evation on August 19,2019.

BY GEOFFREY ISAYA 

Nairobi businessman Humphrey Kariuki was Monday evening re-arrested moments after he was charged with 21 counts of tax evasion and released on a cash bail of Ksh.11 million.

Kariuki was apprehended over alleged illegal importation of ethanol at his Thika-based alcoholic drinks manufacturing firm, African Spirits Limited

The tycoon is expected to be arraigned again on Tuesday.

Appearing before Magistrate Francis Andayi, Kariuki faced 21 counts of evading taxes amounting to Ksh.41 billion between 2014 and 2019.

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Nairobi businessman Humphrey Kariuki was Monday evening re-arrested moments after he was charged with 21 counts of tax evasion and released on a cash bail of Ksh.11 million. Pixabay

The charges were contained in three files, all of which he denied.

He was released on a cash bail of Ksh.10 million for the first file and Ksh.500,000 each on the second and third case files.

Magistrate Andayi further directed that Kariuki deposit his travel documents with the court.

He presented himself in court on Monday, nearly two weeks after a Nairobi magistrate court issued summons against him.

A search mounted by multi-agency security last week reportedly traced the businessman to London after it emerged that he was out of the country.

Through his lawyer Kioko Kilukumi, Kariuki told the court that he returned to the country on Sunday night just a day before the court appearance.

While applying to have his client granted bail, Kilukumi refuted claims that Kariuki had gone into hiding, insisting that he is not a flight risk.

“There was no warrant of arrest either local or international issues against him,” Kilikumi argued.

“It is his constitutional rights to be granted bail. We ask you to grant our plea on reasonable bail terms.”

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Handy Tips To Quickly Scale Your Business

It may also mean jumping into managing sales and marketing

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It means going through various laws and compliance-related issues. Pixabay

Starting a business is hard, considering all the fund arrangements and the effort that goes into bringing it to life. However, scaling and maintaining optimum growth is, in many ways, even harder. It means going through various laws and compliance-related issues. It may also mean jumping into managing sales and marketing. However, there are ways in which you can grow your business at a faster pace. Here are a few pointers.

1. Build a sales funnel

To automate business and quickly scale it, it is very important to build a sales funnel. While there is a lot of efforts involved, especially on the end of the developers, it can help in streamlining the process and improve sales and thus, revenue. If you do not have a sales funnel, do not wait for too long to create one. Also, before settling on one, analyse the data carefully since each funnel has a different effect on the business. 

2. Use a CMS (Customer Management System)

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Starting a business is hard, considering all the fund arrangements and the effort that goes into bringing it to life. Pixabay

Once your business takes off, it is hard to maintain a manual record of transactions and then spending a ridiculous amount of time tracking them. Not only is it a tiring process, but it also weighs your business down. Investing in or developing a customer management system can take you a long way in reducing the time and efforts required to crunch the numbers and churn the data. 

3. Competitor Research

You should always research what you are walking into as soon as you start looking to scale your business. There might be some companies already offering something similar to what you have, making it all the more necessary to test the waters before diving. Platforms like SimilarWeb and Adbeat help in gathering information on market competition. Adbeat also helps you understand the marketing and advertising strategy of the said competition. If it is working for them, it most likely will work for you too. 

4. Launch Loyalty Programs 

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Whichever way you look at it, getting new customers to buy from you is expensive. In fact, it is said that it takes thrice the amount of money to acquire a new customer than it takes to sell your products to an existing customer. In some cases, and industries, the numbers can go up to an outrageous 10 times. This is where customer loyalty programs come into the picture as they help you in retaining customers and keep the sales steady. 

5. Build a list of email subscribers

Sending routine emails is a great way of making sure your customers know what is new and how they can benefit from the latest developments. However, this is not be done by spamming, but by making an email list. Once you have your lead magnet in place, all you have to do is place it right. Once prospective customers start subscribing, you will have enough user base to send out routine emails and spread the word out. 

6. Licensing and partnering

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However, scaling and maintaining optimum growth is, in many ways, even harder. Pixabay

If you have the type of product that may be licensed, then it can help your business grow without any hassles. The revenue share that you will receive from licensing deals can help you make it big, especially if larger, well-known brands are involved. This can also be done in the case of the hospitality industry, as suggested by Ryan Hibbert of Riot Hospitality Group.

Even if you do not have a product such as this, you may partner with companies with similar interests or target audience in order to increase your outreach. Spotting and closing such partnerships may be a challenge, but if done right, can reap loads of benefits. 

7. Leverage global platforms

Depending on the type of business you are running, you can capitalize on the popularity of certain other sites to boost your sales. For example, if you are in the eCommerce business, you can use Amazon’s FBA services or use Airbnb if you have a vacation home rental service. Simply, using a saturated platform to boost your business can help you a lot.

Also Read- Inauthentic Posts To Be Limited By Facebook

Scaling a business can certainly take a toll on you. However, instead of getting hassled by short term issues, focus on the long term outcomes of your work. Putting in time into understanding the behind-the-scenes operations can also give you an insight into what out to be done.