Chamas have been in our society a long while now. Many however end up fizzling out soon after they have been formed. The following tips can be used to ensure your group has retention power and becomes profitable.

Members
The foundation of any chama is the people power. If you want your chama to have a firm foundation, you have to vet the members. Ensure that you all share the same goals and mission. All the members have to be active in the group and held accountable. Members selected should, therefore, be dependable and goal-oriented. There has to be a shared purpose. It is the role of the members to remind each other why the Chama was developed.

Set Standards
If yours is a financial chama, set financial standards that all members have to meet, should anyone falter have either a ‘punishment’ or a contingency plan that they have to face. Essentially set laws in your group that all the members have to follow in order to be considered true members or enjoy the benefits that come with being part of the group. These financial contributions also set the backbone of the group.

Mind each others’ business
All members should know basic information about each other, like their official names, where they live, what they do for a living and their family status. On top of this, members should support each others’ businesses, instead of out-sourcing services or products from outsiders, the members should source internally first. This will help growth of the chama as well as build better cohesion among the members.

Maintain Professionalism
Even though often the initial members of a chama may be close friends and family, ensure that during all meetings you keep it professional by maintaining minutes, and keeping the speak goal oriented.

Elect Qualified Leaders
For all the leadership positions, ensure that the elected personnel are up to the challenge, committed and active. With leaders that keep you grounded and focused on the set group goals, the group will steadily remain on the right track. Here you need to have a leader that is skilled in entrepreneurship and has mastered the skills or business development. Such people are the best to achieve financial results.