Category Archives: Business support related issues
Some religious myths about business growth:
1. Growth can happen by believing only…
NO, faith without works is dead!
2. Growth can happen by praying only…
NO, prayer only makes power (divine impetus, ability, grace, momentum, propulsion, impulsion, force, motive force, driving force, drive, thrust, continuing motion, energy, push, steam, strength, motivation, stimulus, incitement, incentive, inducement, inspiration, encouragement, boost; urging, pressing, goading, spurring, prodding) available to put to work the revealed principles and means for growth to happen.
3. Growth can happen by simply sowing seeds…
NO, sowing seeds only connects & keeps you to the vision. Where your treasure is, there your heart will be also.
4. Growth happens when you keep confessing it…
NO, your confession only augments your conviction to do or put to work these revealed principles and means.
General myths about business growth:
1. You can achieve growth independently…
NO, growth is a compound phenomenon that requires a team-work, divine or external body or force. There is need to seek professional expert advice (business advisory services), network with others in the same field of business, go into strategic alliances and partnerships that is well informed, belong to a business related association, go for more knowledge by attending seminars, trainings, a relevant business school and more importantly, belong to a group of people who have a walking relationship with God.
2. A couple of efforts directed at growth can bring about growth…
NO, growth is the PROCESS of increasing in size, number, value, or strength. Process means a series of actions or steps taken in order to achieve a particular end.
3. Growth happens only when there is large funding (huge capital)…
NO, huge capital can lead to a catastrophe (disaster) when there is no structure on ground to engineer and sustain business growth.
The truth about business growth:
– Growth is the product of continuous conscious effort. Hence, the need to consciously build a culture based on revealed principles and means…
– In a bid not to pay the price of discipline required in building such culture, some business men follow short-cuts by consulting spiritualists to engineer business growth, which last but for a moment leading to drastic business failure in the end.
– Unless the LORD builds the house, those who build it labor in vain… Psalm 127:4. Spirituality CANNOT be ruled-out! God is the author of growth. He has already revealed to us certain principles and means by which growth is inevitable. GROWTH IS NOT BUILT IN A DAY!
* First step is you must be determined (resolute) to grow by tenaciously following the revealed principles and means. Also, there has to be a vision you are passionate about and a related mission you are committed to. Proverbs 29:18 – Where there is no vision (revelation), people cast off restraint (discipline)… meaning you easily sway from the continuous building of a business culture based on the revealed principles and means. Also your vision must have a connection to God the source of lasting growth (sustainable growth).
* Second step is you must understand these principles and how they work… how they translate into ‘Solow residual’ for the business. The Solow residual is the portion of an economy’s (for the purpose of this seminar, business’ or company’s) output growth that cannot be attributed to the accumulation of capital and labor, the factors of production. It is a measure of productivity growth that is usually referred to as total factor productivity (TFP). Total Factor Productivity (TFP) is the portion of output not explained by the amount of inputs used in production. … As such, its level is determined by how efficiently and intensely the inputs are utilized in production. TFP growth is usually measured by the Solow residual.
The question is what are these revealed principles and means?
Watch-Out for Seminar 2 in our next event on BUILDING MOMENTUM FOR GROWTH on Saturday 27th October
Time: 12noon – 2pm
Plan to be there live! Do not miss-out
Your membership of Abule-Egba Economic Forum and participation in these series will not only provide you with vital information about your own business growth but practically, professionally & spiritually assist with the appropriate plan to engineer and sustain your business growth. The implementation plan and follow-up process is our collective concern as a group. Help is here!!!
Kindly drop your comments and reactions so we know those who are with us. Very important!
God Bless You!
What is custom email address?
A custom email address is simply a professional/business email account address used specifically for business communications. It is also known as enterprise email address.
Example is firstname.lastname@example.org as against what some business owners do by using gmail or yahoo mail account like email@example.com.
Is there any danger using gmail or yahoo for your business?
The danger is in the impression you are creating in the mind of your potential customers.
Having email address like firstname.lastname@example.org or even personal email address like email@example.com waters down your branding effort and makes you sound unprofessional.
What custom email means to your customers, clients, and/or acquaintances is that you have created a real business. They can now relate with you as a business and respect your pricing and payment terms for products you market. Not only that, custom email promotes your brand equity. The perceived value people have for what you do or sell is increased. You are taken as a business man in business. If what you use on the otherhand is your personal email address, your potential client is not sure you are into the business full time or if you intend to continue in the business for long.
To buttress my points, read what Microsoft has to say about Enterprise Email.
Does your existing personal email account service provider like Gmail have business email?
Yes. There is Google Business Mail known as G suite used for hosting custom email account for businesses. There are other business email service providers like Microsoft- Office 365, Zoho workplace, Rackspace email, Fastmail, and Kerio cloud amongst others.
How much does a typical Business Account Cost?
Custom Email hosting is normally charged per user, per month and can be billed annually. The least affordable option is Rackspace Email at $2 per month, per user. This means if you have few people working with you for instance and you have departments relating with the public like enquiries team, e-payments team, and customer support team etc, you will propably want to have addresses like:
4. firstname.lastname@example.org and
you have 5 users multiplied by $2 = $10 per month. Billed annually is $10 x 12 months = $120. In Naira terms is N43,200 per annum.
However, a basic Gmail business account (G suite) with more features and better functionality is $5 per month, per user. If you can commit to 12 months, the cost drops to $50 (N18,000) per user, per year. Multiplied by 5 users for the above example is $250 (N90,000). G Suite used to be free for accounts with 10 users or less, but Google stopped offering that option in late 2012. Other pricing from other Email host are shown in the image below.
But the question is can a typical small business in Nigeria afford this? If not, how then can we maintain a professional brand using a custom email address?
You may opt for Email forwarding.
What is Email Forwarding?
This is when you create a fictitious business email address and redirect incoming mails to your existing personal email account. e.g. forwarding a fictitious email@example.com to firstname.lastname@example.org
The downside is you will not be able to send out or reply incoming emails with this fictitious custom email address. Hence, it is a one-way traffic unless you go a step further.
What is the step further?
The step further is to use your fictitious business email address with existing personal email host like Yahoo for free. This automatically turns your fictitious business email address to a real one as you will now be able to reply incoming emails and send-out new emails using this business email from your existing Yahoo account.
How do I go about all these?
We have organised a short training on custom email for you to learn how to create, forward, integrate and set-up your custom business email for free step by step. This training is 100% practical and of great value.
Aside Email forwarding, there are other free options for setting-up a custom business email using an email hosting app for free with full features! All these are taught in the short training. Register now to reserve your seat for the next training.
Making a living as an entrepreneur/self-employed/independent consultant doing business in Nigeria, you could save yourself thousands of wasted hours and much frustration and avoid countless blunders, including journeys down blind alleys, while you struggle to learn how to promote your products or services, and develop long-term client relationships. Earning livelihood through either full or part time business can be void of continuous struggles. Struggling with sales is almost the norm for most small business owners in Nigeria talk more of business growth. You can decide to put a stop to your business struggle and learn what it takes to be outstanding and become continually accessible to your potential clients and target market.
To help you build a successful and rewarding business as a freelance/entrepreneur/business man or as an extra income venture by providing you with the necessary tools and know how to apply them to start and build a successful business.
Who should attend?
Are you considering running another business by the side while you are in that job?
Do you have a business idea you have probably previously tried-out but currently in a job and don’t like your boss?
Are you working with people whom you just do not care to be around?
Are you dissatisfied with your current income?
Do you feel underpaid?
Do you feel your potential is not currently utilised?
Do you prefer to always work at your best time and set your own fees?
Are you concerned about taking the big plunge of going into your own full-time business?
Do you want to make your income regular, running a sustainable business?
Or are you on your own but struggling with business without growth?
If your answer is yes to any of the questions above, then this training is for you!
Venue: Suite 29-30, 2nd Floor, Crossway Plaza, 3-5 Charity Road, New Oko-Oba, Lagos
Time: 10:00am – 04:00pm daily
For Enquiries, call Rose on 0815 851 2247 or Dapo on 0802 826 2309
What to expect
Day 1 – Wednesday 19th July, 2017
- Learn practical techniques on how to get clients using six direct and ten indirect marketing methods.
- You will be taught how to write business proposals, sales pitch and other marketing contents effectively as sales tools.
- One-on-one session with top-flight business consultants.
Day 2 – Thursday 20th July, 2017
- Be exposed to a proven business model to increase your profitability.
- How to research.
- Opportunity to build your advisory network.
Other perks include:
- Free handouts- 30 ways to increase your leadership effectiveness;
- 7 ways to attract followship,
- 7 ways to take charge in a crisis or high-risk situations,
- 7 actions to develop your charisma,
- 4 ways to build leadership self-confidence,
- 5 action steps to motivate those you lead, and
- Free bespoke proposals.
NB: The event fee of $20 (approximately N7,500) is chargeable for each day of the event.
Payment can be made to:
Bank Name: FCMB
Account Name: Mayowa Odunnaike
Account Number: 0033344019
Once payment is made, proceed to fill the form below to register for the event.
There are many different kinds of reports that you might have to write. Most professions have their own kinds of reports such as business reports … lab reports … research reports … academic reports and so on. Knowing how to write them well is valuable at the workplace or at university and beyond. This is because the report format is a useful and widely accepted way of structuring information.
Knowing how to structure a report and get the information in the right place can cause concerns relating to:
- Which section should this go in?
- How do I lay out my report?
- What goes in the discussion?
- What headings does a business report have?
This new series of posts on report writing answer these questions by showing you how a report structure can be a communication tool as opposed to an imprisoning set of rules. If you consider the purpose of your report and the needs of your readers, you can be confident that your structure will fulfil these needs, and each section of your report will do the correct job.
Reports are formally structured and communicate the findings of an investigation in a clear, logical way.
Your investigation may be a scientific experiment, a site visit, a series of observations, research into a process or procedure … but whatever different types of investigation you do as part of your job/assignment/contract/project, you will need to report
- what you did
- how you did it
- what you found out
- why your findings are important.
The content and structure of your report are determined by the needs of your audience and the purpose of your report … but how do you know who your audience is and what they want?
Read the brief!
Reports normally have a brief, or a set of instructions, telling you the requirements of your investigation.
In a work situation the brief may be set by your clients in which case is the clients’ request or by your manager, and they expect you to follow it! At university your brief is most likely set by your tutor … and they also expect you to follow it!
You will get the crucial information you need from reading your brief carefully. Even a short brief contains a lot of information about what you are expected to do. Your brief tells you about the investigation you are carrying out, but you also need to know the essential requirements of your assignment, such as:
- word count
- referencing style
- deadline for handing in.
In addition to this, read your assessment criteria or client’s request perimeter – these will give you valuable information about what you need to demonstrate in your report and what you are expected to fulfil with respect to the ‘learning outcomes’ or ‘work quality’ as the case may be.
The next couple of posts will further demonstrate the purpose and readership of reports, how to find the information your readers need, the role that each section plays in communicating this information, how to present your information visually … and how to communicate all this concisely!
No matter what industry you operate in, no matter how wonderful your products and services may be and no matter how long you have been in business, getting your items in the hands of those who need them and are willing to pay the price is one major challenge that many businesses face. What worked last year might become ineffective today due to the dynamic nature of our environment. Not to be mindful of competition is to operate in the realm of naiveté. Here are a few tips that will help you keep the sales coming no matter what.
1. Understand that selling is an art that can be learnt by anybody. There is really nothing like a born salesperson, all sales strategies can be learnt. When they are properly applied, the results are obvious. But also know that becoming a great salesperson is not an overnight success neither is it a one-off achievement. It is a skill that needs to be polished and improved upon on a regular basis.
2. Your target market must be well defined and you must understand where to find them. You must also understand their psychology: how they buy, when they buy, where they buy from, who makes the buying decision, how they prefer to pay and how much they are willing to pay.
3. Selling is about communicating, connecting and influencing. Selling is about building relationships period! People buy from people they like and what this means is that you must build rapport with your prospects before pitching your ideas to them. You need to show that you care and it is in doing this that you are able to identify the real needs of your prospects. A salesperson is a consultant who probes, diagnosis and recommends the right fit for identified problems.
4. You must have your elevator pitch handy. You should be able to tell a total stranger what you are about in thirty seconds without boring, confusing or irritating them. Your sales pitch needs to be captivating, it should be able to arouse curiosity and ultimately it should be able to get you audience.
5. Don’t fail to ask for the sale. Pay attention to your prospect’s body language and let it guide you on when to ask for a sale. Never ask for a sale when the body language indicates that there are things that need to be clarified or when there’s an obvious resistance. Ask open questions to understand the reasons for objection and deal with the objection before asking for a sale. Your job is to influence the decision but the prospect reserves the right to make the decision.
POSTED BY: NOELA UGWU
What are the components and elements of marketing? Pricing is one of the most important. Price setting involves consideration of many aspects of the market, including cost of production, competition, market condition, and quality of product. Promotion Planning is another component. Learn about the key components to marketing success.
- Consumer behaviour
- Marketing management
- Marketing research
- Marketing strategy
- Marketing mix
- Product management
- Promotional Planning
Consumer behaviour is the study of consumers and the processes they use to make purchasing decisions. It attempts to understand the decision-making and motivational processes of buyers, either individually or in groups, by studying characteristics such as demographics and behaviour.
It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general. Often focus groups are used in the study of consumer behaviour.
Marketing management is a business discipline which deals with the application of marketing techniques and the management of marketing resources and activities. Marketing managers are often responsible for influencing the level, timing, and make up of customer demand for their product.
The role of a marketing manager can vary significantly based on a business’s size, corporate structure and sector .In a large consumer products company, the marketing manager, or brand manager, may act as the overall manager of their product.
Marketing research is the process of gathering information to identify and study marketing opportunities and issues. Researchers generate and evaluate marketing activities, monitor marketing performance, and improve understanding of marketing effectiveness.
Marketing research specifies the information required, and designs the method of collecting information. It manages the data collection, analyses results, and communicates the findings and their implications.
Marketing strategy is the development of a strategic plan to deliver the targeted marketing objectives for the brand, product or company. A key objective of marketing strategy is often to keep marketing in line with a company’s mission statement.
Marketing strategies underpin the marketing plans designed to achieve marketing targets and objectives, which usually have measurable results. Marketing strategies are often developed as multi-year plans, with a tactical plan outlining and targeting specific actions to be accomplished in the current year or period.
Marketing strategies can often be dynamic and interactive. They are partially planned and partially reactive to the market. The strategy will consider internal factors such as the marketing mix, performance analysis and strategic and budgetary constraints.
It will also consider external factors include customer and competitor analysis, target market analysis, evaluation of the technological, political, economic, social and cultural environment.
Once analysis of internal and external is completed, a strategic plan can be developed to identify business alternatives, establish goals, determine the optimal marketing mix to attain the goals, and plan implementation. The plan will include monitoring progress and a set of contingencies to react to problems in the implementation of the plan.
Marketing mix has four elements -product, pricing, promotion and distribution. This can be summarised as ;-
Having the right product in the right place at the right time and at the right price.
Marketing Mix Modelling
Marketing Mix Modelling can be used to determine the optimum marketing budget and allocate it across the marketing mix to achieve the defined strategic goals. It can also be used to allocate spend across a portfolio of brands and manage brands to create value.
Pricing factors include cost of production or delivery of a service, market place, competition, market condition, and quality of product.
Pricing per unit may be based on factors such as a fixed amount, quantity deal, promotion or sales campaign, turnover discount, payment or credit terms, specific quote, tender price, shipment or invoice date, and many others.
Price setting involves consideration of many aspects of the market.
For basic commodities such as food, price will be based on cost plus margin.
For products at the luxury end of the market, more consideration will be given to the value that consumers place on an item. Scarcity is often manipulated to drive price up.
The expected life cycle of the product will be a factor.
What value do customers place on the products or services?
What are the company pricing objectives?
Should we use profit maximization pricing?
Should there be a single or multiple pricing?
Should prices vary country to country? Are there local taxes?
Should there be quantity discounts?
What are competitors charging?
Should we use a price skimming or a penetration pricing strategy?
Are there any legal restrictions – retail price maintenance, price collusion, or price discrimination?
The price floor is determined by costs.
The price ceiling is determined by demand factors such as price elasticity
The price level selected should achieve three things:
- Meet the financial goals of the company and ensure profitability
- Be realistic -Will customers buy at that price?
- Support a product’s positioning and be consistent with the other variables in the marketing mix
Product management is a marketing role that deals with the planning, forecasting, and marketing of products at all stages of the product lifecycle. The main focus is on driving new product development.
The product manager is effectively the general manager of a product or group of products. The role consists of product development and product marketing with the objective of maximizing sales revenues, market share, and profit margins. The product manager is often responsible for analysing market conditions and defining features or functions of a product.
Promotion Planning is one of the Components of Marketing .It can include special offers, incentives, advertising, sales promotion, direct marketing, and public relations. A promotional mix allocates budget and resources to each element.
A promotional plan can have a wide range of objectives, including new product launch, sales increases, market share acquisition, creation of brand equity, positioning, defence against competitor pricing, or creation of a corporate image.
There are three basic objectives of promotion;-
- To present information to consumers-educate and inform.
- To increase demand.
- To differentiate a product.
There are different ways to promote a product in different areas of media. Promoters use internet, TV and radio advertisement, websites, special events, endorsements and newspapers to advertise their product. There may be a special offers, discounts or competitions.