MANAGING YOUR BUSINESS WHILE ON VACATION

MANAGING YOUR BUSINESS WHILE ON VACATION

The act of an entrepreneur in managing his business while on vacation is one of the many challenges he faces. The fear of losing his business and the customers, are the challenges that made him to think twice before leaving his business for vacation. This is because he has been working hard to keep his business on the right track of success. The uncertainty of whether the tasks set will be accomplished and that everything will run smoothly and efficiently while on vacation will be hard to be embraced. However there is need for relaxation to give the business owner the energy and clarity that he will need to keep the business on track; for ‘all works no play makes jack a dull boy’.

After proven and tested research, we were able to come up with some tips on how business can be managed and keep on track while the owner is on vacation.

Below are some strategies that can help when applied:

1.     Project events and tasks: an entrepreneur must think of certain events relating to his business that will occur within the period of vacation.

i.                    Need for any changing and updating; for instance does the time for ordering new stock, within the time, schedule for vacation?

ii.                  Meeting with client; understanding one of the meetings that require his unavoidable present and those that can be delegated.

Hence there is need to draw the map of events, so as to know how to go about them before embarking on vacation.

2.     Understanding your people: The entrepreneur must anticipate his staffs who will be managing his business while on vacation. There is need to determine the level of dedication of his employees when he is with them in regard to duties and responsibilities. Are the workers the type that need close monitory or those who can perform their tasks without been coarse?

However the employer must appreciate the ability of his employees to handle challenges that may occur in the course of the business when he is not around. When the employer is assured of this, he can worry less about leaving his business behind, but rather should start thinking about where to spend his vacation.

3.     Controlling in absentia: there is need to keep in touch with the business activities while on vacation. The employer can utilize various means of doing this, especially at this present high-tech world. One of this is the use of cell phone and e-mailing. He must always keep these available for easy communication between him and those he delegated his business to. This is because there are certain decisions his staffs cannot make without his consent and there are instructions only him can give. Apart from cell-phone and e-mailing, the employer can communicate face-to-face with his employees through Skye (as an employer it might also enable him to see what is going on in the office while on vacation).  It was Larry Ellison that says ‘…but even when I am on vacation, I am on email every day. Always prowling around the internet looking at what our competitors are doing’  

In conclusion, an entrepreneur must always ensure he stay in an area that is internet networked for easy access online. However the entrepreneur must know he is on vacation, ‘check in now and again’ then unplug and go enjoy himself.

Share the good news with friends on any of the social media and they will be glad you did.

HOW TO DEAL WITH DIFFICULT EMPLOYEES

HOW TO DEAL WITH DIFFICULT EMPLOYEES

Dealing with difficult and troublesome employee is one challenge of a business owner. How it is been handle can make or mar the business, because to hire an employee and fire at will might lead to extra cost; because much has been invested in the training and development of employees of the business. So to retrench an employee is not the best way to handle such situation, if at all, it should be the last option when all strategy of handling such difficult employee has fail. Below are proven tips that can be used in handling such difficult employee.

1.     Find out what is the problem: there is need to make a finding of what could be the situation of things as regard to the difficult employee. As an employer you ought to be sophisticated with accurate data and information about that particular employee. In achieving this, you need to call the person into a private meeting without the present of other employees and calmly address the issue. Start by asking the employee whether he or she is aware of any ongoing issues with respect about his/her attitude. If the employee is ‘not aware’, he need to be made to understand the effect of his unwarranted attitude on co-workers. Though he might interrupt to disagree or deny the existence of any issues. Nevertheless you must not relent by giving clear and undeniable instances of the unacceptable behavior.

2.     Ensure to draw out the reasons behind such behavior: ‘Never throw away a baby with dirty water’. As you discuss with the employee, carefully listen to what they have to say; give them fair hearing. Be calm and positive as you remain objective. Ask question and listen as they talk, with calm composure. Conclude back to them with what they just said, so that they will appreciate the fact that you are listening to them. When you discover what the difficult employee is saying as regard to his inappropriate attitude, then you have a much better opportunity of finding a solution.

3.     Encourage and help the difficult employee to get back on the right track: As an employer, you should start coaching the difficult employee as soon as he starts to understand the effect of his inappropriate attitude on others in the organization. However, as the employer you must give him the time to adjust to a better and more acceptable behavior.

4.     Termination might be necessary if all endeavors fail to prevail: having given the difficult employee a target-time to adjust to a more acceptable behavior, occasionally as an employer you need to record a series of well-documented feedback about the character. If this testing period does not improve the problematic employee, then termination should applied. At least you have tried; heaven knows you have endured enough!

In conclusion, you must not ignore such difficult employee(s); ensure you intervene as soon as possible. This is because difficult employees may drive away good employees and customers also; thereby affecting the success of your business.

Never joke with it.

Share this tips on any of the below social media.

TOP 5 WAYS TO MAKE A LASTING IMPRESSION ON CUSTOMER

TOP 5 WAYS TO MAKE A LASTING IMPRESSION ON CUSTOMER

Making a lasting impression on your customers is perhaps the toughest challenge a business owner can encounters. Many small business owners first try advertising and learn that this is not always worth the expense. Making a positive impression on your customers is not always as expensive as the cost of advertisement.

Below are five tested ideas gotten through extensive and well proven research and by God’s mercy when applied with all seriousness will go a long way helping you grow your business by impressing your customers.

1.     Service. Quality service is what makes or mars most small enterprises in this present economy. An entrepreneur must know that customer is always right and must come first. The service your business offers must be such that ensure optimum customers’ satisfaction. This will help to build a base of loyal and regular customers and widens the scope of referrals as a satisfied and happy customer will refer others to your business.

2.     Ethics and norms. If investment is lost, nothing is lost, if opportunity is lost something is lost but when integrity is lost in business, I bet you all is lost. Your business reputation is the watchword for success in business amidst competition. An entrepreneur must ensure that nothing jeopardize his/her business reputation ‘let your yea be yea’ Never promise to offer what you cannot produce, always ensuring that his/her integrity is not questionable. A happy customer may tell two or three of his friends and neighbors about your company; while a dissatisfy customer will inform all his friends and neighbors about poor service of the company. Good reputation makes a long-lasting impression on your customers.

3.     Pricing: There is need to sell at affordable price rate as no business can survive and attract lasting patronage when their products/services are hike in pricing. Customers shall be impressed with a business enterprise that offers them a great deal on a service that is not offered at the same price elsewhere. Therefore affordable pricing and quality services will create lasting impression on customers.

4.     Promotion: At some interval, an entrepreneur should give away promotional items that are imprinted with his/her company’s logo and contact details such as your phone number and website address. This will boast customer loyalty. A promotional key tag is an excellent promotional product; this is because most people have keys they used every day. Other promotional items are stationary, t-shirts, hats and other practical promotional items. These will enhance business exposure and attract customers’ attention.

5.     Neat presentation: an adage says your dressing determine the way you will be address; for first impression matters. Your business packaging should be inviting. The business environment, the staffs and other parameters must be well kept.

For example Mr. Akin and Sandy opened two barbing saloon in Alaba Street respectively. Their charges were 1 dollar respectively. But in terms of presentation, Akin saloon shop has an air condition, enough treatment, neat environment, well dressed staffs, 5 clippers with a plasma T.V while Sandy saloon is nothing to write home about. Between the two, who do you think will impress customers? Your imagination is as good as mine. Making customers feel relax and comfortable will create a lasting impression that attract more patronage.

Finally, business growth and performance depend largely on customers’ perception on it. An entrepreneur should ensure to impress his customers, if he must enjoy growth in customers’ base.

Share this post with friends if you desire their success in business.

Fresh loan: FG doles out N50bn to 35 states

Fresh loan: FG doles out N50bn to 35 states

The Federal Government has begun the disbursement of the first tranche of the N90bn conditional loan facility to some of the 35 states that have so far applied for the loan.

The Minister of Finance, Mrs Kemi Adeosun, had on June 14, while announcing the N90bn conditional loan facility to states, said the funds had been secured from the private sector to state governments through the issuance of bonds in the bond market.

She had during a meeting with commissioners of finance from the 36 states of the federation said the loan would be given within a one year period.

The minister had explained that based on the agreement with the governors of the states and the commissioners of finance, N50bn would be released within the first three months where each of the 36 states would get about N1.3bn.

Thereafter, she noted that N40bn would be released over a nine-month period as the second tranche through the bond market where each state would received the sum of N1.1bn.

Investigations by our correspondent on Saturday in Abuja showed that the ministry of finance had commenced the disbursement from the first tranche of N50bn to some of the 35 states that applied.

It was gathered that Lagos State opted out from accessing the loan and as such did not send in any application.

A top government official, who spoke in confidence, told our correspondent that the precarious situation that most of the states found themselves which had made it impossible for them to pay workers’ salaries made the ministry of finance to start releasing the funds at the end of June.

The official said, “The disbursement of the budget support facility to states has started. Disbursement started in June and has been made to some of the 35 states that applied. Only one state which is Lagos State did not apply for the loan.

“Why we started in June was because of the precarious situation in which many of the states found themselves. There have been complaints about non-payment of salaries and there is no way we can just sit back and watch while workers continue to suffer.

“We have started monitoring the states based on the milestones that they are to achieve before further disbursements would be made. You know that there were conditions that were given to them before they could get more money.

“As soon as any state meets its threshold, that state would get additional funding but any state that fails to meet up with its agreed milestone will not get further disbursement.”

When contacted, the Media Adviser to the Minister of Finance, Mr Festus Akanbi, confirmed that the disbursement of the loan to the states had started.

He, however, said while 35 states applied for the loan, the ministry had commenced the disbursement to only some of them.

He, however, could not provide the number of states that have so far been given the loan.

He said, “35 states applied for the loan and disbursement commenced in June but I don’t have the total number of the states that have benefitted now.”

Some of the conditions attached to the loans are that a restriction would be placed on states borrowing from commercial banks; that all states must publish their financial statements, budgets and the quarterly budget performance; that states’ finances would no longer be shrouded in secrecy and items like security vote, feeding, travel among others would be made visible.

Other conditions are that states would review obsolete revenue laws and tariffs; and redefine Internally Generated Revenue to include non-tax revenue sources that will reflect local opportunities in each state especially in solid minerals.

In the same vein, the states have been directed to set target limits for recurrent to capital expenditure; set target for personnel costs as percentage of total budget; clean up their payroll by eliminating ghost workers as well as set up Efficiency Unit to reduce cost of governance.

Akanbi had last week told our correspondent that disbursement would not be made to any state in any month that the Federation Account Allocation Committee distributes over N500bn among the three tiers of government.

He had said once the monthly distributable revenue is up to the threshold of N500bn, the amount that would be available to each state government in that month would be enough to run its programme.