CHARLES SOLUDO BLOW THE WHISTLE ON THE STATE OF NIGERIA ECONOMY

 CHARLES SOLUDO BLOW THE WHISTLE ON THE STATE OF NIGERIA ECONOMY

Following the declining state of Nigerian economy, the former Governor of the Central Bank (CBN), Professor Charles Chukwuma Soludo has warned that unless the Buhari administration embarks on long-term structural economic measures to salvage the nation, the economy may hit the red line.

 Charles Soludo, as the Guest Speaker at the 4th Progressive Governance Lecture, organised by the 23 All Progressives Congress (APC) governors in Kaduna, lamented the state of the economy, saying that Nigeria has now been listed 13th on the list of failed or fragile State under the current world economic index.“The topic that I have been assigned to speak on is Building the Economy of States, Challenge of Developing Inclusive and Sustainable Growth. At a time like this, I don’t think there is a better topic to be addressed”.
.the former CBN Governor in his speech says “I believe that the collapse in oil prices is a blessing and an opportunity for a new beginning. And this is predicated on the fact that I believe that the trajectory that we have gone through before was not a sustainable path. And therefore, with the collapse of oil prices, it is a clarion call for us to press the reset button and start afresh on a more sustainable path,” he said.
Among the audience at the gathering, were the Vice President, Professor Yemi Osibanjo, the APC Governors and Deputy Governors, who also spoke on the socio-economic challenges facing the nation and steps being made to surmount the problems

5 PROVING WAYS TO IMPROVE SALES IN BUSINESS

As the market continue to advance amidst competition, it is the desire of every business entrepreneur to enhance sales which will have a positive effect of the profit level. This enables the investor to determine whether to improve his investment and withdraw from the business.

Below are 5 proving tips to increase sales of your business.

1.     Define your mission.

As an entrepreneur you must define your mission by clarifying your business niche. What do you do best? Who needs what you do? How do you best approach these prospects? How much are they willing to pay? These question must be answer properly for accomplishment.

2. Split the mission into specific goals.
Break the mission into achievable unit of goals (goal per day, proposal per month, objectives per quarter, etc.) that you can manage. Set results goals (sales per month, amount per sale, profit per sale, etc.). This is enable you measure your progress, and follow them closely. This will enable you to monitor you progress.

3. Sell to customer needs.
Emphasize the features of your product or service that reduce costs and satisfy  the customer. Always assume your customers will buy only what they need. You must  convince them of that need. Be creative in your sales and marketing.

4. Build up your attitude.

As an entrepreneur your attitude must be positive enough to attract more prospects to your business. You must conquer your fears. Change the values that limit your success. Your perception controls your commitment, enthusiasm, flexibility, persistence, happiness, and confidence. Be aware of them, decide which ones are unproductive, and then make a commitment to change. With time and effort, you can become the person you want to be.

5. Sell on purpose.

As an entrepreneur you must know both what to do and why you're doing it at every step along the way. Who are you targeting and why? What are you going to tell them and why? What are you going to ask them and why? What is your proposal going to look like and why? When are you going to ask for the order? If you don't feel sure of yourself at every step of the selling process, get some training or guidance.

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.

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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.

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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.

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