5 resuscitating strategies when knocked down in the market place

 

Being a newbie entrepreneur is similar to swimming with sharks in murky water.  Depending on the industry you find yourself, the rule of the game could be – “Winner takes all” especially when offers exceed requests.

 

A win-win resolution is strange to some market players where competition for market share and dominance is intense. I trust, you wouldn’t desire to grow your business in such an environment. Unfortunately most businesses will find themselves in such situations provided they are in a competitive business and industry.

For first time entrepreneurs and those in a relatively new business environment, there will be near successes and probably messy flaws in the process of getting grounded in the game. If you’ve been knocked down but not out, here are a few resuscitating tips to get you back up.

Take a break

Most people just believe they must keep up the fight even if they know they’ve lost. This treadmill pattern only leads to more frustration. Taking breaks is not defeat but a time to reflect on past business difficulties and challenges. Breaks also help deal with mental fatigue, stagnation and burnout.

Cut your losses

At this point, you’ve decided that you’ve had enough and you’re willing to review your venture thus far. Most of the time, you have to be truthful to yourself to know when to stop. You can do this by introducing stop-loss limits to your trading activities. Start by reviewing all your cost centres and the ones that need to be reduced or closed down entirely. It could be expenses like fuelling, utilities, office supplies or investment in other capital projects. It could be anything. Work to rectify causes of losses or areas you’re expending so much in the business.

 

Review business plan

Business plans have been said to be the blueprint required to run a business, however, daily business reality negates the effectiveness of these blueprints. If it entails discarding the existing plan and drawing up a new one. Sometimes it’s humble to start on a clean slate.

Be open and flexible

Be open to ask for and receive help, that’s the starting point of openness as you make frantic efforts to receive support from a more senior person or mentor willing to offer you genuine help. You need to be careful on who to ask and receive help from, the reality is that some people would want to exploit you because of the seemly weak position you’re coming from. So be watchful and run away from self-serving business leaders.

Seek for partnership arrangement

This is often a proven way of getting back on your feet, you’ll always need someone to support you let alone in times of difficultly. It’s okay to actively seek partnership arrangements in an attempt to get back on your feet.  It’s important to clarify the bounds of the partnership with the new partner(s) because you may desire a temporary arrangement or otherwise.

To get back on your feet will take some time, you’ll need to go through the resuscitation process one step at a time. Nevertheless, divinity will support you along the way and give you a better comeback story.

Chinedu is a portfolio risk manager and content writer. He believes desired results are born out of creative thinking.

What to know Before Pitching a Client

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Photo Credit: www.pixabay.com

As the drive for more sales increase in the every business, customers are beginning to have multiple alternatives to a single product.

Consumerism has even strengthened the power an average consumer leaving sales people at the mercy of the consumers.

Winning over a client is a big deal let alone keeping one. Continue reading “What to know Before Pitching a Client”

Chinedu is a portfolio risk manager and content writer. He believes desired results are born out of creative thinking.

5 Destructive Habits Every Aspiring Entrepreneur Must Eliminate

 

Many young entrepreneurs get caught up in vanity associated with becoming a founder, co-founder of a new start-up company. They soon see themselves more privileged than their peers still running the 9am-5pm treadmill.

The lure to overly display a sense of fulfillment to themselves, their team and the world raises certain destructive habits on their path to longevity and success.

Every entrepreneur must eliminate these habits that hinders growth and fulfillment in the long haul.

Egoism

This could be obvious or subtle, it’s even more destructive when it’s subtle because the person remains blind to his own faults. Only others can see the stench oozing out of his over bloated personality.

As a young entrepreneur, you wouldn’t want to be caught on a side of pride. Irrespective of your assets and business heritage, it pays to remain on the path of humility as the business environment is dynamic and could upturn against you.

Egoism stifles support from your team and other business partners, it damages reputation especially when you’ve established dominance in your niche.

Learning to keep a healthy personality is beneficial to you and your business.

Self-absorption

When you claim to know more than veterans in your field. You seem not to heed counsel. You’re quick to come up with theories, analysis, facts, and reports to counter what others have said.

You’ll also know this when you find it difficult to unlearn to relearn. Old theories becomes law to you. You’re difficult to convince and get looked up in an archaic thought process not giving opportunity to learn new things.

To go far and succeed in business, you’ll need to embrace suggestions, opinions, take criticisms with courage and learn new things on your way to greatness.

Complacency

As young entrepreneur usually runs with high energy, quickly deploying ideas and getting things done in quick succession. Over time you’ll discover loss of steam and drive for the business.

This negative energy keeps business stagnant. In no distant time the business begins to loss traction and eventually starts to lose its standing in the market.

You’ll need to repeat those habits that put you on the path of growth.

Procrastinating

When important decisions are deferred to an unknown future date sets one business apart from the other.

Business that record outstanding results erased procrastination from their vocabulary. The need to be swift about looming opportunities and pitfall set them apart. Not being proactive have far reaching effects, monetary and in overall business growth.

Early gratification  

That your recorded a revenue growth of over 100% doesn’t mean it’s time to refurbish that office complex or embark on some huge capital projects even if it appears your business needs it.

Most young businesses fall prey to this to show a sense of arrival.

It’s advisable to analyse properly to know if your proposed expansion would yield the desired returns to the business and at what time.

It’s a thin line getting a balance between prudence and early gratification. When your business can run itself efficiently from its profit for extended periods then you can consider compensating yourself and your team.

Chinedu is a portfolio risk manager and content writer. He believes desired results are born out of creative thinking.

Seal these Stealthy Financial Leakages Now!

 

To start with, do you wrestle with your ego?
How does money influence your class?
I know you might find that tough to admit…
Even if you do, you’d have to cut that ego into half to apply what I’m about to show you, perhaps that’s why these tips may seem insane.
You may challenge this…
Earning has never been so easy in recession times let alone saving.
In a recession, disposable income dwindles unforgivably, intensifying the drive for people to hold and preserve cash.
In a recession, Liquidity rules …
It’s not surprising that price of assets crash ridiculously for the seller to stay liquid.
To make this work, first of all, make up your mind to say a lot of ‘No’s to yourself, people and stuff.
You could term your new attitude; self-denial, but it’s a bit more because your decisions would have to be ratified by you; less of acting on impulse, more of critical thinking and fair judgment to make this work.
However, this is not a program to excruciate undue pains for financial sins you’ve committed in the past.
The whole essence is to make you a better manager of a few resources.
At this point, let’s delve in to see more money saving tips…
Energy consumption and savings
It’s no doubt that Nigeria is a “driving” country as most people drive their cars to work on a daily basis due to the inefficient transportation system.
It would interest you to know that Nigeria consumes about 40 million litres of fuel daily; nevertheless, the recent pump price adjustment to N145/L has drastically reduced its consumption by 40% as recession bites hard on the masses having them to alternatively commute by public transport thereby easing up traffic most especially in Lagos.
If you choose to drive, the size of your car engine to a certain extent determines how much you’d expend of fuel.
If you’ve got a smaller engine capacity ranging from1.6L – 2.0L, you can save fairly on each mile per gallon (MPG). For SUVs and other high utility vehicles with engine capacity ranging from 2.5L – 5.7L, saving on fuel could be tougher.
I didn’t realise how much fuel my Honda Accord 3.0L 6cyl engine consumed until I opted for a Toyota Corolla 1.8L 4cyl.
The consumption was 22 MPG and 4.5gal/100mi for the Accord and 29MPG and 3.4gal/100mi for Corolla which meant that I’m able to save 1.1gal/mi (N602). This may not look so significant, but calculate what I’ll save if I were to burn 10, 15, 20, 50 gallons.
If you can’t change your car, reduce your driving time by driving off peak periods and refuel in cool weather.
If you have more than one car, drop the fuel guzzling model at home to ride around with a fuel efficient model.
For generators, most homes run their generators between 3 – 6 hours every night. Diesel generator owners run theirs for much longer. No one will need to advice you on how to run this; your daily need and pocket will set the limit.
Bottom-line – keep your energy costs as low as possible.
Limit frequent trips to the ATM to reduce bank charges
I used to make trips to the ATM to make withdrawals of a small sum thinking I was being disciplined.
Naughty me…
I ended up making multiple withdrawals beyond the threshold that was allowable to earn an interest from the bank.
You perhaps might be guilty of this; making incessant trips to the ATM to withdraw sums you ought to have done in a single withdrawal. Well, think about how much it’s costing you in man-hours and transportation to the teller machine and possible interest you might have earned. For currents accounts owners, same applies asides earning interest on your account.
You can save yourself from accruing bank charges and eroding of interest earning potentials to your account when you plan your withdrawals.
Take preventive medication seriously to keep yourself healthy –
As you know, healthy living is wealthy living…
Do all to stay healthy, stick to a balance diet, exercise regularly and keep your environment clean. Take preventive medication and supplements to keep your immune system ready to ward off diseases.
You can get a Health Management Organisation (HMO) if you can especially when you have dependants looking up to you. There are quite affordable health plans that can suit your income and family needs. This would help you save on recurring medical bills over time.
Buy low cost assets
During a recession, cash thins out as people become desperately in need of cash. To make this happen, the next thing that comes to mind is to dispose assets for cash.
The rate at which assets are disposed for cash usually exceeds assets replaced.
This therefore crashes the prices of assets, from cars to landed properties, furniture, computer gadgets, office equipment and other small and medium equipment are sold at ridiculously low prices.
You’ll notice this in the automobile industry; most people are buying cars directly from their owners, no more middle men or buying from the car shop. Dealers of fairly used cars popularly known as “Tokunbo” are lamenting unimaginable low sales and patronage this period.
For a buyer, this may be a good time to get those assets you’ve desired at much more affordable rates. This also goes both ways; buy at lower rates in a depressed period to resell later.
Review shopping approach
To get stuff fresh, cheap and in good quantity, considering going to the source.
Women know their way around this; they know how to get the good stuff really cheap.
Reaching out to wholesalers is always a good idea. However some wholesalers may not readily want to deal with you if you do not meet their requirements.
Another option is to go through other bulk buyers to get what you want. Being persistent would open up doors of better opportunities for you. Give it a shot today.
TV and internet subscription
This may be a no go area for most people, they chose not to compromise of other high premium TV channels.
Take no offence on this if your subscription is running well over N10k – N15K a month and this takes over 5% of your income, you need to check this to ensure you’re not going overboard.
On the internet, videos rule and are most preferred for target campaigns and Ads.
Internet data subscription is a sneaky way money leaves us without knowing it, those YouTube videos of about 10 minute consumes about 1GB if viewed under a month. High definition videos take even double the size of data compared to standard definition videos.
Be careful not to click on every Ad that pops up on your mobile device, tablet or watch all videos on Instagram and Facebook; use your internet data within reasonable limits.

Prepare meals in substantial quantity and store
This has been proven to be a cost effective way of cooking and preserving energy.
Imaging the financial cost of running your LPG if you were to cook every day.
I agree that meals are best consumed the day they are cooked, however, if you shuttle to work in the morning and return late in the evening, it’s almost certain that you won’t be able to sustain the ‘Cook daily’ habit.
What I do is to go to the local market and buy foodstuff in large quantity and prepare soup, stew and any other meal I need for a week and store in the refrigerator and microwave when I need it. Cooking less preserves my LPG and saves me time to do other things.

Chinedu is a portfolio risk manager and content writer. He believes desired results are born out of creative thinking.

Rachel McPherson – 10 Things Your Competitors Can Teach You About Entrepreneurship

There’s no doubt that competition intensifies on a daily basis and that we need to develop a secret technique and devise a strategy to gain competitive advantage.

However, competitors are not only there to win over.They can be an invaluable source of knowledge ad experience and they can teach us how to leverage our productivity, increase our brand awareness and generally improve our workflow.

As much as it may seem that spying on our competitors is a bad thing, it actually only contributes to our business success. By scoping out the competition, we set a clear insight into what kind of techniques and tools they use to reach their ultimate goal.

Since There are a lot to learn about leadership and entrepreneurship from other local businesses, it’s kind a hard to ignore their work especially if they belong to the same industry and if you share the same audience.

Here are 10 things you can learn from your competitors about productivity across various aspects: Continue reading “Rachel McPherson – 10 Things Your Competitors Can Teach You About Entrepreneurship”

Rachel is currently working as the vice president of communications at ActiveCollab. After finishing her master’s degree in Communications she pursued a career in the digital industry, most notably in marketing and public relations. Contact – mcphersonrachelanne@gmail.com, www.activecollab.com,

5 Things Every Success Driven Person Should Do Before 8 AM

#1. Getting out of bed early is paramount

Early to bed, early to rise makes a man healthy, wealthy and wise – Benjamin Franklin

Tim Dowling, Laura Barnett and Patrick Kingsley of the Guardian newspaper spoke to seven CEOs which includes Virgin Money, Ericsson and AOL Vodafone about their work/life habits and they learned that most CEOs start off their day as early as 5:00am in order to sort their commitments..

This is the place to start…

Continue reading “5 Things Every Success Driven Person Should Do Before 8 AM”

Chinedu is a portfolio risk manager and content writer. He believes desired results are born out of creative thinking.

7 Things to Consider Before Paying For a Shared Workspace

The shared workspace concept is trending these days for several reasons. The quest to work freely and at any location has introduced this new working culture.  Investors have created affordable shared workspaces from basic to luxury features for short time rent for start-ups and small businesses. This culture is spreading fast and is being embraced by the youth population.

Before you get caught up in the trend, take time to consider why you’ll need to pay for one. Continue reading “7 Things to Consider Before Paying For a Shared Workspace”

Chinedu is a portfolio risk manager and content writer. He believes desired results are born out of creative thinking.

5 Discernible Signs Your Business is Ready for Expansion

Every entrepreneur hopes he/she will expand weeks after doors are opened up for business. Many businesses are excited to reach this expansion phase quicker than others. It’s vital to discern when its right to move up.

If you experience some of these, get prepared to take on a higher level of operation..

Continue reading “5 Discernible Signs Your Business is Ready for Expansion”

Chinedu is a portfolio risk manager and content writer. He believes desired results are born out of creative thinking.