Business by definition is an economic system where goods and services are exchanged for one another (trade by barter), or for money. It entails the ability to produce desired goods and render requested services respectively with the aim of satisfying a customer. By this definition, it’s possible to say that it is easy to handle a business. However, with a deeper understanding comes the realization that running a business and successfully managing it effectively are two ways apart. The problems of managing a business in Nigeria are complex and highly demanding. The more attempts you make to keep those problems to the minimum, the more other problems crop up. Business comprises of both the human and non-human resources that could possibly turn out to be basic issues affecting the growth o
Most people talk about how to avoid mistakes in theory. They say if you don't do x, you won't get y. But how does it play out in real life? Let's look at things from the perspective of the person who has the budget to hire. Recently, I went to hire three health writers. While on my search for my candidates, I thought it would be best to look in a place where health writers already existed. I picked an Alexa ranked 2,700 website called Everyday Health as the destination of where to pick that writer. The Job I looked at it like this. Everyday Health is a recognized site that covers health topics. They do research on their content. The stories are very consumer friendly. That hit requirement one for me, that they were vetted as an expert in their area. The second thing I was lookin...
Here are five things you can do in your business to boost sales and profits using loyalty. 1. Create a loyalty culture If you want to use loyalty, it has to be at the core of your company's culture. If your company is focused too heavily on competition and squeezing the most out of your people, your suppliers, and your customers, you will probably need a new CEO to create the culture you need. A loyalty culture is based on specific values -- e.g., customer is boss and our people matter -- that you must articulate and use as the basis for hiring, training, promoting, and managing people out of your company. Creating the right culture won't pay off immediately, but it is the foundation on which the other four things rest. 2. Hire people who enjoy serving Speaking of hiring, you can...
It's hard to second-guess anything Slack is doing, or even anything it says it's going to do. After all, this is Slack we're talking about. The founder is serial entrepreneur and Inc cover boy Stewart Butterfield. If you haven't heard of him, you've surely heard of his two hit companies: Flickr and Slack. He and his partners sold Flickr to Yahoo for roughly $22 million in 2004. In 2012, he started Slack, the messaging-software company, which now has more than 1.7 million users, a $2.8 billion valuation, and was deemed Inc's 2015 company of the year. So when I read recently in Quartz about how Slack is working on manager bots that will automatically check up on employees--so that actual human managers won't have to--my first reaction was: "Slack obviously knows what it's doing. Th
These simple mindset shifts will help you develop your leadership skills and manage people in a more efficient way. There is no doubt the practice of mindfulness is one of the key skills you, as a leader, must master if you are going to be credible moving forward. Being able to be open-minded, dispense with fixed, or limiting beliefs and use emotionally intelligent practices is becoming apparent as key leadership skills. Many moons ago, as a young manager, I realized I had to learn quickly if I was going to earn and grow the respect and credibility of my team. I made many mistakes, and it took many years to learn what worked and what didn't. Becoming mindful was a major factor in improving my leadership ability. This HBR research, concludes mindfulness isn'
Wouldn't it be great if there were a proven formula for becoming the next multibillion-dollar company like Amazon or Facebook? Well, it appears that a team of researchers from MIT may have found it. The group has identified attributes that super-successful startups typically share, including having shorter names that project larger possibilities and setting up in business-friendly states. MIT's Catherine Fazio, Jorge Guzman, Fiona Murray, and Scott Stern examined things that such companies do early on, as a kind of predictor of later success. Their research, which was published in February, does come with a big warning: Amidst declining rates of entrepreneurship, and with an economy that is less inclined to nurture startups, the next generation of Amazons may simply stagnate. And tha
As a small-business owner, strategy may be something you leave for the academics and business writers. However, it's not that simple. A lack of strategy may lead to never saying no, having no priorities and trying to please everybody—which is often a recipe for failure. Lately, however, I've started to think about business strategy as a story. As it turns out, it's a quick and powerful way to be intuitively strategic. Business Strategy as a Story Imagine somebody who has a problem or wants something, finds your business and buys from you. Pretend for a moment that you're writing a story or talking to a friend about your company. Don't sweat writing or editing, just make it a simple story you can tell. For example, a story for one business might be how Ralph buys organic ketchup off
The share of Ghana's agricultural sector towards the country's Gross Domestic Products (GDP), which in 1991 was about 65 percent, has now reduced by almost 50 percent down to 23 percent in 2012, the World Bank has warned. The situation has thus engineered a shift in the economic growth of the country, which, in the past, was mainly dependant on agriculture, onto the services sector. "As a result, by 2011, agriculture was the smallest sector in the economy, in terms of value added, although it is still the main sector of employment, representing 43.2 percent of total employment," the World Bank noted. This was contained in a World Bank Group publication under the heading; "Poverty Reduction in Ghana ... Progress and Challenges." The sector further saw a steady increase in productivity, an...
1. Shell has confirmed it is cutting 10,000 jobs between 2015 and 2016 after reporting its lowest annual income in at least 13 years on Thursday. Europe’s largest company has reported an 80 per cent plunge in profits to £2.6 billion ($3.8 billion) for 2015 amid the global oil price slump. 2. The Governor of the Bank of England has been “too aggressive” in suggesting interest rates may rise, one of world's leading authorities on the turmoil in global markets told the BBC. The Bank of England is expected to hold the headline rate unchanged at 0.5 per cent when it delivers its latest decision at 12.00 pm on Thursday. 3. The average cost of a home has broken through the £500,000 barrier in more than half of London postcodes, according to figures published on Thursday. 4. Ofgem is to
Kenya’s wildlife authority said it will destroy its vast ivory stockpile, worth £270 million and equating to the equivalent of 4,000 dead elephants. The event will take place at an anti-poaching summit in at the end of April and will be attended by Hollywood celebrities, including Leonardo DiCaprio, Elton John and Nicole Kidman. The fire is expeced to be eight the times the size of any other ivory stockpile that has been destroyed so far. Among celebrities, several heads of state are expected to attending the symbolic burning of the 120 tonnes, reported IBTimes. In March, more than 15 tonnes of ivory that had been confiscated from smugglers and poachers, which President Uhuru Kenyatta burnt to mark World Wildlife day at the Nairobi National Park. The fire reportedly made