Things are pretty turbulent out there at the moment, aren’t they? This isn’t a standard COVID-19 or Oil Price Slump update I promise. Instead, we’ve prepared 2 things that I really hope will help out as you prepare your business for the difficult times ahead:
We’ve created a comprehensive video series (6 parts) to guide you on the business impact of COVID-19 and Oil Price slump on your business.
we’re giving all businesses affected by COVID-19 and Oil Price Slump a free 1-hour strategy session. There are no strings attached, it’s just 1 hour totally free which we hope will help you get clarity on mitigating the impact of COVID-19 and Oil Price Slump on your business.Read more
Owning your own business is a dream of many people. However, starting a business and positioning the business to thrive are two different things altogether. It is on record that 8 out of 10 entrepreneurs who start a business fail within the first 18 months.
Business! We all know the word; we come face to face with its patterns on each passing day. The influence of Business has tailored and shaped the human quest for survival into one simple phrase, ‘’ we all need money ‘’. This is why every entrepreneur has their eyes set on success. Many of these entrepreneurs, however, fail to position their business to thrive because they fail to plan.
On the 9th of January, 2020, the World Economic Outlook posted an update:
‘’ The global growth is projected to rise from an estimated 3.1% in 2019 to 3.3%, 3.34% in 2020 and 2021 respectively ‘’
However sluggish it might appear, you will agree that scant growth is better than no growth at all. If you are in the business world, you need to know that 2020 is not a year to be taken lightly. You will certainly need to be strategic about your business for you to be a part of the scant growth projected for the year. How else could you achieve this if not through an accurate and clinical business positioning?
Positioning your business simply refers to how you want your business and products to perform in the market. Hence, the goal is to intentionally optimize all areas of your business for growth. We have developed a vital roadmap framework to enable you to scale up this year.
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Funding your idea is always very difficult especially in third world countries where support structure for entrepreneurship is low.
One very important information you need to arm yourself with when seeking funding is; knowing the exact amount you need to raise. You can’t just have a vague figure or rough estimates if you are serious about executing your idea. You also need to attach your estimates to a tangible goal. The goal could be to develop your product, acquire assets, expand your market base, increase profits, etc. That is how you can figure out how much money you need to raise.
I will talk about an issue every entrepreneur or professional faces daily and that is the dilemma of how to charge/price our products/services. Definitely, at some point, you will have been in a fix about how to price your product/services especially when it seems the whole industry is doing it one way and you can’t seem to get how they do it profitably.
Today we will consider pricing from two perspectives:
1. Understanding customers’ psyche about pricing
2. Pricing techniques to employ as an entrepreneur
Let me start by asking you to ponder on these questions:
What do you understand by the terms price and value?
How are the two related?
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Most people including executives, business owners often see consulting as mere giving advice, but consulting is usually much more than that.
For many, the idea of owning a business, being your own boss and managing an organisation is alluring or enticing. Unfortunately, the road to success in business is often paved with many perils.
Executives and business owners, see consultants as people who prolong their assignment while on the other hand consultants see them as people that are short sighted and lacking the necessary knowledge to make important decisions.
However, if mangers and the consultants can work together as partners in resolving organisations problems, a greater result will be achieved in a short time.
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