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5 Steps to Ensure Business Success in and out of Recession

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A lot has been said about Nigeria slowly coming out of recession. This being a welcome news does not however, take away from the fact that the ripple effects are yet to be truly felt by many in the economy. It is still a case of cautious optimism at the moment.

The private sector has been in a precarious situation with the business environment in the past two years not providing the best of terrains for businesses to flourish; This sector appears to be most hit as there is no buffer in lieu of  access to huge financial support as the government sector does. Keeping a business afloat becomes a necessary challenge that requires strategic planning.

Here are some steps to help businesses remain viable even after coming out of recession

1) Perception

The most important thing about recession is the change it has on the business environment, thus businesses must see this as an opportunity for advancement. Find ways to take advantage by providing added value to your product or service.

Engaging in more communication with your clients also helps them appreciate the changes on their finances. With better perception they are more willing to pay for added value.

2) Plan and outline your goal

The changes necessitated by recession needs you to have a strategic plan in place. Documentation becomes very important. You will need to reinvent your business, pay attention to consumer trends knowing that recession also has an effect on them. Create a new competitive advantage, be it a focused niche or super service.

3) Keep a daily track of your finances

Pay more attention on your most profitable products or services. Reduce on products that have low turnaround time or could tie down capital. Concentrate on value expenses that improve profits.

Also, rather than giving discounts provide added value that is paid for.

4) Check your marketing strategies

The internet is a perfect means of putting your products in the market. Take this advantage and get more out of existing clients. Happy customers improves your business (There is no better marketer than a satisfied customer)

This expands your market reach if you’ve made efforts to create a niche based on the uniqueness of your product.

5) Keep track of everything

Have a daily track of numbers helps you maintain consistency and work strictly  based on what the numbers say.

Keep with us  for more business tips, and let us know how much these tips have been of help to you..

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Music

Why DJ Cuppy Should Quit Music As An Artist

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If you are a Nigerian, you most likely already know who DJ Cuppy is. Ms. Otedola is a Business and Economics graduate who also has a Master’s Degree in Music Business from New York University, USA. She is a renowned Dj and the daughter of Nigerian Businessman, Mr. Femi Otedola.

Many Nigerians got to know Dj Cuppy when she started Djing in Nigeria. Personally, I believe she is a talented Dj and has done well to inspire many upcoming DJs in Africa, regardless of status or ethnic group. However, I strongly believe Dj. Cuppy will make a lot more impact as a music business mogul. That is, instead of just continuing to DJ, produce and perform as an artist, she should consider investing in the industry as a record label owner like the likes of Don Jazzy and Davido.

That is, Dj Cuppy can upgrade her music management and content production business, Red Velvet Music Group to a creative media & entertainment company.

She has the capacity to pull the capital needed to make this happen in a major way. I envision a huge warehouse-like building in Lagos. Partitioned to house a mega music studio, a dance studio, a film studio, and even a music museum. Do you see where this is going?  

You were probably expecting me to bash her, right?. But no, this is not one of those – put the person down articles. Not at all. We are not about that life on steadygettingit.com. It’s all about empowering people over here, especially young Nigerians. Now let’s get back to our very own adorable Ms. Cuppy and why she should consider doing more than just singing or djing.

Posterity will smile on her for creating an avenue for a lot more talented individuals in Nigeria to attain limelight. She was able to pull the who is who in society together to raise over 5 billion Naira for her foundation recently. I have no doubt that she can make a record label and a lot more happen. Do you agree? Do you think she has the potential for success as a record label executive? Feel free to share your opinion in the comment section. 

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Business

Getting A Patent For Your Idea In Nigeria

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It is one thing to have a great idea but when it comes to protecting the idea from being copied, that can be a challenge.

What is a patent? patent is a monopoly granted by the federal government to an inventor for limited period of time to use or license his or her invention. We have been asked time and time again if it is possible to patent a business idea in Nigeria.

The answer to this is a big NO! But don’t get disappointed just yet. Although, you may not be able to patent your startup idea, you can patent an invention. You can get a patent in Nigeria just like any where else even though different rules may apply.

The Difference Between An Idea And An Invention 

While an idea is an untested imaginary concept, an invention is the realistic product of your idea. Your invention can be in the form of a process, composition, that has descriptiondesign, features, etc.

For instant, you have an idea for a software that records your body temperature daily to determine your health status. The idea for such an idea can’t be patented if you have not built it or can’t proof that the software can be developed.

Who Is In-Charge?

Patents are issued by The Trademarks, Patents And Designs Registry, Commercial Law Department, Federal Ministry Of Industry, Trade & Investment.

Who Can File A Patent? 

Only accredited agents can file a patent on your behalf. Therefore, it is advised that you hired the services of a seasoned certified patent lawyer or firm.

What is Required for Registration?

Your concept has to be unique. In other words, it should not have been patented before. Moreover, you would have a stronger case for a patent if the invention is totally innovative. Every applications for patent has to come with a request for patent. Which has to be signed by the applicant or an agent representative.

The patent application should also contain the names and address of the applicant, a specification requirement. As well as a claim, drawings (of process) and plans, a declaration if any, signed by the inventor, a signed power of attorney or authorization of the agent if the request is made by the agent; the address of the business in Nigeria and the patent fee.

What Is The Duration Of Patent?

In Nigeria, every patent ensures the holder is granted a monopoly for twenty years from the date the patent was filed. Also note that not paying the fixed yearly fees can result to the patent getting canceled. The grace period for the payment of such fees is six (6) months. 

Want To Patent Your Invention?

In a bid to file patent for an application we are currently developing, we sort the services of a law firm with experience in patent registration in Nigeria. The process was smooth and affordable. So much so I had to make this recommendation. NLIP Watch helped with all the technicalities involved with our application. I believe they can help with yours. Visit the seasoned lawyers at nlipw.com to discuss your patent today. 

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