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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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Business

Things You Should Know About the Professional Carpenters and Furniture Makers Association of Lagos State

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You probably would have heard about the Professional Carpenters and Furniture-makers Association of Lagos state(P.C.F.A.), but I’m pretty sure you may not have known exactly why they exist and what they really stand for. Ok! Let me get you to speed on that.

4 Things You Never Knew About the P.C.F.A Lagos state

1. As far back as the 1930s, the P.C.F.A. existed and operated under different names in various local government areas of Lagos State.

2. In 1990, a Mr. Adekunle Adedeji of Alapere, Ketu area of Lagos made a decision to organize a graduation ceremony for his apprentice who had just completed his apprenticeship. Mr. Adedeji decided to invite a couple of professional Carpenters within the Ketu, Alapere area to attend the function. While at the function, the group of Carpenters immediately saw a need to establish the association properly. The need arising from the fact that they all knew each other and at that period, there was no way to trace and recognize verified carpenters. So on July 2nd 1991 precisely, the Association was born, inaugurated and the first state executive election held.

3. The organisation currently operates a 3-tier government structure no different from the government structure of the Federal Government of Nigeria:
– Tier 1: Zonal (Community and grassroots)- Covers the Mile 12, Ketu, Owode, Ikosi, Shangisha areas, etc.
– Tier 2: Branch (Local government level)- Such as Kosofe local government area, etc.
– Tier 3: State- This is the highest decision making body of the Organisation. Tier 3 comprises of state executives, state elders and 3 representatives of each branch. All of which come from the different local government areas of Lagos State.

4. Currently, the P.C.F.A. conducts operations in all the local government areas of Lagos state, with the exception of Badagry. In addition, the association has about 5-30 zones per branch, with each zone having between 20 – 100 members.

Partnership With Jambolo.com

As a way of getting recognized, as well as to showcase the great services offered by registered members of the association, the leadership of the P.C.F.A made a strategic decision to partner with Nigeria’s No.1 aggregator of Artisans/blue collar services in Nigeria, Jambolo.com.

In one of the statements offered by the President of the association in an interview conducted during a visit to the associated, he said “Jambolo has provided a platform for us to showcase our products and services and as such we believe this partnership will place our members in a position to compete effectively and deliver quality services to our customers in Lagos State. We believe in Jambolo.com and so should you.”

Services Offered by the P.C.F.A
Installation Services:
Cabinet Installation and Repair
Handrails, Railings, and Stairways
Kitchen and Bath Wood Fixtures
Wardrobes
Maintenance Services
Wood Rot Repair
Termite Damage Repair
Wood Paneling

On Jambolo.com, you can be assured that every registered Carpenter is a professional, with a good portfolio, the right years of experience, has undergone proper verification and profiling.

The next time the need arises to engage the services of a Carpenter and you’re concerned about engaging someone with a good amount of experience, who will offer great service and whom you can also reach in terms of verification for the services provided; don’t look too far, visit Jambolo.com for that professional Carpenter and enjoy great service.

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Canva.com is now on Android and that’s exciting

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Exciting times ahead for technology. 10, 20 years ago who would have thought we would have WhatsApp, Instagram or even hologram toda. Technology is making life easier for us on a daily basis.

If you are a content or graphics person, you probably use or have heard of Canva.com. Just in case you don’t know. Canva.com is a platform that makes it easy for individuals to create graphics for blog posts, social media posts, resumes and a lot more.

You do not have to be a professional graphics designer to create amazing graphics with Canva as the platform is user friendly and free as long as you use the free templates.

What is new and exciting about the Canva is that you can now use it one mobile. They just launched an Android App. Something folks like myself have been waiting for like forever. If you are the type that creates content on the go, you will understand the excitement.

The platform already has over 100,000 downloads on Google Play Store even though it was just launched about 2 weeks ago. Amazing isn’t it. Now that’s a sign of awesomeness.

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Business

5 ways market research can help you stay in business

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For many small businesses, management of all aspects of a business is a daunting task. The added responsibility of market research makes it even more intimidating. Nonetheless, the aim of any business is usually to stay afloat and succeed. To achieve this, it’s important to understand the relevant market figures. Market research is that activity that empowers businesses make informed business decisions.

Here are 5 ways market research helps you stay in business

You make better business decisions

Some businesses rely on guess work when embarking on marketing initiatives. While some others launch a new product or service without testing customer responses. Market research enables one to make sound business decisions from research data. Decisions that are relevant to the success of a venture.

Become empowered to evolve business venture

Market research helps you know when it’s time to adopt or abolish business practices. It empowers a business to stay abreast of applicable efforts that facilitate business growth. Researching evolving trends and being strategic helps a business succeed.

Deep understanding of the target market

The best way to better understand your market is through market research. It tells who your customers and potential customers are and how best to meet their needs. Deep insights help you focus on the right market segments and consumers. Collecting market data is critical to understanding your target market. Such data enables the uncovering of critical drivers and factors that influence buying behaviour. Strategic application of market data helps your brand experience growth.

Effective marketing efforts for your business

Market research helps you determine the right advertising channels to engage. The next step is to develop effective messages to appeal to and convert the audience. It also helps you understand the right approach to use for the intended audience and when to use them. Market data helps you over develop and apply your target market behavioural trend. In turn, this helps you improve marketing efforts for your business.

Adopt a customer focused approach

Any business that relies on customers purchasing cannot afford to have unhappy customers. Having happy customers should be the focus of every business to achieve their set goals. Market research plays a huge part in that.

Market research helps you interact with customers to get feedback about your business. This in turn helps to develop efforts focused on keeping your customers happier.

We intend to do a follow up article to this discussing what research activity helps your business and how to go about it. Kindly drop your feedback and questions. We love to hear from you readers.

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