Connect with us

Business

Is Your Business Really Progressing?

Published

on

Marketing is very important for business growth. The products and services provided must be known to potential buyers in order to sell. Online marketing is very cost effective, has a wide reach and provides easy monitoring and tracking. While offline marketing enables face-to-face interaction, covers a wider demographic and so on. Great!

However I recently noticed a large amount of Small, medium businesses use popularity gained from marketing as a yardstick to measure business progress.

Marketing is a tool to ensure increase in sales not an activity to gain popularity, neither does popularity necessarily translate into sales.

The sole purpose of a business is to generate revenue and make profit; therefore the only way to measure the progress of a business is through financial data showing the amount of actual expenses, sales, revenue generated and if revenue generated amounts to profit or loss hereby analyzing the performance of the business and making predictions about the direction of the company.

Do you have a financial structure? Do you have an overview of your total expenses and revenue? Are your sales equivalent to your budget on marketing and operations? Do you have an idea of the cash flow of your business? I.e. The money being transferred in and out of your business.

Do you spend personal funds on business processes without tracking or monitoring these expenses or the return on such investments?

If you do not know the current position of your business, you cannot possibly know the destination of your business. A business might be gaining popularity but your only true scorecard is your financial statement. Only your financial records can tell you the genuine position and measure the growth of your business, help identify and tackle risks, ensure proper planning and help make the right investment decisions for the business. Without financial records you do not even have a business.

I’m sure you have great wishes and plans for your business, first you’ll have to build a strong financial structure and ensure you’re totally aware of the financial position and destination of your business at all times.

Written by: Opeoluwa Runsewe

Empower Someone By Sharing This Article
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Music

Why DJ Cuppy Should Quit Music As An Artist

Published

on


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. 

Empower Someone By Sharing This Article
  • 3
    Shares
Continue Reading

Business

Getting A Patent For Your Idea In Nigeria

Published

on

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. 

Empower Someone By Sharing This Article
  • 2
    Shares
Continue Reading

Trending Now

© 2019 Steadygettingit.com