To successfully set up a functional structure for your business, you need to outline all that needs to be happening in the business for it to run effectively and profitably.
That then leads to the need for people who will get the outlined things done effectively. The higher the quality of people you employ the better.
Each position you create should be vested the needed power into that position without micro-managing. There should be a succession plan for each officer that exits the business.
There is more to know but ponder on this.
Remember to support us by inviting someone to the channel using the link🙏
https://t.me/dobusinessbetter
#DoBusinessBetter
That then leads to the need for people who will get the outlined things done effectively. The higher the quality of people you employ the better.
Each position you create should be vested the needed power into that position without micro-managing. There should be a succession plan for each officer that exits the business.
There is more to know but ponder on this.
Remember to support us by inviting someone to the channel using the link🙏
https://t.me/dobusinessbetter
#DoBusinessBetter
Telegram
DO BUSINESS BETTER
This group is powered by Mapemond Limited where business owners and leaders in organizations can learn and exchange ideas on how to build solid brands and profitable businesses.
A brand takes customers on a journey and not the other way round.
When a brand allow customers take it on a journey, it loses its self because customers are diverse and will pull the brand in too many directions at the same time.
A smart brand listens to the opinions of customers but instead of letting the customers take the wheels, it uses the feedback to improve the journey for the customers.
It's same way we do not allow the diverse opinions of people in our lives to change who we really are but we listen to them and improve ourselves where applicable.
Branding is about defining who you are and how you want to do your thing, and then you invite those who would love what you have to offer to join you on a journey.
You are the captain of the flight, and you must ensure your passengers are comfortable and having a good time, but you don't take flight instructions from different passengers.
Ponder for a minute...
What kind of brand are you building?
Or
What kind of brand do you really want to build?
Questions and contributions are welcome, please.
#DoBusinessBetter
When a brand allow customers take it on a journey, it loses its self because customers are diverse and will pull the brand in too many directions at the same time.
A smart brand listens to the opinions of customers but instead of letting the customers take the wheels, it uses the feedback to improve the journey for the customers.
It's same way we do not allow the diverse opinions of people in our lives to change who we really are but we listen to them and improve ourselves where applicable.
Branding is about defining who you are and how you want to do your thing, and then you invite those who would love what you have to offer to join you on a journey.
You are the captain of the flight, and you must ensure your passengers are comfortable and having a good time, but you don't take flight instructions from different passengers.
Ponder for a minute...
What kind of brand are you building?
Or
What kind of brand do you really want to build?
Questions and contributions are welcome, please.
#DoBusinessBetter
If you struggle with paying your house rent consecutively for like two to three years, you may want to consider going for cheaper housing alternatives until you can afford what is comfortable or desirable.
If you struggle for consecutive terms to pay your children's school fees, you may want to consider a cheaper alternative and complement it with intentional home studies.
If you have to constantly spend money repairing your car, you may want to go for public transport for a while until you can get a car that doesn't keep draining your finances.
I know these things won't be easy as stated, but if you don't take drastic measures to fix your expenses, you will keep struggling (needlessly) and hoping for a breakthrough.
Learn to make the most of what you earn while you hope for better days.
Keep shame aside, have a conversation with yourself on the role ego is playing in your decision making. Sacrifice thrives on wisdom, not pride.
As you seek to earn more, watch your expenses closely.
Live according to what you can truly afford.
I wish you the breakthrough you desire even as you continue to put in the work and prayers.
Your Co-Traveler,
Mister Maple
If you struggle for consecutive terms to pay your children's school fees, you may want to consider a cheaper alternative and complement it with intentional home studies.
If you have to constantly spend money repairing your car, you may want to go for public transport for a while until you can get a car that doesn't keep draining your finances.
I know these things won't be easy as stated, but if you don't take drastic measures to fix your expenses, you will keep struggling (needlessly) and hoping for a breakthrough.
Learn to make the most of what you earn while you hope for better days.
Keep shame aside, have a conversation with yourself on the role ego is playing in your decision making. Sacrifice thrives on wisdom, not pride.
As you seek to earn more, watch your expenses closely.
Live according to what you can truly afford.
I wish you the breakthrough you desire even as you continue to put in the work and prayers.
Your Co-Traveler,
Mister Maple
Good morning, Tribe!
Today's lesson is one that many of us struggle with, but it is the best solution to the problem of limited business capital.
Do you lack the money to do all that you want to do for your business?
So many plans in your head but little money in your pocket, right? We get it!
If that describes your situation, what you should do is narrow down your venture.
If you bake cakes, narrow it down to children's cakes or any other niche with good numbers to keep the business well afloat.
If you are a caterer, narrow it down to your best meals - jollof rice or a particular soup, etc.
If it's fashion, narrow it down to your best-selling apparel.
You can expand later, but discipline yourself and narrow down.
Here are some reasons:
- You gain visibility faster as narrowing down makes it easier for people to mark you out and mention you for referrals.
- You spend your limited capital more purposefully for quicker results.
- Sales happen faster as people know they can come directly to you for that very need. It could be just moi-moi!
- Higher revenue from faster sales.
- Shorter run to expansion as the business will experience better cash flow.
- You will be more credit worthy to get loans due to better cash flow.
- You can attract investors faster because you have good traction.
Narrowing down your lofty vision and plan to a tiny piece hits at our ego, confidence, and faith, but business requires strategy!
Narrowing down is not a lack of faith but being strategic with your execution.
By the time you roll out the bigger vision, you have a firmer foundation to build upon.
This advice may not be exact for certain cases, so feel free to tweak it as you deem fit.
Got questions, practical examples, or contributions? Leave a comment.
The mission is #DoBusinessBetter
Today's lesson is one that many of us struggle with, but it is the best solution to the problem of limited business capital.
Do you lack the money to do all that you want to do for your business?
So many plans in your head but little money in your pocket, right? We get it!
If that describes your situation, what you should do is narrow down your venture.
If you bake cakes, narrow it down to children's cakes or any other niche with good numbers to keep the business well afloat.
If you are a caterer, narrow it down to your best meals - jollof rice or a particular soup, etc.
If it's fashion, narrow it down to your best-selling apparel.
You can expand later, but discipline yourself and narrow down.
Here are some reasons:
- You gain visibility faster as narrowing down makes it easier for people to mark you out and mention you for referrals.
- You spend your limited capital more purposefully for quicker results.
- Sales happen faster as people know they can come directly to you for that very need. It could be just moi-moi!
- Higher revenue from faster sales.
- Shorter run to expansion as the business will experience better cash flow.
- You will be more credit worthy to get loans due to better cash flow.
- You can attract investors faster because you have good traction.
Narrowing down your lofty vision and plan to a tiny piece hits at our ego, confidence, and faith, but business requires strategy!
Narrowing down is not a lack of faith but being strategic with your execution.
By the time you roll out the bigger vision, you have a firmer foundation to build upon.
This advice may not be exact for certain cases, so feel free to tweak it as you deem fit.
Got questions, practical examples, or contributions? Leave a comment.
The mission is #DoBusinessBetter
You may have started your business as a means of survival or as a means of attaining a comfortable life.
It may have been as an alternative source of income or as a vision to create a sustainable company.
The way you approach your business is often an indicator of how and why the business was started.
However, you have to be sensitive to know when it's time to make the transition from where and why you started to the next level.
Too many people stay stuck at the survival and comfort stage under the guise of small business.
Think about this and find answers yourself...
Do you look forward to seeing your business exit the small business stage?
What needs to happen for your business to stop being a small business?
Can you handle your business becoming a company?
Being a CEO isn't simply about founding a business.
Being a CEO implies there are other executive officers and you are the Chief of them all.
Look at your business, do you really have other executive officers?
This message intends to stretch your mind to the fact that at some point you have to make the transition to building a proper company either by upgrading your present business or starting another one.
However, if a small business is all you sincerely wanted to build, that's fine as well. Just ensure you make it a brand that stands out.
If this stirs you and you need help, we will be glad to have a conversation with you.
Wishing you a productive day ahead.
#DoBusinessBetter
It may have been as an alternative source of income or as a vision to create a sustainable company.
The way you approach your business is often an indicator of how and why the business was started.
However, you have to be sensitive to know when it's time to make the transition from where and why you started to the next level.
Too many people stay stuck at the survival and comfort stage under the guise of small business.
Think about this and find answers yourself...
Do you look forward to seeing your business exit the small business stage?
What needs to happen for your business to stop being a small business?
Can you handle your business becoming a company?
Being a CEO isn't simply about founding a business.
Being a CEO implies there are other executive officers and you are the Chief of them all.
Look at your business, do you really have other executive officers?
This message intends to stretch your mind to the fact that at some point you have to make the transition to building a proper company either by upgrading your present business or starting another one.
However, if a small business is all you sincerely wanted to build, that's fine as well. Just ensure you make it a brand that stands out.
If this stirs you and you need help, we will be glad to have a conversation with you.
Wishing you a productive day ahead.
#DoBusinessBetter
Understanding Investing 1
#EpisodeOne
We will be sharing a few thoughts on the recent happenings with investment platforms in Nigeria.
It is a known fact that some investments do go wrong for cogent reasons just as businesses face setbacks, humans fall sick, machines break down, etc.
These series are not in the above context but on cases of deliberate and strategic attempts to swindle people and in few cases, plain ignorance.
We have been having conversations with people who have lost monies to certain investment platforms and we've realised there are some gaps in the understanding of investment that need to be bridged and that is our focus here.
In very simple and non-technical terms, the first step to becoming a smart investor is not to focus on how to grow your money rapidly within a short time frame.
The first step is how to preserve the value of your money for as long as possible (obviously, this implies you must first gather money - saving if you like).
If you had 1 million naira in October 2020 and it could buy you a piece of land, will that same 1 million naira buy you that same piece of land by October 2022?
The answer is most likely a no.
That means although you still had 1 million, that 1 million has lost value over the period of one year.
Note that you saved the 1 million all the while. So then, saving money is not enough (if your goal is to grow wealth).
The question from an investment mindset is, how can you save money without losing much value?
Leaving the money in the bank or in a private vault is definitely not the way.
That is why you invest...
In ventures that give a yield to cover up for the value you would have lost if you merely saved.
Once that question is answered, You then begin to think of ventures that will not only preserve your money from losing value but would also add value to it...
The farther you move away from that point of losing value for your money, the more preserved your money becomes plus it also grows beyond the original value...
Remember, the focus at this point is not rapid growth of your money. In fact, wealth never grows rapidly. Think of wealth as you growing an orange plantation. Think of quick money as a maize plantation. Many of us want to attain an orange plantation through the maize route.
Your 100k cannot become one million in three months, don't let any investment platform deceive you.
Watch out for Episode Two. Should it drop today or tomorrow? If today, comment YAY. If tomorrow, comment NAY.
Tip: Understanding money/investment goes together with having a sharp business acumen.
#EpisodeOne
We will be sharing a few thoughts on the recent happenings with investment platforms in Nigeria.
It is a known fact that some investments do go wrong for cogent reasons just as businesses face setbacks, humans fall sick, machines break down, etc.
These series are not in the above context but on cases of deliberate and strategic attempts to swindle people and in few cases, plain ignorance.
We have been having conversations with people who have lost monies to certain investment platforms and we've realised there are some gaps in the understanding of investment that need to be bridged and that is our focus here.
In very simple and non-technical terms, the first step to becoming a smart investor is not to focus on how to grow your money rapidly within a short time frame.
The first step is how to preserve the value of your money for as long as possible (obviously, this implies you must first gather money - saving if you like).
If you had 1 million naira in October 2020 and it could buy you a piece of land, will that same 1 million naira buy you that same piece of land by October 2022?
The answer is most likely a no.
That means although you still had 1 million, that 1 million has lost value over the period of one year.
Note that you saved the 1 million all the while. So then, saving money is not enough (if your goal is to grow wealth).
The question from an investment mindset is, how can you save money without losing much value?
Leaving the money in the bank or in a private vault is definitely not the way.
That is why you invest...
In ventures that give a yield to cover up for the value you would have lost if you merely saved.
Once that question is answered, You then begin to think of ventures that will not only preserve your money from losing value but would also add value to it...
The farther you move away from that point of losing value for your money, the more preserved your money becomes plus it also grows beyond the original value...
Remember, the focus at this point is not rapid growth of your money. In fact, wealth never grows rapidly. Think of wealth as you growing an orange plantation. Think of quick money as a maize plantation. Many of us want to attain an orange plantation through the maize route.
Your 100k cannot become one million in three months, don't let any investment platform deceive you.
Watch out for Episode Two. Should it drop today or tomorrow? If today, comment YAY. If tomorrow, comment NAY.
Tip: Understanding money/investment goes together with having a sharp business acumen.
Understanding Investing 2
#EpisodeTwo
Failing to understand the notion shared in episode one is already a recipe for failed investments...
A lot of budding investors are focused on the rapid growth of their money that they miss this vital part of the process...
That is what these investment platforms often exploit...
They offer very high ROI with alluring marketing communications and a corporate charm that is feigned...
This ROI is also promised within a very short time frame...
Whenever you see ROI that is high and within a short time, you need to double check...don't just get excited...it is a red flag!
Why is a venture able to give that much ROI...(this is a very rare case and mostly for one-off deals)
It could be possible for a 'combination' of reasons like:
- High yield business with a high-profit margin
- Limited number of investors to share the returns (these platforms accept a multitude of investors and there is never an end to their need for capital...even banks have a benchmark for public offers)
- Very low overhead costs
- New venture that is yet to be consolidated (and minimal competition)
- Etc
While the possibility of high ROI is not totally ruled out, it's always a signal to pay closer attention and ask vital questions...
High ROI is what many people want to hear, so these platforms offer just that to get monies and within a couple of months, the system collapses because apart from those who embezzle funds outrightly, you cannot cheat the principles of economics and market dynamics...
And once the promoters of these platforms start seeing such huge monies, they don't want to stop. They start living large, buying properties, latest cars, etc.
The signs are there if we watch...
To be continued.
PS: Should Episode 3 drop today or tomorrow,
YAY for today and NAY for tomorrow in the comment section.
#EpisodeTwo
Failing to understand the notion shared in episode one is already a recipe for failed investments...
A lot of budding investors are focused on the rapid growth of their money that they miss this vital part of the process...
That is what these investment platforms often exploit...
They offer very high ROI with alluring marketing communications and a corporate charm that is feigned...
This ROI is also promised within a very short time frame...
Whenever you see ROI that is high and within a short time, you need to double check...don't just get excited...it is a red flag!
Why is a venture able to give that much ROI...(this is a very rare case and mostly for one-off deals)
It could be possible for a 'combination' of reasons like:
- High yield business with a high-profit margin
- Limited number of investors to share the returns (these platforms accept a multitude of investors and there is never an end to their need for capital...even banks have a benchmark for public offers)
- Very low overhead costs
- New venture that is yet to be consolidated (and minimal competition)
- Etc
While the possibility of high ROI is not totally ruled out, it's always a signal to pay closer attention and ask vital questions...
High ROI is what many people want to hear, so these platforms offer just that to get monies and within a couple of months, the system collapses because apart from those who embezzle funds outrightly, you cannot cheat the principles of economics and market dynamics...
And once the promoters of these platforms start seeing such huge monies, they don't want to stop. They start living large, buying properties, latest cars, etc.
The signs are there if we watch...
To be continued.
PS: Should Episode 3 drop today or tomorrow,
YAY for today and NAY for tomorrow in the comment section.
Please INVITE OTHERS.
They need these lessons because other schemes will emerge.
We should not wait to gloat and mock, let us save as many as we can.
Invite them to the group with the link below
t.me/dobusinessbetter
We appreciate you!
They need these lessons because other schemes will emerge.
We should not wait to gloat and mock, let us save as many as we can.
Invite them to the group with the link below
t.me/dobusinessbetter
We appreciate you!
Telegram
DO BUSINESS BETTER
This group is powered by Mapemond Limited where business owners and leaders in organizations can learn and exchange ideas on how to build solid brands and profitable businesses.
And don't miss the conversations in the comment section.
Questions are being asked and answered that you won't see here.
You can join the discussion group with this link.
https://t.me/mapemondbc
Don't miss out!
Questions are being asked and answered that you won't see here.
You can join the discussion group with this link.
https://t.me/mapemondbc
Don't miss out!
Telegram
Mapemond Brand Consulting
We are a brand consulting company seeking enable more business owners and organizations to do business better all round.
Understanding Investing 3
#EpisodeThree
There is a process to growing wealth.
Firstly, you have to earn (by providing goods or services whether as an employee or entrepreneur)
Secondly, you have to set aside some part of your earnings as savings.
Thirdly, you have to move the savings into an investment vehicle that helps retain the value AND also adds to the value constantly over a period of time.
The 3rd point is very crucial and most often than not, gradual and compounds over time. It's rarely a sudden leap.
A person who invests 100k in a venture and gets 10k as gain after one year may feel 10k is too small.
The problem is not the percentage (10%), it is the volume.
For the same 10%, a person who invests 10m in the same venture gets 1m after one year. 1m is no longer so small compared to the 10k.
Consider a person who invests 100m or 1bn in the same venture at the same 10%.
What's the point?
Do everything possible to preserve the investment (seed) while it brings forth the yield (ROI).
Remember that the size of the harvest is tied to the size of the seed sown.
We hope this helps us as we consider various investment platforms and their promises.
Next episode will be on on how to identify good investments
#DoBusinessBetter
#EpisodeThree
There is a process to growing wealth.
Firstly, you have to earn (by providing goods or services whether as an employee or entrepreneur)
Secondly, you have to set aside some part of your earnings as savings.
Thirdly, you have to move the savings into an investment vehicle that helps retain the value AND also adds to the value constantly over a period of time.
The 3rd point is very crucial and most often than not, gradual and compounds over time. It's rarely a sudden leap.
A person who invests 100k in a venture and gets 10k as gain after one year may feel 10k is too small.
The problem is not the percentage (10%), it is the volume.
For the same 10%, a person who invests 10m in the same venture gets 1m after one year. 1m is no longer so small compared to the 10k.
Consider a person who invests 100m or 1bn in the same venture at the same 10%.
What's the point?
Do everything possible to preserve the investment (seed) while it brings forth the yield (ROI).
Remember that the size of the harvest is tied to the size of the seed sown.
We hope this helps us as we consider various investment platforms and their promises.
Next episode will be on on how to identify good investments
#DoBusinessBetter
Understanding Investing 4
#EpisodeFour
To identify good investment is HARD WORK. Some people even delegate it to their investment consultants and advisers.
If we get good responses, we can invite our own consultant to come have a live session here with us, but responses are not good enough yet.
Anyway, below are things to consider as an investor:
1. What is the business into in very clear terms?
Every business is ultimately into the exchange of goods and services for money. If you don't get it clearly, please don't get involved.
2. How much exactly is the business trying to raise as capital?
If there is no fixed amount and the business keeps receiving monies from investors endlessly, it is a red flag.
3. Who are the promoters of the business?
Beyond social media packaging, look out for the antecedents. How long have they been in the business? What's their reputation outside their call for investments?
4. What's the mitigation for key man risk?
If anything happens to the key promoter or founder, what happens to your monies? Who else has access to company funds? What's the management structure in place? Is there a management board that can even fire the CEO if that becomes critical to save the business?
5. What is the ROI?
If it is too high and within a short time frame, red flag. How many investors are onboard, if the numbers are high with a high ROI, danger.
6. What's the compliance record?
If they are seeking funds from the public and in high numbers, they must be regulated for the protection of public funds. It is different from what friends and associates come together in a few numbers to do quietly.
7. What is your own motivation and drive?
We all have traits of greed and we must be intentional to keep it in check. Never invest out of desperation, you will get it wrong most of the time. The key attribute of smart investment is long-term patience. It's a waiting game, haste makes waste.
8. Are you daring?
If you have an abnormal appetite for risk, then master how to opt out early enough. We don't recommend abnormal risk appetite.
9. How are the promoters and founders spending money?
Convenience and comfort aren't bad to aid productivity and stress management, but when they are spending ostentatiously on things they can ordinarily not afford based on their income alone, and within a short time frame, OPT-OUT FAST!
10. Do due diligence
After all said and done, still do your due diligence to confirm the claims. Smart answers will be provided but do your background checks. They say they supply three billion naira worth of garri to a market in Kano, get someone to go ask around in that market in Kano.
11. Pay attention to the numbers
If a state consumes about 1 billion naira worth of garri daily and a garri dealer claims to be supplying 800k worth of garri to that same state alone, there is a problem there. While there may not be exact statistics to use as a benchmark, you can create safe estimates to compare with the numbers being thrown around.
This brings us to the end of this series.
Got more to add? Leave a comment.
Got a question? Leave a comment.
You can share this and invite others to the channel.
t.me/dobusinessbetter
Let's help each other become smarter without investment choices.
This is a general guide, tweaks will be needed in each unique case.
Cheers from all of us at:
Mapemond Brand Consulting
#EpisodeFour
To identify good investment is HARD WORK. Some people even delegate it to their investment consultants and advisers.
If we get good responses, we can invite our own consultant to come have a live session here with us, but responses are not good enough yet.
Anyway, below are things to consider as an investor:
1. What is the business into in very clear terms?
Every business is ultimately into the exchange of goods and services for money. If you don't get it clearly, please don't get involved.
2. How much exactly is the business trying to raise as capital?
If there is no fixed amount and the business keeps receiving monies from investors endlessly, it is a red flag.
3. Who are the promoters of the business?
Beyond social media packaging, look out for the antecedents. How long have they been in the business? What's their reputation outside their call for investments?
4. What's the mitigation for key man risk?
If anything happens to the key promoter or founder, what happens to your monies? Who else has access to company funds? What's the management structure in place? Is there a management board that can even fire the CEO if that becomes critical to save the business?
5. What is the ROI?
If it is too high and within a short time frame, red flag. How many investors are onboard, if the numbers are high with a high ROI, danger.
6. What's the compliance record?
If they are seeking funds from the public and in high numbers, they must be regulated for the protection of public funds. It is different from what friends and associates come together in a few numbers to do quietly.
7. What is your own motivation and drive?
We all have traits of greed and we must be intentional to keep it in check. Never invest out of desperation, you will get it wrong most of the time. The key attribute of smart investment is long-term patience. It's a waiting game, haste makes waste.
8. Are you daring?
If you have an abnormal appetite for risk, then master how to opt out early enough. We don't recommend abnormal risk appetite.
9. How are the promoters and founders spending money?
Convenience and comfort aren't bad to aid productivity and stress management, but when they are spending ostentatiously on things they can ordinarily not afford based on their income alone, and within a short time frame, OPT-OUT FAST!
10. Do due diligence
After all said and done, still do your due diligence to confirm the claims. Smart answers will be provided but do your background checks. They say they supply three billion naira worth of garri to a market in Kano, get someone to go ask around in that market in Kano.
11. Pay attention to the numbers
If a state consumes about 1 billion naira worth of garri daily and a garri dealer claims to be supplying 800k worth of garri to that same state alone, there is a problem there. While there may not be exact statistics to use as a benchmark, you can create safe estimates to compare with the numbers being thrown around.
This brings us to the end of this series.
Got more to add? Leave a comment.
Got a question? Leave a comment.
You can share this and invite others to the channel.
t.me/dobusinessbetter
Let's help each other become smarter without investment choices.
This is a general guide, tweaks will be needed in each unique case.
Cheers from all of us at:
Mapemond Brand Consulting
Telegram
DO BUSINESS BETTER
This group is powered by Mapemond Limited where business owners and leaders in organizations can learn and exchange ideas on how to build solid brands and profitable businesses.
Ever heard of the 'Suya strategy'?
That's the strategy that helped Jane penetrate the market when she started her peanut snack.
Jane lives in a large estate that is mostly occupied by parents and their school-age children. She realised that the shops in their estate didn't always have enough variety of affordable snacks so she decided to create a product that will fill that gap and that was how she came up with her delicious peanut snacks.
She had made the product but then she needed a strategy to penetrate the market and that was when she decided to apply the 'suya' strategy. Before Jane came to reside at her new estate, she had lived in an area where there were a lot of suya sellers and they would always offer free samples to their customers before selling to them.
Jane used this same strategy to penetrate the market, she offered some free samples to the parents and because the peanut snacks tasted so nice, she gained lots of customers using this strategy.
This is a good penetration strategy however, It is important to understand that it will not work for every business.
As you #DoBusinessBetter always implement methods that are most effective for your business.
Have a great day ahead!
That's the strategy that helped Jane penetrate the market when she started her peanut snack.
Jane lives in a large estate that is mostly occupied by parents and their school-age children. She realised that the shops in their estate didn't always have enough variety of affordable snacks so she decided to create a product that will fill that gap and that was how she came up with her delicious peanut snacks.
She had made the product but then she needed a strategy to penetrate the market and that was when she decided to apply the 'suya' strategy. Before Jane came to reside at her new estate, she had lived in an area where there were a lot of suya sellers and they would always offer free samples to their customers before selling to them.
Jane used this same strategy to penetrate the market, she offered some free samples to the parents and because the peanut snacks tasted so nice, she gained lots of customers using this strategy.
This is a good penetration strategy however, It is important to understand that it will not work for every business.
As you #DoBusinessBetter always implement methods that are most effective for your business.
Have a great day ahead!
This media is not supported in your browser
VIEW IN TELEGRAM
What are you waiting for?
Send us a message today and always remember the goal is to #DoBusinessBetter
Send us a message today and always remember the goal is to #DoBusinessBetter
When Ibiye and her ever-efficient team took over the management of the Jolly restaurant brand, the monthly revenue was ranging from 700k to 1.2m.
The first thing they did was to introduce an ideology as they rebranded the business. The ideology was simply "have a good time", but it was not a mere slogan or fancy statement. They focused on ensuring that the signature meals were consistent in taste, quality, and availability. They disengaged the cook who didn't fit into what they were trying to achieve and hired another cook who was experienced and provided accommodation for him.
They reworked the supply system for kitchen supplies and drinks so that they never run out of essentials. There were gaps but as they kept adjusting, the gaps became very minimal. These adjustments were important because people cannot have a good time if things are not in place behind the scene. They impressed the ideology on the minds of the workers from kitchen staff to bartenders and janitors.
They also retrained the waiters and did some marketing using the new ideology as a slogan. In less than one year of taking over, they have made sales of over 4 million naira per month!
Random efforts and insisting on mere personal opinions will not take you far, be more intentional with your business branding and strategy. They make a world of difference.
#DoBusinessBetter
The first thing they did was to introduce an ideology as they rebranded the business. The ideology was simply "have a good time", but it was not a mere slogan or fancy statement. They focused on ensuring that the signature meals were consistent in taste, quality, and availability. They disengaged the cook who didn't fit into what they were trying to achieve and hired another cook who was experienced and provided accommodation for him.
They reworked the supply system for kitchen supplies and drinks so that they never run out of essentials. There were gaps but as they kept adjusting, the gaps became very minimal. These adjustments were important because people cannot have a good time if things are not in place behind the scene. They impressed the ideology on the minds of the workers from kitchen staff to bartenders and janitors.
They also retrained the waiters and did some marketing using the new ideology as a slogan. In less than one year of taking over, they have made sales of over 4 million naira per month!
Random efforts and insisting on mere personal opinions will not take you far, be more intentional with your business branding and strategy. They make a world of difference.
#DoBusinessBetter
Someone shared this short video in the Mapemond Business Academy alumni group and it resonated.
Students of the Structure Your Business Right course can understand CLEARLY what Uncle TOE is talking about.
It takes years to get it done as students of the ongoing session have also realized. Now is the best time to start working on it. Lots of mistakes would be made, but you should have a clear understanding of what structure means and how exactly to go about it.
We looked at many real-life examples and reality hits home. That's even making a lot of money doesn't save anyone from the adverse effect of poor structuring.
The seats for November are half gone already. You can take up one for yourself now at mba.mapemond.com/product/structure-your-business-right/
The online version is prerecorded so you take it at your convenience and pace.
The mission remains to #DoBusinessBetter
Students of the Structure Your Business Right course can understand CLEARLY what Uncle TOE is talking about.
It takes years to get it done as students of the ongoing session have also realized. Now is the best time to start working on it. Lots of mistakes would be made, but you should have a clear understanding of what structure means and how exactly to go about it.
We looked at many real-life examples and reality hits home. That's even making a lot of money doesn't save anyone from the adverse effect of poor structuring.
The seats for November are half gone already. You can take up one for yourself now at mba.mapemond.com/product/structure-your-business-right/
The online version is prerecorded so you take it at your convenience and pace.
The mission remains to #DoBusinessBetter
In this episode anchored by Faustina, Maple shared an interesting story that led to an insightful conversation on how business owners can effectively manage business communications in both public relations and corporate communications.
https://anchor.fm/mapemond/episodes/EFFECTIVE-BUSINESS-COMMUNICATIONS-e1kp51r
https://anchor.fm/mapemond/episodes/EFFECTIVE-BUSINESS-COMMUNICATIONS-e1kp51r
Anchor
EFFECTIVE BUSINESS COMMUNICATIONS by Do Business Better
In this episode anchored by Faustina, Maple shared an interesting story that led to an insightful conversation on how business owners can effectively manage business communications in both public relations and corporate communications.
Over time we have had people approach us with "big opportunities" that didn't work out.
One was a big hotel in Abuja in a very strategic location with good facilities. We were to set up a business/brand management system and oversee the operations.
One was a very famous bakery that had a large market. We were to revamp and get the bakery back into business.
Another was a petroleum marketing company with a chain of defunct filling stations.
And many others that can't even be mentioned publicly at this time.
They all had one thing in common - the business had run into serious trouble before they finally decided to reach out for help without capital to fund the business back to life.
Then it made better sense why Doctors and Hospitals keep lamenting for people not to wait until the condition is critical before seeking proper medical attention.
Some people read our content and find it insightful but don't take action. Once their business is in trouble, they reach out to us and are unhappy when a charge or the truth of their condition is stated.
When we say #DoBusinessBetter, we are not saying wait until the business gets into trouble without money to pull you out.
If you call when things have gone south, that is intensive care unit and it is most expensive.
PS:We have commenced the 'Structure Your Business Right' course onsite while an increasing number of persons are signing up for the online version as well. Take the course now, not when you are in trouble.
#DoBusinessBetter
One was a big hotel in Abuja in a very strategic location with good facilities. We were to set up a business/brand management system and oversee the operations.
One was a very famous bakery that had a large market. We were to revamp and get the bakery back into business.
Another was a petroleum marketing company with a chain of defunct filling stations.
And many others that can't even be mentioned publicly at this time.
They all had one thing in common - the business had run into serious trouble before they finally decided to reach out for help without capital to fund the business back to life.
Then it made better sense why Doctors and Hospitals keep lamenting for people not to wait until the condition is critical before seeking proper medical attention.
Some people read our content and find it insightful but don't take action. Once their business is in trouble, they reach out to us and are unhappy when a charge or the truth of their condition is stated.
When we say #DoBusinessBetter, we are not saying wait until the business gets into trouble without money to pull you out.
If you call when things have gone south, that is intensive care unit and it is most expensive.
PS:We have commenced the 'Structure Your Business Right' course onsite while an increasing number of persons are signing up for the online version as well. Take the course now, not when you are in trouble.
#DoBusinessBetter
In the spirit of hustle, Carol ventured into tailoring which is something she learnt from pepper body Aunty Stella when she was a teen.
The whole process of mixing ingredients in the appropriate proportions to prepare meals that leaves the entire family licking their plates always fascinated her as the Volunteer chef of the family, so she enlisted catering as part of her hustle.
In addition to tailoring and catering, Carol has several other hustles, but she's unhappy. Although she makes money randomly from all the hustles, none of them is really growing and taking shape as desired.
She has to keep spending a major part of the monies she makes, fixing issues from one hustle to another. She makes a lot of money from the tailoring venture but she spends most of it on the other ventures.
We told her to put the other ventures on hold and concentrate on making the most out of her money spinner, tailoring. She was way too attached to those ventures, and each one kept consuming more resources.
We talked recently and all the ventures are grounded. No sufficient working capital and resources to keep them all afloat. The biggest problem is that she doesn't know which venture to work on first, she didn't buy the idea of focusing on just one. She can't let go of her love for catering, etc.
We resigned as her Advisers, but we wish someone can help me tell her to forget about emotional sentiments and Follow The Money. If you know anyone in a similar situation as Carol, please tell them to give greater attention and care to the service or product that generates the most revenue and profit.
Forget baseless sentiments, and follow the money.
#DoBusinessBetter
The whole process of mixing ingredients in the appropriate proportions to prepare meals that leaves the entire family licking their plates always fascinated her as the Volunteer chef of the family, so she enlisted catering as part of her hustle.
In addition to tailoring and catering, Carol has several other hustles, but she's unhappy. Although she makes money randomly from all the hustles, none of them is really growing and taking shape as desired.
She has to keep spending a major part of the monies she makes, fixing issues from one hustle to another. She makes a lot of money from the tailoring venture but she spends most of it on the other ventures.
We told her to put the other ventures on hold and concentrate on making the most out of her money spinner, tailoring. She was way too attached to those ventures, and each one kept consuming more resources.
We talked recently and all the ventures are grounded. No sufficient working capital and resources to keep them all afloat. The biggest problem is that she doesn't know which venture to work on first, she didn't buy the idea of focusing on just one. She can't let go of her love for catering, etc.
We resigned as her Advisers, but we wish someone can help me tell her to forget about emotional sentiments and Follow The Money. If you know anyone in a similar situation as Carol, please tell them to give greater attention and care to the service or product that generates the most revenue and profit.
Forget baseless sentiments, and follow the money.
#DoBusinessBetter
Mapemond got a distress call from her client.
The client wanted to shut down the business he had started about 2 years ago because It had been too much of a struggle and customers weren't coming.
When the business was starting, it had cost over 20m to set it up and Mapemond had noticed that there was no marketing in the budget. She raised the concern but it wasn't taken seriously, she pushed until it seemed like the relationship was going to get strained, so she backed down but graciously advised in other areas.
Marketing should not be an afterthought. How do you invest so heavily in rent, equipment, etc, and relegate the thing that will bring the money back to your pocket plus more? Marketing is part of the business planning process and part of your operations. It should be in the mix from day one.
Marketing and sales are a part of the systems and processes you keep hearing about, and that is why we urge you to come to class to get a clearer perspective on these things. Take a look at what we will be covering in the Market course at Mapemond Business Academy:
1 - Marketing *strategy* essentials
2 - Social media profiling
3 - Selling with stories
4- Strategic marketing communications
5 - Conducting smart market research
6 - Identifying your customers
7 - Generating leads
8- Closing sales
9 - Practical negotiation techniques
10 - Repeat sales strategies
11 - Smart presentation techniques
12 - Distribution sales
13 - Building strategic *business* relationships
14 - Closing Thoughts (Performance Monitoring and Evaluation)
The Physical class has started already however, you can get the online version at http://mba.mapemond.com/product/get-your-sales-right/
Let's equip you to #DoBusinessBetter
The client wanted to shut down the business he had started about 2 years ago because It had been too much of a struggle and customers weren't coming.
When the business was starting, it had cost over 20m to set it up and Mapemond had noticed that there was no marketing in the budget. She raised the concern but it wasn't taken seriously, she pushed until it seemed like the relationship was going to get strained, so she backed down but graciously advised in other areas.
Marketing should not be an afterthought. How do you invest so heavily in rent, equipment, etc, and relegate the thing that will bring the money back to your pocket plus more? Marketing is part of the business planning process and part of your operations. It should be in the mix from day one.
Marketing and sales are a part of the systems and processes you keep hearing about, and that is why we urge you to come to class to get a clearer perspective on these things. Take a look at what we will be covering in the Market course at Mapemond Business Academy:
1 - Marketing *strategy* essentials
2 - Social media profiling
3 - Selling with stories
4- Strategic marketing communications
5 - Conducting smart market research
6 - Identifying your customers
7 - Generating leads
8- Closing sales
9 - Practical negotiation techniques
10 - Repeat sales strategies
11 - Smart presentation techniques
12 - Distribution sales
13 - Building strategic *business* relationships
14 - Closing Thoughts (Performance Monitoring and Evaluation)
The Physical class has started already however, you can get the online version at http://mba.mapemond.com/product/get-your-sales-right/
Let's equip you to #DoBusinessBetter