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2 Major Reasons Companies Die

There are two major causes of business failure that result in closure or bankruptcy. The first is a company’s inability to sell its products or services, and the second is a company’s inability to get paid on time, which leads to it running out of money.

1. A company’s inability to sell its products or services: Nothing happens in a company until a sale takes place and the sales person brings in the money that everybody can live off. (more…)

Building Profitability in a Service Organization

If there is one strategy tool for building profitability in a service organization, it is the service-profit chain.

This ‘chain’ works based on the natural concept of chains which is that a chain is only as strong as its links. Hence, to make a chain strong, all the links must be made strong. Conversely, if any link of a chain is weak, the whole chain is as weak as that link. (more…)

Avoiding the Urgency Trap using Eisenhower Matrix

Please look over the following questions:

  • Do you have long-term goals but no time or energy to make progress on them?
  • Do you find yourself running around putting out fires all day?
  • Are you usually busy but don’t feel like your work has a high impact?
  • Are you having a hard time delegating and/or saying no?

If you find yourself feeling a twinge of guilt at any point while working through the questions listed above, then it’s recommended that you try Eisenhower Matrix (also known as the urgent-important matrix). (more…)

Marketing in Today’s Economy: Email as a Vital Tool

No one has control over the state of the economy. Today, due to the pandemic and its resultant impacts, the aggregate consumer demand is low. We are indeed in tough economic times.

However, this is not the time to focus less on marketing, but rather the opposite. In reality, reducing your marketing efforts in tough economic times is the last thing you should do. Instead, it is recommended that you change your approach by expanding your channels of marketing so as to increase reach without spending more. (more…)

Learning Better Using ‘Scaffolding’

There was a time when what you learned in school before entering the workforce would be all you needed to know for the rest of your career. That is no longer the case. Today, skills can become outdated very quickly.

The rapid evolution of workplace technologies and best practices means you need to keep your skills current. You can no longer rely only on what you already know and must truly be a life-long learner.

Learning is the process of acquiring new, or modifying existing knowledge, behaviours, skills, values, or preferences. It is a means of honing our skills, enriching our minds, and changing the way we see things in the world. (more…)

The Phone As A Powerful Sales Tool

At some point in the sales and marketing process of most organizations, they will use the phone to reach the right person, close a sale, follow-up with a customer or to handle a customer inquiry. Thus the phone is necessary and integral to most organizations’ success.

This is primarily because there is nothing entirely as personal and as fast as a phone call, which is why potential customers still prefer to call, despite having other options such as social media or chats.

Also, many people have phones. There are almost as many phone subscriptions as there are people on the planet. In Nigeria alone, the total active telephone subscriptions were 182.70 million at the end of November, 2019. This ubiquity of phones means that many prospects are accessible through calls. (more…)

Reviewing Your Organization’s Value Equation

What are your products and services actually worth to customers? Not many organizations are able to answer this question, but it’s very important.

In fact, right now, with so many things changing in the way we live, the ability to understand the value of our product or service from the customer’s perspective has never been more important. And that’s where the value equation helps.

Value means the benefit the customer gets from our product or service compared to its cost to them. Put differently, it means benefit to cost ratio. (more…)

One Simple Way to Make Employee Training Pay Off

Reasons. If you could put in one word what makes employee training pay off, that would be the word. As humans, if we have enough reasons we could do the most incredible things.

Tell a child that if they do well in school, you’d buy them a bicycle, you will see their commitment and performance soar. Explain to a young accountant the opportunities that will come their way if they become chartered, they will put in extra effort in preparation to pass the requisite exams.

When it comes to employee training, the case is not different. Give employees enough reasons, they will take the training seriously and excel in learning and application. (more…)