No matter the size of the company, managing well means managing the processes, the employees and the time of the execution of the activities in the best possible way. Here are some tips on how to better manage the various aspects of a business to make your business more productive. Zoetalentsolutions.com will provide you all management courses.

1. The first thing is to be aware that being an expert in a business is not necessarily going to make you ready to run a business. You will need help to get customers to come to you and your sales flow. You will need good communication and administration, at a minimum.

2. One tip for setting up your team is, for example, to fill in the gaps in fields where you have less knowledge, surrounding experts in each area.

3. Here is another tip. Not always the most appropriate people for the team will be your friends or relatives. Most of the time, in fact, this is not at all suitable for the smooth running of the business.

4. Be prepared to take risks in managing the company. Do not be afraid to get out of your comfort zone, especially if you are facing fierce competition, which is very common these days.

5. For more security in decisions, always take into account the practical effects of what your company does. If you are able to anticipate the consequences of action then you will be better equipped to deal with them when an eventuality happens.

6. Do not make decisions right now. Having a planning strategy is key. Put your ideas on paper and always have your real business indicators as a basis.

7. Monitor and measure your progress. In large companies, the results, sales, technology, human capital, etc., are constantly monitored. Thus, managers can be aware of what is wrong and make corrections. The same should be applied in SMEs.

8. It is essential that the manager closely monitors the company's cash flow and financial processes. If you do not already have a business management system (ERP), maybe it's time to get one. With an ERP system, the entrepreneur can optimize the work of analyzing spreadsheets and reports, also facilitating the collection and recording of information that will provide more agile decision making.

9. Stimulate the loyalty of your team. Employees are more committed to the company when they have a sense of loyalty.

10. Remember: As in personal life, problems will arise at every stage of the company's development. The manager's mission is to think of solutions. To do this, you need to stay focused and work together to solve the most pressing problems of the moment. To do so, it is necessary to set goals and stipulate processes and deadlines for results to be achieved.

Chatbots are now widely used because getting quick feedback is essential to today's customers. Many businesses have recognized this fact and are deploying chatbots to assist the customer service team to drive customer engagement and interaction.

This, in turn, will impact the Net Promoter Score (NPS), thus making customers more loyal. This said, here are 5 ways chatbots add value to the buying experience of customers.

1. 24-hour customer service

Your customer service representative can sometimes be overwhelmed and cannot respond to all requests. This is where chatbot comes in. Because they use artificial intelligence to process information, they can respond and reply accurately to inquiries and queries at any time of the day.

2. Seamless live chat

The clarity of the response of a chatbot has made so many people think that they are actually chatting with a customer rep. Unknown to them, they are talking to a chatbot. For example, you can use Jumia Bot from the stables of Jumia, Nigeria's no 1 shopping destination to make inquiries about your shopping preference and resolve complaints.

3. Allows you to personify your brand

With chatbot, you can easily personify your brand depending on your brand vision. Chatbot can feature with various conversational styles that range from being friendly to helpful and playful. These different personalities will ensure that customers keep coming back.

4. Can handle endless queries

Chatbots have been set up to use human intelligence to sort out customer queries. As a result, chatbots can handle endless queries with little or no mistake. Despite the fact that chatbots can do the job, it doesn't mean you should remove the human touch.

5. Smoother purchase journey

Chatbot can do so many things that will ensure that the consumer's purchase journey is smooth. The bot can offer relevant information, video content and even voucher code. In addition, chatbots can also assist customers with aggregating information like the item they desire to purchase, the method they want to pay for the order, and how they want the order shipped. 

As with most businesses, one of the biggest problems facing a laundry business is getting (more) customers, either from other existing businesses or from customers who prefer to do their laundry the old-fashioned way, or even from those with a washing machine at home and don’t see the need for a laundry service.

Outlined here are a few ways a laundry business can attract more customers to patronize their services.

1. A memorable Introduction

“First impressions last longest” so the saying goes. Clichéd, but with some truth in it, a memorable opening that grabs the attention of prospective customers can bring your company to mind when they have any laundry needs.

2. Increase Your Social Media Presence

We live in a world where the quickest way to get information out to a large number of people in a very short time period is the internet, specifically social media. The advent of social media networks such as Facebook, Twitter, Instagram, LinkedIn etc. has made getting and sharing information very easy indeed that the hardest part in getting customers off social media is to establish a vibrant social media presence and avoid getting your brand associated in any way with controversy.

3. Discounts and Loyalty Rewards

With the cutthroat nature of business, a way to convince customers they’re making the right choice in patronizing your services is to put in place loyalty rewards and discounts for the most active customers. Also, discounts like one item to be washed for free for every ten clothing items paid for goes a long way towards encouraging customer to try, and stick with your business.

4. Quality of Service and  Customer satisfaction

One of the most underrated parts of business nowadays is word of mouth referrals. If the customer is getting quality service, on being asked where they get their nice looking clothing items laundered, they’ll be sure to refer you. Also, with so many laundromats around, people would rather go to where employees treat them well, and with respect as well as having a high quality of service.

5. Extra Hours

Opening at times when competitors usually don’t, such as late at night and Sundays usually means a lot to customers who’ll know that your laundry services are there at any time they need to use them.

6. Delivery Services

Optional, but very important. While some people are ready to make use of laundry services, the added benefit of a delivery service makes it even more attractive, especially for people who are either too busy to pick up their items themselves, or those who choose not to.

7. Entertainment

It is very important to have something to entertain customers who come into the shop to do their laundry themselves or to pick up their laundry with. Subscribing to a mixture of sports, news, fashion and lifestyle channels as well as some kids channels for those with children ensures that everyone who comes into your place of business is sufficiently entertained.

8. Be a part of the Community

A great way for a laundry to get more customers is to attract customers by holding events like a fundraiser or a charity event for a good cause. Apart from it actually being a good cause, it encourages members of the community to come out and support your business.

9. Get registered in a Physical and Virtual Directory

When customers want a good laundry service, ensuring that your company is among the listings for reputable laundry services also goes a long way to making sure that more customers are directed your way. Registering your laundry business on VConnect will help you get more customers looking for the service you offer online.

10. Location

Opening your store in an area where there are few (or even none) laundry services ensures that with good service, you have a near monopoly on the laundry needs of the area, ergo, more customers for you.

These, combined with a good work ethic will make your business a successful one.

All the best with your business endeavors!

Funding is arguably one of the biggest challenges small businesses in Nigeria face, the problem is, however, not unique to Nigeria alone. The World Bank estimates that “50% of SMEs lack access to finance, which hinders their growth”.

This does not mean there are no places and organizations small businesses in Nigeria can raise capital, here are 9 of such organizations.

1. Bank of Industry

Bank of Industry Limited (BOI) is arguably Nigeria’s largest successful development financing institution. Providing financial assistance for the establishment of large, medium and small projects.

Its programmes include matching funds and managed funds, many of which target small and medium scale enterprises. An example is the Federal Department of Agriculture (FDA) Cottage Fund.

http://www.boi.ng/

2. Tony Elumelu Entrepreneurship Programme

The  Tony Elumelu Entrepreneurship Programme is a 12-month programme that will occur every year for the next 10 years.

Each programme cycle begins with applications from January 1st until March 1st.  The application portal opens and ushers in a new year for the programme and for prospective start-ups.

Applications are from various sectors including but not limited to;

Agriculture, ICT, Housing, Media, Education, Transportation, Textiles, Manufacturing.

Find out more about the programme at http://tonyelumelufoundation.org/teep/

3. Dangote Foundation

Dangote Foundation in conjunction with the Bank of Industry (BOI) provides a  5 billion Naira matching fund, which could be accessed by Enterprises and Limited Liability Companies engaged in the Manufacturing, Agro-Processing and Merchandising sectors for made in Nigeria goods.

Click Here for more information on getting funding from the Dangote Foundation.

4. EchoVC

EchoVC partners provide a capital fund to leading technologies, teams and businesses in sub-Saharan Africa, North America and south-east Asia.

Average investment size ranges from $25,000 to several million dollars depending on the stage of opportunity and capital needs of the business.

Go to http://www.echovc.com/ for more information

5. CCHub

Besides providing a co-working space, CCHub also has in partnership with the Tony Elemelu Foundation, a program since 2012 to award pre-seed grants of $5,000 to 20 technology ideas/ventures targeted at typical social challenges in Nigeria.

Furthermore, it provides in partnership with Omidyar Network, Bank of Industry and Venture Garden Group a 1 billion naira social innovation fund.

Find out more at http://cchubnigeria.com/

6. Central Bank Textile Intervention Fund

The Central bank of Nigeria in conjunction with the Bank of Industry earmarked 235 billion naira intervention fund particularly for refinancing and restructuring of

banks’ loans to the manufacturing sector.

The funds meant for the development of the manufacturing sector of the Nigerian economy by improving access to credit to manufacturers,.

More information HERE.

7. Seedstars Africa

The Switzerland company invests up to 1 Million dollars in emerging market startups through its exclusive startup competition in over 65 countries. The last competition held in Nigeria was for young Startups (less than two years old) with a working product, and have raised less than $500,000.

More here: http://www.seedstarsworld.com/

8.  Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)

SMEDAN is charged with stimulating, monitoring and coordinating the development of the MSMEs sub-sector.

It also helps facilitate access to loans from her partnering financial institutions and from other specialized microfinance schemes.

Check http://www.smedan.gov.ng for more information.

9. African Women’s Development Fund

The African Women’s development fund AWDF supports local, national and regional women’s organizations.

The organization provides funds for work related to any of it’s six thematic areas; women’s human rights’, HIV & AIDS, Health & reproductive rights, governance peace & security, arts, culture & sports and economic empowerment & livelihoods.

It also has a Small Grants Programme operating in Ghana, Uganda, Sierra Leone, Liberia and Nigeria that supports small, grassroots African women’s groups.

Proposals are made online HERE

Ask anyone running a small business in Nigeria and they will let you know it is only ‘small’ in name, the challenges are enormous.

The hoops business owners in Nigeria have to jump through seemingly endless, it takes grit and determination to build a successful business in these conditions.

However, some of these challenges are not insurmountable, Colossus Gists shares about 5 of some basic challenges many Nigerian businesses  face, and how they can be defeated:

1. Insufficient funds

There’s no way around it; small businesses need funds to grow from a small business to big business and to even multinational funding.

Unfortunately, most small business owners in Nigeria have no idea where to get the funds they so badly need. So what can Nigerian small business owners do? You can explore various ways of funding your business yourself or check these different organizations that offer funding to small businesses and see if they are eligible to receive any of these funds.

2. Poor web presence

Online presence isn’t just for big businesses, doing business online is for just about everyone.

However, small businesses in Nigeria are not taking advantage of this, probably because they believe the endeavor to be a complicated and costly endeavor.

There are cheap and easily accessible ways for small businesses in Nigeria to get an excellent online presence.

3. Poor Marketing Skills

Most small business owners in Nigeria do not have the time to study the ins and outs of marketing. What with the many things they have to juggle, there is little time for them to learn these skills. Nevertheless, getting the word out about what you do is essential for every business.

What you can do is to subscribe to Nigerian entrepreneurial blogs to stay up-to-date with the latest industry news and trends. We compiled a list of excellent business blogs in Nigeria, check them out.

Also use business engagement tools, to help you target specific target markets.

4. Getting new Customers

Every business needs new customers, but the customers that count are the repeat customers. Why they are so important? a repeat customer is likely to spend 67% more than a first-time buyer.

What to do? Price your products and services competitively. Do your market research to get an idea of what you should be charging. Follow up with your customers and encourage them to come back with incentives like special discounts and even memberships.

5. Seeking Rapid Growth

It is important to put parameters in place that will help you scale to meet demand while maintaining a high level of quality.

You need to develop a company culture that values quality just as much as you do. Prioritizing this value in your training and team building will allow your company to grow as a unified brand that you can be proud of.

Do your best not to micromanage. If you have competent and trustworthy staff, you should be able to delegate tasks and projects to them while keeping a watchful eye. This will allow you to focus on important tasks of your own, like growing your product line or expanding into a new market.

Director-general, National Identity Management Commission (NIMC), Engr. Aliyu Aziz, has identified seven key conditions necessary to unlock opportunities and potentials in Nigeria’s digital market.

In a paper he presented at the just concluded eNigeria conference, Engr. Aziz stated that Nigeria must establish “the right regulatory and industry policies to encourage infrastructure investment in digital infrastructure” such as “communications networks (broadband, mobile telecoms, Internet, online e-government and services) and smart cities.”

According to him, the government must “create a stable, predictable and sustainable policy/commercial environment that allows businesses to flourish” a step that will help in unlocking the country’s digital market thereby allowing the economy to grow.

Although Nigeria’s population currently at almost 200 million, presents a huge potential, Engr. Aziz argues that government needs to put in place focused programmes to “stimulate demand for digital solutions through the promotion of digital skills, digital local content and support for local digital applications” for the opportunities to be fully harnessed.

Speaking further, he said the government needs to “encourage and implement digital services across all sectors of the economy,” and “establish economy platforms such as e-commerce, online markets, and entrepreneurship ecosystem” thereby encourage “tech-enabled businesses to turn creativity into value-creating online businesses.

“We must introduce digital literacy in our school curriculum (primary, secondary, etc.) as this will bring about digital skill critical for digital interaction,” he said. Overall, Aziz said the provision of “digital identity to everyone in the country – thereby proving ‘who is who’ is “critical to accessing services physically or electronically.”

Stressing on identification, which is the main responsibility and mandate of NIMC,  Aziz reminded the audience that one of the 17 Sustainable Development Goals (SDGs) the United Nations set out as blueprint to achieve a better and more sustainable future for all, demands that nations provide legal identity for all including birth registration by the year 2030.

“From the above, it is very clear that identification plays an important role in enabling the achievement of other SDG targets, such as social protection, rights to economic resources, land and property as well as universal health coverage,” he stated.

As a strategy to fast-track the enrolment of citizens and provide them legal identification, NIMC has stepped up its operations, which has seen the enrolment figure with the unique National Identification Number (NIN) now at over 33 million, astronomically up from just seven million three years ago.

On September 12, 2018, the Federal Executive Council (FEC) approved the immediate commencement of the implementation of a strategic roadmap for Digital Identity Ecosystem in Nigeria, a step that will further boost enrolment across the country, more so as government has set the enforcement of the mandatory use of the NIN for January 1, 2019.

The Digital Identity Ecosystem is a framework that leverages on the existing capabilities and infrastructure of distinct government agencies and private sector organisations to carry out enrolment of Nigerians and Legal residents into the National Identity Database (NIDB) as well as issuance of the Digital identity, known as the NIN to give Nigeria a credible and robust identity management system.

The Nigerian photography industry is about to take a new turn as all roads leads to the Business of Photography Conference at Landmark Event Center, Lagos on Tuesday, April 24, 2018. In preparation for the marked evet, we speak to the man behind it all and the man behind the lens, celebrated photographer, Kola Oshalusi.

The Business of Photography Conference is aimed at bringing Photographers, photography manufacturing and servicing companies as well as photography retail businesses together under one roof to discuss, learn, exhibit, sell and buy everything photography. In recent times the need to efficiently monetize the photography industry and define its future as a major part of the current and future national revenue generation sector has become more important.

The conference seeks to address the evolution of the photography sector from a business perspective and discuss a way forward as a means of charting a proper course for the future.

It promises to be an exciting and engaging event as there are lots of activities planned for the day.

The 12hour event is set start at 9am and end at 9pm. The conference would feature five segments; the Opening, the Conversation (panel session), Break out time (master classes), Cocktails/Networking and Exhibition. During the conversation segment, attendees would have the opportunity to listen to and chat with award winning Nigerian photographers about the future of photography in Nigeria.

There would also be master classes where photographers learn certain set skills from the industry’s best hands. An exhibition area would also be set aside where attendees can buy and sell everything that has to do with photography.

The grand ambition is to establish ‘Business of Photography’ as an annually held gathering of photography stakeholders, with attendees including creatives, investors, equipment manufacturers, retailers and buyers of creative work.

Interview with Kola Oshalusi

Which area of photography will you say is most challenging for you?

Well, every area of photography has its challenges. I am focused on about 5 professional disciplines where i have honed my skills over time, but beyond that, I would say the business and management part as well as creating a more sustainable business enterprise.

Can mobile photography get to a level where you don't need the services of a professional for good images?

We would have to wait and see what the future holds but definitely a professional will always be a professional. You don't discredit or cast away a fashion designer because you have a mobile sewing machine or a lawyer because the law and constitution is readily available online.

Some are born with the eye, some earn it, but you need the eye as well as the mind.

How expensive is photography?

Photography is quite expensive as all other professions mostly because of evolution in technology and a need to acquire fresh insight and skills.

Tell us some of your memorable moments as a photographer? 

Every moment for me is memorable. Every story is different depends on how you view it. There definitely some isolated moments, but every-time I pick up my gear, each story has a different twist.

Back in the day great photos were taking with Analog cameras with no computer to edit them, what's your take on this? 

Evolution is eminent, but with it also comes the ease of doing things which is the basis of evolution and technology, but it must take away the need to acquire the right knowledge and skill set.

What do you see photography doing in the future?  

In the nearest future I see photography telling stories and preserving history as well as creating the most sustainable and largest service and skill employing industry. Also changing the way we view art as a discipline.

To attend the event, register here: https://www.eventbrite.com/e/the-business-of-photography-conference-2018-tickets-43295523075?aff=eac2

For sponsorship and Exhibition enquires: roseline@businessofphotography.net

For Media enquiries: ydagency@yettyd.com

Good Morning! Here's what you need to know on Wednesday.

1. It's GDP day in the UK. The Office for National Statistics will later on Wednesday report its first estimate for the growth of the British economy in the third quarter of 2017. Analysts polled prior to the release forecast that the ONS' data will show Britain grew 0.3% in the quarter, matching growth for Q2. 

2. Breaking with decades of tradition, Chinese President Xi Jinping has not identified a successor for the end of his rule in 2022. In recent decades the Communist Party's most powerful group, the Politburo Standing Committee, has always included at least one potential successor. However, none of the members in the committee introduced to the press on Wednesday have the right pedigree — in experience and youth — to take over from Xi. The move is widely interpreted as an indication that Xi will seek a third term in 2022.

3. Bitcoin, the red-hot digital currency up more than 400% this year, lost ground on Tuesday and early Wednesday after the blockchain network underpinning the coin split again.  As reported by cryptocurrency watcher CoinDesk, bitcoin gold officially split from the bitcoin network Tuesday morning. The new cryptocurrency is a clone of the original bitcoin blockchain, but it will play by different rules than the original digital currency.

4. The Nikkei's record breaking winning streak looks to be coming to an end. By 6.50 a.m. BST (1.50 a.m. ET) Japan's benchmark share index is 0.46% lower on the day to trade at 21,705 points. Previously, the Nikkei had climbed for 16 consecutive days, but a record 17th day of positive trading looks out of reach.

5. Goldman Sachs is ramping up its private-equity investments and going after smaller, high-growth targets as part of a broad plan to offset recent trading declines, three people familiar with the effort told Reuters. Goldman's investment bank, which typically focuses on advising large companies on mergers and raising capital, is now looking to use Goldman's own funds to finance a handful of small, promising companies in the near-term

6. T-Mobile US and Sprint Corp are laying the groundwork for special committees of their board of directors to decide on a merger between the third and fourth largest U.S. wireless carriers, according to Reuters. Both T-Mobile and Sprint have formed committees comprising independent board directors to decide on whether the deal should be signed once the merger agreement has been finalized, which is currently expected in the next three weeks, the sources said.

7. The Dow Jones Industrial Average on Tuesday rose to a record high after Caterpillar and 3M crushed third-quarter earnings estimates.  Caterpillar beat   Wall Street's profit and sales estimates, driven by strong demand for its construction equipment in North America and China. It also raised its full-year forecasts.

8. Elsewhere on Wall Street, fast casual dining chain Chipotle on Tuesday reported third-quarter earnings that missed the lowest forecast from Wall Street analysts. The fast-casual chain reported earnings per share of $0.69 and adjusted EPS of $1.33, missing analysts' consensus forecast for $1.63 according to Bloomberg. Revenue totaled $1.13 billion, missing the estimate for $1.14 billion. Sales at stores open for at least one year rose 1% (1.2% forecast.)

9. South Korea's LG Display said third-quarter operating profit surged 81 percent from a year earlier on the back of a recovery in panel prices. Operating profit for July-September came in at 586 billion won ($519 million), up from 323 billion won in the same period a year ago.

10. At least three bidders are expected to be shortlisted for the second round of an auction for Unilever's margarine and spreads business while two other private equity groups are no longer in the fray, sources told Reuters. Buyout funds Blackstone and CVC Capital Partners, who were teaming up on a joint offer, are no longer in the running for the business which could be worth more than $7 billion, the sources said on Tuesday.