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Enhancing Value Chain Among Entrepreneurs

February 12 2015 l ndbs  
   

Value Chain is the concept that has been promoted by governments around the world with focus on how they can integrate systems to function efficiently, and they have taken it further by looking at how they can relate amongst each other through bilateral trade agreements that carry tax exemptions and tariff deals that will see seamless transactions to boost their economies. 

The question that needs to be asked is what are entrepreneurs doing in facilitating similar agreements amongst each other without relying on government invitations and pay exorbitant amounts in accompanying diplomats to witness them sign agreements.  And very few companies do afford the trip costs, and while on that trip like World Economic Forum there is a fee to meet head of States or be in some strategic talk shows. 

Agreements and deals among entrepreneurs do not have to be at international level but it all starts at national level by:

Knowing what your neighbor is doing

Entrepreneurs should not allow office blocks and fences to become barriers such that they can be next doors in office park but have no clue of what the other business is doing.  Knowing what other business is doing allows cohesion and referrals to take effect without a drink in a pub first. 

Imagine a client walks in and says was referred by the business next door or met the manager of business next door and told them about your business.  It is so strange that entrepreneurs compete even when they are not playing in the same league, and that inhibit business referrals and interaction.

Entrepreneurs sharing ideas and knowledge

If entrepreneurs can understand that the common goal is making profit irrespective of what product the other is selling they can find it necessary to sit down and share marketing skills and approach to use in order to make more sales.  Businesses may not sell same product but all receive currency in return, one may know better how to manage cash flow and sharing their experience can assist the other business. 

Best advice is the one given by someone who failed before as they will not want to see you make the same mistake they made.

Creating interdepartmental skills sharing

Sharing skills and knowledge can be more effective if each company allows departmental heads to meet regularly in a formal set up and share the current market trends and economic situation and also look at new policies and legislations within their area of competency.  That way they will keep each other abreast with new developments, technologies and innovations in the market. 

There is nothing wrong with meeting with your supplier or client to discuss business environment as lack of information can affect either party.  Entrepreneurs should not only communicate when they want to order from the other but as service provider and client should enforce meetings as reflected in service level agreements.   

Having bilateral agreements in place

Entrepreneurs should not end their relationship on “I sell you the product and you pay me”,  there should be bilateral deals whereby you agree to exchange skills, have a long term discount agreements, restrictions of staff poaching, referrals agreements, first preference when new stock arrives. 

Do not expect things to happen automatically, have agreements in place, that way you will be creating strong value chain that will make your business relations formidable and strong that it will not be easy to dump you for new supplier.  Most clients dump suppliers because their agreement is all about what they sell and no value chain agreements in place that can make client feel as valued customer.

Value Chain is what entrepreneurs can create through their interaction with one another on daily basis without belonging to forums and organizations that seek memberships but do little to allow entrepreneurs to connect with each other, you end up attending Talkworking than Networking session. 

Derrick is a Certified Business Advisor   (IBA Member)

   
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Fishermen Have No Competitors

January 13 2015 l ndbs  
   

I was asked a question by a mentoree during mentorship session: “How do I deal with competitors in the area?” And immediately the thought of fisherman dropped in my mind.  I pictured a fisherman on the bank of the dam with other fishermen nearby. 

What came strongly is that every fisherman is focused on their fishing line to see if it moves and their attention is on the fishing rod that is held tight by the hands which makes it difficult to lose focus.  The only time they look aside is when another fisherman screams after catching a fish and that will be short lived as everybody is back to their fishing rods which have not caught fish yet.  For fishermen to concentrate on their rods than on the competitors they adhere to the following:

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Knock Yourself Off Debts Wagon

November 30 2014 l ndbs  
   

Getting in debts then pay someone to administer your way out is like kidnapping yourself and pay someone ransom to be freed. Most people realize they are in debt the moment they need something and can’t afford due to other financial commitment, and instead of paying off what they have committed in they start to see crisis in the situation.  One has to ask a question “Did I make mistake by committing my money to that?” and if answer is no keep paying without pressure. 

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Your Business Needs Medical Attention Too

October 30 2014 l ndbs  

As humans we are quick to seek medical help should we not feel well in our bodies and at times it does not matter how much we pay for the services as long we get help, yet we fail to do the same when our businesses are unwell, instead of seeking help from experts and consultants, we try to fix things by ourselves until the business collapse and we are unable to resuscitate it back to life.  The following are steps that will help getting your business healthy:

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Get Your Business Off The Ledge


September 30 2014 l ndbs  
   

Every business does experience dry season and rainy season, there are times where it soars like an eagle, and comes a time where it hides like a bat waiting for night time.  It becomes dangerous when it get on the ledge and leave the owner with two options: To jump and crush or hold back for rescue.  When faced with that situation the following can help get on your feet again: 

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Is Cash Still King In Business?


August 29 2014 l ndbs  
   

The old adage that Cash Is King still has meaning in today’s business world.  Employees are paid through cash, Service providers need to be paid cash, creditors are paid cash.  Any company that has its cash withheld by its debtors such company may struggle to meet its financial obligations. 

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Dining With Captains 


July 31 2014 l ndbs  

Getting clients to buy your product or service takes talking and selling but to keep them takes character and respect.   The clients that you have they are also clients to others so they know all the tricks and the kind of game you play, and they can easily tell if you are trust worthy or not.  

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Curious Case Of Middle Class


June 24 2014 l ndbs  
   

The economy is structured in such a way that there must be employers and the employees. And it is the responsibility of employer to pay the employee for the services rendered or work done.  It is within  this circle where the  bourgeoisie have  found a dwelling place.    

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Act Like Antrepreneur, live  like Entrepreneur


May 19 2014 l ndbs  
   

Ants are interesting insects and unlike lions that you have to find in the zoo, they are found in rural and urban areas.  They travel without boundaries and  work hard for their food no wonder they got special mention in the bible, Proverbs 6:5-6 ““Go to the ant, you sluggard! Consider her ways and be wise” .  In studying their lifestyle one discovered that there is much to learn from such a tiny creature than could learn from a lion.

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Advertising On Social Media For Results


April 28 2014 l ndbs  
   

Social media is a great platform for networking, business connection, family contact, friendship, dating that may lead to marriage or heartbreak, whatever the reason may be, the bottom line is any person who is on social media already know the purpose and intentions of being there.  How you behave to those you are connected with may make or break your business as you

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