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Get All Your Race Horses At The Starting Gates

March 23 2015 l ndbs  
   
At the racecourse all horses have same starting time and are at closed starting gate to make sure they are all at the same line before take off but someone is optimistic that their favorite horse will emerge a winner. At the end of the race there will indeed be one winning horse that will be all over the news and those who placed a bet on it will head to the bank smiling. But the overall winner is the race organiser because every horse paid to enter the race, every gambler paid to bet for the horses, those attending the race paid entrance fee, the broadcasters paid for broadcasting rights, and the organisers decide the winner’s price.

The same is with business, however, entrepreneurs do not start their horses in the same starting gate, one find a company having a beautiful branding yet lacking marketing, or same company having a strong financial management but lack in HR. The winner in this kind of set up is the horse the owner prefers to put in the race first and that can impede the proper function of the company for optimal results.

As entrepreneur, one has to have all systems in place at a go as in business there is no such thing as “we will see ahead”, resources and personnel must be available to cater for all company needs. One Trojan Horse cannot have all the soldiers in it to win the battle, all horses must be ready and lined up to take off:

Branding

Branding forms integral part of your business identity and recognition. Many entrepreneurs put more energy on marketing team, their interest is to see sales growing even when the same team do not have business cards that have company logo. For clients to know who you are they would like to see your uniqueness in the market, the colors you prefer. As entrepreneur, know the name of the fonts used in branding your company, especially on your logo than taking different shapes now and then.

Marketing

Once you assemble marketing team do not expect them to hit the market without material that will make selling easier for them. Your team must have business cards with their email addresses ready. It is not convincing enough to have a sales rep walking around carrying their boss’s business cards, you are already telling the potential client that that sales rep is not trustworthy. Show confidence and trust in your team. Their business cards should have company logo on them. Have marketing manuals in place for your team

Human Resource

If your HR is not functioning properly you will have lot of challenges in you company. Your HR must deal with staff employment contracts, salaries and labor related matters. Without having HR as a department you will end up handling that or getting someone without experience to handle it and that can create problems for your company going forward.

Financial Management

For all of the above to function money will be needed, and money must be recorded. You need strong financial background person who will handle tax and payments. If you do not get experienced person you will pay a lot of once-off fees to get things fixed, rather reach agreement in a form of employment or consultancy with someone for regular check and processing of finances.

 

Derrick is a Certified Business Advisor   (IBA Member)

   
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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. 

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Fishermen Have No Competitors

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

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

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

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?

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 

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 

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

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

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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