You probably know that as a small business owner, you have a lot of weight on your shoulders. You’re in charge of managing your small business and how you do it is going to have a huge effect on how successful your organization is going to be. No matter if we’re talking about managing your company’s finances or mundane daily tasks, you have to make every decision carefully. And if you want to become better at managing your small business, you might want to follow a few tips that have proven to be quite effective for other entrepreneurs out there. Here are 5 of them you should definitely check out.
Empower your employees
When running a small business, it’s very important that you make your employees feel directly connected to the success of your company. Even if they’re not your business partners, your employees need to get recognition for each goal your company achieves. This is a point of pride and can be a huge plus when it comes to morale in your company. Therefore, you shouldn’t hesitate to give power to those who have demonstrated the capacity to handle important tasks for your business. On top of that, you might want to create an environment in which your team members are encouraged to work on improving their skills.
Purge clutter from your office
What many small business owners found quite helpful is getting rid of absolutely everything that isn’t helping them run a more productive office. So, whether it’s a cabinet with old files you simply no longer need or a dead PC you’re hoping to fix one day, let it go. Purging all the clutter from your office is going to affect you and your business both physically and mentally. What this means is that you’ll have more space to keep things that are actually relevant to what you do and you and your employees will be working in a healthier working environment.
Invest in team building
Many entrepreneurs simply don’t care about how their employees are getting along. However, those who do care have found out that investing in team building can do wonders for their business. That’s why you’ll now see companies from the Big Apple sending their team members to NYC museums where experts help them improve their teamwork skills. No matter where your company’s based, always try to look for new teambuilding opportunities and don’t be afraid to invest in them. What you’ll end up with is a relaxed environment in your office which is always going to get you plenty of new deals.
Make “more money” your mantra
This is something that applies to both small and large businesses. But the thing is, when running a small business, there’s much less opportunities for you to bring in more money. If you want to improve your products or boost your marketing efforts, you need the money to invest in it. Luckily, there are ways you can obtain that money and use it to start earning more. For example, there are experts in small business lending in Sydney that your Australian-based company can turn to. Angel investors and corporate loans are also popular options for companies all over the world.
Make to-do lists
We’ve already mentioned that being a small business owner means you’ll have tons of tasks to deal with. And what many entrepreneurs use in order to deal with their tasks are old-fashioned handwritten to-do lists. Even though we now have mobile apps and PC programs to do this for us, sticking to your notebook is still the best solution. Write down each of your tasks and thick them once you get the job done – simple as that. We also recommend having one page in your notebook for all those minor tasks you can tackle in your free time.
There you have it – 5 tips that helped many entrepreneurs get from where you are right now to where you want to be one day. Even once you manage to do all the things we mentioned above, make sure you keep searching for new tips to get even better at managing your small business.
NCDMB: The agency providing funding, incubation and mentorship opportunities for technology startups and innovators
Win up to $10,000 Seed Funding in the NCDMB Oil & Gas Technology Hackathon
The Nigerian Oil and Gas Technology (NOGTECH) programme is the first ever Oil and Gas hackathon with the primary aim of fostering innovations in the oil and gas industry as well as creating a platform for the proliferation of local content. The programme is headlined by the Nigerian Content Development and Monitoring Board (NCDMB) with partnership from Learners Support Consultancy and BrentHub.
NOGTECH aims to address the challenges faced by the nation’s oil and gas industry and its linkage sectors by ideating, developing and prototyping digital technology solutions that solve these pertinent problems. The programme is promoting innovation by offering seed funding, business mentorship and incubation to the winning ideas.
Call for Submissions
The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote, disclosed that “five teams will get $10,000 equity-free grants each”.
In a webinar session titled “Innovating for the future of Nigeria’s Oil & Gas Industry and its Linkage Sectors.”, Engr. Wabote revealed that submissions into the programme will be scrutinised based on several factors.
”Participants must be a team/company of at least two or more members with at least 75 percent of the founding team as Nigerians. The team/company must be a registered, or intending to register as a profit/business entity. The solution described in response to the challenge must be driven by digital technology – Software, Hardware or both.”
He also disclosed that “the solution must either be at the ideation stage, prototype level or a launched solution that hasn’t gained commercial traction. The team must be available to participate in a three-day hackathon as well as a three-month incubation programme, if selected.”
Solving the Industry’s Toughest Challenges
NCDMB is determined to unearth scalable solutions to the industry’s biggest challenges. Some of the identified problem areas include the rising problem of pipeline vandalism, increase in cyber-physical risk, widening skill gap, supply chain and logistics inefficiency, rising carbon footprint and issues surrounding transparency, accountability and civic engagement.
Innovators are encouraged to proffer sustainable and scalable solutions to these biggest challenges faced by industry stakeholders.
Pitching to Investors
Ultimately, the winning teams will have an opportunity to pitch their prototypes to investors. But before then, the NOGTECH programme is taking place over several weeks with the selected ideas advancing on a stage by stage basis.
The first stage is the call for submissions where teams and startups are encouraged to submit their ideas. Shortlisted teams in each of the challenge areas will first be invited to present online to a team of experienced entrepreneurs and industry professionals. The most promising teams will then be selected to participate in an all-expense paid 3-day hackathon. Submit your ideas here
During this time, shortlisted participants will have a couple of days to collaborate and build their prototypes or fine-tune existing prototypes with guidance from industry stakeholders, experts and mentors. At the end of the bootcamp, teams will revalidate their solutions and have the opportunity to pitch to a panel of judges.
Prizes for Winning Teams
The winning five teams will undergo a 3-month incubation program where each team will get a $10,000 equity-free grant, a work-space, expert mentors, global partners and unprecedented market access over three-months, ensuring they become commercial and investor-ready.
At the end of the incubation, the teams will participate in a showcase day to demonstrate their progress. This showcase will aim to connect them with investors and industry stakeholders where they can further amplify their market access.
So if you are an innovator seeking opportunities, identifying them and seizing the ones that then match, then you have to apply to NOGTECH.
In order to participate in the hackathon, innovators, teams and startups can get started here.
Blue Ridge Enhances Machine Learning Capabilities for Price Optimization
Blue Ridge announced today enhancements to its suite of next-gen cloud-based Price Optimization solutions, which leverage machine learning to quickly identify opportunities and simulate pricing strategies for peak margin, profits, revenues and sales. The pricing suite supports end-to-end pricing transformations, a strategy proven to minimize disruption and drive significant earnings expansion for distributors and retailers.
Blue Ridge’s Price Optimization solution quickly identifies both overpriced and underpriced products while providing accurate recommendations for aligning prices across products, channels and price points including wholesale, list and customer segment. The solution provides daily alerts on competitive price changes to react quickly in price-transparent ecommerce channels, as well as make recommendations on reducing excess inventory to create significant value and profit margin improvement.
“Today’s enterprises and brands have seen the impact when supply chains and demand signals disrupt markets,” said Ray Wang, Principal Analyst & CEO, Constellation Research, Inc. “Those leaders who had the right price optimization tools were able to respond with agility, resiliency, and speed to account for new signal intelligence and ensure that customers were satisfied, margins were met, and supply chains were not disrupted.”
A report by McKinsey & Company illustrated the latent benefits of intelligent pricing, estimating that “A one-percent price increase would yield 22 percent increase in EBITDA margins, and a 25 percent uplift in stock price. Moreover, pricing has a disproportionate impact on a distributor’s enterprise value, with an increase of 20 percent for a one-percent increase in price.”
“The highly competitive and increasingly digital landscape of consumer buying today requires that distributors and retailers analyze things like minimum advertised price, psychological price points, willingness-to-pay measurement, and even list and net pricing, as well as macroeconomic influences before setting prices,” said Cliff Isaacson, Blue Ridge Executive Vice President of Product Strategy. “Machine learning-based pricing tools allow our customers to make those decisions swiftly and confidently, so they can always operate at max-profit point.”
Blue Ridge Price Optimization uses machine learning capabilities to continually optimize pricing across all products (not just top-tier items), segment and perfect pricing for each customer, and give distributors the upper-hand in supplier negotiations:
- Comprehensive Pricing Strategy: Simulate different pricing scenarios and predict the impact of a price change before implementing it.
- Competitive Positioning: Respond immediately to price changes from competitors, as well as supplier rules, segmentation, positioning and price change frequency.
- Intelligent Analytics: Purpose-built for the distribution and retail industries, Price Optimization’s intelligent science learns from price changes and results over time to steadily improve price recommendations.
- Customer Segmentation: Identifies customer performance, discounting and pricing opportunities based on willingness-to-pay and past performance.
- Rapid Results: In under 90 days, businesses can have intelligent Price Optimization recommendations for achieving both short-term and long-term S&OP goals, continually refined year after year.
Price Optimization joins Blue Ridge’s suite of Supply Chain Planning solutions, which help customers increase forecast accuracy, improve customer satisfaction, and assure product availability to customers without creating a costly inventory surplus.
“Price Optimization combined with Supply Chain Planning solutions creates a huge financial game-changer for retailers, distributors and manufacturers in today’s volatile market,” said Jim Byrnes, Blue Ridge Chief Executive Officer. “It uniquely blends science and synchronization to solve our customers’ biggest problem – what they don’t know. With Price Optimization, our customers have the insight to pivot quickly and grab significant near-term savings; shape and align longer-range S&OP processes; and consistently deliver pricing that’s both competitive and profitable.”
Ecobank Group and JA Africa partner to promote financial literacy skills among Africa’s youth
Junior Achievement (JA) Africa and Ecobank Group announce their new partnership- “Banking on Africa’s Youth.” The partnership will undertake a campaign that will tap into JA’s vast online community, comprising over one million young social media followers spread across Africa. It will educate and mobilize over 600,000+ young people with financial literacy knowledge, as part of Ecobank’s Junior Savers initiative which in part seeks to grow financial inclusion for young Africans using Ecobank’s mobile/digital resources.
The purpose of the online campaign is to empower potential and existing Junior Savers account holders with the requisite financial literacy knowledge to understand and begin to build a culture of savings as part of their personal financial habits. The campaign targets youth groups, online influencers, and communities with knowledge of some basic financial concepts.
“The Ecobank Group is committed to building financial literacy and money management skills amongst the youth as they transition into Africa’s productive workforce,” said Nana Araba Abban, Group Consumer Banking Head at Ecobank Transnational Incorporated. “Our collaboration with JA Africa will enable us to positively impact young citizens who are our investment in the future of the continent.”
The value for customers will be expanded to include financial literacy concepts: earning, budgeting, spending, and banking. The campaign will involve participants advancing progressively through the four concepts. JA Africa will launch the campaign to reach different youth groups in Ghana, Kenya, Nigeria, Cote d’Ivoire, and Senegal through all its media outlets over a period of three years.
Speaking about the program, JA Africa’s CEO, Elizabeth Elango Bintliff, said, “This partnership with the Ecobank Group reinforces both JA Africa’s and the banking group’s commitment to financial literacy and inclusion for all Africans, especially the youth. We believe in educating a new generation of leaders with the knowledge they need to navigate their economic futures while giving them the tools to succeed.”
Africa’s youth today are growing up in a new financial world where technology plays a big role in in their lives. This partnership will go a long way to reach and influence behavior of millions of unbanked young people on the African continent by giving them the requisite financial literacy skills to become financially informed adults in the future. According to the World Bank 2018 report, young Africans are less likely to have a bank account than adults on the continent. At the same time, they are more likely to have a mobile phone, engage with friends and be aware of digital channels. Current technology channels, especially social and digital media, provide the avenue to reach and engage young people at scale. The campaign therefore seeks to leverage technology to achieve its goals.