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It is not possible for one business to always have stock at all times. If a customer comes for my products and I am out of stock? Is It a healthy business practice to refer him to a competing business ...Read more
It is not possible for one business to always have stock at all times. If a customer comes for my products and I am out of stock? Is It a healthy business practice to refer him to a competing business who has stock or just let the customer wait till my stock arrives?
Read lessWe have some customers that come to your business and any price you tell them for your products, they pay without arguments. Should we sell at a bit higher price than the normal selling price we sell to others for these ...Read more
We have some customers that come to your business and any price you tell them for your products, they pay without arguments.
Should we sell at a bit higher price than the normal selling price we sell to others for these kind of wealthy customers? Is it right or wrong?
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Yes, Actually segmented pricing involves setting different prices for different customer segments based on factors such as their willingness to pay, their purchasing power, or their perceived value of your product or service. For example, you might offer discounts to students or senior citizens whilRead more
Yes, Actually segmented pricing involves setting different prices for different customer segments based on factors such as their willingness to pay, their purchasing power, or their perceived value of your product or service. For example, you might offer discounts to students or senior citizens while charging full price to other customers. This strategy can help maximize revenue by capturing the maximum value from each customer segment. However, it’s essential to carefully consider the potential impact on customer perception and overall profitability.
See lessOne thing I was taught in business internship is that a business owner must always pay himself and do that first. The priority of every business person would have been to invest all profits back into the business. But my ...Read more
One thing I was taught in business internship is that a business owner must always pay himself and do that first. The priority of every business person would have been to invest all profits back into the business. But my seniors say that it is wrong. That you must pay yourself.
Why do I need to pay myself as a business person?
Read lessOne of the challenges that we small business owners face is how to seperate business funds from personal funds so we don’t spend business funds for personal use. We are the bosses and call the shot. But what measures can a ...Read more
One of the challenges that we small business owners face is how to seperate business funds from personal funds so we don’t spend business funds for personal use.
We are the bosses and call the shot. But what measures can a small business owner take to make sure he doesn’t encroach into business funds for personal use.
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The best way to manage business funds and personal funds is by having a business bank account and personal bank account. You then keep your personal funds on personal bank account and use this account to send and receive personal funds as well as make personal purchase. Keep your business funds in bRead more
The best way to manage business funds and personal funds is by having a business bank account and personal bank account. You then keep your personal funds on personal bank account and use this account to send and receive personal funds as well as make personal purchase. Keep your business funds in business bank account and use business bank account to pay for business related purchases or expenses
See lessIt is approaching the end of the year and there is always an upsurge in the demand of chickens as meat to celebrate the festive period. A 2kg 6 weeks old broiler goes for close to $5 as at now. ...Read more
It is approaching the end of the year and there is always an upsurge in the demand of chickens as meat to celebrate the festive period. A 2kg 6 weeks old broiler goes for close to $5 as at now. With inflation being part of the poultry sector in the festive season, how much do you think an average chicken would go for this Xmas? Do you think the average person would afford it?
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Chicken in my region these days are really expensive they are so everywhere. Is like these chicken rearers have a meeting about the prices of chicken now. Because they seems to have the same price for their chicken. It is even worse during the festivities. A chicken that was going for 15,000 duringRead more
Chicken in my region these days are really expensive they are so everywhere. Is like these chicken rearers have a meeting about the prices of chicken now. Because they seems to have the same price for their chicken. It is even worse during the festivities. A chicken that was going for 15,000 during normal days would skyrocket to 25,000 naira because of just Christmas day. Nothing change but just because it is a festive season.
See lessSo many business organizations are now using social media influencers and celebrities to advertise products. The direct aim of advertisement is to boost sales. Does using influencers and celibrities to advertise your product directly improve the sales of that product?
So many business organizations are now using social media influencers and celebrities to advertise products. The direct aim of advertisement is to boost sales. Does using influencers and celibrities to advertise your product directly improve the sales of that product?
Read lessFrom my observation I would want to say yes. I have seen diehard fans do a lot of weird things for their idols including buying what they might not really need at a very funny price just because it is their favourite actor that is advertising for sales. So yes when they are hired to influence for aRead more
From my observation I would want to say yes. I have seen diehard fans do a lot of weird things for their idols including buying what they might not really need at a very funny price just because it is their favourite actor that is advertising for sales.
So yes when they are hired to influence for a business they do drive sales because fans would want to show they are really fans and buy to impress them. So yes using a celebrity or known person to influence for you would bring more sales to you.
See lessSomeone told me he wants to start an agency banking business on my street. And I was wondering why he wants to enter the business when we already have more than 15 agency banking operators on a street that just ...Read more
Someone told me he wants to start an agency banking business on my street. And I was wondering why he wants to enter the business when we already have more than 15 agency banking operators on a street that just stretches 400 meters. Is it right to enter a market like that where it is already saturated?
Read lessActually, entering a saturated market can be challenging, but it's not impossible. It requires a unique value proposition or innovation to stand out amidst competition like *You need to find a way to distinguish your product or service from existing offerings. This could be through quality, price, cRead more
Actually, entering a saturated market can be challenging, but it’s not impossible. It requires a unique value proposition or innovation to stand out amidst competition like
*You need to find a way to distinguish your product or service from existing offerings. This could be through quality, price, convenience, branding, or innovation.
Entering a saturated market requires careful planning, perseverance, and a willingness to take risks, but with the right approach, it can lead to success.
The reality is that the prices of goods and services would always rise. The best thing is to develop a response to it. What is the appropriate response to rising prices? Should you adjust your lifestyle to reduce your expenses? ...Read more
The reality is that the prices of goods and services would always rise. The best thing is to develop a response to it. What is the appropriate response to rising prices? Should you adjust your lifestyle to reduce your expenses? Or should you focus on making more money to afford your lifestyle without being affected by the rising prices?
Read lessWhen inflation happens I think one should try to do the two by increasing income to meet with the high prices of things or cut out or down expenses. These are best ways to deal with inflation in a positive so that you don't get frustrated. But if one is to go with one I think cutting down on expenseRead more
When inflation happens I think one should try to do the two by increasing income to meet with the high prices of things or cut out or down expenses. These are best ways to deal with inflation in a positive so that you don’t get frustrated. But if one is to go with one I think cutting down on expenses would be a lot more expenses.
See lessPeople often want to minimize their daily expenses. And one solution always mentioned is buying foodstuff in bulk. Does buying foodstuff in bulk truly reduce your expenses daily?
People often want to minimize their daily expenses. And one solution always mentioned is buying foodstuff in bulk. Does buying foodstuff in bulk truly reduce your expenses daily?
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Buying foodstuff in bulk can truly help reduce daily expenses because bulk items are often cheaper than buying small quantities regularly. It also helps save transportation costs and reduces frequent market visits. However, it is important to buy only what you need and store it properly to avoid wasRead more
Buying foodstuff in bulk can truly help reduce daily expenses because bulk items are often cheaper than buying small quantities regularly. It also helps save transportation costs and reduces frequent market visits. However, it is important to buy only what you need and store it properly to avoid waste or spoilage. Bulk purchasing works best for non-perishable foods and items used regularly in the home.
See lessMany times, budgets fail in that the actual expenses on ground always turns out higher than the expenses projected in the budget. If you factor inflation which can happen at anytime, budget deficits are almost unavoidable. But how can one ...Read more
Many times, budgets fail in that the actual expenses on ground always turns out higher than the expenses projected in the budget. If you factor inflation which can happen at anytime, budget deficits are almost unavoidable. But how can one make projections in a budget that even when factoring inflation in, the budget would still not fail. Is there a particular technique to make sure that actual expenses in the budget rhymes with actual expenses in reality?
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You need to know, no one can be sure that you will always be able to make the spending budget the same as the actual or actual expenses. Because the budget is a prediction for the future that is influenced by many factors, There are many methods that you can apply to prepare a budget such as an incrRead more
You need to know, no one can be sure that you will always be able to make the spending budget the same as the actual or actual expenses. Because the budget is a prediction for the future that is influenced by many factors, There are many methods that you can apply to prepare a budget such as an incremental budget that allows for revisions for the current year. Or you can also arrange a budget using the average spending method for each post for several months, then you can add it to the estimated inflation rate. That is one of the functions of the Controller within the company to evaluate/analyze the budget periodically.
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Yes, it is true; It is not always possible for one business to have stock available at all times due to various factors such as demand fluctuations and supply chain issues. Referring a customer to a competing business that has stock showcases a customer-centric approach, ensuring their needs are metRead more
Yes, it is true; It is not always possible for one business to have stock available at all times due to various factors such as demand fluctuations and supply chain issues. Referring a customer to a competing business that has stock showcases a customer-centric approach, ensuring their needs are met promptly. This fosters goodwill and the customer is more likely to return in the future. However, effective communication and transparency about the stock availability and the estimated arrival time can also help manage customer expectations and give them the choice to wait if they prefer.
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