BUSINESS

Little League, Big League – 8 Things to Consider with dealing with a client.

Published

7 years ago

August 15, 2017

Many young entrepreneurs want to work with big companies, without understanding what it truly requires to successfully execute projects with big brands. In my entrepreneurial journey, I have found that individuals, and SME’s are much more forgiving than the big companies, and it’s a completely different ball game when you step into their court. You can’t step into the a Big League game, and play like a little league player – you will get crushed in moments. On this note, I have put together a few things to keep in mind when you decide you play in the Big league – Actually, all of these apply to all client work (Small, or Big), because in the end we all want to be known for our professionalism, and quality delivery.

CONTRACT

Document EVERYTHING:

If it’s not in writing, then it never happened. When you work with companies, you’re dealing with multiple people at the same time, and it’s very important to communicate primarily in writing – via email. It’s easy for information to get lost in transition, especially when you have responsibilities changing hands, and clients that are working on multiple projects at the same time. Keeping everything documented will not only help your clients keep track of your needs, but will also protect you in instances of ‘he said’, ‘she said’, ‘they said’. Many clients have selective amnesia – especially when they are responsible for whatever issue is at hand. You’ll breathe a heavy sigh of relief when you can RE-FORWARD an email that was received and acknowledged (oh yes, always ensure that the recipient acknowledges receipt). Even if you’re friends with your client, it’s important that you draw the line between personal and business – do not manage your entire business relationship via phone conversations and physical meetings. There will be clients who say that they don’t care how the work gets done as long it’s done. Thank them for that, but still ensure that you send across a detailed plan of what is being done, and ensure that they sign off on the plan.

Paperwork

Make sure your company paperwork is up to date:

Working with a big company means filling out pages of long, unexciting, detailed paperwork. It also means that you will need to provide registration documents, updated tax documents, Shareholder identification, insurance papers, corporate trainings, corporate citizenship, bank references, supplier standards, and more. The task of sorting these documents out can be quite daunting, and so frustrating that it leaves you wanting to just give up on working with the big guys. But if your business is going to grow, you need to take your company paperwork seriously. If you cannot do it yourself, hire someone to do it for you. Either way, it must be done. Get those tax documents done, and stop postponing sorting out your insurance papers.

TIMELINES

Set Realistic timelines:

This is one rule of business, whether you’re working with a big brand or an individual, you should always give realistic timelines. When you agree to deadlines that you cannot meet, you’re risking your reputation. Sometimes, clients will give unrealistic timelines, and they will take no prisoners when it comes to delivery. You must be able to speak up about your concerns, and negotiate a timeline that works for you. Don’t bite off more than you can chew. If the timeline provided by the client, means that you will need to deliver poor quality, then you’re better off turning down the job. Remember it’s your reputation at stake here, not theirs.

OVERDELIVER

Don’t over-promise, Over Deliver Instead

Overpromising is part of our culture. Fact. I’ve hardly met a tailor that wasn’t 100% sure that they understood my design, until the finished product is presented and I shake my head. I also haven’t met a carpenter that isn’t 100% sure that he will produce the IKEA furniture photos that I showed him, until of course one of the drawers is missing, and he says “Madam, you don’t need the extra drawer”. Of course I don’t expect you not to convince your client of your 100% quality delivery. However, understand that you may not always fulfill your client’s full expectations. Keeping this in mind, it’s important to know when to say NO, rather than say “Yes” to everything. Your ability to say No to something you cannot do will save you the client account, your business reputation, and your client’s respect. Make sure you ask questions to understand the brief properly – clarity will help understand expectations. If there’s an aspect of a project is beyond the skill set of your team, you can ask your client if they would like to be referred to a 3rd party to handle that aspect of the work. Let them make the decision by themselves, and work with the vendor directly so that you’re not held accountable for that aspect of the work.

ADMIT MISTAKE

Admit when you make a mistake, and try to fix it.

If the work you produce doesn’t meet your clients expectations, you’ll need to regroup with your team and request for detailed feedback from the client (preferably in person). Ask as many questions to get clarity on what worked and didn’t work, offer an apology – you can also offer a discount to appease your client. Clients appreciate honesty, accountability, and empathy.

CONTINGENCY BUDGET

Build in a Contingency Budget

There’s nothing clients dislike more than finding out that you require more funds to complete a project after their budget has been signed off. Understand that no matter how much you plan, something will come up that is either out of the initial scope, or an item that you may have left out of your budget. Build in a contingency plan that accommodates small changes. If the client takes the project completely out of the agreed scope, then by all means request for additional budget to complete the project. Your contingency budget is for your personal errors, and any minor changes that you’re happy to provide you your client.

taxes

Include Taxes in your billing.

Ensure that you invoices are accurate, and include applicable taxes. If you don’t tax properly, you will have to eventually pay the tax from your pocket. There are state and federal taxes that apply to businesses, and even freelancers, and it’s important that you understand these taxes, and include this in any negotiations with your client. Understand that you cannot go back to the client to complain, if you forget to include taxes in your bills – this is your responsibility, not theirs!

START

Don’t look forward to the End of a Project, Look forward to the beginning of a new project.

Many people tend to focus on “wrapping up” projects, so that they can get paid and move on to the next pitch or client chase. Personally, I have imbibed a mindset of focusing on ensuring that the end of a client’s project, is the beginning of a new project with them. This means ensuring that you produce quality, and following up with them to receive feedback. Feedback is super important in business today. If your client has had a poor experience with you, it’s wise to work toward fixing it. It’s easy to think that they don’t matter, and you’ll never work with them again – this is possible. However, remember the power of influence – what they say to others. You might not work with them ever again, but you will attempt to work with people that they know, and risk the possibility that they have shared their poor experience with other companies.

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BUSINESS

5 Myths About The Job Market And Their Solutions

Published

2 weeks ago

December 8, 2024

Adaeze Okechi

5 Myths About The Job Market And Their Solutions | fab.ng

Myths about the job market can mislead job seekers and professionals navigating career transitions. Many individuals fall prey to outdated beliefs that no longer reflect the dynamic employment landscape.

Myths about the job market often include misconceptions about required qualifications, salary expectations, and career progression.

One prevalent myth suggests that a traditional four-year degree guarantees immediate employment when in reality, skills, adaptability, and networking play crucial roles.

Another widespread misconception is that changing careers is impossible after a certain age, which undermines the potential of experienced professionals seeking transformation.

Myths about the job market also perpetuate the idea that stability means staying in one role for decades. Modern career paths are increasingly non-linear, with professionals expecting to change jobs multiple times.

The solution lies in continuous learning, developing transferable skills, embracing technological advancements, and maintaining a flexible, growth-orientated mindset.

Myths about the job market can be debunked through proactive research, upskilling, and understanding emerging industry trends.

Let’s take a quick look at these myths and how to solve them below.

Myth 1: You Need a Four-Year Degree to Succeed

While a college degree can open doors, it’s not the only path to a fulfilling career. Many successful professionals have built thriving careers without a traditional degree.

Solution:

Skill-Based Learning: Focus on developing in-demand skills through online courses, boot camps, or certifications.
Networking: Build relationships with professionals in your desired field, regardless of their educational background.
Freelancing and Gig Work: Gain experience and build a portfolio through freelance projects.

Myth 2: The Job Market is Saturated

It’s true that competition can be fierce, but there are still plenty of opportunities for skilled individuals. The key is to identify niche markets and unique value propositions.

Solution:

Niche Down: Specialise in a specific area within your industry to stand out from the crowd.
Continuous Learning: Stay updated on industry trends and emerging technologies to remain competitive.
Personal Branding: Build a strong personal brand to attract potential employers and clients.

Myth 3: You Should Only Apply to Job Postings

While applying to job postings is a traditional approach, it’s not the only way to land a job. Proactive job hunting can yield better results.

Solution:

Networking: Connect with people in your industry and let them know you’re looking for opportunities.
Informational Interviews: Schedule informational interviews to learn about potential job openings and company culture.
Cold Emailing: Reach out to hiring managers directly to express your interest in a position.

Myth 4: You Should Stay in a Job You Hate

Staying in a job you despise can negatively impact your mental health and career progression. It’s essential to prioritise your well-being and seek new opportunities.

Solution:

Set Career Goals: Define your long-term career aspirations and create a plan to achieve them.
Upskill and Reskill: Invest in your professional development to enhance your job prospects.
Network Strategically: Build relationships with people who can help you find new opportunities.

Myth 5: The Job Market is Only for Young People

Age discrimination is a real issue, but it doesn’t mean older workers can’t find fulfilling careers. Experience and wisdom are valuable assets in the job market.

Solution:

Highlight Your Experience: Emphasise your skills and accomplishments, focusing on how they can benefit your potential employer.
Adapt to Change: Stay updated on technological advancements and industry trends.
Mentor Younger Professionals: Sharing your knowledge and experience can boost your credibility and open doors to new opportunities.

Remember, the job market is constantly evolving. By debunking these myths and taking proactive steps, you can increase your chances of finding a fulfilling career.

So, don’t let these misconceptions hold you back. Keep learning, keep networking, and keep believing in yourself.

Key takeaways:

Myths about the job market can hinder your job search.
A four-year degree is not always necessary to succeed.
Skill-based learning and networking can help you land a job.
The job market is not saturated, but you need to niche down and continuously learn.
Applying to job postings is not the only way to find a job.
You should not stay in a job you hate.
The job market is not only for young people.
Older workers can still find fulfilling careers by highlighting their experience and adapting to change.

By understanding these myths and implementing the suggested solutions, you can empower yourself to navigate the job market with confidence and achieve your career goals.

Check out more updates here.

BUSINESS

Master The Art Of Budgeting In Business With These 5 Tips

Published

3 weeks ago

December 2, 2024

Adaeze Okechi

Budgeting In Business With These 5 Tips | fab.ng

Effective budgeting in business is crucial for success. It ensures financial stability and drives strategic growth. Whether you’re a small startup or an established company, proper budgeting in business helps control costs and maximize profits.

Here are five essential tips to master the art of budgeting in business.

1. Set Clear Financial Goals

Every successful budget starts with clear goals. Define what you want to achieve financially. Are you aiming to reduce costs, increase revenue, or expand operations?

Set specific, measurable, and realistic targets. This step provides direction and helps prioritize spending.

Align goals with strategy:

Ensure your financial goals align with your overall business strategy. For instance, if growth is a priority, allocate more resources to marketing and product development.

Budgeting in business becomes more effective when tied to clear objectives.

2. Track and Analyse Expenses

Understanding where your money goes is vital. Track all expenses, no matter how small. Categorise them into fixed (rent, salaries) and variable (utilities, supplies) costs.

Use accounting software to automate this process and reduce human error.

Review regularly:

Analyse your spending patterns monthly or quarterly. Identify areas where you can cut costs or optimise spending. Regular expense tracking ensures your budgeting in business stays accurate and adaptable.

Pro Tip:

Use historical data to forecast future expenses. This helps you prepare for seasonal fluctuations or unexpected costs. Knowing your spending trends enhances control over your finances.

3. Create a Realistic Cash Flow Forecast

Cash flow is the lifeblood of any business. A realistic forecast shows when money will enter and leave your business.

Include all income sources and expected expenses. This prediction helps you anticipate shortfalls and plan accordingly.

Why it matters:

A solid cash flow forecast prevents financial surprises. It ensures you have enough liquidity to cover day-to-day operations. Effective budgeting in business relies heavily on accurate cash flow management.

Example:

If you know a major expense is coming in a particular month, you can adjust spending in other areas. This proactive approach avoids cash shortages and keeps operations smooth.

4. Prioritise Essential Spending

Not all expenses are created equal. Identify which costs are essential for business operations and which are not.

Focus on spending that drives growth or maintains critical functions. Cut or postpone non-essential expenses during tight periods.

Evaluate ROI:

Assess the return on investment (ROI) for each expense. Prioritise high-ROI activities like marketing campaigns that generate leads or equipment upgrades that boost efficiency.

Budgeting in business becomes more impactful when resources are allocated wisely.

Key Areas to Prioritise:

Payroll and essential staffing
Marketing efforts with proven results
Product development
Maintenance of critical infrastructure

5. Monitor and Adjust Your Budget Regularly

A budget isn’t static; it’s a dynamic tool. Regular monitoring and adjustments are crucial. Compare actual performance against your budgeted figures.

Identify discrepancies and adjust as needed. This flexibility helps you respond to unexpected challenges or opportunities.

Stay proactive:

Review your budget monthly. If you’re consistently overspending in a certain area, investigate why. Maybe costs have increased, or perhaps there’s inefficiency.

Adjust your budget to reflect these changes. Continuous monitoring makes budgeting in business more resilient and accurate.

Use technology:

Leverage budgeting software to streamline this process. Many tools provide real-time updates and automated reports. This technology helps you make data-driven decisions quickly.

The Importance of Budgeting in Business

Effective budgeting ensures you allocate resources efficiently. It minimises financial risks and maximises profitability. Without a budget, businesses can easily overspend or miss opportunities.

Proper budgeting in business helps set clear financial priorities and keeps operations running smoothly.

Key Benefits:

Financial Control: Keeps track of income and expenses.
Strategic Planning: Aligns spending with business goals.
Risk Management: Prepares for unexpected challenges.
Performance Measurement: Helps assess financial health and progress.

Common Budgeting Mistakes to Avoid

Mastering budgeting requires avoiding common pitfalls. Here are a few mistakes to watch out for:

Underestimating Costs: Always factor in potential price increases or hidden fees.
Ignoring Cash Flow: Profit isn’t the same as cash flow. Ensure you have enough liquid assets.
Overestimating Revenue: Be conservative with income forecasts. Unrealistic expectations can lead to shortfalls.
Failing to Involve Teams: Include department heads in the budgeting process. They offer valuable insights and ensure buy-in.

Avoiding these mistakes strengthens your approach to budgeting in business and improves financial outcomes.

Implementing Budgeting Tools

Technology simplifies the budgeting process. Numerous tools help businesses create, track, and adjust budgets. Look for software that integrates with your accounting system. This integration saves time and ensures accuracy.

Top Features to Look For:

Real-time expense tracking
Customisable reports
Forecasting capabilities
Multi-user access for collaboration

Implementing these tools streamlines your budgeting in business and enhances decision-making.

Conclusion:

Mastering the art of budgeting in business isn’t just about numbers. It’s about setting clear goals, tracking expenses, forecasting cash flow, and continuously adjusting.

These five tips will help you build a strong, flexible budget that drives success. Stay proactive, use technology, and prioritize essential spending.

With effective budgeting, your business will thrive financially and strategically.

If you found this article helpful, consider reading more here.

BUSINESS

Top 7 Hidden Business Opportunities In Nigeria

Published

4 weeks ago

November 25, 2024

Adaeze Okechi

Business Opportunities In Nigeria | fab.ng

The economy in Nigeria presents abundant hidden business opportunities for savvy entrepreneurs. Business leaders can build sustainable ventures that generate significant profits by exploring these emerging sectors.

From renewable energy to agribusiness, various business opportunities in Nigeria await those willing to innovate. Entrepreneurs who invest in niche markets, such as waste management or digital services, can tap into unmet needs and create impactful solutions.

Understanding local challenges helps identify business opportunities in Nigeria that address critical issues like energy shortages and waste disposal.

For instance, affordable solar energy solutions can offer substantial returns while improving lives. Similarly, the growing demand for e-commerce and logistics presents fertile ground for digital entrepreneurs.

Strategic investments in the right sectors not only maximize profitability but also drive social and economic growth. By capitalizing on these hidden gems, entrepreneurs can turn potential into success stories.

Exploring and seizing business opportunities in Nigeria today ensures a strong foothold in tomorrow’s competitive market.

1. Renewable Energy Solutions

Nigeria faces frequent power outages, creating a demand for alternative energy sources. Investing in solar and wind energy solutions for homes and businesses presents a profitable opportunity.

Entrepreneurs can offer affordable solar panel installation, maintenance services, and off-grid power solutions. The sector benefits from government incentives and a growing push towards renewable energy adoption.

2. Waste Management and Recycling

With Nigeria’s rapid urbanization, waste management remains a significant challenge. Recycling businesses focused on plastics, paper, and metals can transform waste into valuable products.

Opportunities also exist in e-waste recycling and organic composting. Innovative waste collection and sorting services can address the country’s environmental needs while generating income.

3. Agribusiness Ventures

Nigeria’s agriculture sector offers diverse opportunities, from crop and livestock farming to food processing. High-demand crops like cassava, rice, and maize present profitable ventures.

Poultry and fish farming also show significant potential. Processing agricultural products, such as turning cassava into flour or palm oil into packaged goods, adds value and opens export opportunities.

4. E-commerce and Digital Services

Online shopping is booming in Nigeria, particularly in urban areas. Entrepreneurs can tap into niche markets like fashion, electronics, and groceries through specialized e-commerce platforms.

Logistics services, mobile payment integration, and customer education initiatives further enhance this sector. Digital marketing and affiliate marketing also offer lucrative avenues.

5. Health and Wellness Industry

The growing health-conscious population creates demand for fitness centres, organic foods, and wellness services. Establishing gyms, offering personalized training, and selling natural supplements can be highly profitable.

There is also a rising interest in alternative medicine and skincare products based on natural ingredients.

6. Real Estate Development

Nigeria’s real estate market thrives due to rapid urbanization. Affordable housing projects, commercial spaces, and hospitality services are in high demand.

Entrepreneurs can focus on developing residential properties or managing commercial facilities. Property management services for landlords and tenants are also valuable.

7. Educational and Skill Development Services

With a growing youth population, educational services are crucial. Opportunities exist in vocational training, online learning platforms, and tutoring services.

Training programs for high-demand skills like coding, digital marketing, and entrepreneurship can address skill gaps and attract a broad customer base.

These hidden opportunities offer promising avenues for entrepreneurs in Nigeria. By addressing existing challenges and leveraging emerging trends, businesses can thrive in this dynamic market.

Check out more articles on business here.