http://www.smallafricanbusinessnetwork.com/

Small African Business Network, 19a, Milverton Road, Ikoyi, Lagos (2026)

11/01/2021

What do people say about your business when you aren’t there? Think about it for a minute. Was it hard to imagine? Do people hiss when they think about your or when someone else talks about it or do they give glowing adorations and sing your praises to high heavens? How many times have you said that you ‘loved’ a product or brand?
According to , founder of Amazon.com, “your brand is what other people say about you when you’re not in the room” and people’s responses to your depend on how you treat them. The truth is: # Branding isn’t just about the logo, it’s also about the personality of your business. It speaks volumes about who you are, where you are going, and why people should love you.
So, how do you develop your brand? The first step is to understand your vision. What is the change you want to see in the world, and why do you get out of bed in the morning to do what you do? If you know where you're going, it will help you get there, and also help other people understand and buy from you.
The second step is to identify your USP. What makes your different from others? What is the value you provide to your customers that they don't get from your competitors? You need to find these power(s) and wield them.
The third and most important is your customer experience. Do your customers leave happy, sad, gloomy or angry when they deal with you? Do they keep coming back to buy from you or never come back after a first purchase? How do you deal with them when they are angry? Do you interrupt or speak rudely or do you let them talk, listen and politely solve their problems? Are you or not? All of these and more are what contributes to how your perceive your brand.
Want more ? Follow this page for more tips on how to make your business grow.

08/01/2021

At the beginning of #2020, many had set for their . Sadly, struck and a lot of were forced into the corner. If you are one of such businesses or you were able to pivot and keep your business afloat, today’s post is on how to manage your especially during the .
To help your business increase its cash flow, we’ll be sharing three important principles you should follow:
i. Reduce costs as much as possible. If you’re a small business owner, we are sure that rethinking your business finances was probably one of the first things you did even the pandemic struck. For example, can you find an alternative, less expensive ways to deliver your products to your customers? Or do you have to cut off air conditioning and make do with fans? It’s important that you audit your and downsize where necessary to prevent negative cash flow.
ii. Prioritize generating cash over making a profit. Profit is total sales minus the total cost of producing those goods (your variable costs). Profit doesn’t equal positive cash flow and, remember, what you need right now is cash.
iii. Empower your team. As a business owner, now is not the time to hide in your office—or behind your laptop screen at home. It’s time to step up and lead—by empowering your employees to step up as well. How can you achieve this? Be transparent about your real business metrics and what you need to achieve. If you are open about what needs to happen to keep the business afloat—and about your cash flow goals, in particular—you communicate how much you respect and trust your employees, and you empower them to work together to address those goals.
To give yourself the best chance of surviving COVID-19, stay optimistic and focused, be clear about your business goals, have a financial plan in place and don’t take your eyes off that all-important cash flow. You’ve got this!
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06/01/2021

We’ve all been there. We wanted to start a and told our friends, families, mentors and acquaintances about it. We listened to tons of recommendations only for them to backfire at us. Here are some of the worst we’ve heard:
i. Do what you love. The truth: Just because you love doing something doesn’t mean that others will find it helpful or necessary. And if no one buys what you’re selling, then doing what you love won’t really get you anywhere.
ii. If you build it, they will come. Truth: Building an offering doesn’t mean that you’ll actually attract any customers. If you don’t do the research and find a market for your product or service, you very well could be in for a shock.
iii. The customer is always right. Truth: While the customer is right at times, they aren’t always right. For example, if you’re constantly giving discounts or changing your services/products every time a customer makes a demand, you could be hurting your and your bottom line.
iv. Never turn down a paying . Truth: Not everyone is your customer. Know this and know peace.
v. Quit your day job. Truth: If you’re just starting, it may very well be in your best interest to keep your while building a business.
vi. Stay away from saturated markets. Truth: While that is true to an extent; you can start a business in an established market as long as you have at least one unique thing that sets you apart from your
vii. You can do everything yourself. Truth: You don’t know it all. And while you might not have the money to hire at the beginning, you can outsource some tasks to
viii. Stick to your plan. Truth: While a is important; sometimes things change, and you should be able to adapt your plan to those changes.
We are sure we could fill up a dictionary about gone wrong, but we’d take a pause here today. Have you ever read or been given the wrong advice? What happened? What lessons did you learn? Talk to us in the comments section below.

04/01/2021

TALK WITH SOMEONE WITH A SUCCESSFUL FINANCIAL HISTORY

To attain your desired , you need to identify someone who has done well with their and spend time asking questions, just like career .
You are probably wondering, “Why can’t I employ the services of a ”, right? The truth is that some financial planners will give you poor advice in an attempt to make money off of you.
Advantages of talking with a successful person in your network
i. They can help you break down what they did to get there.
ii. They can help you put strategies in place to achieve them
iii. They can help you identify attainable financial goals.
I’m positive you already have a successful person in your mind who you would like to talk with. HOLD ON, you can’t go for that meeting UNPREPARED. Do your homework and think through questions to ask to get the best out of the meeting.
Here are a few areas you need to cover.
1: How to develop strategies to achieve your financial goals.
2: and managing your money.
3: Identify long, medium and short-term goals.
4: Developing an
Tell them you admire them and would like to learn from them. You will be surprised at how much you’ll learn from them in an hour or less.
Follow this page for more tips on ways to grow financially.

31/12/2020

All geared up with a whole year to go! Happy New Year 2021.

25/12/2020

Keep calm and have a merry Christmas...

16/12/2020

The good news is that anyone can start a business. The bad news is that starting a business that grows and generates revenue isn’t easy. So, whether you intend to start a or you’re a who is thinking of an expansion, here are top resources that you need:
i. Get the necessary business knowledge: Business knowledge, before you start or while expanding your business, is very important. While you don’t have to school at Harvard (unless you can afford it), you can gain knowledge on sites such as Udemy, Masterclass, Skillshare, Alison and the likes.
ii. Analyse your strengths and weaknesses: When creating your business plan or tweaking it to suit your expansion model, one of the first steps we recommend is that you do a frank assessment of your skills. For example, if your business is internet-based and you have no idea about website development, the right thing to do is to hire a company to design and maintain your website.
iii. Find enough capital: Unless you have deep pockets or you’ve been saving up for a very long time, then you need finance to start or expand your business. To get started, you will need to use your personal savings or sell some of your assets or remortgage a property. Most times, investors want to see that you’ve invested your funds into your business before they do.
iv. Get business support: Since no one is an island, it would be wise to have a good support system. A good support system could be from your home, family, friends, business circle or mentors.
Before you start your business, ensure that all of these resources alongside your commitment and determination are in place, as they would be the foundation for a successful business.

16/12/2020

Are you still using a personal account for your business? PLEASE STOP!

Whether you work from home or your small business is gradually becoming a multi-million one, there are numerous reasons why mixing your business and personal funds is the biggest mistake you could ever make.
Yes, we know that you think that the thought of having two bank accounts seems inconvenient; but take a look at the consequences of what you might be doing:
i. Mixing your small business banking with your personal expenses can create a confusing trail on your account statement. So, whether you prepare your tax return or use an accountant, messy record keeping will cost you time, money, and possibly missed deductions.
ii. It shows a lack of professionalism: If a client asks for your account number, an invoice or asks you to send a check and they see you using your personal account as opposed to a business one, you’re sending them the wrong signals. They could think that you aren’t a serious business venture.
iii. Auditing issues: Have you ever thought of what might happen if the government can’t get a clean audit report from you? What happens if the tax board can’t get an accurate, complete, permanent and clear record of your company’s income and expenses? Your guess is as good as ours...Your business can be sued for a variety of offences; one that could lead to the demise of your business.
iv. Tax nightmare: When the tax board come calling and you have to declare income and expenses related to your business, all of your personal transactions will have to be separated from your business transactions. It will be a time-consuming nightmare if you have to go through every transaction and receipt to separate business from personal.
Looking for resources that can help you start, grow and expand your ? Follow us for more tips.
businessowner

16/12/2020

Business is Value. Money Follows Value.

How do you define value? Can you measure it? How do you value a business? These are some of the questions we ask who come to us for consultation either before setting up their businesses or for expansion reasons.
For starters, are your products and services actually worth to customers? Does your business solve their pain points? And while solving the pain points of its customers, is your business making money? Is it generating employment?
While you don’t have to hire tons of people like the big boys do; but from the you hire, the DM closer, the assistant or receptionist, the delivery man, the office staff or employee (s), the cleaner, the gateman, the mechanic who repairs your delivery truck or bikes – what you’ve done is to create employment – and that also is value!
Listen! As earlier said, is your making money? While it’s okay to follow your passion and turn what you love doing into a business, that business must be making money also. Your business must have value. And apart from the other good things that setting a small business does for you and the economy, the major rule you should follow and always remember is the of your business.
So, does your business have value? The truth is money only follows financial value. If you are currently stuck with making progress with your business and want to see a positive transformation, send us a DM today.

16/12/2020

Networking is not about collecting contacts

When people hear of , what comes to mind is that you attend an event, party or conference or any gathering and you begin to distribute your and collect same as if you’re distributing a souvenir? Is this you? You better come down from this table.
The first and most important rule of networking is you have a network of people not because you need them now but because of the future. Read that again. So, if you meet Mr XYZ at a gala today, you have his contact and keep him in your network because of future reasons.
The second rule is to always follow-up with your network. So, if you meet someone at an event, don’t collect their business cards or numbers only to leave it packing dust on your shelf or in your purse and bag. Follow up with them a day or two after the event and mention who you are and what you discussed about so that they easily remember you.
The third rule is to not network but . Sounds surprising? You shouldn’t. Most times, people attend an event simply to NETWORK and not build relationships. And that is very wrong. Genuine people can spot or smell a fake from afar. Meet people because you like them and because you share the same values or beliefs. Nobody likes to be used. Don’t be a USER!
The fourth rule is to listen. When we speak, we share what we already know. When we listen, we learn. Being a good listener is not optional; it is required to build new relationships. When meeting and communicating with new people, we often unintentionally interrupt or cut off someone we just met. Learn to be a .
And finally, choose quality over quantity. This is our favourite because it’s better to meet 3 to 5 solid people at an event and have them in our network than to greet tons of new faces. The only thing you’ll end up with at the end of the day is lots of business cards. Always choose quality over quantity.

16/12/2020

AN INVESTMENT IN KNOWLEDGE PAYS THE BEST INTEREST!
“If you want to invest in something with minimum risk and a guaranteed big return, invest in knowledge”
Why is investing in knowledge so important?
This is because it allows you to become the best version of yourself- financially and mentally.
You can and become a master of your craft by simply investing in a little more knowledge.
You are probably wondering how you can invest in knowledge? Relax, we’ve got you.
Here are 3 ways to invest in knowledge.
1: Start Reading: is an awesome way to increase your knowledge and expertise. Books give you the power to explore new things and believe in yourself. and successful businessmen and women always recommend reading books.
2: Start Attending Seminars/Conferences: Attending , seminars, or conferences provide learning, networking, and .
3: Develop a New Skill: When was the last time you learned something new? Learn a new language, take an advanced degree, take a certification, learning a new musical instrument, driving, etc- all are valuable investments.
is a lifetime process. There’s always room for new skills. Don’t let anything hold you back, invest in knowledge today and earn high-interest tomorrow.
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10/10/2020

Happy mental health day.

Small African Business Network

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