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10 Ways to Use your Phone as a CRM Tool

10 Ways to Use your Phone as a CRM Tool

What is a CRM Tool? A Customer Relationship Management (CRM) tool is essential for fostering business growth. It enables businesses to effectively manage conversations and relationships with clients, ensuring alignment with expectations and the development of strong, positive business relationships. However, for the Nigerian business person, CRM tools can be both expensive and cumbersome, especially when considering that customer footfall might not always justify investing in the latest and most robust industry software. In my experience, a practical approach is to recommend starting with the use of mobile phones. By adopting effective note-taking and sales habits, individuals can take the initial step of utilising their phones as a makeshift CRM tool. The advantages of using a mobile phone for this purpose are noteworthy. It provides a cost-effective solution, particularly for those who may find traditional CRM systems financially challenging. 10 Ways to Use your Phone as a CRM Tool Here are some suggestions on how your mobile phone can be effectively used as a CRM tool to grow a business: 1. Contact Management: Use the phone’s contacts and address book to organise client information. Categorise contacts based on their importance, potential, or specific business criteria. One trick I do is to include notes on where I met people, the specific business or social context, and outstanding action items or agenda that we have in common. 2. Calendar and Reminder Functions: Leverage the phone’s calendar and reminder features to schedule follow-ups, meetings, and important dates related to clients. This ensures timely engagement and prevents missed opportunities. 3. Note-Taking Apps: Utilise note-taking apps or even simple text messages to record important details from client interactions. This helps in creating a comprehensive record of conversations and key points. 4. Communication Tracking: Keep track of communication history by using messaging apps or call logs. This allows for a quick reference to past discussions, making future interactions more informed and personalised. 5. Task Management: Use the phone’s task management apps to create to-do lists and set priorities. This helps in staying organised and ensures that critical tasks related to client management are not overlooked. 6. Email Integration: Integrate email accounts with the phone to manage client communication effectively. Respond promptly to emails and use folders or labels to categorise and prioritise messages. 7. Customer Segmentation: Group clients based on common attributes using features like contact groups or labels. This aids in targeted communication and allows for a more personalised approach. 8. Document and File Storage: Utilise cloud storage apps such as Google Drive or Dropbox to store important documents related to clients. This ensures easy access to necessary information, even when on the go. 9. Social Media Monitoring: Monitor and engage with clients on social media platforms through mobile apps. This helps in staying connected and understanding client preferences and behaviors. 10. Regular Backups: Ensure regular backups of important client data on the phone to prevent data loss. Use cloud services or other backup solutions to secure valuable information. Conclusion The beauty of adopting this approach is that individuals who become accustomed to managing their client relationships using their phones and establishing good habits can seamlessly transition to more comprehensive CRM solutions as their business grows. This initial step not only facilitates effective client management but also sets the foundation for a smooth integration into more sophisticated CRM tools. Also read: Leveraging Technology to Grow Your Business

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Choosing the Right Business Name

Choosing the right business name is one of the most important decisions that an entrepreneur can make. A business name is not just a label; it is a representation of the brand and its values. It can influence how customers perceive the company and can even impact its success in the long run. Therefore, it is crucial to put careful thought and consideration into selecting a business name. The first step in choosing a business name is to brainstorm ideas. This process should involve considering what the company does, its target audience, and any unique qualities or characteristics that set it apart from competitors. The goal is to come up with several potential names that accurately reflect the brand’s identity. Once a list of potential names has been compiled, it’s time to start narrowing down options. One important factor to consider when choosing a business name is whether or not it’s easy to remember and pronounce. A complicated or difficult-to-pronounce name may be hard for customers to remember or share with others, which could hinder word-of-mouth marketing efforts. Another important consideration when choosing a business name is whether or not it accurately reflects what the company does or offers. For example, if a company specializes in landscaping services but chooses a generic name like “ABC Company,” potential customers may not immediately understand what services are offered. It’s also important to ensure that the chosen business name isn’t already trademarked by another company. Conducting thorough research on existing trademarks can help avoid legal issues down the line. Once several potential names have been narrowed down based on these factors, entrepreneurs should consider conducting market research before making their final decision. This could involve surveying potential customers about their thoughts on different names or testing out different options through social media ads or other marketing efforts. Ultimately, entrepreneurs should choose a business name that they feel confident about and proud of – one that accurately represents their brand identity and values while also being memorable and easy for customers to remember. There are several different types of business names that entrepreneurs can choose from. Some opt for descriptive names, which clearly state what the company does or offers. For example, a landscaping company might choose a name like “Green Thumb Landscaping” to convey its services. Others may opt for more creative or abstract names that don’t necessarily describe the company’s offerings but instead evoke a certain feeling or emotion. For example, a clothing brand might choose a name like “Wildflower” to convey a sense of freedom and individuality. Another option is to use personal names as part of the business name. This can be particularly effective for professional service providers such as lawyers or accountants who want to establish themselves as experts in their field. Using personal names can also help create a more personal connection with customers. Ultimately, there is no one-size-fits-all approach when it comes to choosing the right business name. The most important thing is to carefully consider all options and choose a name that accurately reflects the brand identity while also being memorable and easy for customers to remember. In conclusion, choosing the right business name is an important decision that requires careful consideration and research. Entrepreneurs should take into account factors such as ease of pronunciation, accuracy in describing services offered, uniqueness compared to competitors, trademark availability, and customer perception when making their final decision. Ultimately, selecting a memorable and meaningful business name can help establish brand identity and contribute to long-term success in today’s competitive marketplace.

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Taking Your Business to Global Markets

Taking your business to global markets is a crucial step towards achieving success in today’s competitive world. With the advent of technology and globalization, businesses have the opportunity to expand their reach beyond their local markets and tap into new customer bases worldwide. However, expanding into global markets requires careful planning and execution. The first step towards taking your business to global markets is conducting thorough market research. This involves identifying potential target markets, understanding their cultural nuances, and analyzing the competition. It is important to understand the needs and preferences of customers in different regions before launching any products or services. Once you have identified potential target markets, it is important to adapt your products or services to meet local demands. This may involve making changes to packaging, branding, pricing, or even product features. Adapting your offerings will help you stand out from competitors and increase your chances of success in new markets. Another key aspect of taking your business to global markets is building strong partnerships with local distributors or suppliers. These partnerships can help you navigate complex regulatory environments and gain access to local networks that can help you establish a foothold in new regions. Finally, it is important to invest in marketing efforts that resonate with local audiences. This may involve creating localized content for social media platforms or partnering with influencers who have a strong following in specific regions. In conclusion, taking your business to global markets requires careful planning and execution. By conducting thorough market research, adapting products or services for local audiences, building strong partnerships with local distributors or suppliers, and investing in localized marketing efforts – businesses can successfully expand their reach beyond their home market and tap into new customer bases worldwide.

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Business Ownership in Nigeria

Introduction This article explores business ownership in Nigeria specifically matters such as ownership and control, succession, taxation, charitable giving (CSR), public accountability, internal reporting, and registration requirements. Is a business owner the owner because they are the owner i.e. because they contributed the main capital? What is (are) the limits of business ownership and how do you thrive in Nigeria owning a business? Before we continue, I must mention that there is no best ownership type/structure. What you might get is how to determine what’s best for you (including your peace or better still your mental health and emotional balance) and your business – survival and sustainability amongst others. Business Ownership Types in Nigeria First, the fact that you proposed a business does not make you the overall boss. Also, your significant financial contribution does not automatically confer ownership. Business ownership in Nigeria has many dimensions, and ownership implications change with peculiar situations and decisions. Before I delve into the specific implications, I will quickly highlight the business types in Nigeria: Considerations Founders want to know which business ownership type is preferable. Like I earlier mentioned, the most appropriate business type for you may change with time, location, and capacity of the business. For example, a merger or an acquisition potentially changes a business’ structure. You should consider the following when deciding what business structure to run with: 1. Funding consideration Your funding decision will significantly influence the type of structure to start with. There are basically two funding models – debt and equity. But you might say, I have gathered enough personal savings and donations to start – it is still debt since we hold a business as a separate entity to its owner(s). This position is limited with respect to sole proprietorship and unlimited partnerships in some situations. If you decide to start with your personal savings, it is okay to consider a partnership or a private company structure. I intentionally omitted sole proprietorship, because I believe it is best to share risk even if it comes with its own risks too. Considering equity? It means you are going for a company structure where other people can be part-owners with you and enjoy some levels of limited liability. Currently, in Nigeria, an individual (one person) can register a private company. 2. Liability Risk Preference There are many business risks, but here I highlight liability risk. You should understand your risk preference as it helps you stand in the face of liability. Basically, there are two extremes – risk averse and risk takers. It has been argued that all entrepreneurs are risk takers because they take some levels of risks. While this is true, be true to yourself and know your limits. Sole proprietorship structure exposes you to significant liability risks in the event of total loss of personal property or your inability to pay bills, which may even lead to bankruptcy. Partnership structure minimises liability risk, while company structure eliminates the risk. It is best to use your risk score to determine which structure to start or run with. The good thing about business structures in Nigeria is that you can cross-carpet after meeting certain regulatory requirements. 3. Ownership Goal Depending on your personal and/or family considerations, you might desire that ownership revolves within the family. For such desires, a partnership or private company structure are good options. If you do not mind allowing “outsiders” to have a stake in the business, partnership or private company options are good too. I must quickly add here that ownership is different from management. Many people fear that if they are not practically involved in the management of an enterprise, their stake could diminish. While this can be true, you can own stakes in an organisation and not be directly involved in its management but can appoint managers to carry out your strategic objective. 4. Tax Consideration Currently in Nigeria, sole proprietorship and partnership structures are not taxable, but their owners and partners are liable to Personal Income Tax (PIT). In addition to the PIT, such structures would also pay Value Added Tax (VAT) on taxable goods and services acquired. To shield your business from tax exposure, you may want to consider structures immune from taxes and grow from there. I must mention as well that small companies are sort of immune from some taxes that bigger companies must pay. There are also some tax incentives such as siting your business in a Free Trade Zone (FTZ) and/or applying for a pioneer status amongst other opportunities. 5. Survival and Sustainability I usually advice owners of family business to consider transitioning to company structure when the arrowhead of their business is retiring without an interested family member. For example, a great educational facility might go extinct if none of the children of the Proprietor is willing to take over leadership of the school. In this case, the family can decide to transition to a company structure and allow capable hands to manage the business while the family interest is protected by ownership. 6. Profit Taking Entrepreneurs may be interested in causes other than profit. For such causes such as health, art, or education, a business owner may wish to establish a not-for-profit entity. This implies that a private company structure limited by guarantee may be a good option. However, if the motive is profit-making, then other structures are the way to go. 7. Public Accountability Having public accountability implies that a reporting entity is required by Law to publish its financial statements and make it public. The Securities and Exchange Commission (SEC), Corporate Affairs Commission (CAC), Nigerian Exchange Group (NGX) and other agencies of Government have powers to sanction erring companies – companies required to but who refuse to make their financial statements public within the stipulated timeframe. All publicly listed companies have public accountability. However, I must note that there are limitations to the public accountability rule. For example, Pension Fund Administrators (PFAs), most of who are private companies, must make

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Defining Your Business Hypothesis

“No business plan survives first contact with customers” – Steve Blank, Silicon Valley entrepreneur. The lean startup movement, pioneered by Eric Reis, is an approach for dealing with the inherent uncertainty in entrepreneurship. It is particularly well-suited to early-stage startups when: The starting point of the lean startup approach is the creation of a Minimum Viable Product or MVP. The MVP allows you to go to market and test the response of the market to your product and/or service. The MVP could be a physical product, software, or service. How to Define Your Business Hypothesis The form of the hypothesis is as follows: I believe [target market] will [do this action/use this solution] for [this reason] Hypotheses are usually based on assumptions. You need to isolate the most important assumptions for your product and/or service and test them first. Based on the work of Tom Eisenmann of Harvard Business School, assumptions fall into four key categories. Each category could give rise to several business hypothesis as follows: 1. Customer Value 2. Technology and Operations 3. Sales and Marketing 4. Finance and Profit As a team, consider each assumption and rate them: Select the assumptions with the highest scores as your key assumptions and hypotheses. Once you have identified your most important assumptions and hypotheses, you need to conduct preliminary experiments.

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Cyber-attacks: What, Why & How

In Q4 of 2021, there were an astonishing 1,353 cyber-attacks weekly in Africa, in comparison to an average of 925 cyber-attacks in the world.  Cyber-attack is a form of digital assault using computers, networks, or devices with access to the internet; directed towards other computers, networks, or devices with access to the internet which threatens public safety, national security, and economic security. Cybercriminals usually compromise systems and steal financial, property, and/or intellectual property such as business or customer financial details, sensitive personal identifying information, customer/employee emails, databases, and so on.  As internet penetration is increasing, and more and more people are interconnected through the digital world, there is an increase in cyber-attacks. Examples of typical cyber-attacks are email compromise, identity theft, ransomware, phishing, online predators, and espionage. These attacks damage computer hardware and network, give unauthorized access to data, and in some cases physically harm people.  In order to protect your business or yourself, it is important to have a comprehensive security plan and infrastructure that offers protection. Out of 182 countries, Nigeria ranks 47th on the 2020 Global Cybersecurity Index with about 84.76% of measures taken to ensure protection. Mauritius, the highest-ranked in Africa and the 7th ranked in the world, has taken about 96.89% of measures to ensure protection.  So what exactly can be done to protect yourself? Use strong passwords that are reviewed and changed at least quarterly  Update your software frequently and/or have automatic updates activated  Turn on and use multi-factor authentication Apply firewalls and IPS Have segmented networks Be cautious before you click on links or download attachments  Most importantly educate yourself, your family, colleagues about cybersecurity Most cyberattacks come from email compromise, if the email sounds too good to be true, it probably is, therefore do not click nor download, just hit delete.  Contact Versa Research your trusted data, research & consulting partner! References https://techpoint.africa/newsletter/techpoint-digest-236/?utm_source=mailster&utm_medium=email&utm_term&utm_content&utm_campaign=techpoint Africa digest https://preview.mailerlite.com/t8e9n4e2t5/1862154675466279540/l5f7/ https://www.fbi.gov/investigate/cyber https://www.ibm.com/topics/cyber-attack https://www.nibusinessinfo.co.uk/content/reasons-behind-cyber-attacks https://guardian.ng/technology/nigeria-lags-behind-mauritius-ghana-others-in-cybersecurity-ranking/

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How to Bridge the Skill Gap in Nigeria

What is Skill Gap? Skills Gap Analysis is a method of determining which skills and knowledge gaps exist between the workforce system in Nigeria and its students of higher learning. On a general note, the disparity in skills of a job candidate and what employers demand takes its root from primary through the secondary and higher education system. It is obvious that students are not armed with the skills for real-life experiences but are made to focus on a memorization learning technique which most times is disappointing as they seem to be taken unawares when plunged into the workforce. Such a technique is insufficient as oftentimes they seek to memorize excellently in order to get desired grades rather than getting armed with the knowledge for practical application. It is obvious that from this technique, hands-on activities, brainstorming and other real experiences are obstructed. There is no doubt that this divergence has been in existence for years but it is becoming alarming, Hence, the pressure on employers to do more with the little they can get from employees. Higher education, according to data, is not effectively preparing students for work situations. Therefore, research has proven the need for an upskill in educational contents, concepts and curricular activities. Why is there a Skill Gap? It is understandable that the school system is a primary determinant of the skills gap in Nigeria by expensive fees, discrepancies in curriculum and deficiency in skills acquired in relation to what is required – other systems contribute to this gap such as the government, immediate society and direction of the economy. Advancement is inevitable, therefore, new fields have been created, technology has advanced in the society meanwhile, learning paths have not been upgraded. The administrative economy has a role to play in the increased rate of unemployment due to lack of jobs created in relevant fields. Increase in skilled jobs has also contributed to the skill gap in Nigeria where a high skill is required for a role not necessarily requiring the qualifications and abilities demanded for. How to bridge the Skill Gap? Skills commonly lacking include verbal communication, writing, problem solving, critical thinking, human relation, and time management, teamwork, good judgment, financial management, leadership, decision making and intelligence quotient. In bridging skill gaps in higher institutions in Nigeria, the above skills will need to be integrated in the system. It is important this be done to bring the realness of the workforce system even while still in school. Other ways of bridging skill gap include: Training on general and specific fields. Skill prediction and workforce insights through job fairs and exhibitions. Redesigning outdated curriculums to flow with advancement in the workforce system. Goodness of bridging Skill Gap Projected insight into the job markets. Increased chances of excelling in employment Individual development for a greater good and beyond job environments. Innovation

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Why You Need to Invest in Women-Owned Startups

Irrespective of the industry, establishing a new business is not an easy feat as it comes with a lot of challenges ranging from hiring the right team to maintaining the right customer base. Forming the right team is critical in business, especially for start-ups. Over the years, most businesses have been prejudiced in their workforce selection as they fit only men in  management and relegate women to menial and insignificant roles. However, in recent times women have risen to occupy managerial roles and they have been very effective at it. We now have women-owned start-ups rising except for some constraints which affect their growth. Most times, these constraints depend on the region of the start-up, hence, its is advisable to set up women owned businesses in environments favorable to it. In 2020, during the covid-19 outbreak, several firms incurred losses, the female owned businesses were hit hard and consequently there was a significant drop in financing. Though not everyone’s firm suffered equally, the share of “dollar to women founders” fell drastically by 0.5% from 2019 to 2020. Investors generally have more faith in men-owned businesses than women because they believe men have been in the business of managing enterprises and so they are skilled. Also, there’s an unfounded belief that women are prone to exaggerate their estimates when given opportunity to start a business. But we believe that female financing would get better if there is an increase in female investors. Entrepreneurs typically do not start a business until they are in their late 20s, about the same time as women begin their families, and combining both responsibilities can be a challenging feat. Regardless of the possible constraints to supporting women, there are still tangible reasons to invest in women-owned start-ups and they include: Start-ups are delicate, they need vigour fuelled into the business to keep through the growing stage which is usually not an easy one. By nature, the emotional IQ of women is such that it is resilient. Women are meticulous beings and have the ability to multitask. These qualities keep businesses going and productive; investors are usually drawn to progressive start-ups. As the business progresses, operations begin to level up, ideas start to take root, some even take a new turn. This calls for flexibility and women are wired to be adaptable. Apparently, it fits the gender personality and such business would thrive in their Women are good at yielding returns for a business as researches have proved it that female founding businesses turn in more revenue than male founding businesses. According to research, women have better understanding of unmet needs and so know how to channel the products and services to the right target of a business opening up huge business prospects. Other researches back this up that women-owned businesses return twice as much as the dollar invested, companies with female leadership have a nearly 3% greater return on equity. On the argument of balancing work and family life, most women entrepreneurs have found solutions to balancing the responsibilities from these ends. And they tend to give their best to ensure a great return on investment. In conclusion, gender disparity should not be a barrier to harnessing the best a business can while in operation because when a business thrives, it contributes to the development of the economy.  

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How to Structure African Startups to Go Global

Africa has recently made significant progress toward realizing its ambition of being a launching pad for most startup businesses. However, Africa’s track record of maintaining and ramping up startups is a different tale. Only few African startups with global impact exist on the continent, the most stemming from the tech industry. In comparison, the Western and Eastern part of the world have countless businesses with global reach which the African continent is a major customer to. Taking an example from the tech space, China boasts of more than 100 pillar startups, the United States can boast twice the count of China. In contrast, African startups with recognition and financial power are few and there are at most a quarter of other continent’s counts. According to Statista (2020), African startups are emerging massively with Nigeria predicted to have over 3,300 startups as at 2020, the largest number in Africa. Following that, in the same year, South Africa and Kenya recorded roughly 660 and 600 startups, respectively. It is evident the African continent is charging up for a universal value creation. Moving startups beyond Africa to meet customers on a global scale requires startup entrepreneurs to put in conscious efforts that will achieve this goal. This is necessary due to existing factors such as migration of native Africans to other continents, needs common to many irrespective of race and color and the need to put Africa at the top of productive continents. The methods to structure African startups for global takeover can be categorized in channels, value and investment strategies. Channels (Mediums) Strategy Utilize tech solutions: There is barely an impact desired lately that does not introduce the role of digitalization. Embarking on a global quest without a remote strategy will result in slow impact and oftentimes costly processes but the involvement of tech in startup activities make operations more efficient and effective from the point of showcasing its solutions to delivery of value to customers. Value Strategy Create a global product: People buy products that satisfy their needs. African startups should envisage offering solutions that go beyond its immediate region as there are demands for solutions across the globe. Bear in mind that target markets are widely spread across the globe. Potential customers could be anywhere be it the least region to the greatest region. Giving value to regions with needs peculiar to proposed value: Unique to some regions are lifestyles, fashion, beliefs people are comfortable with. Therefore, A startup that seeks to expand its customer base can create value that will meet the particular region according to their lifestyle and culture. Seek for areas in need of what a startup has to offer. Removing the “African” clause: On a global level, there is room for cultural diversity and universality. The “African” clause here is holding up to the ideology that a business must stem, build its team, grow and die in Africa alone without spreading it to the world. This way, the African potential resides only within the continent but an expansion to other continents put up African startups for a show. It is important that African startups accommodate international collaboration and publicity. Relationship Strategy Seek international support: Business networking is a powerful tool that helps spread businesses. This technique is tested and proven reliable even in the conventional pattern of running businesses. Power of “Word of Mouth” spreads businesses faster. Likewise, establishing relationships with international and united bodies gives the opportunity to sell business solutions to immediate networks who in turn share to their own network thereby, bringing more customers. Investment (Financing) Strategy Level up through the series of startup funding: In the phases of startup thriving, there are series of its funding and investment sourcing staging from Series A to Series B to Series C. Each stage has requirements peculiar to investors/sponsors, startups excelling through each process demands improved efforts as this strategy is usually competitive. Only a small percentage of African entrepreneurs make it past the Series B investment level which takes a toll on revenue generated through capital investors. African startups can sign up for global investment slots, grants and sponsorship that will expose them to a wider customer base every time they pitch solutions.

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