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Steps to developing a growth plan for your business

The best leaders have figured out how to overcome the complexity it takes to generate market growth. They have a growth plan.

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“Work smarter, not harder” has never been a more appropriate motto. Rather than being overwhelmed, the best leaders have figured out how to overcome the complexity it takes to generate market growth. They have a growth plan. Leaders must rethink how they source leads, manage pipelines, and harness their resources to grow their businesses more effectively.

Planning on a growth plan is one of the most critical components in today’s business world. After all, it is the only method available to create new opportunities, and new revenue in a systematic and sustainable manner. It is also one of the least understood.

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Business owners and leaders need to combat disruptive changes to grow revenue. They do this by developing growth strategies to concentrate scarce resources on the few options that matter. This is called a growth plan.  It is not a business plan. A business will not succeed or fail based on the information provided in a growth plan, but a growth plan will help a business become successful through focused planning and forethought on the only thing that matters for revenue generation – the customer.

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Here are a few things to consider in driving and developing a growth plan for your business:

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  • Your Business Goals: Well-chosen goals point a business in the right direction.
  • Your SWOT Analysis: Define your Strengths-Weaknesses-Opportunities-Threats (SWOT) for gathering, structuring and reviewing a snap-shot of the current situation, and future potential of your business.
  • Your Client Segments: Enables the concentration of resources on the target market to grow your business.

[READ MORE: Steps to investing]

  • Your Growth Strategies: Good strategy is about action. It provides a way through difficulty and/or maximizes a growth opportunity.
  • Your Objectives: Provides a measurement for each business goal.
  • Your Value Proposition: States why someone should pay attention to you – in the elevator, at a business conference or on your website.
  • Your Competitive Analysis: Shows how to gain competitive advantage in differentiating your business from your main competitors.
  • Your Digital Execution: Keep customers and prospects engaged by using Digital campaigns across selected platforms such as Facebook, LinkedIn or YouTube.
  • Your Tactics: Turn the plans into a coherent chain of few actions that make the difference in your strategy execution.

However, there are common mistakes you can encounter in developing a growth plan:

  • Not concentrating resources: A good sales strategy looks at all available resources and concentrates them on a few carefully chosen options, to move the market in your favour.
  • Failure to understand the customer: Even the largest companies cannot effectively compete in every market. By now, most leaders understand that segmenting the customers is vital.
  • Over-estimation of business development capabilities: In golf, knowing that we need to hit the fairway and hitting it are two vastly different scenarios. Similarly, it is easy to not fully grasp what it takes to execute the sales strategy once you have identified and secured access to the correct customers.  Invest in the business development skills of your front-line to convert the leads from the launch of your next new offering to obtain real results from executing your strategy.  Early success is also a terrific motivation tool – share this success.
  • Failure to get buy-in from the team for the sales strategy: Leadership embraces change readily; employees often fear it or fight it. True leadership requires getting buy-in from those you lead.  It will make your job easier when executing the sales strategy if you have engaged and aligned your team before you finalise your sales strategy.  Imposing a new strategy top-down is easy, but does not work unless you have buy-in.
  • Under-estimation of time requirements to effect the changes: Change is key for any business to remain relevant and grow. Change always takes time.  Ensure that you allow adequate time for the full impact of the sales strategy to be understood, and executed by your front-line.
  • Failure to orchestrate the plan for growth: World-class companies create culture for growth based on the long-game. They focus on the pivot role – first-line managers. They make business development a key priority.  They look beyond individual skills to develop organizational capabilities, enhancing customer-centric execution.  They invest more time in the field with customers.  They look beyond the short term profit by creating the correct tempo for executing the sales strategy.  This requires you to orchestrate your plan in many dimensions, with multiple stakeholders. The growth plan is only a starting point.
  • Not measuring the success of the growth plan: Once you have the growth plan in place and the new strategy has been launched, it is inevitable that conversations start to fade away after an initial burst of excitement and curiosity. A few months down the road and you have no idea if things are on track. Both quantitative and qualitative factors need to be used when measuring sales strategy execution – along with a clear focus on what defines success.  This work has to be done at the outset, before launching the new strategy.

(READ ALSO: Why having a growth plan is important for your business)

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In summary

Tactics are where the rubber hits the road.  Overloading on tactics can have a demoralizing effect as you end up not doing anything particularly well.

So how do you get it right?  By doing a quality check on the overall growth plan, you will be better suited to allocate your limited resources in an 80-20 manner to achieve your growth.

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Remember, with your growth plan, don’t try to do too many things at once. You’ll end up not doing any one thing particularly well. But with a more measured approach, you’ll know that you’ve forged the balance when each tactic is worth the cost to your resources.

Patricia
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Data war: MTN takes over, gains 1.7 million subscribers, as Glo outshines Airtel in June

MTN gained 1.74 million data subscribers in June against the 882,458 it recorded in May 2020.

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Data War: MTN edges our Airtel for first time in 5 months as 493,556 subscribers dump Glo, 9mobile , MTN is winning the data war, as 1.88 million subscribers dump Glo, 9mobile, Data War: MTN gains 8.18 million subscribers in 2019, as Airtel edges Glo, 9mobile

Although competition in the Nigerian telecommunication space has always been stiff, latest data seen by Nairametrics indicated that the competition is getting stiffer.

Telecommunications operators, especially in the data section, are giving each other a hot chase. Gone are the days when the biggest telecommunication firm automatically retains the top position. Recently, companies that were once described as fringe players are catching up really fast in terms of attracting new subscribers every month.

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For instance, in May 2020, Glo took other operators by surprise, dwarfing them to lead the chart as the telco with the highest number of subscribers in a month when it gained 8.302 million data subscribers. The indigenous telco grew from 28.934 million in December 2019 to 37.236 million by the end of May 2020, while MTN gained 4.75 million data subscribers. Airtel, which used to be the second-highest in subscriber growth after MTN, recorded 2.795 million. Unfortunately, 9mobile lost 812,827 subscribers within the same period.

MTN regains top position

According to data released by the Nigerian Communication Commission for the period ending June 2020, Nigeria’s largest mobile telecommunication company, MTN, gained 1.74 million data subscribers against the 882,458 it recorded in May 2020.

Also, at the end of June 2020, the total number of data subscribers on MTN data network rose to 60.60 million from the 58.86 million it recorded in May. This means the telco added 1.74 million data subscribers.

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Glo attracted more subscribers, outshining Airtel (subscribers base) for the first time in years

Despite a challenging year for Globacom in terms of its data subscriber base, the telco took industry watchers by surprise, as its subscriber base chased, met and overtook Airtel’s In June 2020.

For the first time in years, the once second largest telco (subscribers base) lost its position to the indigenous company as the latter increased its base from 34.24 million in May to 37.97 by the end of June 2020. The Indian-owned telco only managed to increase its base from 37.32 million to 37.57 million within the same period.

On the other hand, 9mobile ended the month without attracting any data subscriber. According to the NCC data, 9mobile continues its steady decline, as a total of 16,000 subscribers dumped the network for others when it fell from 7.26 million subscribers to 7.10 million within the same period.

 [READ MORE: MTN wins data war, as 1.88 million subscribers dump Glo, 9mobile)

In terms of market share, Glo is now trailing behind MTN, as the latter expanded its overall market share in June.

At the end of June 2020, MTN’s total data market share rose further to 60.60 million subscribers. On the other hand, Glo had 37.97 million, followed by Airtel’s 37.57 million and 9mobile’s 7.10 million.

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Internet remains slow in Nigeria despite the advent of 4G network

The advent of 4G/LTE in the global telecom industry was accompanied by the expectation of fast internet speed. The 4G is the fourth generation of wireless mobile telecommunications technology, succeeding 3G. Potential and current applications include amended mobile web access, IP telephony, gaming services, high-definition mobile TV, video conferencing, and 3D television.

While GSM companies continue to jostle for market share, it has often come at the expense of poor service and lack of accountability. Quite frankly, as an average internet user in Nigeria, one is usually left at the mercy of poor mobile internet services which frustrate one to seek limited alternatives.

Nigeria’s internet download speed remains among the slowest in the world, and while the telcos continue to rake in heavy gains from data sales, consumers continue to groan for lack of fast and affordable internet services.

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Oil and Gas companies revenues plummet by over N84 billion in 3 months

Revenue losses span across oil and gas upstream and downstream at levels not seen in recent years.

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COVID-19, Coronavirus, access bank mourns staff

Revenues of some of the major oil and gas companies quoted on the Nigerian Stock Exchange fell by about 38% in the second quarter of 2020 wiping out a whopping N84.7 billion from their topline revenues.

This is according to data compiled from the recently released results of the listed companies in the oil and gas sector. They include Mobile Oil (II), Ardova, Total, & Seplat, the only major oil and gas firms that have released their Q2 financials. Oando and Conoil, are yet to release their results. The data was compiled by Nairametrics Research.

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Total, Mobil, and Ardova are oil marketing companies while Seplat is into upstream oil and gas production. They are also some of the biggest oil companies listed on the exchange and in Nigeria.

The companies reported combined revenue of N135.6 billion in the second quarter of 2020 compared to N220.3 billion in the corresponding quarter of 2019. Revenue in Q1 was N219 billion. The Nigerian economy, particularly the oil and gas sector has been hit hard by the oil price crash and the COVID-19 pandemic and could be a major reason for the loss in revenues.

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The companies also recorded a combined loss before tax of N16.6 billion compared to N38 billion in pretax profits reported in the same period in 2019. The second-quarter losses compound an already bad situation for these companies after reporting a loss before tax of N28.7 billion in the first quarter of 2020. These companies have now seen a combined N45.4 billion wiped out of their profits.

Why the revenue drop?

A closer look at the data reveals most of the losses came from the oil marketing firms Total and Mobil. Over N56 billion of the revenue loss was between Mobil and Total. Seplat and Ardova lost just over N5 billion respectively.

A cursory review of their results suggests the companies suffered from a drop in demand for refined products such as fuel, diesel, and lubricants. Nigerians were mostly on lockdown throughout April and May before reopening partially in June and July. However, the damage had been done as adherence to safety procedures meant fewer people were commuting impacting heavily on sales.

Seplat was also hit by dipping crude oil prices and weak demand for its crude. Nairametrics reported back in April that oil prices at some point fell to negative territory as demanded waned globally.

Despite the drops, the companies continued to incur overheads and operating expenses which they could not entirely avoid despite the lockdowns. Gross Margins for the quartet fell by 61% year on year putting the companies on the path to losses.

Implication on the wider economy

A review of some of the results already seen by Nairametrics indicates nearly all sectors recorded revenue losses. This is also likely the same situation across the country as Nigeria awaits the second-quarter GDP numbers sometime this month.

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Though oil and gas firms faced a twin dose of a fall in crude oil prices and the Covid-19 situation, all sectors except for oil and gas and Agriculture sectors recorded high revenue declines. The companies under review last reported a similar drop in revenues and loss before tax in 2016 when Nigeria entered a recession.

The government is projecting a GDP contraction in excess of 3% and already reported a revenue shortfall of over 50% this year.

Fortunately, the companies still held a sizeable cash balance of N136.7 billion t the end of the quarter putting them in a position to weather the storm.

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COVID-19 Update in Nigeria

On the 2nd of August 2020, 304 new confirmed cases and 5 deaths were recorded in Nigeria.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 43,841 confirmed cases.

On the 2nd of August 2020, 304 new confirmed cases and 5 deaths were recorded in Nigeria, having carried out a total daily test of 2,175 samples across the country.

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To date, 43,841 cases have been confirmed, 20,308 cases have been discharged and 888 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 286,091 tests have been carried out as of August 2nd, 2020 compared to 286,091  tests a day earlier.

COVID-19 Case Updates- 2nd August 2020,

  • Total Number of Cases – 43,841
  • Total Number Discharged – 20,308
  • Total Deaths – 888
  • Total Tests Carried out – 286,091

According to the NCDC, the 304 new cases were reported from 15 states- Lagos (81), FCT (39), Abia (31), Kaduna (24), Rivers (23), Plateau (16), Cross River (13), Ebonyi (12), Ondo (12) Ekiti (11), Edo (11), Benue (10), Nasarawa (10), Ogun (6), Gombe (5).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 15,267, followed by Abuja (3,972), Oyo (2,768), Edo (2,311), Rivers (1,829), Kano (1,597), Delta (1,510), Kaduna (1,481), Ogun (1,403), Plateau (1,227), Ondo (1,204), Enugu (821), Ebonyi (808), Kwara (753), Katsina (745), Borno (613), Gombe (612), Abia (582), Bauchi (560), and Osun (553).

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Imo State has recorded 469 cases, Benue (356), Nasarawa and Bayelsa (339), Jigawa (322), Niger (223), Akwa Ibom (221), Adamawa (164), Sokoto (154), Ekiti (152), Anambra (135),  Kebbi (90), Zamfara (77), Yobe (67), Cross River (58), Taraba (54),  while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

 

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
August 2, 202043841304888520308226457
August 1, 202043537386883420287225677
July 31, 202043151462879119565227077
July 30, 202042689481878519270225417
July 29, 202042208404873519004223317
July 28, 202041804624868818764221727
July 27, 202041180648860218203221177
July 26, 202040532555858217374223007
July 25, 2020399774388561116948221737
July 24, 2020395395918451216559221357
July 23, 2020389486048332016061220547
July 22, 202038344543813815815217167
July 21, 202037801576805415677213197
July 20, 2020372255628011215333210917
July 19, 2020366635567891115105207697
July 18, 202036107653778614938203917
July 17, 202035454600772314633200497
July 16, 202034854595769914292197937
July 15, 202034259643760613999195007
July 14, 2020336164637541013792190707
July 13, 202033153595744413671187387
July 12, 2020325585717401613447183717
July 11, 2020319876647241513103181607
July 10, 2020313235757092012795178197
July 9, 202030748499689512546175137
July 8, 2020302494606841512373171927
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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