“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.
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.
Here are a few things to consider in driving and developing a growth plan for your business:
- 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.
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- 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
COVID-19 Update in Nigeria
On the 2nd of August 2020, 304 new confirmed cases and 5 deaths were recorded in Nigeria.
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.
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).
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.
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.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|August 2, 2020||43841||304||888||5||20308||22645||7|
|August 1, 2020||43537||386||883||4||20287||22567||7|
|July 31, 2020||43151||462||879||1||19565||22707||7|
|July 30, 2020||42689||481||878||5||19270||22541||7|
|July 29, 2020||42208||404||873||5||19004||22331||7|
|July 28, 2020||41804||624||868||8||18764||22172||7|
|July 27, 2020||41180||648||860||2||18203||22117||7|
|July 26, 2020||40532||555||858||2||17374||22300||7|
|July 25, 2020||39977||438||856||11||16948||22173||7|
|July 24, 2020||39539||591||845||12||16559||22135||7|
|July 23, 2020||38948||604||833||20||16061||22054||7|
|July 22, 2020||38344||543||813||8||15815||21716||7|
|July 21, 2020||37801||576||805||4||15677||21319||7|
|July 20, 2020||37225||562||801||12||15333||21091||7|
|July 19, 2020||36663||556||789||11||15105||20769||7|
|July 18, 2020||36107||653||778||6||14938||20391||7|
|July 17, 2020||35454||600||772||3||14633||20049||7|
|July 16, 2020||34854||595||769||9||14292||19793||7|
|July 15, 2020||34259||643||760||6||13999||19500||7|
|July 14, 2020||33616||463||754||10||13792||19070||7|
|July 13, 2020||33153||595||744||4||13671||18738||7|
|July 12, 2020||32558||571||740||16||13447||18371||7|
|July 11, 2020||31987||664||724||15||13103||18160||7|
|July 10, 2020||31323||575||709||20||12795||17819||7|
|July 9, 2020||30748||499||689||5||12546||17513||7|
|July 8, 2020||30249||460||684||15||12373||17192||7|
|July 7, 2020||29789||503||669||15||12108||17012||7|
|July 6, 2020||29286||575||654||9||11828||16804||7|
|July 5, 2020||28711||544||645||11||11665||16401||7|
|July 4, 2020||28167||603||634||6||11462||16071||7|
|July 3, 2020||27564||454||628||12||11069||15867||7|
|July 2, 2020||27110||626||616||13||10801||15693||7|
|July 1, 2020||26484||790||603||13||10152||15729||7|
|June 30, 2020||25694||561||590||17||9746||15358||7|
|June 29, 2020||25133||566||573||8||9402||15158||7|
|June 28, 2020||24867||490||565||7||9007||14995||7|
|June 27, 2020||24077||779||558||4||8625||14894||7|
|June 26, 2020||23298||684||554||5||8253||14491||7|
|June 25, 2020||22614||594||549||7||7822||14243||7|
|June 24, 2020||22020||649||542||9||7613||13865||7|
|June 23, 2020||21371||452||533||8||7338||13500||7|
|June 22, 2020||20919||675||525||7||7109||13285||7|
|June 21, 2020||20242||436||518||12||6879||12847||7|
|June 20, 2020||19808||661||506||19||6718||12584||7|
|June 19, 2020||19147||667||487||12||6581||12079||7|
|June 18, 2020||18480||745||475||6||6307||11698||7|
|June 17, 2020||17735||587||469||14||5967||11299||7|
|June 16, 2020||17148||490||455||31||5623||11070||7|
|June 15, 2020||16658||573||424||4||5349||10885||7|
|June 14, 2020||16085||403||420||13||5220||10445||7|
|June 13, 2020||15682||501||407||8||5101||10174||7|
|June 12, 2020||15181||627||399||12||4891||9891||7|
|June 11, 2020||14554||681||387||5||4494||9673||7|
|June 10, 2020||13873||409||382||17||4351||9140||7|
|June 9, 2020||13464||663||365||4||4206||8893||7|
|June 8, 2020||12801||315||361||7||4040||8400||7|
|June 7, 2020||12486||260||354||12||3959||8173||7|
|June 6, 2020||12233||389||342||9||3826||8065||7|
|June 5, 2020||11844||328||333||10||3696||7815||7|
|June 4, 2020||11516||350||323||8||3535||7646||7|
|June 3, 2020||11166||348||315||1||3329||7522||7|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|