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Basic Strategies to Turnaround Your Broke Business into Millions

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Turnaround strategies for broke business

Going from millionaire to broke or success to failure as an entrepreneur is an intractable problem and the fact is there is no such thing as a silver bullet to this problem.

However, the good news is that it is not a problem that cannot be solved. There are strategies that has proven to work that can turn around your almost bankrupt business. These steps are time-proven strategy that has been employed by Warren Buffett and other leading investors worldwide such as Live Ventures, formerly known as LiveDeal Inc., in 2011, when the company nearly bankrupt and just days away from being delisted from Nasdaq

Read also: From broke to millionaire: 4 lessons a serial entrepreneur can teach us

First, you must prepare for negotiations like your career depends on it, because it does. “A complete review and thorough analysis of the other party is critical to the success of any negotiation. Information is power in this process. You need to know everything you possibly can about the people with whom you’re negotiating. Research them, review their website, past employment, social networks, press releases, press coverage, etc. The more you know about them, the greater your edge”.

Also be sincere, be honest and never lie.” Being honest is critical to getting what you want out of a business deal. Most people can see when you’re sincere. Developing a reputation for being honest will most certainly pay big dividends in the long run”.

“The first person to make an offer loses” is the biggest myth in negotiation strategy. “By being the first person to say a number that you think is outside the range of acceptance, you end up making the other side work harder to prove to you that their offer price is fair. By putting them in that spot, you control the negotiation and they now have the burden of proving to you that their position is worthy of your consideration”.

Read: 7 Important lessons i learned when starting my own business

Use every penny you have in the most effective and efficient way possible. “Nothing I’ve done would be possible without being meticulous about how every dollar is deployed. If you want to bring your company to scale, you must carefully calculate returns on investment, risk factors and cost benefits and weigh those against other opportunities that you may have. In our case, we focus on buying high quality companies run by excellent management teams. By far the most important factor in making a decision with acquisitions is its management team and historical financials. When it comes to finance, your past will tell me your future. It’s as simple as that. If a company is consistently profitable and growing its business, it’s likely a good candidate for acquisition. Show me the last five years and I can predict what the next five years will look like.

The most important thing to take away from this point is to be annoyingly meticulous about how you invest the capital you have in your possession. Every dollar needs a name and each investment should have some sort of history of being successful prior to your involvement”.

Finally, when it comes to management and hiring, hire slow and fire fast.” We’re always on the lookout for great people who can add value and aren’t just working with us for the paycheck. Passion is the most important quality we look for, and we rarely look at resumes during interviews. This is exactly what your mindset should be. Try to gauge the level of passion a candidate has. A nice glossy resume without passion is valueless to you unless you’re hiring them to write resumes”.

Read also: Passion is fuel for your business

Make your business greater and grow faster through utilization of solid business fundamentals. Think outside the box sometimes and make bold choices.

By Rebecca Essilfie

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Untrue Myths About What Makes A Successful Entrepreneur

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successful entrepreneur

It is without question that at the age 40 most people have already made their own family. And if you want to maintain a peaceful home you at least need to have an income or enough savings that will guarantee your family’s cost of living for the longest time possible. It is not impossible to put measures in place to start up your own business.

It is not your age: There is a philosophy that “a fool at 40 is a fool forever”. Is this true? Maybe, maybe not. A fool at every age can be a fool forever if you refuse to wise up and change. Well, sometimes it makes it easier when you are young and have less responsibilities. One very important quality that will help you as an entrepreneur is high emotional intelligence When you are 40 you are more likely to have enough of it than the young entrepreneur.

Related: 10 Bad habits that successful entrepreneurs avoid

It is not your working experience: When you are 40 you tend to have a lot of experience. That is not the most important factor that will make you successful as an entrepreneur. Your experience will not help if it didn’t wise you up. Take business advice from successful entrepreneur and read more about entrepreneurship. That will broaden your knowledge and lead you on the right path to becoming a successful entrepreneur.

Related:7 Morning habits that make you successful

Investors do not consider age as a factor to invest in your business: no investor would ignore the opportunity to invest in a business because the CEO is too old or too young. You have to be able to convince them that you know what you are about. You have to show them how committed you are to achieving your goal.

It is not money: the success of your business does not depend on the huge amount of money you invested in it. Effective and efficient management is what counts.

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Challenges And Prospects In Running A Small Business In Ghana

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small business in Ghana

Running a small business in Ghana comes with lots of challenges. Aside the fact that Ghana is a developing country, some businessmen and businesswomen perceive it as being characterized by ethnic and political discrimination. There is also the issue of price instability, resulting in comparatively higher inflation rate, which keeps reducing the purchasing power day by day, and increasing cost of operations as production inputs continue to rise steadily. Other challenges include high electricity bills and water bills,  business operating permit , income taxes and even bribery.

Challenges

Our economy is still a developing one. GDP growth rate has been low considering the capacity of growth. There is also low salaries which also leads to low disposable income. This is due to the fact that the government is the biggest employer in our formal sector. The local startup ecosystem still relies heavily on the support of the government and and to an extent, the benefits of urbanization.

Another challenge is registration and regulations. Majority of the workers in these government agencies are laid back in doing their jobs in comparison to workers of private companies. Therefore as a private business man, it is up to you to push very hard to get things done – in some cases offering tips to workers in order to receive basic services in a timely manner. If you are able to go past this stage, then the market is all yours to face. The organization of markets and industries itself present challenges (as well as opportunities) to all participants.

Also other major limitations are, the relatively low internet penetration, intermittent shortage in power generation and high electricity costs, and legislative supports, high level of corruption and limited access to VC and seed money.
However there are some few prospects you can focus on during your start and figure out ways to take advantage of them.

Opportunities in Ghana

Despite the seemingly endless challenges, there are also numerous reasons for anyone to start a small business in the country. Ghana presents a large youth population, gradual economic expansion and development, robust telecommunication infrastructure, abundant human resource, low wages among others. The legal system is one that is fast developing and presents numerous courts for redress. In addition, there is a generally supportive socio-political environment -one conducive for investors and entrepreneurs looking at doing business in Africa for the long-term

Attractive industries you can focus on include but not limited to tourism, media & entertainment, e-jobs, agriculture, manufacturing, financial services.

 

 

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These 5 Drawbacks Could be The Reasons Why You Are Not Hired

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why i was not hired

Statistics regarding unemployment worldwide is staggering. According to the Office for National Statistics UK, there were 1.42 million unemployed people (people not in work but seeking and available to work), 59,000 fewer than for April to June 2017 and 182,000 fewer than for a year earlier.

The shocking aspect is that there are lots of ‘qualified’ personnel out there who can fill the few vacancies available but due to a few errors, they always left frustrated.

I have outlined five reasons other than your qualifications why employers won’t hire you.

You Smell Bad

Recently there was an uproar in Ghana concerning a woman who died during a an interview session. Reports suggest the woman was extremely nervous and was sweating profusely throughout the interview process. Unfortunately, she couldn’t take the ‘heat’ and subsequently passed out.

Interviews can cause a lot of anxiety. It’s a bad idea to smoke in a bid to calm your nerves prior to a job interview. This can be a recipe for disaster. If you walk into the interview right after having that smoke, chances are that you are going to reek of smoke. That can be a turn off for many people.

The last thing you want to do in a job interview is give the employer a reason not to like you. The same goes for heavy cologne or perfume use. You never know who has allergies, sensitivities or simple distaste for the scent. Play it safe, go in clean and fresh. I always advise my candidates to go in smelling normal, Normal here, i mean smelling their usual self , avoiding the use of an expensive perfume or “Low class perfume”.. you can’t really tell which will give you away.

I have had candidates telling me how their expensive smelling perfume was the same the CEO was wearing and that sparked a connection right on the go, same scenario caused another candidate her Job, her future boss wasn’t ready to smell the same with with her Personal assistant. To avoid all these go in as you are , the smell from your body cream and bathing soap should be just fine.

But hey , it’s not really a big deal if you really technically qualify for the role, serious employers wont pay attention to that but rather help you become a better person if they smell something bad on you

Your Social Media Attitude

Social media is like a double-edged sword-it’s both useful and dangerous. Things that you publish has the potential to be broadcast to unforeseen audiences. Even if you have strict privacy settings, it is possible for someone inside your network to copy and share photos or posts.

Picture job searching as a two-way mirror. On one side, there’s you: a hopeful job seeker Googling everything and anything you can find out about your dream employer. And on the other side is your potential employer who can now look in every nook and cranny online to learn all about you.

You may be thinking: “Will companies really take the time to look at my social media accounts?” The answer? Absolutely. A recent study by the Society For Human Resource Management (SHRM) found that 84% of employers recruit via social media, and 43% of employers screen job candidates through social networks and search engines.

Employers will Google you and look you up on social media sites. We always do that , the first place i look for prospective candidate is Linkedin and then Google Search and Facebook.

On Linkedin I am interested in your Career Experience, your connections, Responsilibilties you played or is playing and then i look at the your recommendations from other Linkedin memeber. On Goolge search i am propbably looking to see your face, which is not really factor but i need to psych myself before our first meeting, so having a pictorial view of you set my mind at peace. I also look our for any links that has you mentioned in there, it could a bad press on you or a good one, all these will help me prepare well enough for our meeting. At times, i follow up links to see which sites it can be found, because i do more of digital media head hunting , most of the candidate i met have their own websites, blogs etc

Then i move on to facebook to check your social interactions, this really matters a lot to most clients and it is because modern companies are looking for team players, community builders, brand cheerleaders, influencers who can advocate for the brand they work with. How you interact with others on Facebook says a lot about you , The kind of comments you leave under people’s post and vice versa, the sort of media and   pages  you are interested in informs me a great deal of who are.

There have several instances where i had to print out a post a prospective social media candidate made just to discuss with him because i found it to very political and that was the same type of candidate the client wasn’t interested in. Eventually i couldn’t proceed to the stage stage with him due to the reason he gave me inferring from the post he did two years before our meeting .

In this era of slay queens and rogue display on social media, it’s paramount to ‘behave decently’ so you don’t mess up your chances of securing your dream job in the future.

You Don’t Do Any Research

You should have full knowledge about what your prospective company does. Employers want to hire candidates who know about their industry and its challenges, and who have thought about ways that they can contributed to the company’s success.

Imagine the interviewer asking you, “So, how can you solve some of our logistics problems?’ and you have no idea what the company even does, I’m not sure you would be called.

It’s always good to go the extra mile to know what the company does, and if you have any chance of knowing who your interviewer will be , the better . I have a personal experience where i researched on  a company before hand. I assumed the HR Manager, the CEO and the COO might be in the interview so i looked their names and profiles up on linkedin.

That gave me a deeper understanding of their experiences and possible expectations from me, the CEO was more interested in figures because he had an MBA in finance on his Linkedin profile and from his looks i assumed he would be in his early 50s and i was right- so i printed some of my past achievements showing clearly the metrics in bold ink – That is , the pageviews , facebook likes and enagements , then leads i have achieved in my current role – The COO  appeared more pragmatic to me so i knew i had to do alot of talking and scenarios to get my way through. This worked out very well for me and i ended  up avoiding the usual boring interview questions.

You’re Sloppy

Being sloppy goes a long way to reveal your personality.You have to proofread your resume and cover letter carefully.

Check for misused words, spelling mistakes and typos before submission otherwise you’ll appear as someone who doesn’t pay attention to detail, or you just don’t care that much. Any of those can keep you from being hired.

Mostly Candidate often think employers dont pay attention to resumes or don’t spend much time looking for some of these things. The thing is any employer who doesnt pay attention to details is sloppy and you will do just fine with him if you are sloppy yourself.

Recruitmrnts and Selection a serious business, take time to rework your resume for each role i mostly advise my candidates- avoid common typos

You’re Desperate

Yeah, I know you are desperate and want this job badly-but please maintain your composure. While it’s good to be enthusiastic about the role, employers are turned off by candidates who seem simply desperate for a job. It’s a fine line: you have to play it cool, but not too cool. Display confidence without being cocky.

 

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