Business – Blog

Effective strategies for scaling your business

CRENOV8 — Sun, 02 Jul 2023 19:30:16 +0000

Scaling a business refers to the process of growing and expanding its operations to accommodate increased demand, reach new markets, and increase profitability.

Scaling requires careful planning, strategic decision-making, and effective execution.

Here are some effective strategies to consider when scaling your business:

Clear Business Strategy: Develop a clear and well-defined business strategy that outlines your goals, target market, value proposition, and competitive advantage. This strategy will guide your scaling efforts and ensure alignment across all aspects of your business.

Scalable Infrastructure: Evaluate your current infrastructure and ensure it can support growth. This includes having scalable technology systems, efficient processes, and a robust supply chain. Anticipate future needs and invest in infrastructure upgrades or automation where necessary.

Market Expansion: Identify new markets or customer segments to expand your reach. Conduct market research to understand customer needs and preferences in different regions. Adapt your products, services, and marketing strategies to cater to diverse markets while maintaining your core brand identity.

Strategic Partnerships: Collaborate with strategic partners to leverage their expertise, customer base, or distribution channels. Partnerships can help accelerate growth and open doors to new opportunities. Consider alliances with complementary businesses or forming strategic alliances with larger organizations.

Digital Transformation: Embrace digital technologies to streamline operations, improve customer experience, and scale efficiently. Invest in e-commerce platforms, customer relationship management (CRM) systems, data analytics tools, and digital marketing strategies. Leverage automation and cloud-based solutions to optimize processes and drive scalability.

Talent Acquisition and Development: As you scale, attract, and retain top talent to support your growth. Build a strong company culture that attracts high-performing individuals who align with your values and vision. Invest in training and development programs to enhance the skills of your employees and equip them for future challenges.

Financial Planning and Funding: Develop a comprehensive financial plan that accounts for scaling costs, such as marketing, infrastructure upgrades, and talent acquisition. Explore funding options, including loans, grants, venture capital, or strategic investors. Regularly monitor your financial performance and adjust your plan accordingly.

Customer Focus and Retention: Prioritize customer satisfaction and retention. As you scale, maintain a customer-centric approach by continuously listening to customer feedback, addressing their needs, and delivering exceptional service. Invest in customer relationship management systems and implement loyalty programs to foster long-term customer relationships.

Continuous Innovation: Foster a culture of innovation within your organization. Encourage employees to contribute ideas and experiment with new solutions. Stay abreast of industry trends, technology advancements, and evolving customer needs to proactively adapt and innovate.

Monitor and Evaluate: Implement robust measurement and tracking systems to monitor key performance indicators (KPIs) and evaluate the success of your scaling efforts. Regularly review your strategies, identify areas for improvement, and make data-driven decisions to optimize scalability.

Remember that scaling a business requires careful planning, resource allocation, and flexibility. It’s important to assess risks, maintain agility, and adapt your strategies as needed to ensure sustainable growth.

Read more on Crenov8:

Effective talent management and employee retention strategies

Fostering Strategic Conversations to help organizations improve their business strategies

Six practical strategies for fostering innovation and development

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The Top Ten Largest Industries in the World in 2022

CRENOV8 — Wed, 11 May 2022 07:14:35 +0000

The largest industries in the world are those that provide necessary goods and services to better the lives of billions of people.

Despite rising at a slower rate than before the pandemic, the global economy is expected to increase by 5.5 percent in 2021, according to the IMF.

We have seen how the economy has grown over the last decade as a result of developments in several fields, including technology, scientific knowledge and healthcare, and industrialization.

The world’s largest industries drive the economy and employ billions of people around the globe.

The top ten largest industries in the world in 2022 are as follows:

1. E-commerce.

E-commerce industries worldwide reached 4.9 trillion US dollars in 2021, and this figure is expected to climb in the future years, reaching 7.4 trillion US dollars by 2025.

2. Construction.

Since 2015, the construction industry has grown at a compound annual growth rate of 7%.

From US$10.4 trillion in 2017, the global construction industry is predicted to climb to US$12.4 trillion in 2022.

3. Financial Services.

At a cumulative annual growth rate (CAGR) of 9.9%, the global financial services market is predicted to increase from $20.4 trillion in 2020 to $22.5 trillion in 2021.

The financial services market is expected to grow at a CAGR of 6% to $28.5 trillion by 2025.

4. Real estate.

The annual compound growth rate (CAGR) for the global real estate market is predicted to increase from $3386.11 billion in 2021 to $3741.06 billion in 2022.

5. Insurance.

Insurers saw their premium collections slacken and sales fall once the covid-19 hit the globe. In the future years, we can expect growth of 13 to 20%.

As the insurance business recovers from the global coronavirus (COVID-19) pandemic, the global insurance market is expected to rise by about 13% from 2020 to 2021, reaching slightly over 5.5 trillion dollars.

6. Information technology.

When the world was hit by the health and financial crises because of Covid-19, IT sectors helped organizations thrive.

At a CAGR of 10.3%, the IT industry is estimated to reach $13,818.98 billion in 2026.

7. Telecommunication.

Because of the tremendous demand for 5G networks and internet connectivity, this trillion-dollar industry is growing at an alarming rate.

From 2021 to 2028, the worldwide telecom services market is predicted to develop at a compound annual growth rate (CAGR) of 5.4 percent.

8. Automobile production.

Manufacturing restrictions caused by the coronavirus pandemic caused a 21% drop in the automobile manufacturing industry in 2020.

2021’s global vehicle manufacturing market was valued at 2.7 trillion dollars.

9. Exploration and production of oil and gas.

The global oil and gas exploration and production business is expected to grow at a 25.5 percent compound annual growth rate.

In 2022, the global oil and gas exploration and production market will be worth $5.0 trillion in revenue.

10. The food industry.

The worldwide food and beverage market is expected to increase at a CAGR of 6.2 percent.

The global market for food and beverage services is predicted to rise from $3.2 trillion in 2021 to $3.7 trillion in 2022, according to the Food and Beverage Services Global Market Report for 2022.

Which is better when inflation rates are high on investments? Hedging or Protecting?

Arjun radeesh — Mon, 20 Jul 2020 06:53:42 +0000

The value of money often shrinks whenever there is an inflation. In such case, investors need to find a way to manage the situation accordingly. This is vital to sustaining one’s investments and return on the investment.

Prices of household’s items change in due course due to inflation and to understand the importance, its necessary to know how the inflation is measured in every country. Investors need to be ready to fight inflation as with the requisite knowledge; wealth erosion could be easily avoided, and investment could be protected.

Now let us have a check on how to rid out inflation as an investor and the best possible methods:

Investing in Bullion/Commodity Markets

Precious metals such as Gold and Silver often outperform inflations and they are hedge for any investor against the skyrocketing prices. These are readily available in tradable forms and possessing a considerable amount of gold could have their own risks. These are also available through stock exchanges as gold bonds or as exchange-traded funds (ETFs).

Investing in Real Estate

During a scenario of inflation every product and service prices in the market would increase, so as with properties. Once you purchase a property at a fixed interest rate, every year, a small amount needs to be paid, which is a win-win situation when the property prices increase.

Invest in Inflation-Linked Bonds

These are government treasury bonds issued which provide a consistent return irrespective of the level of inflation in the economy. The prime objective of these bonds is to safeguard investors form a macroeconomic risk. If you are an anxious person, upon owning something of this sort would make you relaxed. Due to the reduced uncertainty, these are popular long-term investment vehicle for institutions.

Sometimes not all securities would be favorable to beat inflations. Investing in equity could help one way, especially in cases where prices increase naturally during inflation situations. Nowadays, healthcare companies and commodity firms have a favorable stand on healthy profit margins and low cost of production.

Never underestimate dividends during the times of inflation, as dividends have a specialty of increasing the total returns over a portfolio.

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Business Personality of the Week – Patrice Motsepe

CRENOV8 — Tue, 07 Jul 2020 05:28:43 +0000

Patrice Tlhopane Motsepe is our Business Person of the Week. He is a South African businessman that deals in gold, metals and platinum.

He got exposed to the mining industry while growing up as a young boy. His father had a shop that was frequently visited by mine workers. Patrice bagged a Bachelor of Arts degree from the University of Swaziland and a law degree from the University of Witwatersrand.

He specialized in mining and business law, which gave him entrance into the mining industry. He founded Future Mining in 1994, the same year Nelson Mandela became the first black president of South Africa. His company offered contract mining services for the Vaal Reefs Gold mine.

In 1997, Patrice took a bold step to purchase gold mines from AngloGold in bid to repay the debt out of future earnings. AngloGold sold the mines for $7.7 million, allowing Patrice to refund the debt when able. He renamed the company to African Rainbow Minerals which bought over and operated several mines in South Africa. He Rainbow Minerals with Harmony Gold Mining Ltd and listed it on the JSE in 2002 after remaining it to ARMgold.

Patrice has served in several executive boards. He served as Chairman of Teal Exploration and Mining Incorporated, Sanlam Ltd., and Absa Group, to mention a few. He equally founded several other companies, including Ubuntu-Botho Investments; African Rainbow Capital which owns shares in more than 40 companies; and Mamelodi Sundowns FC, a Premier Soccer league.

Today, Patrice is recognized globally as an African billionaire businessman. He received South Africa’s Best Entrepreneur Award in 2020. In 2004, he was recognized on the list of Great South Africans by the South African Broadcasting Corporation. Patrice was named South Africa’s richest man in 2012. He is also a member of the Giving Pledge which commits half of his wealth to charity.

More on Crenov8:

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Business Personality of the Week- Arif Amiri

CRENOV8 — Wed, 22 Apr 2020 09:37:00 +0000

Arif Amiri is our Business Person of the Week. He is the CEO of Dubai International Financial Centre (DIFC), a free trade zone that houses blocks of residential and office complexes.

He holds a Bachelor’s degree in Aviation Business Administration from the Embry-Riddle Aeronautical University, Florida. He also obtained a post-graduate diploma in Organization Behaviour and Marketing Strategy from the University of Cambridge, Dubai.

In his capacity as CEO, Arif is in charge of the operational functions at DIFC. He set up 2024 Strategy and other initiatives to further position DIFC as the leading financial hub in the Middle East, Africa, and South Asia. Arif is so passionate about conversations around the future of finance. This is reflected in his commitment to innovate DIFC for economic diversification.

Before joining DIFC Authority, Arif was Chief Commercial Officer at Emaar Properties, as well as CEO of Emaar Retail. He also held strategic positions at HSBC Bank Middle East and was once Chairman of the Middle East Investor Relations Society.

In all, Arif has a track record of implementing a number of initiatives for the organizations he has worked for. He significantly grew the business portfolios of these companies throughout his tenure.

More on Crenov8:

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How Startups can Achieve Productive Remote Work Despite Covid-19 Outbreak

CRENOV8 — Wed, 08 Apr 2020 03:30:48 +0000

The recent outbreak of Coronavirus has led several companies to work remotely. High-profile tech companies such as Google, Apple, and Microsoft were the first to instruct employees to adopt the work-from-home policy. The ban on large gathering and social distancing have made it necessary for startup communities to work remotely.

Remote work is not entirely new to the startup communities as early-stage startups already work on shared networks. However, the question remains – how can a startup achieve productive work amid the Covid-19 outbreak?

Here are what you need to do:

Set up a make-shift workplace from the very first day of working from home.

Maintain workplace etiquette, for instance – never eat on your table.

Use collaborative tools to execute projects from different locations, such as Microsoft teams, Google Doc, Slack, Microsoft Outlook and an Enterprise Resource Planning management software.

Wake up in the morning, have your bath and prepare for work. This is psychological and helps you maintain a balanced work culture.

Observe breaks and stroll around your work station to relieve stress, as well as back pain.

Conduct full-disk encryption to ensure that even if the device falls into the wrong hands, the company’s data is secured.

Log out from a shared network when not in use, both at home and in public.

Do not click on unrecognized links – some of them could be malware and ransomware.

Never leave the device unattended or on public display, especially within reach of children.

Limit the use of external devices such as USB and hard drives.

Remote workers need to communicate often and report any suspected security breach promptly.

Staff can communicate using tools such as Microsoft Outlook, Slack, Zoom, Microsoft Teams or any other preferred channel.

Create a daily to-do list to help track progress. Most companies use tracking software to estimate the duration of an assigned task.

Remove distractions from your work environment and stay focused.

Leverage web conferencing apps like Zoom to hold virtual meetings.

Endeavor to break the entire workforce into teams and assign team leads to take account of the work process. The team lead should ask questions like;

What did you do yesterday?
What will you do today?
Have you encountered any difficulty in the course of working remotely?

These questions will help staff members remain productive while working from home. Remote work, when appropriately managed, will help staff maintain a healthy work-life balance.

Finally, don’t forget that remote work can be quite boring. Introduce non-work related video chats to help everyone stay connected and build closer relationships with each other. Use this medium to educate team members about health and safety measures to take.

Take a deliberate approach to communicate as often as you can with team members.

Most importantly, you can choose to picture Covid-19 as a tremendous opportunity to enhance the culture within your startup community. To that end, check-in with your teams regularly, share business updates, take feedback and making adjustments where necessary.

More on Crenov8:

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10 Simple Ways to Navigate Your Business during these Turbulent Times.

CRENOV8 — Wed, 25 Mar 2020 10:40:37 +0000

These are unprecedented and uncertain times. The whole world is in a frenzy. One Virus, multiple deaths, several cities on lock-down, a lot more impending cases; looming fear all over the world. The economic fallout from COVID-19 is already being felt, and economists predict those affects will only continue. We are not here to push an agenda of fear. We’re here to provide guidance and insight where we can during this sensitive and difficult time.

We understand that keeping your business afloat during tumultuous global events can be a tightrope walk. You don’t want to say or do the wrong thing, but you also want to reach out to your customers. If you’re attempting to navigate this delicate balance right now, here are ten things to keep in mind when marketing during a crisis:

Empathize Deeply with Your Customers

In these times, you need to put yourself in the shoes of your customers, which isn’t that difficult right now. So many are glued to the news in fear. Just about every company is issuing a statement about this crisis. Now that you have empathized with your customers, you can help ensure they actively hear and receive your messaging positively. In short, given this climate, you must understand your customer’s current state (emotional, economic, etc.) and empathize deeply with them.

Address Your Customers’ Concerns– Put them first

Marketing and selling during a crisis is trickier and more delicate, but the best practices and underlying principles remain the same. You still need to determine your customers’ needs (overall and, especially, relative to the problem you solve). And you still need to address those needs in your messaging. Now is not the time to put your needs before theirs. Rather, put your customers and their well-being first in your messaging. Consider what value you can provide in order to be most helpful.

Plan to Be Helpful, Not Opportunistic

After you’ve empathized and addressed your customer’s needs to message towards, you’re ready to send out messaging from your brand. But, before hitting “send,” you’ll need to organize your specific strategy. Because the crisis is happening right now, you do need to move quickly, but ensure you’ve thought how your communications will be received. The last thing you want is to be perceived as insensitive and/or profiteering from a global hazard such as we currently face.

Set Reasonable Expectations, and Constantly Communicate

Many businesses have been directly affected by this pandemic. Some have even shut down operations and sale this period. Even if you haven’t been forced to actually close your doors, it’s a good bet you’re feeling the ripples of this global event. It’s a time of uncertainty for you, but it’s also equally confusing for your customers. They likely have questions about how your business has changed, if at all, and they want to know what to expect in the coming weeks and beyond. It’s your job to keep them informed by maintaining open lines of communication. This is an opportunity to deepen customer relationships long after this crisis has passed.

Nurture One-to-One Communication Channels

One-to-one communication channels include the following:

Email
Facebook Messenger

Instagram
Website chat (if relevant)
Video Conferencing
Text messaging (this might or might not be appropriate for your customer base)

Regardless of what platform or combination of platforms you use for direct customer communication, you need to be put in extra time, effort, and manpower into minding those channels. Direct communication can alleviate frustrations surrounding uncertainty or unanswered questions and using your customers’ preferred modes of communication increases the likelihood they’ll receive the messages. Your customers will also appreciate receiving communications in the way they want. Therefore, it’s important to think through how you’ll contact your client base. A text message could be the best way to reach a customer, or it could be viewed as intrusive and too personal. Know what works.

Consider Your Virtual Options

Being forced to close your doors temporarily due to the pandemic can seem like the worst possible outcome. With a little creative thinking and a bit of technology, though, you might be able to offer some of your services virtually. By hosting online workshops, webinars, online courses, and other types of virtual events, you can provide your clients with a valuable service—without the risk of group activities.

Depending on your business model, this could even open up new avenues of opportunity that last beyond the crisis. For example, your business could create virtual communities to keep your regulars connected to the business.

Produce More Content Now; You have time.

As employees are pushed to remote work and lots of meetings are being cancelled, many business owners are finding extra time in their schedules. This is a golden opportunity to produce more new content for your company.

Does this sound familiar: I’d love to revamp the website or to put out more blogs, but there just aren’t enough hours in the day. If you’ve suddenly found more hours in your day, content production is an excellent and productive use of that time. You could get your employees to do same as the situation calms eventually.

Community Building; Think about the people, not the Crisis.

This crisis is an opportunity to think beyond your own business. Think of the world, see how you can help. In the wake of social distancing, building community support online is critical. In communities across the nation and globe, people are hurting. For those who’ve been infected, they’re sick and battling to recover. For the elderly, disabled, or otherwise vulnerable communities, food and supply shortages are hitting them hardest. This is the time for your business to deliberately connect to your existing and target audiences through virtual community building and help alleviate some of these problems. This exemplifies the utility of messaging for the greater good.

A Little Charity Goes a Long Way; Give!

We’ve seen it time and time again. Periods of adversity can bring out the best in many. Genuine compassion and altruism tend to emerge in trying situations. As just one great example, check out what chef José Andrés is doing.

If you’re at all in a position to help others, acts of charitable giving and goodwill can help you build social equity. As more people are staying home and scanning social media, these charitable acts are getting noticed and shared even more than they would otherwise. You can use the increased social awareness to help make a more significant difference felt and seen in your community.

Don’t Wait to Respond; Add Value to the Conversation

This situation is unfolding before our eyes. Your customers are concerned and afraid right now, and they want answers right now. If you have valuable messaging that can provide guidance, insight, or direction, don’t be afraid to step up and share it. If you’ve put in the appropriate forethought and strategy, your customers will only appreciate the open lines of communication and your dedication to them through this tough chapter.

Take these as guidelines and tailor your messaging to be compassionate, impacting, and producing long-term results. Please let us know if we can help you. We’re genuinely available and interested in doing what we can to support you. Above all, stay safe. This too shall pass.

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Covid-19 Top Safety Precautions for Employees

CRENOV8 — Wed, 18 Mar 2020 15:23:59 +0000

The global Covid-19 pandemic has resulted in the abrupt shutdown of several companies. Many organizations are instructing their employees to work remotely to avoid the spread of the virus. There is a high chance to contract the virus through interactions with infectious people and contaminated work environments. It takes healthy employees for business to continue as usual. This is why you should take the following safety precautions to avoid undue exposure to the virus.

Wash your hands with soap and water for at least 20 seconds. Do not share your colleague’s phones, desks, laptops, and other work tools if possible.
Use alcohol-based sanitizers that contain at least 60% alcohol.
Avoid touching your face with unwashed hands.
Avoid close contact with sick people and don’t come to work if you feel unwell
Maintain social distancing of at least six feet when relating with colleagues or conducting business transactions with clients.
Eat healthy food in a hygienic environment Use video conferencing apps to avoid unnecessary travel.
Self-quarantine for 14 days at home and seek immediate medical attention if you recently traveled.
Do not visit overcrowded areas and adhere to safe work practices.
Avoid shaking hands and hugging co-workers or clients.
Always keep clutter free and decontaminate your work environment, and clean up the restroom before and after use.
Endeavor to follow respiratory etiquette when coughing and sneezing.

These measures will only lower the risk of contracting the virus, but it is best to isolate infected people from the workplace. Employers should also sensitize employees on occupational safety and Personal Protective Equipment (PPE). The provision of face masks, tissues, and sanitizers will limit the spread of respiratory droplets.

Finally, always remember that you are accountable for your personal hygiene. Buy your personal sanitizers in situations where your organization did not provide. You have the right to take sick leave when you feel unwell. Your health is your first priority, before anything else.

Written By:

Joy Ejere Uche

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Pitching Equal Opportunities for Women in Corporate Organization

CRENOV8 — Sun, 08 Mar 2020 06:35:25 +0000

Gender diversity is the solution for organizational success. Diversifying the roles will create a more leveled ground for collaboration, and increased human resources productivity. Although it takes more than motivation to overturn decades of systematized inequality, we can lend our voice to encourage the few already in line for that position.

Women have to be encouraged to apply for leading positions in the workplace. They need to chase their dreams and build careers in men-dominant spheres. They need to measure their worth with their career level and begin to earn as much as men in the same role. They need to occupy more seats in the boardrooms and public offices.

Never again will it be said that the role of a woman is in the kitchen. Today, women go to work dressed in long-sleeved suits and standing tall in silhouettes. They have left behind the days of “be seen and not heard” to take up critical roles in corporate organizations.

The journey to the corporate world did not start in a day. It took generations of resilient women who lent their voices for the rights of today’s working-class woman. Those women, who against all odds rose against the norms of her day and insisted on the right of her unborn. Women who grew tired of the ordinary and dared to step outside the boxes of societal laws.

These were the days of the real feminists, as far back as the women’s rights movement of the 19th century where women fought to claim their freedom from suppression. Women campaigned for their right to vote, to hold public offices, to be educated, to be healthy, and to be free from sexual violence and more. To date, women all around the world are still fighting for their rights, especially for equal pay with their male counterparts.

Although not completely bridged, the gender disparity gap is no longer as far apart as before. Today’s society expects that women work like they don’t have children and raise their children as though they don’t work. Some employers don’t understand women’s peculiarities – their mood swings, their cramps and the struggle to maintain a work-life balance, or the pressure to be both a wife at home and the best performer at work. Until the anatomy of a woman is put into consideration, society will not fully understand the need for equality in the workplace.

In commemoration of the International Women’s day 2020, we at Crenov8 support equal opportunities for women in corporate organizations. We believe that there is more a woman can achieve if she is given equal chances.

Happy International Women’s Day!

Written by:

Joy Uche

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Business Personality of the Week- Olubayo Adekanmbi

CRENOV8 — Wed, 04 Mar 2020 12:55:27 +0000

Our Business Person of the Week is Olubayo Adekanmbi. He is the Chief Transformation Officer at MTN Nigeria. He is a hands-on Data Scientist with a track record of conceptualizing and implementing the analytical strategy for MTN Nigeria.

Olubayo earned postgraduate education from several institutions, including the Columbia Business School, the University of Chicago Booth School of Business, University of Reading UK, INSEAD Business School France, Telecoms Training Institute, ETH Zurich, and Gatton College of Business and Economics, University of Kentucky.

He has previously worked as the General Manager for Business Intelligence, Chief Marketing/Strategy Officer, and Senior Manager for Business Intelligence for MTN Nigeria. Olubayo was one time Lead Strategist at MTN South Africa, Intelligence Director for MTN Business Group, Head of Customer Insight/Intelligence & Data Planning for Tequila 121 and Biomolecular Research Analyst/Brand Manager at UB.

He is also the convener of Data Science Nigeria, a non-profit organization that seeks to build a world-class Artificial Intelligence ecosystem. Olubayo is a leading expert in Data Science, Analytics, Business Transformation and Strategy with over 19 years of experience. His vision is to build an AI-centric society that effectively deploys Artificial Intelligence to solve local problems.

Olubayo believes that Nigeria’s youth population is a huge strategic advantage, especially in raising 1 million AI talents with globally relevant skills for economic development.

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