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Wishing you all the best this Season and forever.

The need for Branding

What is Branding? Branding is a collective consumers perception of product or services. The total Approach Brand management starts with understanding what brand really means. This starts with the leaders of the company who define the brand and control its management. It also reaches all the way down the company and especially to the people who interface with customers or who create the products which customers use. Brand management performed to its full extent means starting and ending the management of the whole company through the brand. It is simply far too important to leave to the marketing department. The CEO should be (and, in fact, always is) the brand leader of the company. Creating the Promise Creating the promise means defining the brand. A good brand promise is memorable and desirable. It cannot be effective if nobody remembers it, and is no good either if nobody wants it! A good brand promise evokes feelings, because feelings drive actions. Volvo offers feelings of safety. Mustang offers feelings of excitement. The promise must be unique and identified with you alone. Within an industry, promises can be very close, but if you want any hope of success, you must stake out the very specific territory of your promise and know clearly how it is different from the promises of other firms. The right promise is not just something you make up on a Friday afternoon. It comes through a deep understanding of your marketplace and your customers. It also comes from a deep understanding of the capabilities and motivations of the people in your company. Creating a promise you cannot consistently keep, year after year, is plain suicide. Making the Promise Once you have created the promise, the next (and not so trivial) step is to somehow inject it into the minds of your customers, your staff and everyone who receives anything from you or has any impact on what you deliver. This is where marketing people come in to display their ability. Although it is still not their sole preserve, a large part of marketing, which includes advertising and PR, is about positioning the company and its products in the minds of customers and against your competitors. Keeping the Promise Ah, now. Creating and making the right promise is one thing, but then; you have to keep it. If you do not, your brand will still exist, but now the promise will be of slipshod products and inconsistent delivery. Keeping promises means managing capability. It means consistent processes that are capable of delivering what is required. It means technology and systems which are reliable and usable. It means motivated people who are willing and able to deliver the goods. Coca-cola is the most valuable brand in the world, with the name alone worth billions of dollars. But why? What is a brand? A Brand is a Promise First and foremost, a brand is a promise. It says 'you know the name, you can trust the promise'. As all promises, it is trusted only as far as those promises are met. Trust is a critical first step and brands aim to accelerate that step by leveraging the implied promise of the brand. Perception When the brand messages in all their glorious forms reach the people standing in their way, the brand itself is starting to form. This happens in the perception that is created in the heads of both intended customers and innocent bystanders. It is as perceived by everyone who touches the brand in any way, whether from a lifetime’s experience or a brief third-hand mention from a passing stranger. Perception does not come clean and pre-packaged. We take direct experience and infer meaning by passing it through a set of highly-biased perceptual filters. First we classify, using broad mental models and unique memories. Then we assess for immediate threats. Then we test against expectations and goals, re-predict the future and compare against our values. To complicate things further, all of this is biased by our current emotional state. The eventual perception we infer is thus far from the sensory inputs we receive. Even after the original perception, we continue to ponder, muse and reflect on our experiences, changing their meaning even further. Perception is the brand as experienced. Perception is not reputation, but reputation is perception. Transmission When I buy something from a company or otherwise experience the brand, I am getting a first-hand snapshot of what the brand really delivers. From this I directly develop my perception of the brand. On the other hand, if I listen to what others say then I am getting a second-hand version of events. I get their perception, which I then modify via my perceptual process. And if that transmission is third-hand, fourth-hand or more, then the effect is multiplied further. Communicated perception is reputation, but from a single person it is just a single data-point. If I am inclined to believe that person and act on their perception, then for me, that is all the reputation I need. But many people do not just go on the say-so of a single point of authority. They listen to others and think for themselves, too. Communication We not only listen to other people when they talk about brands—we also talk back, asking them questions and offering our own perceptions. Out of the conversation a shared meaning (or as much as this can happen) arises. Thus brand reputation may be viewed as being socially constructed. Thus reputation is not created in individual perception, nor even in a second-hand, unidirectional transmission, but in the dynamics of real communication between two or more individuals. True communication is communing, the joining of minds as is sought in open inquiry or dialogue. However this nirvana seldom happens. It is more like a battleground of ideas and wills, where evolution occurs in real-time. Discussions go around and about and eventually the loudest voice or the clearest idea takes root as an unspoken, tacit agreement. In many ways, the birth or change of a brand reputation is tied up with the brand reputation of the people doing the arguing. People with strong reputations, who command attention and trust, have the greatest potential to forge the actual reputation of the brand under discussion. Diffusion Beyond the local conversations whereby I get a personal sense of brand reputation, there are thousands of such conversations that travel across the unbroken network of human relationships. This is where the total reputation of the brand is built. There are many factors that affect diffusion, as identified by Everett Rogers and others. Some people know more people and talk more than others. Some people are listened to more carefully than others. The brand perception as received by these people will thus travel further than from others. But people belong to groups, and almost by definition converse more with in-group people and have different attitudes toward them than towards out-group others. Reputation is thus likely to grow differently within each group. Brand ideas will jump between groups like a forest blaze leaping a fire break only when there is sufficient heat and sufficient connection. And at any one time, reputation reaches as far across groups as the fire has spread. In some it may be fixed and established, whilst to other it may still be novel and a subject of heated debate. Decision

In the final analysis, the value of a brand comes in the simplification that it brings to decision-making. The inferred promise of a brand enables us to short-cut the evaluative part of the decision process. In our inner construction of the brand we have already done this, mapping out a simplified meaning. When we choose between brands, rather than guess or choose on tangible aspects such as price, we compare the brand values that we have inferred and hence rapidly make what we assume will be a wise and safe decision. The reputation of a brand includes an element of reliability. The psychology of judgment under uncertainty rears its head here, and our perceptions of 100% reliable are very different from even a 99% perception. This explains at least in part the fragility of reputation. The psychology of betrayal and retributive justice is another minefield for the unwary.

Six Effective Ways to Foster Innovation

Employee creativity and innovation are essential for the success of any business, particularly in times of economic turmoil. There is a clear connection between employee engagement and innovation according to a poll recently. Engaged employees are more creative and more willing to accept innovative ideas from others. Most CEOs value creativity and employees who are allowed to be creative are more engaged with their current positions. A company’s culture can either foster or stifle innovation. Fortunately, business leaders are able to shape a more creative work environment if they follow a few basic guidelines. Maintain an open dialogue between employees and upper management Dialogue will effectively motivate and engage employees. Always allow employees to present their ideas before important decisions are made. Provide feedback to employees, even when their ideas are not used, so that they know that they are not being dismissed. Encourage communication between departments: Collaboration between members of different departments often results in creative solutions for problems. Interdepartmental communication facilitates trust and prevents conflict. Departments that do not communicate are more likely to blame each other when problems arise. Organize brainstorming sessions If to mention names, I did indicate MTN, Globacom, Airtel and Etisalat to mention but a few has found the innovation in the telecom sector to be quite successful. Since 2001, telecom have allowed hundreds of thousands of MTN employees around the African populace to connect and come up with innovative solutions for company problems. You do not need to run a global enterprise to benefit from companywide collaboration. Give your employees regular opportunities to bounce ideas off each other. Engage employees by encouraging them to share creative ideas Do not limit creativity to special occasions. Employees should be encouraged to continually share their ideas with supervisors and each other. Find the most effective method of communication for your organization. You may want to create a type of suggestion box or schedule time at the end of meetings for people to share their ideas. Do not force people to be innovative Creativity can be encouraged but not compelled. Forcing people to present creative ideas at certain times will not bring true innovation. Rather, create a number of different incentives to draw out creativity. Innovative ideas could be rewarded financially, with opportunities for advancement or any other incentive you have found effective for your employee base. Remain flexible and forgiving Inflexible environments discourage innovation. Innovation often involves taking risks. Encourage employees to think outside the box and implement ideas without interference. Additionally, do not punish employees if ideas are unsuccessful. Employees who are punished for taking risks serve as a warning to others against being creative or innovative. Keep track of company innovations Many leaders in upper management lose interest in supporting creativity and innovation because they do not bother to keep track of past innovations. Knowing how many employee innovations have been implemented and how successful they are, presents a clear picture of the financial benefits of employee creativity. Keeping track of innovations will also indicate whether any alterations need to be made to recently implemented programs or the company culture.

Socialization

Process by which individuals acquire the knowledge, language, social skills, and value to conform to the norms and roles required for integration into a group or community. It is a combination of both self-imposed (because the individual wants to conform) and externally-imposed rules, and the expectations of the others. In an organizational setting, socialization refers to the process through which a new employee 'learns the ropes,' by becoming sensitive to the formal and informal power structure and the explicit and implicit rules of behavior. Socialization is in the HR, Recruiting, Teams, & Training subject. Socialization appears in the definitions of the following terms: knowledge creation, acculturation, orientation, and entertainment expenses.

Leadership and Personalities, what Alignment?

Leadership strategies are those actions that promote the creation of a unique and valuable market position through a system of activities that complement one another towards achieving the end goal. Often seen as a collection of informed choices, trade-offs and deliberate deviations from the norm, leadership strategies help determine where the opportunities lie and what you can do to best exploit them. In many cases, leadership strategies are the groundwork for a community, state company, or nation’s strategic plan and must therefore remain at the forefront when setting organizational goals to drive each segment concerned. But as addressed in Strategic Leadership for Executives, there are two primary branches of leadership – analytical and human – that serve as a framework for operational approach. And the choice of analytical over human is often the result of an individual’s personal strengths and weaknesses in the multi-layered aspects of office or business. Matching strategy with Personality Strategic leadership is often practiced by those who run large companies, managing thousands or hundreds of thousands of people throughout an extensive organization. To accomplish this task effectively, the leader must possess a refined set of skills geared toward achieving the end goal. And while it’s not necessary that he or she possess all traits, most will find a high degree of competence and comfort in the areas in which they naturally excel. Consider the following traits and their respective leadership strategies. Visioning and the Autocrat The term visioning refers to the initial spark of an idea, the moment that represents the start of any strategic plan. Once the leader has outlined strategic goals, all members of the organization or cabinet must work toward those goals, using all possible influence and resources to accomplish the changes necessary to support the larger plan. And though a leader’s strategic plan is often unique, it must also be relatable enough and have enough internal and external support to enable those who follow to think along the same lines. Without commitment, success is unlikely. Visioning is a common trait to most high-level executives or public offices holders, but some are not able to achieve as much success with it in comparison to others – in particular, the autocrat. The autocrat manages by telling people what to do and when to do it. Often referred to as a “micro-manager,” the autocrat possesses little confidence in subordinates and may even distrust them. In select instances, such as military or law enforcement applications, this approach may actually save lives and therefore serves as the best leadership strategy. However, in the corporate and public world, this managerial style is often viewed as stifling and almost always fails to entice the commitment required to achieve the optimal levels of creativity and innovation. Within this system, employees are unable to make decisions on their own, preventing not only their personal growth but also the sharing of valuable insight and creative ideas. As a result, an autocrat’s visioning typically produces little more than a high rate of employee turnover. The benevolent autocrat who employs ‘command and control’ Command and control sounds like a tactic the autocrat would employ… and even enjoy. But it actually has little to do with micro-management and more to do with fostering an environment that provides the necessities that allow the organization to achieve its goals. Focused heavily on creativity and innovation, command and control establishes a framework for achieving goals and then creates organizational networks that elicit the best from its people. Within this framework, the benevolent autocrat succeeds, primarily because they’re the driving force behind this particular employee-driven brand of corporate culture. The benevolent autocrat is typically someone who prefers to function as a coach or mentor to subordinates and frequently disseminates tasks to a wide range of people to maximize the organization’s talent. This individual makes important decisions then works toward convincing subordinates to go along, a process that has been shown to build an organic level of commitment at all levels of a company. Though the benevolent autocrat will often use rewards to motivate personnel, he or she may also use punishment, a practice that is viewed as counter-intuitive to modern strategic leadership.

How Small Business Culture Can Create Success

What do you think of when you think about small business culture? It can mean many things depending on who you talk to. It can be a “brand,” motto, values, uniforms, or behaviors. It could also be service level, return/exchange policy, or customer appreciation gestures. Do you think of Main Street USA, with all the “Mom n’ Pop” shops on both sides of the street? Do you think about a small business doing business out of a garage? Culture is a set of attitudes, beliefs, behaviors, and customs. These cultural cues are ingrained in the members of the business, team, or group, and then accepted as the norm. Beliefs about the role of the business, and how business activities fall into this understanding of culture, is typically dictated by how employees interact within their own cultural boundaries. Small business culture will determine what kind of customers it attracts, the service it delivers, and its growth. Customs of a business culture might be dress code, communication style, physical environment, or even the level of formality. Dress code in the workplace projects an image about the company, to potential and current customers. If a business doesn’t have a dress code, employees will certainly attempt to wear whatever they deem to be appropriate, and this may not always be acceptable. Customers do not want to feel like they are giving their hard earned money to a business that doesn’t care about its image. In a business to business relationship, it is important to understand that each party is a reflection of the other. Business owners/managers should always protect their interests by having a written dress code policy, otherwise the business might suffer. Communication style (in the literal sense) is another custom that reflects onto the business. If communication within an organization is relaxed and unprofessional, the same will occur when meeting with customers. Maintaining professional dialogue will also minimize the chance for harassment charges. Communication style in the functional sense is an important part of a business’ success. If communication breaks down within an organization, service and sales will be compromised. Businesses should set forth expectations for communication protocol, in order to prevent lost sales. Most successful business leaders would agree that the physical environment of a business can make or break the bank. In a retail environment it is crucial to have an inviting environment, which includes clean, uncluttered, and safe. Not many consumers will frequent dirty, cluttered, and unsafe establishments. A good rule to follow when creating business culture, especially in retail, is “Straight is clean, Crooked is dirty”. In a manufacturing environment, clean, safe, and uncluttered are equally important to the success of the business. If the physical environment in a manufacturing plant is not maintained, morale tends to be bad, and accidents are frequent. Morale and injuries tend to go hand in hand, and both affect the company’s bottom line. A business that creates a culture of cleanliness will also experience better morale and fewer accidents as employees will be more inclined to maintain a clean environment. Professional office environments must also be maintained and inviting, otherwise customers will likely avoid visiting or directing new business to the company. Most people clean their homes before inviting guests, the same should be true in the workplace. Attitudes, beliefs, and behaviors are related, and have a huge impact on business culture. Is there a difference between large business culture and small business culture? The answer isn’t easy.

Large businesses have usually established through expensive media campaigns, and large cash outlays for remodels, uniforms, or other things that will help them establish their “brand” or culture. However, despite these investments, they may be challenged by employees that don’t buy into the campaign. The customer may easily identify the culture to the business, but that doesn’t guarantee employees will deliver according to the cultural context. Small businesses on the other hand may not have the resources for expensive media campaigns, etc. but since they are smaller in employee numbers, the employees tend to be more invested. Small businesses pride themselves on customer intimacy, less bureaucracy, and ability to “walk the talk”. Employees in small businesses tend to share the same understanding of goals, processes, and expectations. Large and small business cultures require the same ingredients, just on different levels. Both require established dress codes, communication processes, clean facilities, and most importantly, EMPLOYEE ENGAGEMENT. If employees don’t buy into the company culture, everything else is wasted. Company culture should begin in the early stages of training, train to retain employees that believe in the company culture. Employees that believe in the company culture will also live and share it with others.

Managers or Leaders, which is the way? – Francis O.A.

Managers or Leaders, which is the way? As dictionary defines, DNA means substance carrying organism's genetic information: that is the major component of chromosomes and carries genetic information. DNA, which is found in all living organisms except some viruses, reproduces itself and is the means by which hereditary characteristics pass from one generation to the next. Full form deoxyribonucleic acid. Another meaning says: Makeup of something: the combination of features that make something what it is i.e. The company or Individual clearly has success in its DNA. The DNA in Dora Nkem Akunyili that this country needs to tap into are countless, this present generation needs the robust pedigree of such a one like DNA – Dora Nkem Akunyili to be able to fulfil the saying: we are the leaders of tomorrow. Management and leadership skills are often regarded as one and the same to many businesses. While the two inherently share many similar characteristics, they differ in that not all managers are leaders, but all leaders are managers. There are complementary qualities inexorably linked to each other, and any attempt to extricate one from the other is impossible. Whereas the manager exists to plan, organize and coordinate, a leader serves to inspire and motivate. Militarily speaking, a manager is the battlefield general while the leader is the commander-in-chief. Qualities of a Manager A manager is considered a copy of the leader, responsible for communicating the rules and philosophies of the family, society, nation and the cosmos at large, and insuring that they abide by them. For a manager, his or her relationships with employees are determined by a hierarchical management system, and rarely through personal ones. They are responsible for maintaining the day-to-day operations of the sector which they belong so the cogs of the operation stay well-oiled. Managers are generally more concerned with the quarterly bottom line, and will often base decisions on these calculations. Good managers are often considered “good soldiers” in that they rarely question the decisions of the higher echelons of the family, company, or nation and only serve to enforce the execution of its policies. Qualities of a Leader In contrast, a leader focuses on interpersonal relationships with other important contacts in other industries, as well as promoting promising individuals within the same to foster innovation. A leader bases his or her decisions on reports from department heads to assess the entire company’s situation, and future strategies. A true leader will also be willing to ignore the company’s quarterly bottom line for several quarters – much to the chagrin of shareholders – and make investments for a long-range growth perspective. A leader is considered a “fearless innovator” in that he or she challenges the status quo and is unafraid to take high risks in search of high rewards, for customers, employees, shareholders alike and the general masses. Comparison between Managers and Leaders

It is said that a manager asks “how” and “when”, whereas a leader asks “what” and why”. In many professions, managers and leaders assume the same role. However, if a leader of a ministry or business simply manages its field – rather than challenge its true potential – then it will likely fall behind its industry peers. Likewise, if managers overstep their bounds and attempt to revolt against the company, then they may soon find themselves out of the job. In some cases, where micromanagement is essential to maximize efficiency, nurture skills and keep employees organized, strong managers are an absolute necessity to prevent high turnover rates and the “brain drain” of a skilled workforce and impact on the populace. A good leader will also stay in the front line of battle, and be familiar with every aspect of the company, leading through inspiration rather than coercing through hierarchical control. A perfect manager who attains the status of a true leader will be able to lead people effectively and draw on the correct strengths and knowledge of every key individual in the company. Many managers will struggle for their entire careers and never attain this, but a skilled few will evolve into true leaders. What we have in both public and private sectors in Nigeria today are managers, who are only but there as figure heads while the leader who determines what be and be not are in the closet. The true ones who has served and possessed the wit of a true leader to serve and impact proactively on our nation are deprived of the position and the fear-dogs would not allow for justice to reign in the name of euphoric state of last-minutes grab and go. Leaders are what this nation is urgently crying for, not for present state of the nation but for the posterity, let’s give room for change, let’s implement the change now as good people, great nation. God bless Mr. President, God bless the Federal Executive Counsel Board, God bless the Citizens of Nigeria, and God bless Nigeria.

Marketing Basics for the Novice Entrepreneur

For the budding entrepreneur, marketing a finished product can be a nightmare. The manpower and capital required to successfully market a product can be impossible for a tiny startup. How can a novice entrepreneur gather the resources necessary to successfully market a product? Initial Steps The three initial goals of marketing should be clear to the entrepreneur. Establishing and increasing the customer base Increasing the product sales per customer Increasing the sales of more expensive, higher margin products per customer Develop a Marketing Plan Large companies usually tackle the first hurdle through expensive advertising campaign. But let’s assume you don’t have the millions necessary to launch large scale television, print and online media campaigns. We have to start small, with a basic marketing plan. A good marketing campaign should consist of the following: Target demographics Seasonal demand Advantages over competitors Product pricing and margins A simple message delivered via an effective advertising strategy If you have trouble drafting a coherent marketing plan, you can conduct public surveys to gauge the public reaction to your products or services. Make sure your survey is given to a diverse group – in ethnicity, gender, age, income and education level – to get the best sample. These are separated into two kinds – quantitative and qualitative. Do you want quality over quantity, or vice versa? Both have distinct advantages. Quantitative surveys are fixed questionnaires which can be conducted face-to-face, through e-mail, or over the phone. Try to collect a large number of surveys to gauge the customer response as a kind of vote. Quantitative surveys are good for graphs and estimates. Qualitative surveys focus on a smaller number of people, without fixed questions. They are usually conducted as face-to-face interviews, conversations or focus groups, where the participants engage in free-form discussion about a topic. Qualitative surveys can help you get a better, more detailed response regarding your product, but can also be extremely time-consuming. Most successful businesses use a combination of both for the best results. However, if you are pressed for time (and patience), a quantitative survey can be faster and offer similar results with far less manpower and time. Determine Advertising Mediums and Budget Now that you have drafted a marketing plan, calculate your advertising budget. If you’re a small business, that total is likely to be unimpressive. Here are some ways to clear that hurdle: Call local television and radio news stations to attempt to gain free publicity. This can be effective if you are offering a new, innovative product that hasn’t been produced before. Spread the word through social tools with Twitter, Facebook and Youtube ad campaigns. If you make an interesting video to advertise your product, uploading it online and allowing it to spread like wildfire can be extremely effective. Best of all, this method is mostly free. Contact vendors and associates to participate in co-op advertising, in which the advertising fee is shared. Advertise via Google AdSense or a similar ad program – these are cheaper than other forms of advertisements, and are selected intelligently based on the computer user’s search preferences – which will give you a highly targeted audience. Award customer referrals with cash, discounts or prizes, in order to publicize your products. These are just some ideas to help you, as a novice entrepreneur, get started in the complex world of marketing concepts. As your business expands, you can hire dedicated PR, sales and marketing teams like DSI-MEDIA

to help you create more complex plans.

Top 5 States for Entrepreneurship

It’s not enough just to have an idea. And no matter how strong your entrepreneurial spirit, there is one thing that has a major impact on the success of any venture: LOCATION. Recent studies have confirmed that where you start and run your business has a proven impact on the potential for your success. The findings have been reported in two exhaustive studies: the State Entrepreneurship Index published by the University of Nebraska-Lincoln and the 2010 State New Economy Index , produced by the Ewing Marion Kauffman Foundation and the Information Technology and Innovation Foundation. Not surprisingly, the current recession has been a major factor for entrepreneurs in some of the lower-performing states, with sectors in the mid-west struggling at all-time lows for new business formation and startup success. However, the traditional model of economic development seems to be going strong in states that have long been associated with the entrepreneurial spirit, like Lagos State. Lagos region have been able to maintain their startup potential because they’ve got the investors already in place and also possess a high concentration of experienced entrepreneurs, allowing them to create high-income entrepreneurship despite the negative impacts suffered in poor economic conditions. Both reports focus on a similar set of benchmark factors, including percentage growth in business establishments, per capita growth in business establishments, business formation rate, patents per thousand residents and the gross receipts of sole proprietors and partnerships per capita. However, there are some notable differences between the two. While researchers at the University of Nebraska factored raw business starts into their study, the State New Economy Index uses an additional 26 indicators to assess the basic capacity of a state to successfully navigate the ups and downs of economic change. In addition, it considers the extent to which state economies focus on knowledge, globalization, entrepreneurial spirit and IT-driven and innovation-based ventures. In doing so, they’ve been able to determine with relative accuracy to what degree a state’s economy and operations allow for the ideal structure in which a new venture will thrive. How they ranked Regionally, both studies found the strongest entrepreneurial rate of success in the Northeast, mid-Atlantic, Mountain West and Pacific regions. Within these regions, 13 of the top 20 entrepreneurial states are located. Just the opposite is true of the bottom-ranking states, with 18 of the 20 lowest-ranking currently situated in the Midwest, Great Plains and the South. With crossover seen between the two indexes on the west coast, data indicates that Seattle, Portland and other areas in the Pacific Northwest continue to support new business. Possibly due to the tech industry, these areas have weathered the recession better than most and also have a base of investors and related capital built up from decades of similar ventures. Depending on the study, the top five states for successful entrepreneurship are: New York Washington Massachusetts New Jersey Oregon Lagos State New Economy Index Massachusetts Washington Maryland Delaware New Jersey Port-Harcourt

How Businesses Use Social Media for Recruiting

You can’t go anywhere these days without being bombarded by social media. Whether you’re reading an online article or shopping in the local mall, social media is everywhere. Tweet It…Like It…Share It…Pin It… How can your small business harness the power of social media for recruiting? Interact with Twitter- Speak to prospective employees just as you would prospective customers. No one wants to be talked AT, instead start a conversation WITH them. Twitter is a prime example; you’ve got 140 characters to make an impact. How you say it makes all the difference in whether or not your message is received. Use #dsi

tags. This will categorize your Tweets and help them show up more easily in a Twitter search. Example: We’re looking to hire the best and the brightest! Sound like you? #jobs #Brand DSI.com/careers LinkedIn Company Profile- Prospective employees are going to do their research. Make sure your company page on LinkedIn is up-to-date. You should include a logo, a brief description of your company, a link to your website and current company updates. Also, encourage your employees to add a paragraph from the company website to their LinkedIn profile. Most prospective employees also research their potential co-workers. Example: DSI is a leader in the Brand Management Industry. With over fifteen years experience in Branding, the company provides services to multiple Telecoms clients in the IT industry. Facebook Content- Your company Facebook page should have new content added on a weekly basis. This page gives prospective employees a glimpse into the company culture. Is it a casual workplace or more formal? Do you have a bring your dog to work day? Do you encourage your employees to get involved in community outreach? Do you have catered employee lunches on occasion? All of these situations could provide great photos and content for the company Facebook page. They also give the potential employee an opportunity to see the social side of your business. The most important thing to remember about social media is to keep it human. As part of the candidate experience, let prospective employees see what your company culture is all about. Don’t forget to keep it fun, fresh, and professional!

Utilizing Social Media in a Small Business

Social media – led by Facebook and Twitter – has revolutionized the way we communicate with one another. Just as e-mails and instant messages changed social interactions in the 1990s, social media, combined with smartphones, tablets and netbooks, now makes communication instantaneous. Posting status updates, sharing photos and creating events has now become so simple that any other method seems archaic. As a small business owner, how can you utilize social media in your business, both within your business and as a tool for product promotion? Within Your Company We’ve all heard every employee’s nightmare – their boss “friending” them on Facebook. While everyone is entitled to their own carefully constructed online persona, you can request employees to connect to you via a limited profile, which blocks off their private photos and comments. If you manage to get all your coworkers connected via Facebook, creating a private group for your office can be a remarkably efficient and fun way to keep things organized. Here are some things you can do with a private work group in Facebook. Schedule events Use the Facebook group to “invite” people to meetings or events. You can include the agenda and details in the invitation or event details. Facebook’s events are conveniently organized into “Attending”, “Not Attending” and “Maybe”, so it is easy for everyone to see who else will be in attendance. Encourage your co-workers to also create social events within the group to boost company morale. Having a shared calendar on Facebook keeps everyone on the same page at all times. Create a repository of shared documents Upload meeting minutes, company policies, or important notes to a cloud-based documents storage service, such as Microsoft’s SkyDrive or Google’s Google Docs, and post the link in your Facebook group. Make sure everyone has access to these documents, and you will instantly cut down on lots of wasted time and paper. Share important company updates and memos instantly Facebook groups allow you to post messages on the group wall, which can serve as a bulletin board for all work-related (or non-work related) issues. In addition, members can also “tag” other members in “Notes” to insure that company memos are received instantly. No more post-its on people’s desks and monitors! Use it as an instant company phone book If your employees have their phone number or e-mail addresses visible in Facebook, creating a workplace Facebook group will also create an instantly shared employee phone-book, which can be invaluable for employees needing to get in touch with each other. As a Promotional Tool Big companies constantly tap into YouTube, Twitter and Facebook for free, viral advertising. Create a customer-based front-end on Facebook, with its “Business Page”, which can increase your company’s visibility for free. This page should contain basic information – contact numbers, addresses and websites, as well as recent product information. Note that this is not the internal Facebook group mentioned in the previous part. If your company has dedicated online customer service representatives, they can also staff the Facebook page and answer questions in real time via Facebook chat. Here are some other ideas to increase the visibility of your Facebook page. Take advantage of the “Like” button Place it on your company's website as well as under your popular products. Encourage visitors to share your products with their Facebook friends. On your Facebook business page, offer raffles and rewards for group members whom join and “like” your page. Keep updates frequent Once members join your page, your updates will appear instantly in their news feeds, which will bring them back if you post an interesting product or discount. Many telecoms companies like MTN, Glo, Etisalat post teasers on their Facebook pages, which in turn gets shared to an exponential amount of users. Use Facebook and Twitter in unison Linking both pages to each other can double your audience instantly by driving traffic both ways. A number of applications currently allow cross-posting across both platforms. Make sure your Facebook and Twitter pages are clearly printed on your business card and other promotional items. These are some simple ideas to help you get started in integrating your business into the fast-paced world of social media, both internally and externally. More info @: diamondstarint.brand@gmail.com or 07093175098

Public Relations Policies for Social Media

Public relations are designed by its very nature to reach the masses. Using social media for public relations has proven to be a viable option. One survey discovered companies with social media site accounts and blogs enjoy a 55 percent increase in site traffic. Social media increases visibility as it drives readers to the page. Properly prepared blogs, statuses and Tweets are useful public relation tools. Effective blogging can produce a 97 percent increase in external site links, which is important to the search ranking results of any entity. The focus of any good PR campaign is to present the product, service or person to a target group. This is done by building relationships with those who have the ability to get your message in front of their audiences. Throughout history, this was typically done using various forms of print, radio and television media. Today, however, social media groups have moved to the forefront of daily communication. In many circles, upon meeting a new business acquaintance, the question arises, “Do you have a LinkedIn or a Facebook”, and “Are you on Twitter? What’s your contact information and I will friend or follow you.” LinkedIn was designed with business networking in mind and is used by business people worldwide to stay in touch, build new contacts and help each other grow their businesses and careers. While it is important to incorporate social media to your public relations efforts, you must also have policies in place as they relate to this relatively new platform. Information provided to social media sites cannot easily be retracted, therefore, it is vital to have policies in place with regard using social media to advance public relations. Remembering that each person is responsible for online activity tied to the public relation need. Anytime a site, email or status is tied to a firm’s domain, followers believe the words and images are also the opinion of the firm in question. The actions under that domain, email or other identifier are the ultimate responsibility of the firm and will be held accountable for what is posted. All who affiliate themselves with the firm or client, even on their personal sites, must remain conscious that people reading those sites will often associate those words with the firm in question. Therefore, it is important to treat personal sites that mention professional affiliations with care and never post photos or words that could damage the client/company image. Post statuses, blogs and tweets that will not stir controversy, especially if the site has a comment section for reader response. Maintain public relations blogs on a daily basis, so if a negative comment does come through it can be quickly addressed. Never engage in hostile or negative communication on your client’s social site. Regardless of what is said, responding with hostility will make it grow worse and give rise to sharing, others joining in and a balloon effect. Answering negative comments accurately, truthfully and quickly is the best approach and the one most likely to put out the flame before it becomes a blazing fire. Social media is an excellent public relations platform if used with care. Remaining professional at all times will promote your clients or company.

Taking the Leap: What to Consider Before Starting a Business

It can be a very compelling and driving force – you’ve got a great idea, a unique service, a fantastic line of recipes, or a can’t-miss product. But launching a business is not the next step…it’s the last step on the road to entrepreneurship. Your time, money, and future are on the line, so take some time to get your ducks in a row and look at the business with a rational eye. Make a Business Plan A business depends on a lot more than great products and services to be successful. Like a newborn child, it has its own life force that comes with certain needs and requirements in order for it to survive and thrive. Plan out the structure and processes of your business first. You will need a hierarchy of management, which may be very limited at first. You will need to keep financial records and file taxes. You will need to determine if you should form an “S” corporation, a “C” corporation, or a limited liability corporation (LLC), which could make a big difference in your profitability. Of course you will also need to find a location, design the customer interface (whether it is a store, a website, or a mailing list), price out everything you will need to get set up, and determine the size and scope of your business. You will need to define your demographic so that you can choose the right location and/or target your marketing properly. You will need to research city codes and know what licenses are required. Making and serving your gourmet lasagna is a very small part of the whole operation, so before you get too far, make sure you are up for all of the other tasks involved and then get things in order. Get your finances and credit in order Make sure your pockets are deep enough to get you through the start-up costs and several months of slow initial sales. Most entrepreneurs have to put more money into the business in the early stages, and don’t take profits out. Make sure that you have the resources to do that and to provide for yourself and family too. If you think you may need funds, get your investors lined up before you begin, when you have a fresh and exciting concept, rather than trying to get them to bail out your cash-strapped venture when it’s already in a hole. Whether it’s friends and family or a bank, you need to get their commitment before you begin. This is where a well-prepared business plan, neatly presented and complete with sales and profit projections, can make a huge difference. Get some expertise behind you Always remember that the world may not share your enthusiasm for your great idea. Remember too that even the best idea is only as good as its execution. Your visions of grandeur may not sell so well in a small storefront on a side street, which might be the best you can afford. Most new businesses fail, and difficult economic times do not increase your odds of success. You need to talk to people. Talk to people who have succeeded and people who have failed. Talk to bankers, even if you may not want their money, as they have seen a lot of success and failure from their clients. Talk to friends, talk to family, and talk to strangers. Talk to people in a similar business and find out the unforeseen obstacles they faced, as well as the factors that helped them succeed. Ask them if they would do it all over again. Starting your own business is a very personal decision with wide-ranging and long-lasting consequences, for better or worse. It should not be entered into lightly, unprepared, or without the full knowledge and willingness to embrace the possible downside if it does not succeed.

The Importance of Quality Over Quantity

Quality over quantity – it’s a simple concept taught to us throughout our formative years – but it’s one that fits like a square peg in a round hole in today’s corporate environment. The reason that it’s so hard to emphasize quality over quantity is simple – businesses are established to make money as quickly as possible and at the highest possible margins. Crafting single high quality products tends to be expensive and time consuming, and must be sold at much higher, less attractive prices to the average consumer in order to be profitable. Lower quality work, produced quickly in outsourced factories with a minimal time commitment per product, tends to be far more profitable, with higher margins as well as a lower, more attractive price point for consumers. Well-known adopters of this business model are Wal-Mart and Target. However, business managers shouldn’t entirely overlook the importance of quality over quantity. If your product becomes known for its shoddy construction – and due to the Internet, word travels fast – your overall sales will be quickly damaged. Modern consumers are likely to scout out opinions online before purchasing goods – wouldn’t you rather that they be greeted by a stream of favorable comments as opposed to a flood of angry ones? If your product is too cheap, it can also get easily lost in the bargain bin at Wal-Mart alongside a plethora of shoddy, similarly named foreign-made products. Let’s take a look at a few examples where quality over quantity has prevailed. In the auto industry, BMW’s business model of selling well-crafted luxury cars in tiers has become a standard for companies wishing to emphasize product quality. BMW offers its flagship vehicles in three flavors – the compact 3 series, the mid-size 5-series and luxury 7-series – all aimed at different markets. In addition, it sells sporty Mini hatchbacks as well as the ultra-luxurious Rolls-Royce in order to appeal to the lower and higher ends of the pricing spectrum, respectively. BMW’s clear separation of its tiers, all while retaining an aura of overall luxury, was the inspiration for Steve Jobs when he returned to Apple in the late 1990s. At Apple, Jobs mimicked BMW’s tiered pricing system with his computer and iPod lines. BMW and Apple are shining examples that offering a quality product on multiple pricing levels can attract the maximize amount of customers at premium prices. A large part of product quality stems from product design. You need to have a product design team that can create attractive designs while keeping costs under control. Your aim should be to create the illusion of an expensive product which is actually cheap to manufacture. This does not mean to cut corners and decrease quality. Instead, you should decrease the amount of necessary components, streamline the design and eliminate redundancies. Johnathan Ive, the head designer at Apple, is a master of this concept. By simply replacing the cheap plastic exteriors of its computer products with sleek, airbrushed aluminum and minimizing the amount of visible screws, he set his products miles above the rest, and customers lined up to pay the “Apple premium” for his futuristic looking products – such as the iPad, iPhone and iMac. Customers will come back if your product feels good in their hands. Quality over quantity – it’s an age old lesson that too many of us choose to ignore. Although sacrificing the former for the latter may grant you a few short-term profits, you’ll quickly run out of steam when customers fail to come back. Favoring quality over quantity will increase your company’s reputation and increase product loyalty, which will keep your business sustainable in the long run.

Effective Sales Techniques for Small Business

You must believe in what you are selling. Be passionate about your business and your customers will be excited too. As you build your sales team, keep in mind that every person has a unique method of selling that suits his or her personality. Train your staff on how to handle the special customers that may require special care.

Low pressure selling

Pushy high pressure sales people are dreaded by most buyers. Educate your customers about the features and values of your product. If possible, bring an item with you on sales calls to show and tell. Demonstrating your product in person allows the buyer to test out the product and will make your visit memorable. Explain why they should buy from you. Never talk badly about the competition. Keeping the focus on your company and what it has to offer can pay more dividends than forceful sales tactics.

Listen to your customers

Ask questions and let the client do the talking. Give them your undivided attention and find out what is most important to them. Once you get an idea of what they’re looking for in a product or service, you can adjust your sales pitch accordingly.

Helping buyers save their company money is usually one reason. Providing them with exceptional customer service and prompt delivery might be at the top of their list. Listening to your customers requests could open the door for additional products and services to increase your business.

Know Your Business

Not just your company, but the industry. Keep abreast of new technology and products related to what you are selling. Let your customers know you are educated in all aspects of the industry and they can come to you if they have any questions.

Build a Relationship

Get to know your customers. In a world of big box stores and online competition, you can remind customers that they are not just a number, they are special. Pay attention to their interests and hobbies. Keep a file on each customer to remind you of the little things before you call them. It is a friendly way to show them you care, and may produce a few extra deals.

Keep in Contact

How often you call or visit your customers may depend on the type of business you have. Pay attention to spending habits and pay them a visit just before their next order is about to be placed. Keep all customers informed of new products and services as soon as they are available. Be sure you let them know they can contact you if they have questions. Provide the client with your cell phone and email address. Staying up to date with their product or service needs could give you the edge you need to beat out the competition.

Customer Relations Management System

Customer history records are important to all facets of your business. Records can be stored manually in the office, but to be more productive, consider a customer relation management system can be accessed by your employees, as well as clients. Organize your customers starting with the initial contact point. Buying trends can be monitored by watching dates and quantities of each order. Praises, complaints and customer service issues can also be entered and resolved by approved staff members.

Ask for the Business

Whether you are on the phone or making a personal call, always ask the customer for an order at the end of your visit. You’ve likely done the leg work – don’t miss out on an opportunity.

Tips for Protecting Your Intellectual Property

Every great business starts with a “perfect” idea. In the fast moving, dog-eat-dog world of corporate business, however, ideas are stolen, duplicated and imitated as soon as they are conceived. If you have that million dollar idea, how can you go about protecting it while still attracting the attention of prospective investors?

Your first step, before presenting your idea to any companies or investors, is to hire a lawyer experienced in patent laws for your industry. Have this lawyer help you patent your idea, if applicable, which is a time consuming and expensive process. Depending on the complexity of the idea, it can cost you $1,000 to $100,000. Patents generally take over two years to clear and last approximately 20 years once in effect. As your patent clears, instruct your lawyer to write a nondisclosure agreement, which forces companies to promise they won’t copy your idea, under penalty of litigation. Penalties should be strict but fair, as to not frighten off investors. Penalties in nondisclosure agreements are usually monetary.

Be aware, however, that companies often have their own teams of lawyers whose sole purpose is to circumvent nondisclosure agreements and patent laws, modifying your design just enough to avoid litigation. In this case, your lawyers can first serve a cease-and-desist letter, followed by a lawsuit, if the company does not cease production. Taking on an alleged copycat in court can be extremely costly and time consuming. In many cases, the court will not rule in your favor unless you can prove monetary damages as a result of the copycat’s actions, which can be difficult if your product’s sales have been rising. This can also be difficult to prove if your idea is still in the nascent phase, and has still yet to turn a profit.

There are three questions to always remember when sharing an idea: whom, when and how much.

Remember who you’re speaking to about your idea – is it a partner whose business would be aided by its success, or an employee who can steal your idea and make it his or her own?

Record when you disclosed information. If the meetings are documented clearly, with an attendance record, then they are admissible in court to prove the theft of intellectual property.

Entrepreneurs often don’t know how much information to disclose. It is a good rule of thumb to disclose the minimal amount of information of the production phase when presenting your idea. In some cases it may be beneficial to mislead investors about the production process, as to detract any potential copycats. It is important, however, to get across the specific need your product fills, and its production margins. These are important factors that investors and companies will pay attention to.

In the corporate world, ideas are more valuable than cash. Major legal wars are fought over ideas, and a sub-culture of corporate espionage has even emerged to steal valuable trade secrets from competitors. Keep your valuable ideas clutched close to your chest and tread softly, when negotiating, but carry a big stick – in case those investors turn out to be copycats.

Top 10 Management Mistakes

Managers come from different walks of life, possess various characteristics, and have their own philosophies regarding how to manage a business and employees. In a broad sense, there are common mistakes made by managers at different levels and in various types of businesses. The following are 10 of the most common management mistakes.


1. Putting policies ahead of people: The smaller the organization, the larger the mistake this is. Policies are made to be followed, within reason. Some flexibility with employees, particularly in a small company, is important. An even bigger mistake is standing behind policies at the expense of losing loyal customers. Weigh the significance of standing behind your policy in each situation. If it is a matter of physical safety or security, policies must be upheld. However, in many other instances, there are reasonable solutions that will not alienate the customer or create a strained relationship with your employee(s).

2. Lack of communication: In any industry, at any level, communication is key to being a successful manager. Employees need to know what is expected of them and when specific projects or tasks need to be completed. Communication needs to be clear, and any questions that arise need to be answered.

3. Failing to hear what your employees have to say: Managers make the mistake of listening but not always hearing what their employees are saying. To manage effectively, you need to understand the needs and concerns of your employees.

4. Not acknowledging that you do not have all the answers: A good manager does not make the mistake of trying to solve every problem. Seeking help from individuals with expertise in specific areas is a sign of strength, not weakness. In addition, a good manager must understand that his or her way is not the only way to do the job.

5. The glass is always half empty: Managers who continually focus on the negatives, without recognizing positive achievements or employee accomplishments, end up with employees who are not motivated and often have one foot out the door looking for a more positive work environment.

6. Not accepting responsibility: A common mistake made by managers is to either delegate blame or simply not accept responsibility for that which happens under their guidance. Eventually, avoiding responsibility will catch up with a manager and usually not bode well for his or her future. Being in charge means taking responsibility for whatever happens.

7. Favoritism. Once a manager has obvious favorites, he or she loses credibility and the respect of the rest of the team.

8. Just do it. The Nike slogan does not work when employees are trying to gain an understanding of the process or project. Rather than expecting your team to simply work blindly on tasks they do not understand, a good manager takes the time to explain what the project is all about and how the team's work is incorporated into the plan. Remember, the more the team is invested in a project, the better the results will be. full version on request, send mail to: adejuyigbe.francis@gmail.com

Three Objectives of Brand Awareness

Marketing strategists agree that brand awareness in any industry gives that company an edge. Brand awareness accomplishes several objectives for companies seeking to increase sales in the marketplace. A brand awareness campaign needs to be flexible enough to grow with the company and adjust if needed. The company should seek to build customer awareness, promote its website and add value.

Brand awareness follows a certain process, although customers do not usually think through these steps when choosing a product. First, the customer has a perceived need for a product. In many cases, he will seek information on what product to buy. He will often evaluate his alternatives, although in some cases, such as in buying a drink, he may simply buy what’s convenient. At the same time, he will place a value, both financial and personal, on the product he plans to buy. After he buys your product, he will review his purchase and make adjustments. Sometimes these adjustments will be immediate; in other cases, they are long term. For example, if he doesn’t like the drink he bought, the next day, he will choose a different drink. But if he doesn’t like the vehicle he purchased, it could be two to five years until he makes a different purchase.

Build Customer Awareness

Target the desired customer base. From there, the business can more easily assess what it needs to do to increase customer awareness. For instance, a customer awareness strategy will focus on different audiences depending on if the product is toys, car products or walkers for those with mobility issues. In each case, the business will use different advertising campaigns to increase customer awareness. Every business needs to overcome certain challenges so the customer understands the benefits of working with that particular company.

Promote the Website

A website helps create a worldwide customer base. Customers no longer limit themselves to buying from a specific geographic location. A customer might research a product and then follow up with a catalog or phone order instead of a personal visit to the company location. Hiring a graphic designer can assist a business in projecting the type of image they want to portray. Coordinating business cards, marketing materials and additional advertising all further enhance customer awareness. Consistency in design helps customers connect that logo with the business and product.

Add Value

Every customer will determine value in different ways. Brand awareness can give your business that “edge” in making your customers aware of the extra value your company offers. This might be in the form of service, such as three free oil changes in a year with the purchase of a motorcycle. Your packaging might be slightly larger, which brings increased quantity. Your location might be unique and easily accessible. The business may sponsor special events, promote volunteer service or support a worthwhile organization. You will need to decide which one of these avenues will work best for your company.

Finally, give the business the time needed to develop brand awareness. In most cases, this process does not happen overnight. While the ultimate goal is for the company to identify the success level of brand awareness campaigns, the business should always continue to appreciate and track even the slightest progress.

Internet Solutions Ltd Recruiting IT Sales Professional

Internet Solutions Ltd Recruiting IT Sales Professional

Internet Solutions Nigeria Limited, a reputable, professional IT business focused on providing best of breed IT infrastructure solutions to businesses is in urgent need of IT SALES PROFESSIONALS.

As an end user provider, they provide a broad range of connectivity services and integrated solutions, sales and support, managed wireless solutions, network and user security, IP infrastructure, VoIP, telemetry solutions, video conferencing solutions and much more.

An IT SALES PROFESSIONAL is needed to help spearhead growth. This role comes with an excellent commission structure and great working environment.

Job Title: IT Sales Professional

Essential Responsibilities:

Generate new business sales revenue by selling IT solutions and VAPs

Help develop the company’s profile and reputation

Responsible for a number of key accounts and support other accounts.

Working in conjunction with the sales manager to maintain current client relationships and encourage repeat business

Maintain high level of Customer satisfaction

Exceptionally skills at cold calling

Qualification / Requirements

BSc/HND in Computer Science, Marketing or other related field

Minimum of 3 years practical sales experience

Must have proven track record of selling IT infrastructure, hardware and/or software solutions

Must be confident, possess good character and charm with good communication skills; a positive persuasive personality and diligent attention to details

Fluent in English.

Application Deadline
16th of March, 2012.

How To Apply
Send a copy of your CV to: funke@internetsolutions.net.ng with a valid email and telephone number.
Only shortlisted candidates will be contacted.

REVENUE ALLOCATION TEARS NIGERIA APART

Since 1954 when Nigeria became a federation, revenue allocation formula has always been a knotty issue, causing some resentments and frictions in the wheel of the nation.

Recently, the Niger State Governor and Chairman of Northern Governors’ Forum, Dr. Babangida Aliyu, stirred the hornet’s nest, when he attributed the underdevelopment of the North to the paltry allocations the states in the region receive from the federation account. He called for the scrapping of the 13 per cent derivation given to oil-producing states in the South, so that the states in the North will get more for development.

Governor Aliyu was echoing what the Central Bank of Nigeria (CBN), Mallam Lamido Sanusi, had said in an interview with Financial Times of London. The CBN governor said that the low financial allocation to the northern states was the major reason for the underdevelopment and activities of such groups as Boko Haram. Indeed, since Sanusi flew the kite and followed by Aliyu’s outburst, the arguments have polarised the nation along North and South divides, especially coming at a time when the agitation for restructuring and convocation of a national conference has reached fever pitch.

Genesis

When Sir Arthur Richards (Lord Milverton) divided Nigeria into three regions, in 1954 and Nigeria became a federation, a commission headed by Sir Louis Chick was set up the same year to work out revenue sharing formula. The commission recommended that the total revenue available to Nigeria be allocated in such a way that the principle of derivation be followed to the fullest degree, for the purpose of meeting the reasonable needs of the centre and each of the regions, among others. The 1954 federal constitution embodied most of the recommendations of the commission, especially the derivation formula.

Chick’s formula was in operation from 1954 to 1958, when another commission headed by Jeremy Raisman was set up to replace it. The Raisman Report played down considerably the principle of derivation and instead placed great emphasis on population, which is regarded as an approximate index of fiscal need. It also emphasised the basic responsibilities of the regional governments as well as the need for an even development of the country as a whole. This recommendation was taken and thus the whole revenue allocation formula was reversed. This was the situation until independence.

The next fiscal review commission was appointed in 1964 and was headed by Binn. The report of the commission was not published until 1965. When it came out, it still emphasised on the use of the principle of fiscal need.

In May 1966, the military government under Major General Johnson Thomas Aguiyi-Ironsi abolished the federal system of government and formed a unitary system of government, with the centre taking lion’s share of the resources from the states. After the counter-coup of July 1966, General Yakubu Gowon promulgated a decree abolishing the unification decree of Ironsi and restored Nigeria to federal system of government.

However, the Nigeria did not go back to the old four regions that controlled their resources. The military legislated for the whole country. This was the situation until the May 27, 1967, when the military Decree No. 15, empowered the government to carve out 12 states out of the existing four regions.

Owing to the prevailing situation in 1967 during the creation of 12 states, what obtained was to subdivide federal transfers to each former four regions among the states in a particular region. This arrangement met with stiff opposition and criticisms because of its arbitrariness. This initial creation of states and subsequent ones saw the centre getting stronger while the regions, as replaced by states, are getting weaker.

Against the background of revenue sharing being an agitated issue, the Federal Military Government appointed, in July 1968, an interim allocation committee headed by Chief I. O. Dina, who submitted its report in February, 1969. The committee recommended that in distributing resources the fiscal needs of the states should be the determining factor. This is mainly on the side of distributing oil revenues.

It recommended that only 10 per cent, as against 50 per cent, should go to the mining states, while the remaining 90 per cent should go to the other states through the Federal Government. The government never implemented this recommendation of the commission. Rather, during the period, between 1969 and 1974, the government relied on an interim allocation arrangement.

In 1975, the Federal Military Government promulgated the Revenue Allocation Decree to reverse the situation. This was a departure from the principle of derivation. The non-oil producing states benefited more from this arrangement.


During the Second Republic, President Shehu Shagari, in 1980, set up a commission headed by Dr. Pius Okigbo. It was the first in presidential system of government in Nigeria. The commission significantly raised the revenue of some states at the expense of others and, therefore, it negated the idea of balanced development in the country.

The Supreme Court of Nigeria invalidated the Okigbo commission’s recommendations. However, the revenue Act that was passed by the National Assembly in 1981 was based on the commission’s report. According to the Act, the Federal Government was to receive 55 per cent of the allocation. State governments were to collectively get 30.5 per cent and local governments, 10 per cent. The remaining 4.5 per cent was for special funds. With this, the derivation principle was discarded in revenue allocation scheme.

The military government that took over from Shagari continued in arbitrary sharing of revenue. However, attempt to address the ecological problems caused by oil exploration in the Niger Delta received a boost, when, in 1992, the military government of Ibrahim Babangida established Oil Mineral Producing and Development Commission (OMPADEC).

During the build-up to the return of civilian government, because of the restiveness in the Niger Delta region, there was apparent concern about the declining security situation in the region arising from increased agitation from the oil-producing communities and its consequent threat to the economy.

This made the 1995 Constitutional Conference to recommend that in sharing the revenue, 13 per cent should be set aside as derivation revenue to assist the development of oil-producing communities. The intention was very clear: to financially empower the oil-producing states of the Niger Delta to tackle the monumental neglect and degradation of the area.

The now contentious 13 per cent derivation principle was enshrined in the 1999 Constitution. The affected states started getting the 13 per cent from April 2000, 10 months after the implementation of the 1999 Constitution on May 29.

It was not yet Uhuru for Niger Delta as the region had to contend with another issue: onshore/offshore dichotomy in oil revenue. They considered this a betrayal.

In 1978, the then military government of General Olusegun Obasanjo passed a decree, known as the Exclusive Economic Zone Act. The thrust of this decree or act is in Section 2(1), which states: “Without prejudice to the Territorial Waters Act, the Petroleum Act or the Sea Fisheries Act, sovereign and exclusive rights, with respect to the exploration and exploitation of the natural resources of the sea bed, subsoil and superjacent waters of the Exclusive Zone rest in the Federal Republic of Nigeria and such rights shall be exercisable by the Federal Government or by such minister or agency as the government may, from time to time, designate in that behalf, either generally or in any special case.”

The Federal Government interpreted this provision to mean that revenue derivable from offshore production of oil cannot be credited to the states to which that offshore geographically belongs, using the Offshore Revenue (Registration of Grants) Act, 1971 Cap. 366 LFN. 1990 as guide. On the basis of this interpretation, the Federal Government split oil revenue into 60 per cent: 40 per cent as on-shore/off-shore revenue and proceeded to base payment of the minimum 13 per cent derivation revenue from the 60 per cent. In effect, the Federal Government paid 7.8 per cent of oil revenue as derivation rather than the minimum of 13 per cent enshrined in the Constitution.

This issue of offshore/onshore was finally resolved by the Supreme Court that gave the offshore resources to the contiguous states and this is why some states, particularly, Akwa Ibom, River, Delta and Bayelsa go home with jumbo allocations.

If the report of the 2005 Constituents Assembly set up by former President Olusegun Obasanjo saw the light of the day, the cry by the northern interest groups would have been louder because the oil-producing states demanded 50 per cent as against current 13 per cent. The Constituent Assembly resolved to give to them 25 per cent. This was not, however, implemented.

The constitution headache

It is only a review of the constitution that can alter the present revenue formula, as it concerned derivation. It is going to be a Herculean task for the North to have its way.

The Niger Delta is still not satisfied with the present 13 per cent and like Oliver Twist, are asking for more, while other states in the South are calling for a return to the arrangement when the regions, paid in 40 or 50 per cent of their resources to the centre. They want they states to now take over the resources and pay the Federal Government 40 or 50 per cent of it.

When this scrapping or alteration of the 13 per cent derivation principle appears on the amendment list of the National Assembly, tribal and ethnic chauvinism would override national interest among the legislatures, as they would be divided along ethnic lines. Those from the North would push the amendment, in their favour, while those from the South would resist it.

At the state Houses of Assemblies, the 17 southern states would likely vote against any amendment in this direction, thereby stalling such proposal. The states in the South may also demand a review of sharing of revenue from Value Added Tax (VAT) as over 60 per cent of the industries that generate VAT are in the South.

Another issue that is associated with revenue sharing is the local governments. At present, the North has more local government areas than the South. This means that the North gets more funds accruing to local governments than the South.

What Business Structure Should You Choose?

As you plan starting up your own business, one of the first decisions you need to make is the formal business structure you will assume. Which structure you choose depends on your industry, growth goals, and how many people you plan to involve in your company. It is important to have a full understanding of the business structure you take – but at the same time, I caution you to avoid paralysis through analysis. Make an informed decision and get back to focusing on starting and nurturing the growth of your business.

The following are six types of business structures you could choose from.

Sole Proprietorship

This is the easiest type of business to start. There are no incorporation forms to file or fees to pay with the government. You pick your business name, and get to work. With a sole proprietorship, you avoid double taxation that occurs in corporations as every dollar you earn hits your personal income tax. You pay no corporate income tax.

Because of the ease of starting this type of business, there is a larger amount of risk involved due to the lack of incorporation. How much risk? You are personally liable for everything done in the business’ name. You can hire employees as you would with any other business, but if they damage someone else’s property you can be personally sued for the damages. This puts everything you own at risk.

Partnership

A partnership is where two or more individuals formally agree to do business together. Partnerships are very easy to form, and the income earned from the business is filed on the individual partners’ tax returns. As with a sole proprietorship, you pay no corporate income tax and avoid double taxation.

However, as with a sole proprietorship, there are risks involved. Partners are personally legally liable for not only their actions, but the actions of all general partners. For example, if your partner takes on a business loan, you are also responsible in seeing that it is paid back.

Corporations and Limited Liability Businesses

There are several types of corporations and limited liability business structures that can be used to avoid some or all of the business’ liability undertaken with a sole proprietorship or partnership.

C Corporation

In this business structure, you pool your money together with other shareholders and are given stock in the newly formed business. A C Corporation is viewed as a completely separate tax entity in the Internal Revenue Service’s eyes, so your business can take tax deductions just as an individual would. This also means your profits will be taxed twice: once at the corporate income tax level, and then again when the corporation pays you via salary, bonuses, or dividends. Since the C Corporation is a separate entity, your personal liability is limited.

S Corporation

An S Corporation is a legal entity formed just like a C Corporation with the added bonus that income flows directly to your personal income taxes through what is called “pass through” taxation. There is no double taxation. This structure is especially nice because your liability is limited to that of a regular shareholder, but you only pay tax once.

Limited Liability Corporation (LLC)

An LLC is a state allowed business structure that mixes the benefits of sole proprietorships and corporations while removing - To have a full version of this article, please indicate interest by mail to: adejuyigbe.francis@gmail.com or call: 07093175098

How to Select an Online University

The process of choosing the best online university is not an easy one. But the temptation many students who are new to the process fall victim to is a focus on the end product of higher learning – the degree – and a neglect of the considerations that go into earning it: skills, new resources, career opportunities and a fresh outlook.

At a physical university, these things are a given, with students sitting side-by-side with others and progressing through the coursework together. But sometimes this isn’t the case with online universities that often use message boards, email and instant messaging to communicate between students and instructors. In the process, the connectivity – often cited as a huge component to the learning process for many students – is lost.

Online course offerings vary from school to school, with some providing little to no physical interaction while others offer extensive hands-on experience and direct instruction from teachers. So depending on your abilities and desired level of involvement, it’s important to find the style of instruction that works best for you.

As the process of distance learning continues to grow in popularity, modern universities are dedicating more focus to the experience of learning, adapting many of their successful existing degrees and programs to an online format. So when comparing programs, you should be on the lookout for a single word: accreditation.

Accredited Universities

Simply put, when it comes to investing in online education, you want the best. Just like anything else you buy, products and services produced by quality firms will usually beat out the generic competitors due to a higher level of commitment to quality. The same is true of online universities. And accreditation is a university’s stamp of approval.

An accredited college adheres to a nationally-recognized curriculum and, among other contributing factors, maintains that accreditation through the continuous education of their instructors. Accreditation also greatly impacts the availability of financial assistance, often a major consideration that enables students to achieve their educational goals.

With online education, this becomes exponentially more important. Accreditation deals with far more than just the quality and reputation of an online degree. It’s a direct indicator of how and if your college credits will transfer to other higher learning institutions and, more importantly, if employers will recognize a degree or certificate in consideration for employment. In addition, accreditation is often viewed as a crucial component when determining the transferability of credits, as well as the recognition of qualifications and conferred degrees.

However, if you’ve conducted your research and found that the university offering the program you need is not accredited, don’t give up. Not all online colleges are accredited. Many legitimate universities are either too new to be granted accreditation or they’ve chosen not to pursue it. So if the college you’re interested in is not accredited, do a little extra digging to determine whether or not the program they’re offering is legitimate.

Three Effective Management Styles

Being an effective manager means knowing when to use the right management style. Some styles, for instance, are more people-oriented, while others tend to focus on a project or product. The management style you select will depend on your people’s skills and knowledge, available resources (like time and money), desired results, and, of course, the task before you.

Your job is to select the management style that works best for any given situation. Managing without a specific style geared to a specific set of circumstances can slow you down and even lead to costly mistakes.

Get your people to do their best work by using one or more of the following effective management styles:

1. Participatory Style
Here, it is critical to give each employee an entire task to complete. If that's not possible, make sure the individual knows and understands his or her part as it relates to the project or task. When people on your team know where they fit in the big picture, they're more likely to be motivated to complete the task.

Take the time to explain the details and why their role is important. Get their input on the task and its significance. This will give them a sense of value, and hopefully, encourage them to take ownership of their piece of the project. Do your best to make sure your employees understand the tasks. Ask questions that might seem obvious; the asking alone will reinforce an employee’s understanding of the work.

If your tasks are divided among groups, coordinate each group’s contribution so that everyone knows where and how they fit in. Make a concerted effort to minimize obstacles and difficulties that arise. Let people know that you’re happy to clear their paths so when a problem does arise, you are informed in a timely manner.

Reward not only jobs well done, but motivation as well. This will maintain the momentum and let people know that you have faith in their efforts.

2. Directing Style
Sometimes a situation will call for a direct style of management. Perhaps a tight deadline looms, or the project involves numerous employees and requires a top-down management approach. Here, a manager answers five questions for the employees: What? Where? How? Why? and When? Let them know what they need to do, how they’re going to do it, and when they must be finished.

This style may seem cold and impersonal, but you still have an opportunity to be a motivating and accessible manager. For example, when you assign roles and responsibilities, provide helpful tips or share experiences you encountered with a similar project.

With this style, don’t be afraid to set specific standards and expectations. Your communication, therefore, must be detail-oriented, unambiguous, and free of buzzwords and jargon. You also need to set clear, short-term goals like, “Your goal is to complete three reports a day.”

In addition, be willing and able to make decisions quickly. Midway through a task, for example, you may direct someone to switch from doing one thing to another. Let your people know from the outset that this may occur; it will help them transition more smoothly. Make sure, as well, to reward and recognize jobs well done.

3. Teamwork Style
If you want to expedite a project and optimize a process for completing that project, managing by teamwork is the way to go. When you motivate people to pool their knowledge, the results may exceed your expectations. Often, teams can tackle problems more quickly than what you can accomplish on your own. The give-and-take can create a process that you can replicate in other projects.

Remember that successful teamwork depends on coordinated efforts among the staff, as well as solid communication skills. Reports must be clear and concise. Presentations must convey information that leaves nothing unanswered. Understanding logistics is critical, too. Probably most important, however, is your willingness to credit the team for its success and independence, rather than your savvy management skills.

Indeed, when you get around to employee evaluations, remember to recognize those who were able to collaborate and maintain a team spirit, especially under pressure.