Table of Contents
Introduction
03
Getting Started
06
Creating A Business Plan That Works
07
Raising Starting Capital For Your Business
12
Why You Should Register Your Business And How
16
Opening a Business current account
21
Running your Business
25
Social Media Tips For Businesses
26
How To Communicate Effectively With Your Customers
31
Beginner’s guide to Business accounting
37
A simple guide to Business Tax
43
Tips For Parent Entrepreneurs
47
Growing your Business
50
51
55
Simple Growth Tactics for your Business
I
What you need to know about Business Credit
60
Hiring for Your Business
64
Opening your Business to nternational Markets
f -keeping your Business
Sa e
Insuring your company
Keeping your Business Safe from Fraud
Setting up a Reliable Data Tracking System
How To Avoid Business Bankruptcy
9
6
70
5
79
83
7
Table of Contents
Conclusion
87
Bonus - Tools You will Need As A Business Owner
89
About Brass
92
Introduction
03
Introduction
4
Have you ever wondered why many small businesses fail?
Fundera reports that 20% of small businesses fail in their first year, 30% of small businesses
fail in their second year, and 50% of small businesses fail after five years in business. Finally,
70% of small business owners fail in their 10th year in business.
The business owners who failed were also like you, excited and ambitious about their
business. However, running a business is not as easy as perceived to be. Most companies
don't get past the getting started phase because there is not enough information available
to potential business owners to guide them on how to start, run and grow their business
efficiently.
Since our launch in July 2020, Brass has remained committed to providing full-stack banking
solutions for businesses. Being a business-facing company, we've had to relate with various
companies and business owners from different industries. Due to this, we noticed some pain
points and information gaps that most companies suffer.
This E-book aims to provide small business owners with the resources that can help in
knowing how to start, run, and take care of a business effectively in Nigeria. For easier
navigation, we have divided this book into four parts. We recognise that different businesses
might be in various stages, and one part may resonate more than the others. In this book,
you will learn how to start your business, run, grow, and finally, safely keep your business
Getting started: This part contains chapters that will help aspiring business owners start
their business and take steps to position their business for success.
Running your business: After setting up your business, operations begin. The chapters in
this part provide tips that will be useful in effectively running your business
Growth: This part contains practical steps a business owner can take to grow their
business, expand to other countries, and generate more income
Safety: There are so many factors that can threaten the safety of your business, e.g.
natural disasters, fraud, lawsuits, fire, cyber security etc. This part provides steps you can
take to keep your business safe and secure.
Introduction
5
Each chapter contains an in-depth explanation of the topic with examples confined to the
Nigerian context. We also collaborated with professionals in writing this book to ensure that
every information provided is authentic, credible and fool-proof. If you read and thoroughly
digest all the information in this book, your business has a higher chance of being among
the successful 30%.
Getting Started
06
Creating A Business
Plan That Works
Getting Started
8
A solid business plan goes a long way in providing your business with structure. Some might
even argue that you can tell how far a company will go by just looking at its business plan.
This is because a business plan allows you to understand the type of industry you intend to
delve into and consider how viable your business idea is in the next three to five years.
This chapter provides insight into what a business plan is, why you need one, and how to
create one that works for you.
What is a business plan?
A business plan is a document that provides a clear plan on your business idea and steps to
execution. Business plans typically cover five years and provide a roadmap for your
business's marketing, financial, and operational standpoints.
Business plans help create a structure for small businesses. Writing a business plan is not as
complex as perceived and should be as straightforward as possible.
Why do you need a business plan?
A business plan is an essential aspect of business operations. New publications might say
business plans are not needed nowadays, but that is not true. Running a business without a
business plan is not advisable because it guides its operations.
Realistically, your business growth depends on your business plan or its lack. Fred Steingold
talks more about this here.
Just as it is usually advised for an individual to have a vision and goal, it is equally essential for
a business.
A business plan is a vital and strategic tool for an entrepreneur. It helps entrepreneurs focus
on the specific steps necessary to achieve the business goals. It also helps in the
achievement and assessment of short-term and long-term objectives.
Are you planning to raise money? Then it would be best if you had a business plan. Getting Started
9
According to an article by Forbes, business plans are helpful when you need to collect loans
from banks or need financial backing. This is helpful, especially for new businesses that have
not established a proven track record.
Tip: Make your business plan easy to read. Ensure that you aren't just dumping information
in there without proper sectioning. You want to make sure that people can quickly scan
through your business plan.
How to create a business plan
So now that you know what a business plan is and why it is essential for your business, let's
dive into creating a business plan that works. In this segment, you will learn how to create a
business plan.
A business plan should contain the following details -
Your idea
This is the reason why you are here. Describe your business idea in a more detailed and
concrete method. It should include the type of business, legal structure, vision, location and
paint a picture of your business.
Tip: Start with a summary or introduction. This is a brief overview of your entire plan.
Unfortunately, this might be where you lose a potential investor/partner if not written well.
This summary should aim to capture your reader's attention and spur them to read even
more. Market Analysis
This part lets the readers of your business plan know you have done your research and are
aware of your competitors. Highlight the SWOT (strength, weaknesses, opportunities and
threats) your business may have, direct and indirect competitors and share any unique
selling point your business has that provides an edge over your competitors.
Getting Started
10
Finance
What amount will the business need for the next two to five years?
What are the plans to raise the required funds? How will the funds be used?
What are the ongoing business expenses?
All these answers and more need to be covered in this section. You should also include your
anticipated revenue which shows projected earnings for the first three to five years of your
business.
Marketing
Marketing plans are often overlooked when creating business plans. However, it is good to
identify your target market, how you intend to cater to them, what product or service you
will be selling to them, and how you intend to sell to them. You will also need to give an
overview of the market as a whole with specific data and charts. This helps the reader know
that you have done enough research to receive your product/service.
Organizational structure
Marketing plans are often overlooked when creating business plans. However, it is good to
identify your target market, how you intend to cater to them, what product or service you
will be selling to them, and how you intend to sell to them. You will also need to give an
overview of the market as a whole with specific data and charts. This helps the reader know
that you have done enough research to receive your product/service.
Conclusion
Simply put, business plans guide the business. They assist the business owner in
strategizing, making the right decisions, and ultimately increasing the chances of the
business succeeding. A business plan will help you create an effective strategy for growth,
determine your future financial needs, and attract investors and lenders.
However, a business plan isn't ageless. You will need to revisit and modify it when necessary.
Conducting new research and updating your business plan could also provide answers when
you hit difficult questions and in cases where you need to expand, reach out to more Getting Started
11
investors, scale your business, or bring in new partners.
Bonus Section: Pitch Decks (Also known as Startup Deck or a Slide Deck)
A pitch deck is a presentation deck used to pitch your idea or company to investors.
Consider a pitch deck as the shorter version of a business plan. Like a business plan, a pitch
deck also contains the Value Proposition, Problem, Target Market and Opportunity, Solution,
Business model, Traction, Marketing and Sales Strategy, Team, Financial and Competitive
Market Analysis.
Most founders of startups, especially fintech companies, use Pitch Decks. Some argue it is
less time-consuming for potential investors to go through than a business plan. The most
significant difference between a pitch deck and a business plan is that a pitch deck is
typically a 15 to 20 slide presentation, while a business plan is a 10-100 page document.
To learn more about pitch decks and how you can design a spectacular pitch deck for your
business, read this.
Raising Starting Capital
For Your Business
Getting Started
13
So you've created a business plan for your new business, and you are wondering, "how do I
raise money to start this business?". This chapter will help you know what starting capital is
and how to raise starting capital for your business.
Let us start by understanding the meaning of starting capital.
Starting capital is the monies raised by a new company to meet its initial cost. It is what a
business owner needs to create a new business venture.
An initial cost is any expense incurred while creating a new business and depends on the
type of business.
Equipment
Incorporation/legal fees
Office space and furnishing (if needed)
Marketing
Website
Payroll
Utilities and Bills
Hiring professional services.
The first step to raising starting capital is to create a solid business plan.
A business plan is a formal written document containing the goals of a business, the
methods and timeframe for attaining such goals.
How You Can Raise Starting Capital For Your
Business
With your business plan created, it's time to learn how to raise starting capital for your
business.
Personal Fund
aka bootstrapping. This is when the business owner uses their funds to launch the business.
Getting Started
14
They could use their savings overtime or sell an asset to raise the capital needed. Although
using your savings to fund your business expenses is usually frowned upon, it's a widespread
move with entrepreneurs.
Support System funding
An alternative to personal savings is relying on your support system- friends and family.
Think of them as potential investors who can help fund your business. This is a win-win for
both parties as they get to enjoy the profits when your business idea becomes a reality. A
well-detailed business plan and a specific date for repayment or when the investments will
yield profits can help put to bed any fears your support system might have towards investing
in your business.
Venture Capital
Over the years, this has become a prevalent option for business owners, particularly in the
tech industry. Venture capital (VC) is a form of private equity and a type of financing that
investors provide to startup companies and small businesses that are believed to have longterm growth potential. Venture capital generally comes from well-off investors, investment
banks, and other financial institutions.
Popular Venture capitalists include YC combinator, Index Ventures, LocalGlobe etc.
Small business loans & grants
Banks and online lenders specifically offer small business loans at various interest rates for
businesses looking for investment opportunities. Banks also provide lines of credit for
businesses that need money regularly. Credit lines are similar to credit cards. They are used
to fund daily operational costs.
Finally, there are also small business grants and local funding opportunities available. Grants
generally have prerequisites, so be sure you are eligible before entering your business.
Tip: While making a solid business plan, consider an estimate to determine how long until
your business is profitable and then factor in at least six month's worth of expenses
Getting Started
15
Angel Investors
aka private investor, seed investor or angel funder.
Angel investors are people with a vast amount of capital and are willing to invest in startups
or entrepreneurs, typically in exchange for ownership equity in the company.
Angel investors sometimes come together to scrutinize business proposals to select the
most viable investment option.
Conclusion
Starting capital gives you a way to launch your business and provide the initial cost until you
start bringing in revenue. Raising money for your business helps it scale faster and provides
the credibility it needs to open the door to more funding opportunities and resources.
Here's a short list of some available resources that can help you in raising funds for your
business:
The Tony Elumelu Entrepreneurship Programme (TEEP)
The Bank of Industry (BOI) Youth Entrepreneurship Support (YES) Programme
GroFin Fund
Africa's Young Entrepreneurs (A.Y.E)
Lagos State Employment Trust Fund (LSETF)
Why You Should Register
Your Business And How
Getting Started
17
Registering your business as a legal entity in its resident country is one of every
entrepreneur's most important steps. It legitimises your business and gives you a sense of
fulfilment. Before you register your business, you must have a business name. A business
name is any name under which a company conducts business. It is the name you want your
business to be called, and it must be marketable and appropriate.
Getting your business registered is the next important step after choosing a business name.
Registering your business means getting your business to be fully recognised by the law.
You ensure no one else can operate a company under the same name by registering a
business.
The process of registering a business is dependent on the nature of the company, the size,
and the resident state. The risk with not registering your business' name on time and
building a brand beforehand is that someone else could have the legal right to that name,
and you will not be able to use it.
Kindly note- this chapter is written in the context of registering your business in NIGERIA.
Benefits Of Registering Your Business
Legitimise your business
Separating your personal finances from your business finances is easier to do when your
business is registered. You can open a current corporate account for your business and
begin transacting with it. This also increases the legitimacy of your business as people feel
safer paying into corporate accounts than personal accounts.
Get quick access to capital
Registered businesses have a higher rate of receiving loan approvals than those that aren't.
A registered business gives investors and other creditors the peace of mind that you are
willing to use the loan or grant for the purpose requested. This is because your business is a
legal entity and is accounted for under the law.
Getting Started
18
Business growth
It is generally assumed that a registered business has more prospects than a non-registered
business. The reason is that it has gone beyond just an idea to a solution that people need.
Registering your business helps you position yourself better for growth by operating under a
structure that can outlive you when done right.
Building a reputable company
One of the first questions people (potential customers/creditors/investors) will ask before
dealing with a company is if it is registered. It is assumed that once a business is registered,
it has gained a certain reputation level and is considered good, respectable and trusted. This
goodwill is essential in building a company that people will love.
How to register your business
The first step in registering your business is to decide on the structure. The business structure you choose affects how you file your returns, your day-to-day
operations, and how much of your personal assets are at risk if your business fails.
Some of the most common business structures are -
Sole Proprietorship: A sole proprietor is a business owner that is not legally separate
from the business. Essentially, the profits or losses of the company can be absorbed by
its owner. Sole Proprietorships are suitable for micro-small, small businesses, and
professional businesses (law, accountancy, photography, etc.) owned by one person
Limited Liability Company: This business structure allows the business owner to protect
personal assets from the business's liabilities. Simply put, the business owners aren't
personally liable for the company's debt or liabilities
Partnership: This is the business structure for two or more people who own a business
together. There are two types of partnerships -
Getting Started
19
Limited Partnerships (LP) - This type of partnership has only one general partner with
unlimited liability, and all other partners have limited liability. The partners with limited
also tend to have limited control over the company
Limited Liability Partnerships (LLP)- This type of partnership give limited liability to every
owner. An LLP protects each partner from debts, and they also won't be responsible for
the actions of others partners.
How to register online
Sign up on LaunchPad.
Turn your business idea into a business in days with Launchpad. Register on the Brass
Launchpad, select the type of business you want to register, pay and get your incorporated
documents sent in days.
For more information, visit the Launchpad website here.
How to register offline
To register for a business name offtine, you do not necessarily require the services of a
lawyer/accountant. You simply need to go to the nearest Corporate Affairs Commission,
Nigeria (CAC) office, fill in the registration form with other required documentation, and pay
a registration fee. Conclusion
Getting your business registered is vital if you are starting a new business or looking to grow
your current business. Business registration offers you a more significant advantage,
protection from legal liabilities and openings to new vistas. Incorporating your business
eliminates most of your personal liability and risks.
As your company grows, you are more likely to benefit from formal registration. Getting Started
20
Registering your company may initially seem complex and arduous, but it will ultimately
broaden your potential customer base, alleviate personal financial risk, eliminate
unnecessary tax burdens and open you up to funding, incentives and support services
provided by the government.
Hence, your incorporated business is a separate legal entity.
Opening a business
current account
Getting Started
22
Money is a big deal.
Even more so important is the financials of your new business. This ensures that every
money received or spent is well accounted for. As a start-up or small business owner, having
access to premium business banking services is vital and instrumental to the growth of your
business. This is because it puts structure into the financial part of your business and helps
in the smooth flow of banking transactions. It also comes with additional benefits like-
overdrafts, business loans, FOREX, international payments, and so on. Using a business
current account lets you separate your finances from your business.
If you've ever wondered why it's crucial to have a separate current account for your
business, then this is for you.
Let's start by explaining what a business current account is.
A business current account helps businesses of all types hold and manage money made. A
business current account will enable a business owner to conduct their transactions
smoothly with no limitations on the number and amount of deposits compared to a personal
savings account. It is also vital for the financial record-keeping of your business.
Why you need a business current account
Cash Flow Tracking
Every business owner should track their business' cash inflow and outflow. Cash flow refers
to the net balance of cash moving into and out of a company at a specific point in time.
Having a business current account makes it easier for you to do this. This will enable you to
predict your cash flow and ensure your business is in an excellent financial position. It is
essential that you know the amount of money coming in and the amount going out of your
company to determine the financial status of your business and what it will be in several
months.
Tip: Another critical thing that this will help you accomplish is a simplified process of
drafting your business' budget. Your budget enables you to set expense and revenue goals.
Getting Started
23
Get Easy Access To Loans
It is easier to secure a loan for your business with a current account. To grow your business,
you may explore credit options like getting loans. Having a business current account that
has been in use for some time will improve your chances of getting loan approval.
Improved Professionalism
Having a dedicated business account makes your business look more professional than
using your personal bank account for your business transactions. This will also help establish
credibility with creditors/customers by showing them that you are serious about your
business's finances.
Taxes
Most registered businesses are required to file a tax return every year. To do this, you'll need
to keep records of your business's cash flow.
Having a business current account makes this process easier to do.
What To Look For When Opening An Account
For Your Business
When looking for a business current account, keep these questions top of mind:
Will I be charged a monthly fee plus transaction fees
How fast and easily will I be able to open the account
How much physical paperwork do I need to sign to open one?
Ideally, you should find a financial institution or provider that doesn't make you jump over
too many hurdles to open one and is transparent about their fees.
Conclusion
It is a sensible business move to open a corporate account. It's safer, more efficient, and will
help build your business' reputation.
Getting Started
24
When looking out for a corporate account, look for one that allows you to focus on what
you do best- running your business.
Running Your Business
25
Social Media Tips For
Businesses
Running Your Business
27
The world is now a global village- meaning you can talk to anyone, at any time, anywhere!
Social media can be a powerful tool for both new and well-established brands. Brands can
use it to grow their following, generate leads, increase sales etc.
What this means for you as a business owner is that social media allows you to talk directly
to your customers and followers easily. You can use social media to create awareness for
your brand, increase sales, connect with your customers and generate leads for your
business. Three billion (and more) people worldwide currently use social media, and the
numbers will keep increasing with each passing day. Social media is the new gold, but this
time, accessible to almost everyone. With this much potential, you'll be doing yourself a
disservice if you don't build a thriving online presence for your business.
Your business needs a social media presence.
Here's why
More reach
Social media makes it easier for your potential customers to find you and vice versa. You can
sell your product or service to people living on another continent. As of October 2021, 56.7%
of the world's population uses social media, with an average daily usage of 2 hours 27
minutes. You can read more about the growth and reach of social media here.
Online presence for your business
You can showcase your product or service with social media without owning a physical
store. Having an online presence is a plus for business owners because it introduces you to
an untapped audience.
Customer relations
Social media has made building an effective relationship with your customers and potential
customers easier. Here, you can address your customers complaints in seconds and resolve
whatever issue they might be facing. You also get access to immediate feedback from your
customers on how they perceive your service. Social media also allows you to relate with Running Your Business
28
your potential customers who may become actual customers through community building.
Easier to market your product/service
It is easier to market your brand through social media than print or broadcast. The entry
point is simplified, and it is relatively affordable compared to the other forms of advertising.
In 2022, the number one way companies are approaching marketing is through social
media, with general use at an all-time high. While the most popular platform for marketers is
lnstagram, brand see the most ROI from Facebook.
Popular platforms like Facebook, Twitter and lnstagram allow you to run ads directly from
your personal/business account to an audience as large as your advertising budget allows.
Another perk of marketing on social media is that you can specifically target the type of
audience you want to expose your product/service to through their location, age, specific
interests, etc.
6 Tips To Improve Your Business' Social Media
Presence
Like every other business growth endeavour, you'll need to ask yourself some questions
about why you want to embark on this. The questions are (but are not limited to)
Why do I want to have an active social media presence for my business
Is this in line with my current marketing strategy
What are my business social media goals
How will these goals help my business grow
How much am I willing to spend on social media
Can I afford to employ more hands
What platforms will best serve my business online presence?
When you've answered these questions and have a clear direction, you can then go ahead
to use the following tips to improve your business's social media presence.
Running Your Business
29
Branding
Branding helps people easily identify your product/company. It is what makes your company
different from your competitors. Your branding is the total experience from your visual
identity {logo, colour, typeface, website, mobile/ web app) and content style to your
customer experience. Investing in good branding will make your business visually and
emotionally appealing to your audience, a core in which social media thrives.
Quality over Quantity
It is better you post just one quality content a week than seven substandard content. No one
wants to be associated with a mediocre brand. Ensure the content you publish is of a good
standard and has the right tone. Customers decide if they will or will not patronize you by
the quality and type of content you post on your social media page.
Have a posting schedule
This is important and can easily affect the conversion rate of the content you publish if done
wrongly. Scheduling helps you reach your target audience when they are online and enables
you to maintain consistency. This way, your audience knows when to expect a post from
you. Applications like Buffer and Hootsuite are good tools for this.
Track your post
To enable growth; every action must be analyzed. Social media efforts aren't left out. Even if
you're assured that you've put out quality content and you're a pro at running ads, you must
track your post and analyze it. Tracking your post helps you see which campaigns are working
and which aren't. It also lets you know what strategy to focus on and which to dump.
Build a community around your brand
Customers tend to stick to a particular brand for emotional reasons. You can leverage social
media to build a strong community for your business. Help your customers, address their pain
points, show that you care about them and watch them market your business for you at
absolutely no cost.
Running Your Business
30
Decide on the platforms you would like to use
Once you have outlined your marketing plan and goals, decide on the platforms you would
like to use and have a strategy on how you plan on executing your goals. There are over five
social media platforms accessible to you, and each platform has different uses. E.glnstagram, Facebook, Twitter, YouTube etc. Ask the Why, What, Which, and How questions for each platform. Why am I using this platform
What type of post is best on this platform
Which audience do I plan on reaching
How are my posts unique to this platform?
Conclusion
Social media is constantly changing. We're seeing new updates and trends emerging every
year, causing marketers to shift their strategies to keep up. Whether you have a vast social
media following or are just getting started, use these tips to craft your social media
marketing strategy. They can help put you ahead of your competitors and grow your
audience in a way that adds value to them and your industry as a whole. If your team is still
small, you may find yourself doing all or most of these tasks. As you grow, you can employ
more hands to enable you focus on running other aspects of the business.
How To Communicate
Effectively With Your
Customers
Running Your Business
32
You can have a jaw-dropping product, excellent employees, but without customers, your
business means nothing.
The importance of communicating effectively with your customers cannot be
overemphasized. This encompasses face to face communication, communication via brand
materials and interpersonal communication.
Fostering excellent communication with customers should be an integral part of a
company's value. From educating customers on new product updates to issue and conflict
resolution, customers should always be a priority when giving out information that may
affect them. Effective communication with your customers help build customer
relationships, encourage feedback and improve customer satisfaction.
When customers are satisfied with a business, their products or services sell themselves.
Because of this, companies find that they don't need an extensive marketing budget.
Customers take it upon themselves to spread the gospel about what the business offers.
This will increase visibility as well as lead to an increase in sales. Here are top reasons why
effective communication is vital for every company's success:
Improved customer satisfaction and brand marketing
In marketing, communication is vital for creating effective campaigns, resonating with target
audiences and persuading people to purchase.
A satisfied customer will talk to everyone about how good your brand is. See example below:
Running Your Business
33
Better conversion rate
You can close sales faster when you effectively communicate with the leads generated. The
conversion rate of your business helps to analyze which aspects of your business are doing
well, e.g. your marketing and advertising, onboarding, customer support etc. In cases where
your conversion rate is low, you can improve it by communicating with your customers. This
is an effective way as a one-on-one conversation with your customers will improve your
relationship with them and make you understand their needs or reservations better.
Boosts customer loyalty
Customers tend to remember a company that related to them personally than a company
that didn't. A customer satisfied with the quality of service they receive from a brand will
automatically want to continue using that brand. By providing a practical and personalised
customer support experience, companies can build a strong community of loyal customers
to bring about long-term growth and profitability. Smith explains the relationship between
effective communication and customer loyalty.
Improve the chances of success of the company
Effective communication strengthens the relationship between a business and its
customers and the relationship between stakeholders and employees. This brings about a
better decision-making process and a smoother flow of organisational operations.
According to William Schaffer, a manager at Sun Microsystems, "If there's one skill that's
required for success in this industry, it's communication." Your company's success or failure
depends to a large extent on your ability to communicate well.
Learn more about how effective communication can improve the success of your business
here.
To help you learn the art of effective communication with customers, we have provided
some practical tips you can use as a small business.
Be empathetic and patient
Your customers are human too, and they may not always communicate in the manner you
expect. Instead of getting upset, empathise with them. Chances are they already tried to
Running Your Business
34
figure out whatever problem they may be facing before reaching out. So when issues like
this come up, be patient with them and make them understand that you are there to ensure
their problems are solved.
Listen to your customers
Always take time out to listen to your customers. Listen to their complaints, enquiries and
suggestions. Be actively involved in the conversation, whether offtine or online. Avoid
interrupting customers while they are speaking with robotic answers. Having a ready-made
response for every customer may seem impersonal. Listening to them helps build
relationships and also allows you to work on your product or service. After all, it was built for
the benefit of the customers.
Reply on time
One of the fastest ways to win your customers over is by replying on time. Set up a system
dedicated to immediate response time and achieve it. If your business has many customers,
you can set your response time to under fifteen minutes. Customers feel valued when you
respond to complaints and enquiries on time. To ensure you have a quicker response time,
use live tools for real-time engagement and automated messages.
An example of this is Fresh Desk. Finally, finish every conversation with a statement offering
to help if the need ever arises. This shows your commitment to going the extra mile to make
your customer happy.
Collect customer feedback
Customer feedback is vital in navigating communication with customers. Feedbacks from
customers serve many functions, from helping you know how customers feel about your
product/service to developing a long-lasting relationship between your business and the
customers. The easiest way to effectively communicate with your customers is by asking
them what they like about your service and what your business can improve. Working on
any complaints would make your customers feel listened to. That helps strengthen your
relationship and build customer loyalty.
Running Your Business
35
Avoid negative phrases
A customer wants to hear that their problem will be solved. Telling them why that may not
be possible is bad business communication, even though for genuine reasons. For example Suppose a customer requests a particular feature from your product/service that is not
currently available but would be along the line; it is better to reply to them with" Thank you
for this feedback. We are currently working on this and will notify you as soon as it is ready."
This way, you have communicated that you understand your customer's needs, and your
product team is working on providing the requested feature.
Don't overpromise and underdeliver
In a bid to calm your customers and assure them that you're on top of the situation, don't
overpromise. Yes, it may be tempting to do so, especially when trying to deescalate heated
matters but remember, It's always better to set reasonable expectations and then exceed
them, than set unreasonable expectations and not meet them. The latter will break the trust
your customers have in your business.
Rule 1 - Underpromise
Rule 2 - Overdeliver
Rule 3 - Follow Rule 1 & 2.
Also, when communicating with customers, if you are unsure about any of the points they
raise, politely ask them to repeat what they said. This makes you better equipped to solve
the problem swiftly. You can also use questions to gather additional information and help
you understand the conversation.
Bonus Tip:
Channels you can use to communicate with
your customer
Via your websit
Via email newsletters
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Via your official social media handle
Through Press Release' etc
Conclusion
We live in a predominantly online world, and communicating with customers may not be as
fluid as having face-to-face conversations. Ensuring you have an effective customer service
communication plan in place is essential. This would help reduce any negative reviews your
business may receive and increase customer satisfaction.
Beginner’s guide to
business accounting
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38
It is essential to know about the art of business accounting to run a successful business.
Small business accounting entails many moving parts such as recording financial
transactions, creating financial reports, filing tax returns etc. If you get your accounting
right, it is easier to know your company's health and worth, which will inform whatever
decisions you want to make in the short or long term.
What is small business accounting?
Small business accounting is the process of tracking, recording, and analysing the financial
transactions of your business. Doing this helps you translate numbers in your books into an
understandable statement that provides insight into the profitability of your business. While
accounting is not one of the fun parts of running a business, it is vital because it helps avoid
cash ftow issues and unnecessary paperwork.
Why are financial statements important?
Financial statements are important because they contain information on a company's
financial status at a particular time. A financial statement will typically contain the company's
revenue, debts, cash ftow, expenses, profitability etc. For public companies, depending on
the regulation in the location you operate in or the business type, you will be required to
publish your financial statements quarterly, bi-annually or annually.
It is also one of the things investors look for during fundraising, so having a financial
statement is highly important if you plan to raise funds for your business.
Basic accounting steps for your business
Open a separate business account
The first step is to open a corporate account for your business. This will help you monitor all
transactions going in and coming out of your account. This is also beneficial when it comes
to collecting business credit. Keeping your corporate records separate from your personal
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accounts is very important as it alleviates the issue of mixing them up. You'll be able to track
your business' cash inftows and outftows.
Identify your method for accounting
There are currently two methods for accounting- cash or accrual basis.
Cash Accounting - income and expenses are recorded when cash is paid or received.
This is mostly used by government parastatal, churches and charity organisations
Accrual Accounting - income and expenses are recorded when they are earned
irrespective of when the payment occurred.
Both systems require the double-entry method of recording transactions, which means
there must be a corresponding credit entry for every debit entry. The most recognised and
acceptable accounting system to date remains the accrual method.
Develop a bookkeeping system
Learn how to track and record business transactions. Bookkeeping entails a daily process of
recording, analysing and categorising transactions - as the name implies, it simply means
"keeping your accounting books in order". With a good bookkeeping system, you are
opportune to financial gains, and the business remains opportune to tax benefits.
The world is evolving, and various sophisticated bookkeeping software have phased out the
traditional "paperwork" method. Some of this software include SAGE50, Tally, Quickbooks
etc.
As a small business owner, you might decide to handle your bookkeeping by:
Outsource to a bookkeeping or accounting firm
Hire a personal bookkeeper (accountant)
But whichever method you opt for, a bookkeeping software will come in handy, either cloudbased or remote.
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Set up an invoicing system
Set up an invoicing system that works. An invoice is prepared when you have products or
services that need to be sold. If you are a Brass account holder, you can create, send and
reconcile invoices sent to your customers online for free. An invoice helps you keep track of
products/services sold and payments coming into your account.
Generate financial statements
You can generate different types of financial statements that reftect the state of your
business. These include the income statement, statement of cash ftow, statement of
retained earnings, and balance sheet.
Bonus Tip: Keep all receipts of sales and purchases. Receipts make it easier to have all the
information required to create summaries of transactions in your books.
Re-evaluate your accounting methods
Your income and expenses are more than likely to increase as your business grows. The current
bookkeeping methods you use might need to change over the years. Take time to fine-tune
your processes. Excellent and efficient bookkeeping helps you see a pattern and make the
necessary changes in how you've been operating.
While it may look challenging at first, keeping books for your business is very simple. Focus on
keeping track of your expenses and collecting all financial information required for a tax filing.
Calculate your business tax
A business tax is a tax that businesses pay to the government as part of their operations. All
companies must pay their tax, whether it's a sole proprietorship, limited liability or a
partnership. Because of how important this is, it's just right that you know how to calculate
your business tax.
However, you can outsource this by employing a tax manager. The FIRS is in charge of
collecting taxes in Nigeria.
This article provides an in-depth explanation of how to calculate your business tax by
yourself. You can also check out the FIRS tax calculator.
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Popular Accounting Software Options You
Can Utilise
Kipp
Quickbook
Sage Business Cloud Accountin
Zoho book
SAP Business One
Quick tips to getting paid on time
Running a business means you'd get exposed to many customers, some who may be
punctual with payment, and some who may need an extra push to pay. Here are some easy
tips to ensure you receive your payment on time.
Agree on the terms of payment
Always make the payment terms clear before you begin work or sell that product. This
includes the cost, payment mode, due date etc. Both parties should be clear and agree on
this before proceeding with the sale.
Always put a due date
This should be very clear when drafting the terms of payment. You can't afford to assume
your customer will pay at the time you both verbally agreed. Having a clear document that
you and your customer can easily refer to will help.
Multiple payment options
You have more chances of getting paid on time if multiple payment options are available.
This reduces the chances of payment excuses like "I don't have cash on me", "I'm not with
my ATM card", or "My Bank app is slow, so I can't make a transfer", etc.
Encourage upfront payment
You can ask your customers for upfront payment before you complete the sale. This involves
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taking a percentage of the money before the sale is completed. The percentage can be
negotiated between you and the customer or can be predetermined by the finance officer.
This is an effective way of getting paid and building trust and confidence between both parties.
Conclusion
Without proper business accounting, you wouldn't know your business financial health and
thus would not make accurate and necessary decisions. Business accounting keeps your
business finances organised, helps you create accurate financial statements, backs up your
tax returns, makes it easier to get investments and keeps you law-abiding. To make your
accounting a straightforward process, make sure you review every transaction made.
A simple guide to
business Tax
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Business taxation is essentially the tax businesses pay to the government as part of their
operations. It is important that every business pay their taxes, whether it falls under sole
proprietorship, partnership, limited liability or a corporation. Your business is responsible for
abiding by the tax regulations provided by your country of operation.
Taxes are essential to the government because they are the primary source of revenue to
fund the activities of the government on the federal, state and local levels. As long as your
business is registered in a country, you are expected to remit a certain percentage of profit
to the government of that country.
It is essential to understand the tax process and regulation, small business or not. This will
help you decide how to maximise tax advantages and ensure that you pay on time, so your
company wouldn't have problems with tax regulators.
Accounting method for Business taxes
Accrual accounting is a popular accounting method used for business taxes, and this is
because it minimises tax computation and aligns with the basic principles of accounting.
This is where everything is accounted for {all revenue and expenses). In simpler terms, all
transactions made within the financial year should be accounted for regardless of when you
pay your taxes.
Taxes to pay
Because taxes and tax regulations differ from country to country, we will focus on the taxes
applicable to Nigerian businesses.
In Nigeria, all persons in employment, individuals in business, non-residents who derive
income from Nigeria, and companies that operate in Nigeria are mandated to pay tax.
The tax regime in Nigeria is administered by the three tiers of government - Federal, State
and Local government taxes.
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Federal government taxes include- Companies Income Tax {CIT), Value Added Tax (VAT),
Capital gain tax, stamp duty tax, education tax, petroleum profit tax etc.
State government taxes include- Personal Income Tax, Business Premises Tax, Development
levy, etc.
Local government taxes include- levies and rates.
Calculating the right taxes
Once you have figured out which taxes apply to your business, you need to calculate the
correct taxes to pay. Each tax comes with its percentages. How much your business makes a
year can also determine how much to remit to the government.
Tip: If you haven't made enough profit by the end of your financial year, you can file your
returns before the deadline or within six months after the financial year without actually
paying. This attracts a 10% penalty fee plus interest (at commercial bank rate).
Penalties for non-compliance
Each tax has its penalties. For this article, we will focus on taxes created by the federal
government- Company income tax.
The general law is to remit your tax within six months after the financial year or 18 months
from the day of incorporation for new businesses.
Failure to file returns would mean a N25,000 penalty in the first month of failure to file and
N5,000 for each month the default continues plus any interest accumulated on the amount.
Tip: Companies that make payment within 90 days from the due date for filing the
corporate tax returns will get a discount. Companies with a turnover greater than 100 million
are entitled to a 1% bonus, while companies between 25-100 million are entitled to 2%.
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How to file for taxes
You know the taxes to pay, how much, and the penalties when your taxes aren't paid on
time. But how do you go about filing for your taxes?
Prepare your company's accounts for the financial year and get an audited financial
statement
Provide all documents needed to file your tax returns, i.e. CAC document, directors
statement and a complete Type C form
Pay the Company income tax amount to any banks designated for tax collection.
Tip: Did you know that you could file your returns online? Visit the firs.org website to begin.
Conclusion
Understanding the basics of tax will help prepare you to make well-informed decisions that
can guarantee that your business remains able to take advantage of inherent loopholes.
Complying with the country's tax regulations that your business operates in will help protect
you from the consequences of non-compliance and proof that your business is credible and
committed, especially to customers and investors.
Tips For Parent
Entrepreneurs
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All over the world, we have parents becoming entrepreneurs, entrepreneurs becoming
parents and the term "parentpreneur" gaining popularity.
Juggling parenting and being a business owner can be intimidating as raising children can
also be classified as a full-time job. However, it can be gratifying when balanced well.
Being able to stay on top of both positions requires you to master some simple life hacks, so
you don't get consumed by the sheer amount of work needed to be done. To help with this
balance, we have provided practical tips to help you navigate your time and workspace.
Rely on your support system
You can't do it alone, and that's fine. You'll need help from people. The first step to becoming
a successful parent entrepreneur is to acknowledge that you will need lots of support, from
having family members step in when you are unavailable, to having help with sorting the
basic chores at home and having good employees who are proactive.
Schedule Your Time
To manage your time correctly, we advise that you schedule everything. This advice goes to
entrepreneurs, 9-5'ers and stay at home parents. Tasks written down have a higher
possibility of being completed than those that aren't.
Make a to-do list that will help with not just your productivity but allows you free up time to
spend with your family. Try as much as possible to stick to the schedule you created and
finish up your daily or weekly tasks, so you don't carry over any extra tasks.
Delegate
While it may seem difficult to let others handle your business, it can help you create more
time for yourself and your children. When you hire competent staff, all you need to do is
delegate duties. That way, you are not required to do all the work. This also improves the
quality of life. Get your children involved in the whole process as well. When they are old
enough to start having responsibilities, hand some over to them. From helping with laundry
to picking up their toys after playtime, this allows you to focus on other complex tasks and
creates room for bonding.
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Self-Care
When you delegate effectively, you have time to incorporate self-care into your routine,
from taking a quick power nap to spending time at the spa.
Everyone deserves some "me" time. It motivates you to finish tasks. At least 10 minutes a day
of self-care can make a huge difference in your productivity levels. You can read more about
the importance of parental self-care in this guide.
Be more organised
Know when to wear the parent cap and the entrepreneur cap. Try to keep work away from
your resting place. For example, don't bring your laptop into your room, don't take your work
laptop with you on family trips, focus on doing quality work during your scheduled work
hours, so you don't have to bother about it while at home etc.
Take your business online
It's 2022. You don't physically have to be at your office/store to oversee the operations. With
platforms like Slack, Notion, Airtable, and Google Workspace, communication between you
and your employees is achievable. You can also choose to work from home to take time off
when needed.
Conclusion
Being an entrepreneur and a parent has many benefits. The tips we provided can help you
balance the two without feeling guilt for prioritising one over the other. Remember, you can
be both a successful parent and a successful entrepreneur.
Here are two books that extensively teach how to navigate life as parent entrepreneurs.
“The Parent Entrepreneur: How to cope with starting and running a business as a parent”
by Terry Chiu.
“The Entrepreneurial Parent: Run Your Business, Raise Your Family, Keep Your Sanity” by
Chandra Clark.
Growing Your Business
50
Simple Growth Tactics
for your business
Growing Your Business
52
Every business owner should desire to grow their business beyond its current state.
Business growth means more revenue, more customers, more significant profit, more
impact in the industry, more gain over your competitors and more market dominance.
Business growth is essentially the process of improving the success of your business. It is
also a stage where the company reaches the point for expansion and seeks additional
options to generate more profit. Growing your business also helps you attain a stronger
brand identity and is crucial for the long-term survival of a business.
You can grow your company either by boosting sales through introducing more
products, expansion or by optimising the company's operations for growth using the tips
provided below.
Have a growth strategy
The first thing you should do is have a plan that the team can efficiently execute. Once you
have an idea of what you want to do, you can proceed. This could either be by bringing new
customers, releasing more products, or entering new markets.
Invest in systems
As a business owner, trying to do everything yourself will limit you and make you unable to
focus on things that matter. The growth and expansion of your business demand that
systems be put in place to enable it. For example, having a CRM software.
Hire more professionals
Growing your business also depends on the quality of employees you hire.
Having people who are growth-oriented and have the technical ability to grow the business
is necessary. This motivation and expertise are needed not only for themselves but also to
increase their co-workers' work output.
Having the right team takes you one step towards making your growth vision a reality.
Improve your branding
Good branding is vital for your business because it sets you apart from your competitors
and makes your customers know what to expect from you. As you grow your company,
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53
the scope of the business might change from what it was at the initial stage. A rebrand will
better communicate what your business is about and make it easier for your target
audience to recognize you.
Analyse and compare old and new tactics
It would be best to compare old-growth tactics with the new ones. This will help you make
better decisions as you will be able to decipher which tactics worked, which didn't and
what aspect of your business you should focus more on. A tool you can use for this is
Google Analytics.
Invest in ads and marketing
Effective marketing and advertising will improve your brand awareness, boost sales and
make your business stand out in the market. You should also explore digital marketing,
which is any marketing effort made online. Have a clear marketing strategy before you
begin. This will direct your actions to yield results.
Get funding
Truthfully, all the above requires funding to execute. Without the proper budget to hire the
right people, invest in systems and product marketing, growing your business might be a
struggle. You can get funding through investments from venture capitalists, crowdfunding,
grants from government or accelerator programs, personal savings, or donations from
family and friends.
Popular Growth-Hacking Techniques To Avoid
Don't spam
In a bid to reach out to more people and convert them to paying customers, don't spam. It is
wrong to add people to your email list or community group without seeking their
permission. Customers hate this, and it will negatively affect their impression of your brand.
Don't exaggerate your result
When marketing your brand and introducing it to a new market, don't exaggerate the
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54
the results your business will give them. Instead, truthfully sell your brand and focus on
the benefits they stand to gain if they make a purchase. This will bring about customer
trust and loyalty.
Less speed
Growing too fast can kill any business, particularly if revenues don't grow in proportion
to resource consumption. Yes, growth is good, but remember one milestone at a time.
This article talks about how rapid growth can kill your small business.
Conclusion
Growing a small business isn't easy. It is a rewarding challenge from which you will learn a
lot. It is a rewarding challenge. Whether your small business will transform into a mega
business is dependent on the growth tactics you utilize and how far you are willing to go to
actualize your dream. When growing your business, every aspect is essential-from the
employees you hire to your business operations. None should be left out if you desire to
attain the growth goals you set.
Next stop- to the moon
Opening your business
to international market
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As startups begin to experience consistent growth and success, there can be an
expectation of leadership to seek new ways of increasing growth and revenue. One of
the logical and attractive options for a business looking to take things to the next level is
to expand its customer base by entering a new market overseas.
Opening your business to international markets opens you up to potential expansion and
growth. Thomas L. Friedman's book 'The World is Flat' talks about the increasing speed
of globalised trade and how business practices will continue to take an international
stage in this century.
Many businesses dream of expanding to other markets and offering their products or
services to many people. But while taking your brand overseas can be an appealing
prospect, the journey to international expansion can be tricky and requires careful
navigation and planning. It, however, can be a gratifying process for the business if you
navigate correctly, as it opens it to a wide array of benefits, five of which will be
explained below:
More customers, more revenue
Taking your business international helps you attract new customers in new markets. For many
companies, international expansion offers a chance to conquer new markets and reach more
consumers. If your product or service is a success, it automatically increases revenue.
Increased market influence
The higher your business grows internationally, the greater your influence in the market. The
greater your impact in the market, the more chances you have to influence pricing in the
market.
Companies also choose international expansion to gain a competitive edge over their
opponents, improve brand image, and help companies acquire access to new technologies
and industry ecosystems, which may significantly improve their operations.
More access to talent
Another benefit of taking your business international is that you have access to a new pool of
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57
talents who can be potential employees. These talents are specially equipped with the
skills and knowledge of building a business in the country you are about to expand to.
Diversifying company's market
Entering new markets is good for your business because if one part of your business is
affected by market changes, you can rely on other income streams. For example, A new law
prohibiting your business from functioning as it used to in Nigeria, thus reducing the amount
of profit made. You can rely on the success of your business in other countries. This can
make up for the losses experienced and buy you more time to figure out new and creative
ways to increase revenue in the Nigerian market.
Foreign investment opportunities
Foreign investments are valuable to your company. Opening your business to international
markets gives you access to these investments and grants that will help scale your business
in the new market. For example, many governments worldwide offer incentives for
companies looking to invest in their region.
Here are a few essential factors to consider when opening your business to international
markets.
Provide a reason
The first step is to provide reasons for expansion and the effects that come with it. There
are a few questions you need to answer before you proceed. Will the product or service sell in international markets
Would you be able to educate customers if your target market is not familiar with the
product or service
Are there possible infrastructures in the new market to accommodate your product or
service
Do you have the financial resources and workforce to penetrate a new new market?
Getting into a new market is a significant project which requires a substantial long-term
commitment of time, finances, and other resources.
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Once you have answers to these questions, you can build a structure around exporting
your product or service.
Research your target market
Conduct market research and identify the international markets that would be favourable
towards your product or service. If you are unsure of the market to expand into, you can
explore using Market Finder. It would provide you with your top recommended markets and
short statistics on the countries selected (household net disposable income, ease of doing
business rank etc.)
You will also need to consider the challenges of expanding into the new territory - finances,
projections, cultural differences such as language. You must know the impact going global
will have on your business.
Build relationships
Before you expand, you need to find the right partners. The famous saying 'No man is an island'
definitely applies when growing your business. Know when you require advice and help.
Seek local perspectives and engage the services of local professionals and experts for tax,
legal, human resource, marketing, and even distribution issues, and consider which elements
are best outsourced, e.g. payroll.
Adapt to your new market
You may need to adapt your product or service to the needs of your international customers.
Therefore, your organisation would have to include specific policies that align with your target
market's local customs and laws. Hiring a country manager is always a critical step that
businesses take to ensure the development of their business overseas.
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Run the right operations
At this point, you would need to ensure that your entire operations is scalable from when a
potential customer sees an advert to when they make the purchase. A smooth process
guarantees customer retention. If your product already has issues locally, it may not be a
good idea to scale your business internationally.
Finally, develop an entry strategy. Set goals, objectives, targets, develop and test marketing
strategies, and establish periodic success metrics/KPls while making sure you have
sufficient business credit to complete your market launch.
Conclusion
Opening your business to international markets can provide new sources of revenue, greater
returns on investments and secure long term success for your business. It also gives you an
edge over your competitors and increases your market influence. Take your business
international using the tips provided above when you can afford to.
What you need to know
about business credit
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Every business owner dreams about experiencing exponential growth. An essential part
of this is establishing business credit. Whether you get funding from investors, friends,
or the money you saved up, having good business credit is something you need. Not
many people understand the importance of business credit or what it means. This
chapter will provide insight into what you need to know about business credit.
What is Business Credit?
Let's start with the basics, which is what business credit means. Business credit is simply the
ability for your business to buy something now and pay for it later, and you can only do that
when you have a good business credit score. A business credit score calculates a company's
risk profile based on its credit history.
Essentially, creditors use your credit history to determine how much of a risk it would be to lend
your business money or give it access to credit facilities.
Many business owners make the mistake of using their personal credit score to access these
credit facilities, but that should not be the case. You are putting your credit at risk if your
business ever gets into a tight corner. Your personal credit is not an ideal metric for gaining
lending options as creditors are not interested in you. Instead, they are interested in your
business and how your business credit is doing.
Why is Business Credit Important?
It's simple; a strong business credit can contribute to your business growth.
Many banks, investors, and other companies look at the business creditworthiness to
determine loan terms, insurance premiums, extra lines of credit, or partnership viability. A top
reason why businesses fail is because of insufficient or delayed financing. Also, credit scores
are very transparent; anyone can have access to them. It will be in your business best interests
to establish a good credit rating from the start to receive better interest rates, loan terms, and
negotiation leverage on payment periods with suppliers.
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How do I get and build my Business Credit?
Register your business
The first step to building your business credit is registering your business and getting a
dedicated business phone line for your business. That way, when you are requesting
business credit, there is evidence that your business is legal. You can't apply for business
credit until your business is registered.
Set yourself apart from your business
It is time to give life to your business by ensuring that it is separate from you. Let your
business tax identification number be separated from your personal tax identification.
Making this separation reduces the risk of you being affected if your business fails. This
advice can be challenging for small business owners who are just starting, you may need
to use your personal credit to get the company running but as soon as you can, separate
the two.
Check your credit score
You can check your business credit score beforehand for a small sum. While complete
business credit reports aren't free, it is recommended to look for errors or missing
financial data about twice a year. Doing this review of your credit report can help protect
your business against identity theft and can be helpful to compare yourself with the
borrower if you're planning to apply for a loan. If you see mistakes or missing
information, you can report these errors with evidence of the inaccuracy.
If you are in Nigeria, you can try Credit Registry or First Central Credit Bureau.
Tip: Having a good personal credit score can also work to your advantage if you are a
new business owner and haven't built up your business credit yet.
Don't miss a deadline
Make sure to meet your payment deadlines as missed payments, a slow increase of debt, or
collections on your business profile can trigger a low credit score. To maintain strong
business credit, the best thing you can do is pay your bills, including paying your vendors on
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63
time to build a positive payment history.
Benefits of having good Business Credit
Good reputation and image for your compan
Lower rates on loans, credit cards, and insuranc
As a small business, you have a higher rate of loan approva
Creditors tend to give longer repayment term
Strong business credit can contribute to your business growth
Tip: Choose suitable lenders. A lot of businesses collect loans from different types of
organisations. It is important to be strategic with your lenders to avoid falling into companies
that charge extremely high percentages.
Bottom line
Always remember that you can never go wrong with good business credit. Once you finally
set up one, try as much as possible to maintain it just like you do with your personal credit.
Good business credit provides you with the ability to access better interest rates- and this
can help you with the overhead cost of running your business.
Hiring for Your Business
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Hiring the right talent can drive your business growth by 1000%. As your business grows, it's
vital to build a team you trust and successfully delegate tasks to other people committed to
meeting your business goals.
This chapter provides you with a comprehensive guide through hiring the right talent. We
have included strategies to help you stay ahead of your hiring needs and ensure your
business continues to thrive.
The 10 Steps to Finding a New Employee
Before you Need a New Hire
We often underestimate how long the hiring process can take. So, as your business grows, it
is advised that you continue to anticipate the potential support that you may need. Make a
mental or physical note of what that role might look like and who the ideal candidate will be.
This system creates a more streamlined hiring process in response to an occupational
demand that is both time and cost-effective.
Market Research
When your business is ready for a new employee, you need to attract the best candidates
for your success. The best way to present an irresistible and competitive offer is to research
what other companies offer for similar roles. The essential research points include the
universally recognised job title for that role so that your vacancy appears in all the relevant
searches, the average salary, benefits, and the responsibilities that justify the pay.
Job Description
When writing your job description, make it clear and concise with enough information. You
can start with the job title, a short description of your company, the primary duties of this
role, the required skills and how the job contributes to the larger picture for your business.
Tip: Whether you include the salary and benefits in the job description is totally up to you.
Some believe that including both gives you a competitive edge, which helps you stand out
from the crowd and attract quality candidates.
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Paperwork
Sorting out all the relevant paperwork before posting your job vacancy saves you from
dealing with overlapping tasks when you have to sift through resumes. The necessary
paperwork might include the contract of employment, direct deposit form for salaries, tax
form and possibly an employee handbook. It might sound like a lot for a growing team, but
there are options to outsource your Human Resources needs through automated HR
services. You can find some options here.
Your Recruitment Strategy
Now it's time to find the right employee for you. There are a few options you can use:
Leverage your network: Reach out to your business colleagues, contacts or existing team
to inform them of your hiring needs. As an added incentive, you could include an
employee referral programme where employees get rewarded if they recommend a
successful candidate. Finally, don't overlook your existing team; promoting from within is
always a good option.
Social Media: LinkedIn is a goldmine for finding future employees, with nearly 800 million
users and over 31 million across the African continent. You can set up an account for your
company and post job vacancies for free or promote your post for better results. Other
online career websites include Twitter, Jobberman, Glassdoor, Indeed and MyJobMag.
Outsource: If you decide to outsource to a recruitment agency, that it may make the
process easier. Although, it is best to handle some parts of the process yourself to allow
for personal assessment and interaction with the new employee. Also, being directly
involved gives you more ftexibility to find candidates with qualities you may not have
initially thought necessary for the role.
Narrowing Down Applicants
Sifting through a swarm of job applications can be a little overwhelming but don't worry;
there are strategies to make the process faster. Tom Gibel recommends deciding first to
read the resumes as either a physical paper stack or a digital stack but never both. Then,
choose an hour a day to focus solely on that task. Next, pick three qualifications to focus on.
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Finally, sort the resumes into buckets - the first bucket with candidates who have all three
qualities, candidates who have two to set aside for later and candidates who have none.
If none of these candidates seems right, you may need to review your job description. It's
better to find the right candidate for you and not just the right candidate from a pool. Tip: To increase efficiency, use an applicant tracking system such as Airtable to
automatically sort and cut out applications that don't meet your basic requirements.
Interviews
Fundamentally, when interviewing new employees, you are trying to answer these questions:
Do they have the required skills
Is there adequate proof that they can do the job?; an
Are they going to be a good cultural fit? (JT McCormick)
To assess competency, ask questions about their relevant work experience and examples of
transferable skills such as creative problem-solving, effective communication, conflict
resolution etc. You can then pose more thought­provoking questions that reveal your
candidate's self-awareness and
scenario-based questions that show adaptability. Some questions recommended by the
NY Times include: "what is the biggest misperception people have about you?", "What
qualities of your parents do you like the most?", "What kind of animal would you be? and
why?" and "what is your natural strength?"
Tip: Remember to remain professional, show up on time, ask relevant questions and keep
questions fair and standardised across all candidates. Moreover, whether an interview turns
out good or bad, following up with candidates to thank them for their time and update them
on the process is a good move for your brand image.
Conduct a Background Check
When you have decided on your ideal candidate, it is advised that you conduct a background
check. You can start with a reference from their last employer, or you could engage a company
such as Background Check International to conduct a more thorough investigation.
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Extend the Job Offer - Move Quickly!
Congratulations on finding your successful candidate! When you decide on a new
employee, let them know as soon as possible with a phone call and an email containing their
offer letter. The offer letter should include their job title, salary, benefits, working hours,
commencement date, probationary period, terms of employment and other relevant
information. There should also be a contract or acceptance letter for them to sign.
Set Your New Hire Up for Success
At the end of the hiring process, the final step is providing your new hire with all the tools
they need to succeed in their new role. You should provide your new employee with a
welcome package that includes relevant paperwork and information during the onboarding
process. Most businesses allot the first few days for orientations, which is valuable, but it is
also advised to give your new employee a simple task to keep them busy, so they don't get
bored. Finally, assigning them with a 'buddy' or mentor to check-in, answer their questions
and essentially show them the ropes will help them settle in a lot easier.
Conclusion
The hiring process might be a little tedious, but it is vital for your business' continued
success. These tips should help you develop a more efficient and effective system that
makes things easier.
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Insuring your company
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One of the best-kept secrets that successful business owners don't tell you about is that
their businesses are heavily insured. This way, they can work on scaling their businesses,
knowing fully well that it is secured against many risks that may take place.
A huge part of running a successful business is ensuring that all assets are protected,
offering peace of mind to your employees, investors and family members. The myth of
insurance companies not paying was debunked in an article written by Stears Business. In
2016 alone, insurance companies made a payout of over 70 billion Naira.
What is Insurance?
Insurance is a contract, represented by a policy, in which an individual or entity receives
financial protection or reimbursement against losses from an insurance company.
If an insured event occurs and you suffer damages, the insurance company pays you up to
the agreed amount of the insurance policy.
Small businesses typically do not insure their businesses because it is believed that this
should be done by large corporations alone. However, this isn't right. Insuring your business
at the very early stage protects it from the financial consequences of any mishap that may
happen, protect your customers and may also be a requirement to participate in some
business activities. Insurance companies access the possible risks and charges for covering
them.
Before we delve into the types of insurance and insurance companies you can use for your
business, read this chapter to ensure that you fully grasp the importance of insurance for
your business.
Types of Insurance
Life Insurance
According to the Nigerian Pension Reform Act 2004, amended in 2014, employers with a
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minimum of three employees must have a life insurance policy or death-in-service. This
policy must be worth a minimum of three times the total annual employee salary costs. This
insurance works for SME's who have started scaling and paying salaries for their staff.
Auto Insurance
Do you run a delivery or logistics business? Do you provide official cars to your staff? If cars,
vans, bikes, trucks, shuttles and trucks are a significant part of your business, you need
commercial auto insurance. Anything can happen to your vehicle, from fire to theft. It is
advisable to get either a third-party or comprehensive auto insurance coverage. Speak to
your insurance provider to know the best plans for your business.
Fire Insurance
Should a fire outbreak result in property damage, a fire insurance policy will bear the cost of
the losses caused by the fire. If you have a physical office location or deal in a business that
requires you to stock up lots of goods in a warehouse, it is crucial to have fire insurance
coverage. The insurance policy may also cover injuries that an individual sustains while on
the property.
Burglary Insurance
This type of insurance protects you from the loss or damage to property caused by theft. It
is also called Crime Insurance. If you are running a business in a location where the crime
rate is high, getting burglary insurance is necessary to ensure that there are no loose ends.
Burglary insurance is required to protect your business from the financial consequences of
possible theft. Talk to your insurance service provider to confirm if they offer this service.
General Liability Insurance
If your business works directly with clients or customers, you should have a general liability
insurance. This type of insurance covers common business risks like customer injury,
customer property damage, and advertising injury. It protects your small business from the
high costs of lawsuits, should you be sued by a customer or competitor.
Because of how important this is, it is one of the first insurance plans that business owners
buy.
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Business Interruption Insurance
This type of insurance covers your business from the loss of income experienced during
periods you were unable to carry out business as usual, resulting from unexpected events,
e.g. fire, ftooding, property damage etc. It also covers operating expenses, a move to a
temporary location if necessary, payroll, taxes, and loan payments. As much as you plan for
the possible risks that could affect your business, it is pertinent to plan for those
"unexpected events", too. This is where getting a business interruption insurance policy
comes In.
Here is a list of Insurance Companies you
can use for your business
AIICO Insurance Pi
Standard Alliance Insurance Company Limite
Coronation Insurance Pi
Leadway Assurance Compan
FBN Insuranc
AXA Mansard Insuranc
Cornerstone Insurance Pi
Tangerine Insuranc
Sterling Assurance Pie
10. Zenith General Insurance Company Limited
Conclusion
It is important to insure your business to protect it from the financial consequences that can
wipe out the company should a mishap occur.
Every business has its unique needs, so before you choose an insurance policy for your
business, it is advisable to speak with an insurance broker or financial adviser on the suitable
type of cover for your business. Safe-keeping your business
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Various insurance companies specialize in different kinds of insurance. Conduct your
research on them, speak to an advisor and get your business protected.
Remember, your business is not too small to be insured.
Keeping your business
safe from fraud
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Starting and running a business means a lot of money has been invested in getting it to
where it is. One of the fastest ways to see the money go down the drain is through fraud.
We know what you are thinking. 'Why would anyone be interested in defrauding a small
business?' Well according to a 2020 report prepared by PWC on Global Economic Crime
and Fraud, 48% of businesses had suffered from at least one kind of fraud in the last two
years, which is the second­highest reported level of incidents in the past 20 years. The
Association of Certified Fraud Examiners also believes that businesses with less than 100
employees are most susceptible than their superior equivalents.
"Fraud has become a cost of doing business, a crime of the millennium, which can affect
anyone, anytime, anywhere and it respects no boundaries" (Hamilton & Gabriel, 2012)
Information security is an essential element in management that affects every business
stakeholder-from investors to employees. Reducing the risk of fraudulent activities helps
ensure your businesses grow at the appropriate rate and attract foreign investors. Investors
are more likely to invest in companies that have taken adequate steps to protect their
business.
What next? You can take some steps to reduce the risk of fraud in your small business.
Protect your working tools
Encrypt all your devices-this includes laptops, desktops and mobile devices. You can implement a two-factor authentication code for an extra layer of security. Examples of
good authenticators are Google Authenticator and Authy. It is also important to use the latest
anti-virus to protect your company's devices against malware. Additionally, no information
system should be allowed to run without a functional and up-to-date anti-virus software.
Verify new employees
As your business grows bigger, your labour force will increase, and so it is crucial to verify new
employees and ensure they are genuine. You can also keep financial duties separate, so no
single person has control of all financial decisions.
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Another way is to put in a chapter on internal fraud in your employee code of conduct. This
would let your new employees know that you have a low tolerance for fraud and theft and
let them know the consequences that will come with it, should such ever occur.
Implement Security Awareness Training and Programs
Educate yourself and all your employees (new and old) on recognising and escalating
fraudulent activities that may occur to reduce the impact of an attack or loss of data. It is
important to ensure your employees understand every risk possible because there are
various ways a business can encounter cyber security issues. This type of training should
hold yearly. Security Awareness Programs should focus on common user security concernssuch as password selection, appropriate use of computing resources, email and web
browsing safety, social engineering and phishing attacks.
In an age where almost everything is online, and we rely more on storing data on the cloud
than ever before, it is vital to ensure your business is safe and arm yourself with everything
possible to combat fraud risks.
Dispose Of Data Properly
As a business owner, you will have access to a lot of data. Some you may need, and some
you may no longer need. In this case, you need to be able to properly dispose of this data
that you no longer need in such a way that it doesn't breach customer laws or fall into the
hands of the wrong person. You can do this by ensuring that confidential company data on
old devices are eliminated. An IT disposal personnel can help with this, using tools to make
the data unrecoverable. An example of such a tool is Evernex.
Have A Company Security Policy
Having a clear and detailed security policy is also necessary to run a business. This is to ensure
that all your employees are aware of the management's security measures already out in
place. An example of this is if employees will be using their personal work tools or
management will provide work tools for them.
The security policy will encompass the data protection system and what to do if something
goes wrong. It should be made available and easily accessible to all workers and stakeholders.
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Use cloud-based software
For new business owners who can't afford to pay a cyber security consultant or have the
time to stay on top of the security issues of their business, having a cloud service provider is
an alternative you might want to explore.
A good cloud service provider will store data, back it up and provide security. Examples Google Cloud, Amazon Web Services, Cisco, Microsoft Azure etc.
Data Encryption
If you are looking for a way to protect your company's data from fraud, making it hard to
break into is a good starter. Data encryption makes your data so hard to compromise
without a passcode. Encryption is currently one of the most popular and effective data
security methods organisations use.
You don't need to be a professional to encrypt your business data. There are available
software that you can use. Examples are - VeraCrypt, AxCrypt and Gpg4win.
Conclusion
It is almost impossible to run a business without collecting or generating data. As a result,
there will be lots of data that you will no longer need. To avoid losing important data or
confidential data getting into the hands of the wrong person, you should protect your
business data. The tips above are only guidelines you can take and may not fully eradicate
fraud. Please consult a cyber security consultant if you think you are at risk of fraud.
Setting up a reliable
data tracking system
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There's a famous saying that goes, "In God we trust, every other person must bring data."
Why?
Because data solves problems by cancelling the use of intuitions or opinions in solving
organisational problems. It should be used to confirm statements and justify reasons for
decisions taken in an organisation.
Data helps you understand and improve your business processes to avoid wasting money,
time and effort spent on the business.
Data in this context refers to the plain facts and statistics collected during the operations of
a business.
What is data tracking?
Data tracking is a system that helps with the monitoring, tracking and reporting of data in an
organisation and keeps the company's data safe. It also ensures that authorised users are
appropriately using the data.
It is difficult to grow as a company if you're not keeping track of the various details affecting
operations daily. Without tracking, a business owner cannot know what works and what
does not. Tracking is one of the relevant pillars of a successful business. Here's why -
Less mistake, more informed decisions
Keeping track of and analysing your business' data is essential as it helps in improved
decision making, boosts customer service, more effective marketing and a more efficient
business operation. You can make data­backed decisions that will foster the growth of your
business rather than use intuitions or opinions that are likely to fail.
Professionalism and integrity
It's also a professional thing to collect, keep and track the data used in an organisation. This
makes accountability more seamless. In cases where you report to people, data comes in
handy. For entrepreneurs raising money and having investors in their business, this is a
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valuable tool that you don't want to overlook. It also presents you as a person of integrity,
which will encourage more people to do business with you.
Money management
As mentioned above, without data, a business owner cannot know what works and what
doesn't. This means there's a likelihood that money might be spent on the things that are
not working. With data, you can see which aspect of your business is thriving and focus
more on that area. You can also know what the customers are demanding or what the
market is leaning towards. This will enable you to make more informed financial decisions for
your business.
Now that you know how important data and data tracking is let's dive into how you can set
up a reliable data tracking system for your business.
Data is key
Collect the required data and use it judiciously. If data is not used in a meaningful way that
adds value, the exercise of collecting and recording data is a potentially wasted effort. In an
age where we constantly collect data, ensure you use it well. As much as you collect data using
various data collection tools, ensure you can interpret and use said data. You can gather your
data through interviews, questionnaires, observation and focus group discussion.
Use the right platforms
After collecting your data, it is pertinent that you can easily interpret it. Software has been
made available to help you analyse data so that even a dummy can interpret it.
The significance of the data collected can be easily understood when presented in a visual
format, and therefore, the efforts to be taken afterwards, more focused.
Examples of software that help with this are Salesforce, Visyond, Microsoft SQL Server,
Profisee, Ataccama and Microsoft Excel.
Build a system and structure around it.
As an organisation, every of your activity should be systemised. You shouldn't give room for
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be straightforward, simplified, and easy to understand. For example, what kind of data
tracking system do we use? How often do we log in data? Who is in charge of logging in
data? Who does that person report to? etc
Conclusion
Asking the correct questions and presenting data in a meaningful and simplified way will
bring about a more efficient workftow for your business. Setting up a reliable data tracking
system is easy to do as there are lots of available software that have been designed to help
you with that.
As you go ahead to create one that works for your business, let the data be documented in
such a way that the different teams in the organisation can use the data tracking system to
obtain information as it relates.
How To Avoid Business
Bankruptcy
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You will agree with us that no business owner starts a business with the hopes of going
bankrupt someday. It's pretty obvious; no one wants to fail. Even more so, no one wants to
fail at something they've dedicated years of their lives to build. However, many businesses
still manage to go bankrupt. According to the Small Business Administration (SBA) Office of
Advocacy, 20% of companies usually don't make it through to the first year. Out of the 80%
that do, only half of them survive their five-year mark.
This chapter explores why businesses go bankrupt and how you can ensure that yours does
not fall under the stats of failed businesses.
Let us learn the basics
According to The Economic Times, when an organisation cannot honour its financial
obligations or make payment to its creditors, it files for bankruptcy. A petition is filed in the
court where all the company's outstanding debts are measured and paid out if not in full
from the company's assets.
Filing for bankruptcy frees the business from its debts by using its assets to repay the debts
to the creditors.
"Between 2005 and 2017, only about one-fifth of new small businesses survived more than
one year. About half of those businesses continued for up to five years, while only about
one-third made it to 10 years." (The Balances MB)
Filing for bankruptcy does not mean game over for the business. It provides you with a clean
slate to start again. However, it will stay on your credit reports for a few years, thus making it
difficult to borrow money or get investors to trust your business decisions.
Common causes of business bankruptcy include - Poor financing
It is usual for business owners to take out loans to finance their business operations.
However, if a business struggles financially, getting loans will be difficult and repaying
previous loans will be difficult. It will also be difficult for the company to be profitable with a
high debt rate.
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Setting unrealistic goals
Growth is good, but over-stretching your company's growth capacity over a short period
could put it at risk of going bankrupt. Because growth often requires investments, taking on
so much more than the business can generate revenue to repay puts it at risk of bankruptcy.
Lack of record-keeping
Running a business without adequate record-keeping, especially finance records, will cause
problems for your business. This is because it will be hard to tell your company's financial
health, thus oblivious to when revenue is low, and expenses and debts are high.
Other causes include Market conditions, Lawsuits raised by competitors or customers, Poor
business location, Natural disasters like floods/earthquakes, Theft etc.
Now that you know what bankruptcy means and the possible causes of bankruptcy, let's
dive into how you can ensure your business doesn't tow that line.
How to Avoid Bankruptcy
Prioritise debt repayment
Seeing as how unpaid debt causes bankruptcy, you must prioritise debt repayment. Look at
your account, draw out a list of the people you owe and how much you owe them. Begin to
pay them off on a scale of importance.
Cut down unnecessary spending
Secondly, take a look at your business expenses. Cut down on excessive spendings. These
spendings probably don't add value or generate income for the company. Look at the
monthly bills you pay, and section them on an essential and non-essential basis. It would be
best to explore getting the essentials at cheaper rates.
Negotiate and Renegotiate repayment plans
Most creditors are more willing to listen to you to renegotiate than you assume. When you're
stuck on repayment based on previous payment plans, you can speak with your creditors to
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renegotiate. Most creditors will prefer this to you defaulting on repayment. Renegotiating will
enable you to make repayment based on the financial capacity of the business at that time.
Generate more revenue
It's simple. Make more money. More revenue comes with more ability to repay debts. Look at
your business and develop creative ways you can generate more revenue. This might be
adding a product, offering consultancy services, selling digital products etc.
Sell the non-essential business assets
You've purchased certain items in the past that may not be needed anymore for your
business operations. You can draw out a list of such items, examine them and put them up
for sale. This will generate more money for the company, should there be a financial decline.
An example of this is selling your office building if you've become a fully remote company.
Conclusion
Bankruptcy is a legal procedure involving a business (or individual) unable to repay its
outstanding debt. Going bankrupt is a fear most business owners have but can be avoided
when specific steps are taken. Such actions include generating more revenue for the
business, repaying debts, cutting down on non-essential spendings, renegotiating with
creditors, etc.
Conclusion
87
Conclusion
88
Every business owner should see that they are constantly learning, evolving to become
better versions of themselves and staying committed to personal development. From
ideation to execution, the fate of the business lies on the small business owner till they
scale. Here are a few words of advice to wrap up this book -
DREAM BIG.
Dreaming big is not cost-intensive. You're not going to pay for it. You take over the world first
in your head before it transitions to your reality. So dream big and dream differently. Your
dreams are valid, and as long as you can think about them, you most certainly can do it.
DARE.
Dare to be different. To break out from the norm, leave a mark, and be influential. Good
things happen to those who dare. The one trait most successful business owners share is
that they are daring. Dare to bring your dreams to reality.
START.
Go for it. Let no one tell you you can't. The journey of a thousand miles begins with one step,
so take that step. Set yourself on a course that future you will be grateful for. See to it that
you fulfil that which you dared to dream.
KEEP GOING.
Now that you've started don't give up. The world doesn't celebrate "give-upers". Setbacks
will come, challenges will come, but opportunities and chances to grow will also come. Be
strong-willed and tenacious.
We hope that you found the contents of this ebook helpful and applicable to your business.
For more helpful tips -
Subscribe to our blog.
Bonus-Tools You will
Need As A Business
Owner
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It's 2022, and many tools have been built to make the life of a business owner easier.
Utilising these tools will save time, effort and help your team be more efficient. This bonus
chapter contains a few of our tool recommendations to help improve the efficiency of your
organisational operations.
Communication
G-suite and Outlook are helpful with sending emails, and they also have drives you can use
to store information.
Are you working remotely?
Work together on Slack, Microsoft Teams, Google Hangouts, Asana and ClickUp.
Virtual Meetings
You can host virtual meetings anywhere globally by using Google Meet, Zoom and Skype.
Email Marketing
MailChimp and Substack help send emails and newsletters to your customers/clients.
Social media management
There are tools available to help you schedule your social media posts and engage with your
followers on social media effortlessly. Examples of those tools are Buffer and Hootsuite.
Website building
WordPress, Wix and GoDaddy are platforms you can build free websites with.
Finance and Business
Brass can handle your business banking, team banking, and payroll needs
LivePlan can help create a great business plan
QuickBooks can help simplify your accounting.
Hiring competent talent
Hiring competent talent can be difficult. Jobberman, Workaroo, Linkedln, and Angel List are
platforms that will make your hiring process less complex.
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Customer success
Intercom provides personalised support for your customers
Fresh Desk delights your customers with an omnichannel service
Gainsight helps your customer success team work smarter and be more productive.
Marketing
Google Adwords, Twitter Ads and Facebook Ads can be useful for online marketing
Google Analytics provides statistics about your audience and campaigns
Appsflyer analyses your marketing activities and helps you make the best of them.
About Brass
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Small and medium enterprises make up more than 95% of all businesses in Nigeria. Brass is a
company built with a primary aim- to make economic prosperity more accessible to all
business at a time. Brass started with a simple idea of building truly useful services that can
enable commerce and economic prosperity for African local businesses. We aspire to do
this by building fine products that can help boost business activity, remove inefficiencies
and provide better performance and growth.
Visit the Brass website now to learn more: www.trybrass.com
Editor-in-Chief
Temiloluwa Oyetayo
Contributors
Tomisin Dabiri Rotimi Abra Abba Barde
Nadine Audifferen
Designers
Bowale Omode Olamide Rowland Tolulope Saba
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