BOOK REVIEW: WHAT TO DO WHEN BUSINESS IS BAD Written by Dr, ABIB OLAMITOYE
2017 ABIB OLAMITOYE
PUBLISHED IN NIGERIA BY: HUNDRED TEN PUBLICATIONS
PART ONE: The Diagnosis, Prevention and cure of an ailing business.
PART TWO: Actions to take when business is really bad.
PART THREE: Traits of Effective Managers and Administrators.
PART FOUR: The Seven Hidden Principles of Prosperity.
PART FIVE: The Ten Ps of Marketing and Organizational Success.
DIAGNOSIS, PREVENTION AND CURE OF BAD BUSINESS
There is no business failure you cannot prevent if you are able to see it coming and put preventive measures in place for it. The key is early diagnosis and prompt implementation of curative measures. Below are a few common causes of business failures.
- Wrong purpose for starting business
- Wrong business location
- Neglect of a business
- Insufficient capital.
This is just a tip of the iceberg as you get the remaining causes and vivid explanation of each of them when you the purchase the book.
WHAT TO DO WHEN BUSINESS IS BAD
Here are few suggestions on what to do when your business is bad.
- Basics of business: There are two pillars of business- to create customers, and to keep customers. When business is bad, these two pillars are weak. They need repairs or the business structure will collapse.
- Staff suggestions: The manager must assemble his staff and brainstorm for ideas. Suggestions must include what the winning competitors are doing right, how to double sales, how to reduce costs and eradicate waste etc.
- The place of saving or sinking funds: Money is important to business success. The key to having money is saving. The portion of profit put away as saving for your business is called ‘sinking funds’. You must continue to put money away or the business may begin showing signs of bad times.
- Set goals: The manager shall set goals on sales and anticipated profit. He shall create a yearly target and set hourly income target and do only such things that can grant the target every hour.
- 22 KEYS TRAITS OF EFFECTIVE MANAGERS AND ADMINISTRATORS
The traits needed to get results are called leadership skills. All leaders, willing managers and Administrators, must internalize these traits so they can take positive steps to appropriate them as part of their attributes and styles. Some of these traits are:
- Vision: Managers and administrators must carry the capacity to create the vision of the anticipated effect or result, the ability to see the end in view.
- Action: All effective managers and administrators always “do it now”. They are not procrastinators. Rather, they generate an insatiable craving for urgency.
- Communication: Great leaders are able to communicate values, ideas and excellent standards to the team. They are low-pressure sales people. They sell the benefits of the vision and mission of the organization.
- Focus on results: They always think and ask and answer the question: “what can I, and only I, do that will lead to the results we seek?
- Self-motivation: Team motivation derives from the top; the leader. All high achieving teams are so because the managers motivate and inspire confidence in them; the management style is inspiring!
- Relate well with others: all competent managers concentrate 80% of their energy, time and resources on the top performing 20% of their people.
Take a step to purchase this book to get the remaining key traits!
7 HIDDEN PRINCIPLES OF PROSPERITY
The words “Principles of Prosperity” refer to certain classified information that is known and hoarded by a very privileged few. It’s the decided action on this vital information that invites financial independence and opulence. Some of the principles are:
PRINCIPLE ONE: You must save 10% of every earning, starting from today. The man who keeps money in the manner described above shall possess money consciousness.
PRINCIPE TWO: You must invest your savings. In the process of investing, remember that the safety of your capital is more important than the anticipated gain.
PRINCIPLE THREE: Own your own house, this way, you become liberated from ‘legal encumbrances’ and you enjoy freedom and liberty.
THE 10PS OF MARKETING AND ORGANISATIONAL SUCCESS
If we know that all results flow from actions and those actions without thinking is the cause of all organizational failures, then an organized system of logical and scientific thinking will bubble to the top, as priority, where efficiency and effectiveness are in demand.
PRODUCT OR SERVICE: The starting point of adding value to products or services is product knowledge. You must be willing to learn more, and know more, about your service than anyone alive.
PRICE: Price is the second thinking tool in marketing. It’s vital to give due consideration to price; what the customer will be willing and able to pay for products and services.
PROMOTION: Promotion pertains to the communication part of marketing management, the way and manner of reaching out to attract and keep more customers so that they enjoy enough patronage to generate sustainable growth and profitability.
PROFIT: Profit is the gain of marketing; the hidden desire behind the generation and keeping of customers.
You can get the remaining Ps of marketing and organizational success in the book.
To Get a copy of this book, Call me or WhatsApp me on 08060779290
Price is N1,000
Serial Entrepreneur - International Business Planning Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional
- Fellow, Inspire Africa Train-the-Trainer sponsored by US Consulate Lagos
- Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
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