Categories
Entrepreneurs

Dr Thomson Mpinganjira: Business Growth and Sustainability

Company growth is a principal concern in establishing any business venture. Nevertheless, not all business leaders know how to foster this effectively.

Growth involves much more than just speed and momentum. It is about creating a firm footing upon which to support the business to come. Not everyone is successful in this. Even savvy entrepreneurs can struggle.

Mitra Mahdavian, a partner at McKinsey, recently spoke on the key differences between high-growth companies and their slow-growing peers. She outlined two strategies that are particularly important in driving growth: focussing on people and investing in sales engines.

Through a series of interviews and surveys, McKinsey discovered that almost 50% of fast-growing companies invest significantly in training sales teams, compared with 29% of slow-growing companies. Smart business leaders recognise that their company can only grow as fast as its sales department can sell its products. They recognise that the best way to increase sales is to invest in the people that drive them.

Increasing sales is about more than just hiring more personnel. It involves analysing an existing sales team and making it more effective. Simply throwing money the problem is inefficient; the key to faster, better growth is understanding what internal investments are necessary to help the company grow.

In this digital age, big data is a vital tool in helping companies get ahead of the competition. The most successful sales teams are three times more likely to rely on analytics than their under-performing counterparts.

Simply throwing data at a sales team is not the answer. The key is to develop a new, data-driven sales team from the ground up. Diving in at the deep end is unlikely to be effective, but organisations can reap huge gains by transitioning to data-driven sales via a series of incremental steps:

  • Promoting Cohesion: It is important to be specific about overall company goals. Sales teams need to know their role in achieving these objectives. Key performance indicators serve a critical role in letting them know they are on the right track.
  • Assessing the Sales Process: This is an important opportunity to correct any sales process flaws; streamlining processes in line with prioritised sales goals, implementing changes slowly and monitoring them closely to minimise disruption.
  • Utilise Existing Data: Before gathering new types of data, it is vital to analyse information already gathered. According to Forbes, one Harley Davidson dealership increased sales leads by 3,000% simply by acting on data they already had.
  • Consider Data Quality: Not all data is good, or even reliable. Data that is riddled with mistakes or lacks integrity actually sets sales teams back.
  • Automation: Automating certain tasks can be of vast benefit. Automating aspects such as data entry and other mundane tasks frees up sales teams to focus on what they should really be doing: selling the product or service.
  • Analytics: With all of the previous steps in place, it is much easier to track sales progress and analyse conversion rates. Effective analytics helps companies pinpoint where they are doing well, facilitating replication of successful sales cycles and flagging up any potential issues.

Where implemented and utilised properly, predictive analytics technology can have a transformative effect on sales. Nevertheless, the first step in upscaling sales efforts is investing in sales staff.

As the founder of FDH Bank, Dr Thomson Mpinganjira is one of the most prominent Malawian business leaders of his generation. With a keen eye on sustainable growth in all of his operations, Thomson Mpinganjira devotes much of his time to thought leadership, inspiring aspiring entrepreneurs across Malawi by providing the next generation of homegrown business leaders with practical advice, tips, and motivation.

Categories
Business Ideas

Making Time For Side Hustle

There are loads of people out there who have a brilliant idea for starting their own business. You may even be one of them. Yet a significantly lower number of people actually go on to start their own business.

So what’s keeping you from going from column A to column B? Execution — especially when just starting out. In the beginning it’s the hardest to cultivate a new hobby that could turn into something more. You can set yourself up for success though, if you know how.

1. Outsource.

So often people ask me “how do you do it all?” The truth is, I don’t.

I still have to maintain most things by myself, but I automate almost everything else.

For example, I use Co-Schedule to manage all my social media, which takes a lot of the weight off my shoulders. Of course outsourcing often costs money but when you work out the cost vs. time saved you might find you’d be paying yourself less than minimum wage to do a task. If you’re feeling bogged down it’s OK to look for help.

2. Lump tasks together.

When you’re first starting out, figuring out how to balance work and home life with your new hobby can be tricky. It might be tempting to try and multitask (e.g. writing emails while you pack the dishwasher.) However, I find multitasking tends to waste more time than it saves. Instead, lump tasks together  — both business and everyday duties.

For instance, a quick way to save a huge chunk of time is to cook one big meal and spread it out throughout the week. Heating up some lasagna is even quicker than ordering take out.

You can also take advantage of your commute to read up on your field or listen to relevant podcasts while you walk the dog. Not every task has to be done sitting at a desk.

3. Use the ‘Pomodoro’ technique.

When you’re working on your own projects, many people fall into the trap of pushing themselves too hard — forcing themselves to work unreasonable hours with no breaks. However, just because you are working hard, doesn’t mean you are working smart.

The idea behind the Pomodoro technique is that it’s important to give yourself breaks. Our mind can’t focus for very long without them. The Pomodoro app gives you 25 minutes to work on a certain task, and then you can take a short break (5 minutes) or a long break (15 minutes.) This keeps you on task, but allows you to refresh your mind so you don’t feel overwhelmed.

4. Make appointments.

Set aside some time each day to work at your side gig. Treat this time like a doctor’s appointment; you just can’t cancel it.  When you’re working try to make the most of your time. Rather than just reading through emails, think: Could the time be better spent elsewhere? Even if you had all the time in the world, how you prioritize makes all the difference. I like to use the time management tool Asana to keep track of all of the tasks I need to be doing when it comes to my side gig.  This is separate from where I keep my personal and work to-dos.

5. Join a mastermind group.

Every month I meet with three other women who are also running their own business. We meet to share our goals, discuss our progress and offer encouragement. Being accountable to someone else can give you that extra push you need to keep going. It’s difficult to get motivated when the only person who knows if you didn’t do something is you. Plus a little encouragement goes a long way.

5 Ways to Make Time for Your Side Hustle [Entrepreneur]

 

About Our GE Network Expert - Min Tang

Categories
Online Business

How to Improve Your Ad Campaigns CTR

If you are a marketer, you know that as your click-through rate (CTR) increases, your cost-per-click will probably start to drop gradually. So, to successfully pull off an effective ad campaign strategy and boost your online sales without spending way too much money, you need to understand how to improve your CTR, to make your ad campaign strategy get to a whole new level.

Below are some of the best ways you can immediately use it to increase the clicks and overall CTR of your ad campaigns.

  1. Write high-converting ad copy

Of course, to be able to improve your ad campaign’s CTR, you will need to create a compelling ad copy. To begin, you have to use relevant, powerful keywords that will make your ad stand out. You can also include unique offers, special promotions, discounts, free trials, or basically anything that will set your ad apart from your competitors.

Bottom line, your ad copy alone should already contain selling points that will urge your potential users to click on your ad instead of your competitor’s.

  1. Use ad extensions

One of the most common ways to improve your ad campaigns CTR is by using relevant ad extensions. Currently, there are ten types of ad extensions. Naturally, not all of them may be applicable to every campaign; nonetheless, these are all proven to be effective tools in making your ads appear more relevant, thus an excellent strategy to improve your ad campaigns CTR.

According to a recent study, review extensions, for example, increase clicks by up to 66%, and almost 90% of users rely on online reviews to make their buying decisions. Additionally, promotion extensions allow you to highlight discounts, exclusive promos, and deals that will be displayed beneath your ad and are likely to help increase the number of people clicking on your ads.

  1. Conduct split test 

Testing different ad types can help you determine which one actually generates more clicks, thus has the ability to improve your CTR and at the same time also improve the quality of your ad. Split-test is done by creating at least two different types of ad campaigns with varying elements, which you will then analyze to know which one gets more clicks and better results.

After finally getting satisfying results and deciding which ad campaign is more effective, don’t forget to switch off the least performing one; otherwise, you might end up with too many ad campaigns that can adversely affect your CTR.

  1. Redirect your ad to a relevant landing page

Many online marketers tend to make a mistake by linking some of their ads to a generic homepage that does not specifically match with the search content. To be able to pull off a high-converting ad campaign successfully (whether you’re using traditional PPC platforms such as Google Ads or focused on lead generation ones such as CPL One), you need to make sure that your ad matches the landing page that the users will be redirected to. Remember, in improving your ad campaign’s CTR, relevance is always the key.

Categories
Entrepreneurs

Skills To Master Before Launching A New Business

Launching a business is hard. Launching a business before you’ve done the legwork to determine your market and identify your challenges is nearly impossible. Similarly, if you’re becoming the head honcho without mastering some important skills first, you may find success harder to come by.

Here are some of the most important skills any entrepreneur should know, and where to learn them. All these courses are on sale for Memorial Day, so make the savvy business decision and take advantage.

1. Microsoft Excel

Microsoft Excel is one of the most important programs in business today. It’s far more than just a spreadsheet software (although that’s a valuable use case, as well). Excel helps you with data analysis, financial forecasting, and many more things that are essential to running a data-driven, solutions-oriented business.

Get The Complete 2020 Microsoft Excel Expert Bundle for $24 with promo code SUMMERSAVE20

2. Public Speaking

Entrepreneurs must be able to sell their product or service to others. Whether you’re pitching to investors, employees, or potential customers, public speaking will be a significant asset. With great public speaking skills, you’re more likely to inspire people to see your vision and get on board with your company.

Get The 2020 Public Speaking Bundle for $16 with promo code SUMMERSAVE20

3. Developing Business Plans

Naturally, every entrepreneur needs a business plan. This course is led by an award-winning business school professor and offers a 13-step methodology to creating a business plan. It even comes with 50 business plan templates and 25 business presentations made specifically for startups.

Get The 2020 Complete Business Plan in One Course for $12 with promo code SUMMERSAVE20

4. Data Science

Data drives everything in business. As an entrepreneur, if you can successfully model and understand data, you’re already a few steps ahead of the pack. Not only will you save money by not having to hire analysts, but you’ll also have the skills to make informed business decisions right out of the gate.

Get The 2020 All-in-One Data Scientist Mega Bundle for $32 with promo code SUMMERSAVE20

5. Facebook Marketing

Facebook is the second-largest advertising platform on the planet, meaning it’s a key tool for any entrepreneur starting out. In this course, you’ll learn how to reach and engage with new audiences on Facebook. Hitting the ground running with a Facebook marketing strategy can go a long way for your business.

Get The 2020 Complete Certified Facebook Marketing Masterclass for $12 with promo code SUMMERSAVE20

6. Search Engine Optimziation

If you don’t have a ton of capital to work with when you’re just starting out, paid advertising may not be for you. Search engine optimization (SEO), however, is often free and just requires a technical understanding of how to make content stand out online. This course will show you how to get your web pages to the top of Google’s search pages.

Get The Pro Google SEO & SERP Certification Bundle for $24 with promo code SUMMERSAVE20

7. Copywriting

Great copywriting sells products. You can outsource your marketing and sales content to third-parties, or you can handle it yourself. This guide will teach you how to write copy that sells so you can save money and generate more income from the get-go.

Get The 2020 Complete Digital Copywriting Master Class Bundle for $32 with promo code SUMMERSAVE20

8. Quickbooks

QuickBooks is the top accounting software on the market. When you can use QuickBooks effectively, you can handle all of your business’s financial and bookkeeping needs, thereby saving money on accounting services. It’ll also help you track inventory, vendor payments, invoices, and much more.

Get The QuickBooks 2020 Essentials Bundle: Beginner to Bookkeeper for $24 with promo code SUMMERSAVE20

9. Generalist Skills

The best entrepreneurs never stop learning. With that in mind, check out Big Think Edge. This library is filled with lectures from Ivy League professors and world-renowned experts like Elon Musk and Malcolm Gladwell, covering some of today’s most important topics.

Get Big Think Edge Expert-Taught Lectures: 1-Yr Subscription for $24 with promo code SUMMERSAVE20

10. Project Management

Project management is all about finding the most efficient and least wasteful way of doing something. For entrepreneurs who are likely strapped for cash after launch, that’s extremely important. This training will introduce you to several top project management methodologies, including Scrum, Agile, and PMP.

10 Skills to Master Before Launching a New Business [Entrepreneur]

About Our GE Network Expert - Min Tang

Categories
Entrepreneurship

Defining Your Ideal Career Using an Effective Step by Step Model

Defining your ideal career path is a pretty daunting prospect. We spend large chunks of our lives at work, so we want to make sure we pick something rewarding and enjoyable.

Whatever you decide upon, it’s not set in stone, and there are lots of people who end up doing something completely different to what they expected – and love it. When it comes to making this huge decision, though, fortunately, you don’t have to struggle alone. There are many effective step by step models that exist, which you can follow systematically. In this guide, we will take you through one such example. By following this, by the end, you should start to be forming ideas on exactly what it is you are destined to do in your career and how you can achieve it.

Step One: Get to Know Yourself

We live with ourselves 24hrs a day, 7 days a week, and yet, we don’t often take time to look at ourselves in detail.

What are the things we enjoy, how do we work, what makes us tick, how do we communicate? These are all valuable things to know about ourselves, and when we understand them better, we can better understand what kind of careers we would be suited to, and most importantly, enjoy.

Understanding yourself isn’t easy, and it’s something that takes time, which is perhaps why it can take people much of their careers to find the job they truly love. However, by actively thinking about these things, you can give yourself a head start.

Step Two: Think Career, Not Jobs

No matter how well you plan, the journey never looks exactly how you expected it. If you asked many people, they would probably tell you they would never have expected to end up in the job they’re in, and that doesn’t have to be a bad thing.

If you focus in too narrowly on a certain job, then you might cut yourself off from other opportunities that present themselves. Instead, if you take a more macro view of things and focus on careers more generally, then you’ll be more open to the different opportunities that present themselves throughout your journey.

As you progress further through your career, then you can start to focus in on certain jobs and positions, but make sure you’re never limiting your ambitions.

Step Three: Prepare for the Future

Imagine you wanted to build cars in the 1900s, and you got yourself your ideal job in a car manufacturing factory. You get to work with your hands, put things together, and work as part of a team to build an amazing piece of machinery. Not many years later, though, machinery starts to take over many of the processes, and suddenly you’re left with a job that looks very different to what you expected.

The world changes very quickly, and just because things are done a certain way today doesn’t mean they will continue to be the same in the future. Another great example of this is in nursing. The role of the nurse has changed greatly over the years and continues to do so. The healthcare industry is going through changes, and nursing is adapting to meet new challenges.

This is why you need to always be on the lookout for the trends of the future. It’s impossible to predict exactly what’s going to happen, but if you take an interest in your industry, then you can prepare yourself for the changes that might occur.

Step Four: Money Isn’t Everything

Money is important; it’s something we all need. However, when you’re choosing your career it shouldn’t be the be-all and end-all. You’re going to spend huge portions of your life working, and if you don’t enjoy what you do, those hours are going to feel much longer.

People who love what they do often tend to do it better as well. Just think about it; it’s much easier to learn something if you enjoy reading about it.

So, making sure you enjoy your chosen career is something that’s well worth putting time and effort into. Money will always be a consideration because we need it to live, but it shouldn’t be the only thing to think about.

Looking deeper into your career path

It is at this point that you should have a better idea of what career path you want to go down, but how do you know if it is the right one, and how can you then achieve it?

Step Five: There’s No Substitute for Experience

How often do you meet someone who had a dream, only to realize when they achieved it that it wasn’t what they expected?

The nice thing about choosing your career is that is always a good idea to get some experience before you make any commitments. Of course, if you want to be a surgeon, they’re not going to hand you the scalpel just so you can find out if it’s your perfect career, but you can get practical experience in the healthcare industry that can give you a feel for things.

If you think a certain career is the route you want to go down, then try and get some experience and see how it feels. It might confirm the fact that this is the ideal occupation for you, or you may find you hate it. Either way, you’ve learned something useful.

Step Six: Invest in Your Education

Sticking with the previous example, once you have had experience working in a hospital and you know that this is the right career path for you, the next step will be to make sure that you are investing in the right education. As we mentioned previously, nursing is one of those industries that constantly changes, and requires expanding responsibilities and new skills. However, by following the model systematically, you will already know this and, therefore, be on the lookout for the right course you need. In this instance, to kickstart your nursing career, before you take a relevant nursing degree, you will know that it would benefit you to first take an online MBA in healthcare administration. In a course such as this, you will gain more skills and be able to undertake more responsibilities, such as understanding the US healthcare system fully, opening up the opportunities to you in the future. Investing in the right degrees can make such a difference to your career.

The same is true for many careers.

Step Seven: Accept Guidance

There are lots of people out there who can help you with your journey, so make the most of it. Navigating yourself through life is difficult enough, but it’s even more difficult to do it on your own, so seek advice from the people you trust.

Not everyone’s advice is going to be right for you, but if you take it on board and analyze it, then you can do with it what you want. You are your own person, and ultimately the decision is up to you, but that shouldn’t stop you from taking on board other people’s opinions.

It’s not always easy to find help in life, so if people offer it to you, then accept it.