Understanding Your Customer Base

We all claim to understand our market, the people/companies we are targeting
The real question then becomes how well we know them, and what efforts we are making in getting to understand them better.
Let’s be clear, understanding your audience is at the forefront of every successful business. So, in that spirit, let’s glance over how it is done.

Conduct a market research/analysis

HOW?

This is how

Research your target audience in detail!

Understand your audience, their needs, and how your product/service resolves these.

Explore other potential markets. Can your business succeed in another market? Can you diversify?

After the research fine tune your brand or even rebrand dependent on your findings.

Always look to improve your product/service. Regularly conduct a competitor analysis. See how you can do better.

Bring in expert help. This is something that could take your business to the next level. An expert will make the most of this opportunity. Our experts can help with this and map out a plan for improvement moving forwards.
Contact us for a free consultation, email us at info@primekbsinstitute.org or call +234 (0) 803 308 2815

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NEPOTISM AT WORK: HOW TO MANAGE THIS

What Is Workplace Nepotism?

Nepotism in the workplace, derived from the Italian word for nephew, refers to hiring and promotion decisions that favor relatives. The term was coined by Catholic Popes, who frequently appointed their nephews to high-ranking and important positions in the church.

Today, nepotism is still prevalent in many fields, including business, politics, and sports. There are two types of workplace nepotism: hereditary (appointing family members and relatives to positions) and matrimonial (appointing an employee’s spouse to the same organization or department where the employee already works).

Nepotism in organizations can have both positive and negative consequences. On the plus side, nepotism can foster loyalty and trust within an organization.

On the other hand, Nepotism is mostly negative because it can breed resentment and distrust among team members who believe they were passed over for a promotion because they are not the boss’s relatives or family.

According to Wikipedia, nepotism is the practice of those in positions of power or influence favoring relatives or friends, particularly by hiring them. This practice has become so common in the country that each zone has its own name for it, but the general term is “Man-know-man” or “I M.” In fact, there is an old adage that goes, “If an abomination remains for too long, it becomes part of the people’s culture.” In today’s Nigeria, nepotism has become part of the unwelcome culture, particularly when it comes to political patronage. Unfortunately, some people have been forced to accept it without question.

Nepotism promotes laziness because if a young man realizes that, whether he works hard or not, there is a job waiting for him somewhere due to his father or mother’s success, he will ask himself, “What then is the need to work hard?” But, for a young man who understands that he has no firm anchor or support from anyone or community; who understands that his destiny is in his own hands; who understands that if he does not deny himself some pleasure even when his peers are enjoying, his hope of a better tomorrow becomes a pipe dream if he does not move from his comfort zone to shape his tomorrow.

However, when he works harder to get his due, nepotism will only deny him that unless he demonstrates stubborn resilience by going the extra mile to satisfy the law of extra miles before it sparks divine intervention in his favor.

planning and change

PLANNING AND CHANGE MANAGEMENT

What is a change management plan?

A change management plan is a process that a company uses to implement changes throughout the organization. Change management plans are commonly used for large or complex organizational changes that necessitate a more strategic approach due to the impact on someone’s job.

Strategy for change management plan

Your plan will vary depending on the needs of your organization, but each change management plan should include some of the following:

  • Clearly defined objectives

Your change management plan’s objectives should be straightforward:

  1. Inform your organization of the change.
  2. Assist those who will be directly affected by the change in adapting.

Each of these changes has its own set of objectives. Whatever those objectives are, the core objectives of your change management plan should be to inform everyone about the changes and to guide those who will be directly affected by them.

  • Clear communication

Communication is essential in any interaction, but it is especially important when it comes to organizational change. Change frequently involves multiple moving parts that must be communicated clearly so that no one is left in the dark.

Along with establishing goals and expectations, your communication should leave room for feedback from your team to respond to and offer suggestions about the changes.

  • Training

A significant enough organizational change to warrant a change management plan will almost certainly include new features or procedures that your employees will need to learn. Meetings and training sessions provide excellent opportunities for your team to gain hands-on experience with the changes and ask questions in a safe setting where everyone learns together.

tip of communication

5 TIPS FOR EFFECTIVE COMMUNICATION

1. Sort the information

Recognizing the different types of information that are shared within your company is one of the most crucial business communication skills. This enables you to communicate the appropriate information to the appropriate audience.

2. Modify your communication plan according to the size of your company.

A start-up with 10 people will communicate differently than a medium-sized or large corporation because businesses come in many various forms and sizes. Your communication methods and manner should be appropriate for the workplace.

3. Make internal communications better.

One of the main issues of HR and communication professionals is improving internal communication. Companies have been employing tools like corporate newspapers, bulletins, emails, and intranets for years.

4. Encourage interpersonal interaction

Make sure the workspace is set up to encourage verbal communication among staff members. Body language and eye contact foster connections and encourage collaboration while enabling more dynamic information sharing and immediate feedback.

Face-to-face communication is still one of the most efficient ways to communicate ideas, but you must also make sure that all team members are at ease and have a chance to voice their perspectives.

5. Manage collaboration using the data.

The management of human resources can also benefit from communication approaches. Here are a few typical scenarios where effective corporate communication is necessary:

After a new employee, the onboarding process is crucial to the success of your recruitment since it involves swiftly explaining your company’s culture and key procedures.

  • Performance reviews: These should be efficiently communicated between managers and the HR department.
  • Management and employee relationships: Teamwork is more effective when managers can get open input from the workforce, and if Employees feel respected and engaged.
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EFFECTIVE BUSINESS COMMUNICATION

The process of exchanging information at work both internally and externally, is referred to as business communication. In contrast to regular communication outside of the job, people usually have a goal in mind when they communicate at work. Preparation, repetition, and perseverance are necessary for effective communication. The “school of hard knocks,” often known as experience, is one approach to improving communication skills. However, in the business world, a “knock” (or lesson learned) could come at the expense of your reputation due to a botched client presentation.

When it comes to workplace communication, there is already a hierarchy in place, and both internal and external players have different roles and duties. As a result, there are 4 different categories of corporate communications:

  • Upward communication: When a subordinate requests information from their management or reports information to them, this is known as upward communication.
  • Downward communication: When a boss conveys information to their subordinates or transfers a request, this is known as downward communication.
  • Horizontal communication: Communication that takes place between team members or coworkers within a corporation is referred to as horizontal communication.
  • External communication: is the exchange of information between a corporation and the public. This encompasses a wide spectrum of external stakeholders, including clients and vendors.
discrimination

DISCRIMINATION IN THE EMPLOYMENT PRACTICES

An employee is said to have been discriminated against if they are treated significantly differently from other employees for reasons that are not specified in their employment agreement or that are in fact illegal.

Among the reasons for discrimination against workers in this nation include sex, age, ethnicity, religion, union membership, and political views. Positive discrimination, such as affirmative action, may be morally acceptable, although discrimination is typically difficult to defend or justify.

Despite the fact that Nigeria has adopted the ILO Equal Remuneration Convention of 1951 and the Discrimination (Employment and Occupation) Convention of 1958, it is clear that discrimination is not well protected in Nigeria. Anti-discrimination laws are not common.

Anti-discrimination legislation

The Nigerian constitution forbids discrimination based on origin, gender, religion, status, ethnic or linguistic association or ties. It is the responsibility of the state to promote national integration by providing adequate facilities, equal opportunities, and rights to all citizens without regard to race or ethnicity. Citizens of Nigeria must not be subjected to any disability or deprivation on the basis of discrimination.

There is no specific legal provision regarding discriminatory hiring practices. However, according to the Constitution, it is the duty of the state to provide equal opportunity for all citizens to secure adequate means of livelihood as well as adequate opportunity to secure suitable employment, without discrimination.

Additionally, the Labour Act expressly prohibits employers from discriminating against employees based on their union membership. The Labour Act expressly prohibits discrimination against pregnant women.

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8 PRINCIPLES OF EFFECTIVE RISK (OVERSIGHT) MANAGEMENT

While risk management has always been an important component of the board’s agenda, the devastating financial crisis taught everyone just how critical it is. In recent years, several boards have taken a hard look at their membership, how they operate, and whether their activities and the information to which they have access are conducive to effective risk oversight.

This article suggests concepts to help boards improve their monitoring of the company’s risk management.

1. Recognize the company’s key success factors.

Understanding the business and industry, what drives value creation, how the business model works, and the significant concerns affecting the organization are essential for an effective risk management strategy.

2. Evaluate the risks associated with the company’s strategy.

This concept and the one preceding it are linked since they both focus on understanding the corporate strategy and the risks that come with it. This understanding gives a context for distinguishing the ordinary, continuing hazards of business management to identify the risks that truly matter.

3. Define the risk oversight role of the full board and its standing committees.

This is an important notion for directors to remember as they work together to explain risk supervision responsibilities for the full board and the various standing committees.

4. Determine whether the company’s risk management system, which includes people and processes, is appropriate and has adequate resources.

Risk is frequently an afterthought in planning, and risk management is an afterthought or “side activity” in performance management. This principle tackles concerns such as appropriately positioning the chief risk officer or an analogous executive to support the board’s oversight activities. It considers the sufficiency of various aspects of risk management, such as sourcing, measuring, mitigating, and monitoring risk through suitable policies, processes, people, reporting, techniques, systems, and data.

5. Collaborate with management to understand and agree on the types of risk information required by the board.

This principle is still a source of contention for many boards. Directors suffering from information overload must focus more intently on actionable data. Whether or whether quantitative models are used, reporting should provide many viewpoints on a given risk.

6. Keep a close eye on potential threats to the company’s culture and incentive structure.

This theory also leads to another financial crisis lesson: a company’s culture and incentive compensation structure can potentially influence risk-taking behaviors, decisions, and attitudes.

Because they reflect the shared values, goals, practices, and reinforcement mechanisms that embed risk into an organization’s decision-making processes and risk management into its operating processes, culture and incentives serve as the glue that holds all elements of the risk management infrastructure together.

7. Keep track of critical strategy, risk, controls, compliance, incentives, and people alignments.

This principle emphasizes the need of aligning important pieces to get everyone and everything on the same page—people, processes, and the organization. Without alignment, there is a possibility of a gap between a company’s strategy and its execution, which can be costly and harmful.

8. Evaluate the board’s risk oversight processes regularly:

Do they enable the board to meet its risk oversight objectives? The last principle calls for the risk oversight process to incorporate the best practice of periodic board self-evaluations.

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6 STEPS TO CREATING A PAYROLL SYSTEM

It is difficult to administer the payroll management system as compliance laws and regulations change. Startups and small firms, in particular, face significant difficulties in documenting and processing payroll. However, you must be familiar with payroll operations. Here is a step-by-step guide to developing a payroll administration system for your small business.

Select the best payroll software.

To begin, select the best payroll software that meets your payroll requirements. How do you pick the best payroll software?

  1. Make a list of your non-negotiable requirements.
  2. Look for the type of payroll system you require (based on your industry).
  3. Examine the market’s price plan alternatives.
  4. Request a FREE trial of some prospective payroll software.
  5. Choose the best one.

Choosing a payroll software solution can also help you keep an orderly record of all the data.

  • Compile payroll information

Following that, you choose the best payroll software, containing all of the information your payroll system requires.

Set up your payroll using the following information:

  1. Make an employee identification number (EIN)
  2. Obtain a state tax ID number for your employee’s location.
  3. Plan the payroll procedure (monthly, weekly).
  4. Calculate employee working hours using a time tracker.
  5. Create a business bank account to handle salary reconciliation.
  6. Gather your employees’ banking information.
  • Determine the gross and net pay

Now that you have all of the information needed to execute payroll, you can start calculating paychecks. Collect timesheet data, including overtime, and determine whether or not your payroll software connects with time tracking software.

Now compute the gross pay, minus any tax deductions and health benefits. To calculate net compensation, subtract payroll deductions from gross pay.

  • Include the employer’s payroll taxes

Employers must pay taxes depending on employee remuneration, such as the Federal Unemployment Tax (FUTA), State

Unemployment Tax (SUTA), and other municipal taxes.

  • Construct a payroll input system.

Employee wages, payroll taxes, and payroll deductions are all included. Attach the paystubs to your paychecks regardless of the mode of payment. Employees can then cross-check for errors.

  • Record the compensation terms.

Following payment, check for tax payments every quarter to ensure that you are paying state taxes on behalf of employees who live in another state. Your staff will require a state tax ID for this, which you can obtain from the relevant state tax website. The first payment must usually be made personally.

communication

SIX STRATEGIES FOR EFFECTIVE CUSTOMER COMMUNICATION

What is customer communication?

Let us first establish that customer communication is the foundation of business success before delving into what it is.

Customer communication refers to the interactions of an organization with its customers. A brand identifies touchpoints and develops relationships with them(customers), using multiple channels such as phone, email, and live chat.

Do not mistake customer communication with customer communications, though.

The former relates to information sharing and the creation of relationships with people. While the latter are the channels through which we send data (e.g., phone, email, etc.)

The significance of customer communication

The significance may vary, but they all lead to three factors. Customer communication assists brands in increasing earnings, improving brand image, and positioning the company ahead of competition.

It is therefore best to begin by determining, who in your organization oversees customer communication. Is it the sales department or customer service representatives? Subsequently are these six essential strategies for effective customer communication into action.

1. Establish an omnichannel communication system.

The goal of omnichannel communication, is to provide customers with a consistent experience across several platforms. So, whether the client reaches you by email or social media, they will have the same positive experience.

2. Use chatbots to automate customer communication.

Waiting is the most aggravating thing for customers. As many as 75% of organizations report losing consumers because of long lines.

Bonus: Thankfully chatbots don’t get tired, so customers may obtain assistance at any time of day or night.

Chatbots are effective at resolving concerns for 87% of clients. That’s a significant amount of traffic redirected by your representatives! As a result, they can concentrate on tackling more difficult problems that chatbots cannot.

3. Improve customer onboarding and first-time communication

When your onboarding content is inviting and educational, about 88% of clients are more likely to remain loyal to your brand. Give your initial interaction a personal touch. Begin with a personalized welcome message, and then show the customer how to configure your product. When everything is in place, put on an interactive show of your features.

4. Measure customer satisfaction on a regular basis.

There are a few tried-and-true methods for assessing the quality of your customer support. Net Promoter Score, Customer Satisfaction Score, and Customer Effort Score are a few examples. But first, begin gathering client feedback. Request immediate feedback from your customers after each encounter.

5. Inform customers

Give your customers access to a knowledge base and a blog where you may offer industry insights. Educating your clients will assist you in establishing authority in your field and will benefit your SEO efforts.

6. Make the switch to proactive communication.

Proactive customer service is all about reaching out to customers and engaging them directly with your company. It offers value to a customer’s experience by forecasting potential problems, promptly assisting clients, and receiving timely feedback.

Companies that provide proactive customer service are seen favorably by approximately 68% of customers. As a result, even if you fail, they are more willing to forgive and forget.