Business News

Friday, 05 May 2023 03:35

5 life-changing customer service secrets you can learn from five-star hotels

Dramatically improve the customer service at your business by emulating the great hotels, including The Ritz-Carlton, Four Seasons and Michael Dell's newest ultra-luxury property. As a customer service consultant and trainer, I'm the guy business owners ask to turn their company into "The Ritz-Carlton of Industry X" (retail banking, fintech, automotive retailing, B2B enterprises or whatever) or, nearly as often, "The Four Seasons of Industry Y." In other words, companies in every sector of the economy look to the hospitality industry, especially the great luxury hotel brands, as the exemplar of exceptional customer service. If you want your company's customer…

Thursday, 04 May 2023 03:08

These are the top 10 most in-demand job skills right now, according to World Economic Forum

Jobs and work are going through a major transformation right now — with millions of roles potentially being eliminated or created in the coming years, according to non-governmental organization the World Economic Forum. This relates to a wide range of reasons, from technological advancements to climate change. But one thing is certain: many workers will have to adapt. Having the skills to navigate this change — and maybe even new job requirements — is therefore crucial. In its latest "Future of Jobs" report, WEF lays out which skills are key right now, and which will become vital in the coming…

Wednesday, 03 May 2023 01:34

5 secrets of profitable business growth

The pursuit of venture capital can distort a company's growth trajectory. During the boom period from 2010 to 2021, many startups used venture capital to finance loss-making rapid growth – knowing the market for initial public offerings would enrich the investors and founders before the startup burned through its cash. In 2022, all that ended. The plunge in venture capital investment – down 35 percent in 2022, according to Crunchbase – revealed the perils of unbridled growth. CB Insights found that 47 percent of startup failures in 2022 were due to a lack of financing (in 2021 that percentage was…

Monday, 01 May 2023 03:49

From low capacity utilisation, to high stock inventory, Manufacturers report poor performance for Half 2, 2022

The manufacturing sector has recorded a 52 per cent increase in unsold finished goods in six months, a new report by the Manufacturers Association of Nigeria has shown. This was despite a 32 per cent (N1.31tn) decrease in the manufacturing sector factory output in the second half of 2022, when compared with N3.99tn recorded in the preceding half of the year. These were contained in the Manufacturers Association of Nigeria’s Bi-Annual Economic Review report. The document presents summary of findings of survey of the manufacturing sector by MAN for the second half of 2022. According to the report, the value…

Monday, 01 May 2023 03:48

NGX market capitalisation depreciated N1.01trn in April

The stock market of the Nigerian Exchange Limited (NGX) depreciated by N1.01trillion in April 2023 amid impressive 2022 financial year corporate earnings and dividend payout to shareholders by listed companies. Although the stock market has gained 2.25 per cent in four months of 2023, inflationary pressure, scarcity of foreign exchange, among other macroeconomy challenges have continued to erode investors’ participation in low-priced fundamental stocks listed on the Exchange. Specifically, the overall market capitalisation of the NGX closed April 2023 at N28.534trillion, dropping by N1.01trillion or 3.42 per cent from N29.544trillion, while NGX All-Share Index dropped by 3.37 per cent to…

Monday, 01 May 2023 03:43

The real reason you have a staff turnover problem

There's a leadership theory that most people don't talk about called "Leader-Member Exchange," or LMX for short. The idea is based on the relationships between leaders and those reporting to them. There is a relationship between leaders and followers and that relationship's stability makes organizations work. I have written before that people leave because of their manager – this is why. To say that another way, if leaders want to scale their organizations and maintain a healthy retention rate, they need to understand they have a relationship with each of their employees. The health of relationships is the crux of…

Friday, 28 April 2023 03:17

Exxon resumes operations in Nigeria after workers called off strike

Exxon Mobil Corp resumed operations at its facilities in Nigeria after resolving a labour dispute over pay and conditions with its in-house union, a company spokesperson said on Thursday. The industrial action had forced Exxon to declare force majeure on oil liftings at its terminals in the country. A spokesperson for Exxon said in email responses that its three ventures, Mobil Producing Nigeria Unlimited, Esso Exploration and Production Nigeria Limited, and Esso Exploration and Production (Offshore East) Limited were now operating at normal levels. "This follows the discontinuation of the industrial action earlier embarked upon by our in-house workers union,"…

Friday, 28 April 2023 03:13

Shareholders drag Israeli firm, Solel Boneh, others to Nigerian court over mismanagement, fraud

The majority shareholders and directors of the civil engineering firm, Soleh Boneh have been sued over their alleged mismanagement of the firm to the detriment of the minority shareholders. The minority shareholders, in a petition filed before the Federal High Court in Abuja, accused the majority shareholders/directors of running Solel Boneh aground by surreptitiously diverting its assets and businesses to other companies which they exclusively control. The affected shareholders/directors are: Musa Nakhla, Adedayo Odeyemi, Shari Arison, Natty Saidoff, and Adamu Safuratu Idowu the Company Secretary, who are listed among the respondents. Also sued are Reynolds Construction Co. Ltd, Reynolds Construction…

Friday, 28 April 2023 03:07

Embrace these 7 questions to strengthen your leadership

The quality of your questions determines the quality of your thinking. And when I started thinking about how I could grow my business, these were some of the questions I asked myself: How can I begin to replace myself? How can I get out of the truck? The questions weren't easy to answer, but they transformed my leadership on a whole new level. Here are seven tough questions for your new year planning: 1. Am I becoming the best version of myself? Most people make up excuses for why they aren't succeeding or taking action. Or they hang out with…

Thursday, 27 April 2023 03:57

Yuan overtakes dollar to become most-used currency in China's cross-border transactions

The yuan became the most widely-used currency for cross-border transactions in China in March, overtaking the dollar for the first time, official data showed, reflecting efforts by Beijing to internationalise use of the yuan. Cross-border payments and receipts in yuan rose to a record $549.9 billion in March from $434.5 billion a month earlier, according to Reuters calculation based on data from the State Administration of Foreign Exchange. The yuan was used in 48.4% of all cross-border transactions, Reuters calculated, while the dollar's share declined to 46.7% from 48.6% a month earlier. The volume of cross-border transactions covers both the…

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Thursday, 27 April 2023 03:52

With just 2 sentences, Steve Jobs revealed a beautiful truth about making mistakes

Steve Jobs was known for his ability to communicate with a crowd of people. His keynotes set the standard for how companies talk about their products. He was known for being charismatic, sometimes funny, and sometimes even feisty. In the list of his top performances is another moment worth mentioning. This one wasn't a presentation, but rather it came during a question and answer session in 1997, shortly after he had returned to Apple. Jobs was taking questions when he was asked a rather insulting question by a man in the audience. "Mr. Jobs, you're a bright and influential man,"…

Wednesday, 26 April 2023 03:39

How leaders cause mediocrity

Companies spend millions each year on creating a culture of peak employee performance. However, many still find their workforce stuck in the mediocre middle – often despite employees’ best efforts. To move from mediocrity to consistent peak performance, business and team leaders must create a culture that allows employees to successfully implement what they’ve learned during training, mentoring, coaching and conference sessions. Even the most well-trained and well-intentioned employees won’t be able to perform at their best in a culture that suffers from one or more of the following: 1. Lack of clear expectations Business or team leaders should never…

Tuesday, 25 April 2023 04:10

Mobile banking rose 500 percent in Q1 2023 on Naira scarcity - Report

Scarcity of the naira increased reliance on mobile devices for financial transactions by 505.29 per cent in the first quarter of 2023, data from the Nigeria Interbank Settlement System has indicated. The value of mobile transactions rose by 160.11 per cent year-on-year to N9.07tn in the first quarter of 2023. The volume of mobile transactions surged by 505.29 per cent year-on-year to 671.93 million in Q1, 2023 from 111.01 million in the corresponding period last year. Transaction value surged to N9.07tn in the first three months of 2023 from N3.49tn in the same period of 2022. The growth in usage…

Tuesday, 25 April 2023 04:04

5 signs you're pretty good with money

Most of us strive and struggle to reach our goals. What we often forget is that accomplishing them is only half the battle. You also have to feel like you've accomplished them. And these two steps can be further apart than you might imagine. Couples therapists caution that we are often overly focused on the negative in relationships, which means we underestimate the strength of our bonds. Professors warn that many highly successful professionals make themselves miserable by always chasing one more accolade. And one author went viral when she coined the term "productivity dysphoria" to describe the yawning gap…

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