Business News

Tuesday, 14 March 2023 05:46

Put your money where your interests are: When being self-serving isn't selfish

A friend of mine has loved American auto racing since he was a boy. Stock cars, modifieds, dirt track... he loves them all. He also hates how things have changed. How sponsors have left the sport, especially at the lower levels, causing teams to shut down and racing series to decline. How some drivers get rides based more on their ability to attract sponsors than based solely on talent. In short, how money seems to play such a huge role in racing. (Even though it always has). I get it. He loves racing and is understandably worried about its future.…

Monday, 13 March 2023 06:00

Success and wealth really come down to this decision

Have you ever quit a job, fired a customer or otherwise ended a business relationship because of a toxic person, insufficient pay or simply because you're completely bored? Walking away from available business or work in a questionable economy certainly means taking on some risk. But it can also be the path to great wealth. That's the lesson that emerged when financial planner Tom Corley interviewed 233 millionaires over five years, many of them entrepreneurs. But whether they'd earned their wealth in their own companies or in someone else's they all had one thing in common, he writes in a…

Friday, 10 March 2023 05:58

Scientists have determined the jobs AI is most likely to destroy. Will you be replaced?

Nothing’s wrong with making some money after an honest day’s work, but not all jobs are created equal. For many people, there are certain occupations that exist that tend to – how can we put this nicely – rub people the wrong way. Call it a lack of respect for certain professions or simply not liking the business practice itself, but people are not shy about identifying particular jobs that they absolutely do not care for. 1. Tow Company Operators Out of all professions, tow company operators seem to be universally hated. We get it – it’s a thankless job,…

Thursday, 09 March 2023 05:54

Make your startup stand out without spending a fortune

The line between success and failure in business can be razor thin, and sometimes the difference comes down to the amount of attention that a company can attract. Unfortunately, a lot of companies try to attract the wrong kind of attention. I'm not talking about tasteless advertisements or sketchy funding gimmicks, well, not that alone. I'm talking about wasting effort, resources, and dollars on promoting any kind of attention that doesn't generate revenue. It's a problem that's exacerbated for unknown companies with unproven products. But unfortunately, a lot of startup leadership tends to believe that attention is a self-fulfilling prophecy.…

Wednesday, 08 March 2023 05:54

Apple employs 3 deep-seated psychological triggers to incite spending. Anyone can use them

If you ask someone why they bought the latest iPhone, they might tell you that the camera is better, it has more storage, yada yada... You get it. Perhaps because that someone is you. What you won't get is an answer like, "its marketing was just too compelling." Yet chances are, most didn't spend a small fortune to ditch what was formerly the latest model just months ago because they were just dying for their mobile phone to replace their professional camera. Or because that slight size difference would make all the difference. Or because of that new feature they…

Tuesday, 07 March 2023 06:00

Chances are you’ve been experiencing failed transactions in the e-payment channels of your banks. Here’s why

Amid huge financial turnover recorded in the first three quarters of 2022 by banks in the country and claims of N100 billion investment in electronic channels, digital banking has remained very challenging for many Nigerians in the last few weeks since the introduction of the new cash policy. The events of the last six weeks, where access to cash has remained increasingly limited, compounded by inability of the Automated Teller Machines (ATMs) to dispense cash and spiral failures of Point of Sales (PoS) machines as well as prolonged downtime in Internet banking, have reiterated the need for aggressive investments in…

Tuesday, 07 March 2023 05:58

3 steps leaders can take to build a more resilient, emotionally healthy team

Our mental health is how we as people cope with being human. It includeseverything that affects how we think, feel and behave. It encompasses our emotional, psychological and social well-being. Our mental health directly impacts our communication, decision-making and coping skills. We can't ignore it. As a business consultant and Licensed Clinical Social Worker, I have helped Fortune 500 companies and local nonprofit organizations improve workplace communication. What I noticed time and time again is that improved mental health and employee well-being are natural byproducts of healthy workplace communication. According to the Surgeon General's Framework for Mental Health & Well-Being…

Monday, 06 March 2023 05:48

In just 5 sentences, Elon Musk gave Tesla employees a master class on how to run efficient meetings

Elon Musk is full of hot takes, and I can't say I agree with all of them. But I have to give credit where credit is due – the guy's got some pretty solid thoughts when it comes to meetings. You may have heard Musk saying that meetings "are what happens when people aren't working" or instructing his employees to walk out of a meeting as soon as they aren't adding value. These statements might be shocking to some, but if you ask me, it's meeting efficiency 101. In fact, I've had the same rule in my business for years.…

Friday, 03 March 2023 05:57

How to use anchoring as a negotiating technique

One of the most potent negotiation techniques buyers and sellers can use is anchoring. So, what do I mean by that? Anchoring is a way to set expectations right at the start of a negotiation in ways that make your actual offer more attractive to the other party. Let's say I'm trying to sell a car and I'd love to get $25,000 for it. I aim to anchor a price point higher than my target sales price. To explain the example, I might say to a prospective buyer: "I've done a lot of research, and cars like mine typically sell…

Thursday, 02 March 2023 05:57

Inclusive communication builds both people and profits

We live in an age of great sensitivity to language – some might even say hyper-sensitivity. While being too "politically correct" might cause some people to roll their eyes, you ignore individual sensitivities at your peril. Words referring to gender, race, creed, sexual orientation, physical ability, mental health, gender identity and the like have the potential to make some people feel excluded – and that is the last thing we should want to do. Everyone wants to feel included and respected. Using language inclusively has proven benefits to morale and competitive advantage. And companies are paying increased attention to the…

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Wednesday, 01 March 2023 03:29

The violence in your business language diminishes you and your company

"We hire two kinds of people – hunters and skinners. Hunters bring in the kill and skinners turn the kill into food." This was the recruiting language used by so-called headhunters in big management consulting firms in the '90s when I got out of grad school and was exploring consulting careers (I ended up starting my own firm). Now, it's 30 years later and people in business still routinely use violent and predatory metaphors, often without even thinking about it: Crush the competition, capture customers, exploit the market, make battle plans – it's all over the place. Do you believe…

Tuesday, 28 February 2023 06:06

3 habits of super productive and happy workers

At the start of a new job, the rush of excitement for a fresh environment, different projects and a whole new experience might give workers a productive burst of motivation for the first few weeks or months. But soon after, that initial drive from external sources typically fizzles out. For professionals who truly love what they do, job burnout isn't an issue because they understand that they can't rely on outside sources for their own motivation indefinitely. Instead, they cultivate an intrinsic sense of excitement in their work. In his new book, Intrinsic Motivation: Learn to Love Your Work and…

Monday, 27 February 2023 05:36

What Prince Harry can teach every CEO about managing envy

Nobody wants to feel second best. Sibling competition for attention, resources and recognition triggers envy that persists into adulthood and your organization. Prince Harry's book, Spare, is a reluctant reminder to all CEOs that unmanaged envy carries commercial consequences. The very nature of hierarchy can trigger feelings of inadequacy, especially in employees who are second-in-command or close to the big job. Despite the privilege, it's easy to interpret the message as "You're worthy but not quite worthy enough – not yet, anyway". When you hold a position others want, you're likely to be a source of envy. It's a risk…

Sunday, 26 February 2023 05:19

New CBN rule forces Ovia, Elumelu, others out of the their banks as chairmen, CEOs, EDs

Central Bank of Nigeria (CBN) says bank executive directors (EDs), deputy managing directors (DMDs), managing directors (MDs), and non-executive directors (NEDs) can only serve a cumulative tenure of 20 years across the banking industry. The new directive is contained in a circular addressed to all deposit money banks (DMBs), signed by Chibuzor Efobi, director of financial policy and regulation department, CBN. The circular was a revision of the regulatory requirements for the tenure of executive management and non-executive directors of DMBs and financial holding companies in the Code of Corporate Governance for Banks and Discount Houses (Ref: FPR/DIR/ClR/GEN/01/004). CBN said…

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