The Sttewwards Limited

Category: Uncategorized

  • The Art of Negotiation

    Negotiation is the process encompassing discussions aimed at achieving an agreement. The significance of negotiation in business, whether with suppliers or clients, cannot be overstated, as it directly impacts profit margins. The outcome of negotiations may well determine the difference between profitability and losses.

    From my perspective, negotiations resemble a carefully choreographed dance between the buyer and the seller, culminating in a business transaction that ideally leaves both parties content with the arrangement, or at the very least convinced that they have secured the most favourable terms. Yet, in circumstances where understanding is lacking, one party may emerge as the beneficiary of a more advantageous deal. Here are some strategies to assist in negotiating effectively and forestall the risk of exploitation:

    1. Recognize your worth: It is imperative to comprehend the value of your goods and services, their market value, and the unique attributes that distinguish your offerings. This insight will empower you to negotiate without diminishing the perceived value of your offerings.

    2. Discern the focal point of negotiation: It is essential to recognize that what is being negotiated is your inherent value, not merely the price or quality of your goods or services. Your clients are likely cognizant of the value and quality of your offerings yet are inclined to seek reduced pricing to circumvent post-purchase regret.

    3. Establish a “stop-loss” threshold: Analogous to trading securities, it is prudent for businesses to establish a mental “stop-loss” threshold during negotiations to safeguard against compromising their position.

    For more tips on Business Development Strategies follow us on:

    LinkedIn: @The Stewward

  • HOW TO SURVIVE THE NIGERIAN BUSINESS CLIMATE

    In light of the evolving global landscape, an increasing number of angel investors are expressing interest in investment opportunities within the African continent, while aspiring entrepreneurs are seeking to establish businesses in various African countries. It is crucial to acknowledge that each African nation possesses distinct business climates, which are influenced by the diversity of their respective cultures.

    Today, I will impart valuable insights and strategies to navigate the business environment in Nigeria. Below are key considerations relevant to the Nigerian business climate:

    – Dynamic Nature: The Nigerian business environment is characterized by volatility and continual evolution. As an entrepreneur or investor, cultivating adaptability and flexibility is imperative to effectively respond to market fluctuations.

    – Negotiation Principles: It is essential to stand firm in negotiations, distinguishing between negotiable and non-negotiable terms, and steadfastly adhering to them irrespective of potential challenges. While this may deter certain clients, it ultimately serves to attract the most suitable partners for your business and investments.

    – Prudent Evaluation: Refrain from succumbing to prevailing trends and unsubstantiated claims. Thorough research and due diligence are indispensable for gaining accurate insights.

    – Competitive Pricing: Embrace the understanding that there is often an alternative provider capable of delivering superior services at a reduced cost. Hence, it is prudent to refrain from accepting initial price quotations without exploring alternative options.

    – Risk Mitigation: Avoid overcommitting to a singular opportunity, as it may carry inherent vulnerabilities. Distributing resources across multiple viable avenues mitigates risk exposure.

    – Strategic Investment: Recognize that the returns on your investment correspond directly to the quality and discernment exercised in selecting opportunities and collaborators.

    – Cultivating Relationships: Emphasize the longstanding nature of business partnerships in Nigeria. Prioritize the establishment of trust and rapport with local stakeholders, and endeavour to acclimate to the prevailing cultural norms. By doing so, you can anticipate a more favourable trajectory for your business endeavours. Adhering to these foundational precautionary measures and strategic principles will undoubtedly enhance your prospects of navigating the Nigerian business landscape proficiently.

    For more tips on Business Development Strategies follow us on LinkedIn @the stewward.

  • STRATEGIES TO ATTRACT & ENGAGE CUSTOMERS.

    In our modern capitalist society, consumer demand greatly influences supply and pricing. As demand rises, supply decreases and prices go up, and vice versa. With the ongoing global economic crisis, we’re seeing a surge in demand for goods, leading to increased prices. This is not necessarily a bad thing for business owners and service providers because it is a golden opportunity to gain a competitive advantage over competitors through data drive strategies and engage customers through various low-cost platforms. These strategies include:

    SOCIAL MEDIA:

    The world is a global village and your social media page is the real estate of your business. Whether you are using Instagram, X, Facebook, discord, threads or LinkedIn to market your business depending on your target audience and purpose of business, you must engage and communicate your brand identity and purpose effectively and efficiently, you are the best advocate for your brand, show your audience the promise of your product, engage your audience through your content and take the relationship to the next level by directing them to a call to action which tells your potential customers how you would like them to engage with your product or service. Expand your network with other brands to receive community engagement which will solidify your relationship with your customers.

    PHYSICAL-PRESENCES:

    whilst social media may be a great way to grow your audience and engage with customers from across the world, it should not be your only mode of engagement. The physical presence of your business is needed. Whether it’s at a pop event, farmers market, a trade fair, a networking event, an accelerator program or even a competition for businesses, make your presence felt. Physical presence and intimate conversations still reign supreme because they allow your potential customers to really understand the purpose of your business and how it can truly benefit them, they can ask questions and you can sell your business directly to your target audience.

    It is said that “ The road to success and greatness is always paved with consistent hard work. Outwork your competitors and be relentless.”

    For more tips on Business Development Strategies follow us on:

    LinkedIn: @The Stewward

    Instagram: @the_stewward_Ltd

  • Why Nigeria Organizations need to adopt the International Financial Reporting Standards (IFRS)

    Why Nigeria Organizations need to adopt the International Financial Reporting Standards (IFRS)

    The IFRS FRAMEWORK REFERS TO A PRINCIPLED BASE approach to developing a common set of financial reporting standards to achieve comparable financial reporting across borders. Currently, we have 120 countries adopting IFRS as a framework to govern accounting statements.

    Although the Nigerian Federal Executive Council approved 1 January 2021 as the effective date for the convergence of accounting standards in Nigeria with IFRS, Nigerian companies looking to go global need to actively adopt this accounting standard and here is why :

    1. They make comparison with global competition easier.

      2. cross-border listing like the NewYork Stock Exchange, and London stock exchange is facilitated, making it easier to raise funds and make investments abroad.

      3.Multinational companies with subsidiaries in foreign countries have a common, company-wide accounting language.

      4. Foreign companies can be more easily appraised for mergers and acquisitions.

    • CSR and why it should be your Company’s strategy

      CSR and why it should be your Company’s strategy

      CSR is the obligation that any organisation has to develop and implement its strategy with a positive awareness of how that strategy is likely to affect society.  Your organisation can link its decision-making to a set of ethical values while complying with legal requirements and maintaining respect for how, as an organisation, it will or may affect the people within its wider stakeholder environment.

      Why should it be your company’s strategy?

      Your company’s decisions have an impact on the world and on people, there are ethical norms, behaviours, ethics and ethos and the manner in which employees are treated which are expected of your company.

      “To achieve this, an organization needs to have a wide and conscious awareness of social issues and norms that are affecting society at any point in time.”

      Recognising CRS and using it as a strategy is a commitment to contribute to economic development from within an ethical framework while seeking to improve the quality of life for your employees and their families, the local community and society at large.”

      This does not mean that an organization will only operate from an ethical or moral dimension if it has a heightened sense of CSR. Likely, there will also be a competitive advantage to be gained from a perception by stakeholders that the organisation is operating ethically. The organisation will be seen as a good corporate citizen who chooses to do ‘the right thing’.

      By Uduakabasi

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