COVID-19 AND BUSINESS CONTINUITY

We cannot but pay attention to the hottest but dreadful news in town – COVID-19 (Corona virus) if truly we are in #business and its continuity is our priority. WHO has recently declared this highly contagious disease a #pandemic.

Globally, there have been over 182,000 confirmed cases (those who have tested positive) and about 7,100 deaths (Just in 4 months!). Corona has forced countries to close borders against one another, no matter the level of political affinity or international alignment. Hence, EU+UK would not be able to travel to the US in the next one month. Even, within the EU, Germany, France, Spain, etc. are declaring lockdowns and closing borders against entry for non-citizens! Schools and markets have been closed and people are working from home.

African countries are not left out and recently, Nigeria bans entry for travelers from thirteen countries because of five confirmed cases of corona virus. The restriction will apply to travelers from countries with more than 1,000 cases. They include China, Italy, Iran, South Korea, Spain, Japan, France, Germany, the United States, Norway, UK, Netherlands and Switzerland; this takes effect from March 20.

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POWER OF HIGH PRICING POLICY

There is a general belief that; if it costs more, it sure must be better – do you agree with this too? High pricing policy doesn’t guarantee great sales; but it sure gives your brand a presence that attracts high class personalities; which guarantees improved profitability.

If a business charges 40 percent more than his nearest competitor, it must have near preternatural powers to invigorate its clients. Cold stone creamery sells ice cream at a price higher than what you will get in Shoprite yet people patronizes this brand and it makes sales like no man’s business.

Price and quality are inextricably linked in the minds of most customers. Price yourself low and customers worry that you cannot be any good. Price yourself high and you may become more exclusive, more experts, more of a draw.

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YOUR BRAND NEEDS A TEMPLATE

Every brand needs a template to work with if success is the destination! Do you remember the time when the auditorium for Synagogue for all nations – T.B Joshua’s Church collapsed and attracted both the media and law enforcement agency’s attention? If you follow the story very well, news had it that; what was built is different from what the plan stated. Think about it; if an alteration in a plan can be that disastrous, how much more constructing a building without plan? If you don’t want a sudden collapse of your brand, get a business plan for yourself.

Entrepreneurship in my own sense consists of two steps; Exploration and Exploitation. The first step is that period when you are using your intuition and observation to identify certain means of competitive edge advantage. When you are having critical thinking in order to generate ideas; you are exploring while exploitation on the other hand explains that stage where you are turning an idea into a plan and a business that can be sold for money.

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