Discover the key strategies to innovate and lead in the marketplace during our BBC business growth clinic. Join us as our esteemed speaker shares ten practical ways to drive innovation and take your business to new heights. This event is a must-attend for entrepreneurs and business owners looking to achieve sustainable growth and success.

Tomiwa Dasilva

Tomiwa Dasilva is a business coach and consultant for service providers and SaaS founders. She specialises in marketing, sales and project delivery. She is the convener of Wealthy Woman Inc., which is a platform that empowers women with kingdom principles to purpose, profit and prosperity and leads 9tofreedom, which helps corporate professionals convert their expertise into profitable business courses, consultations and coaching sessions.

10 ways to innovate and lead in the marketplace

Join us for an engaging session on impact-driven communications as a catalyst for your business growth. Our speaker, Mirabel Aleladia, Lead Strategist and Founder of M.inc PR, will share valuable insight and strategies to enhance your brand's impact. Don't miss this opportunity to learn how effective branding and communication can drive growth for your business.

Mirabel Aleladia

Communication strategies to accelerate SME growth

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Learn strategies guaranteed to turn your business idea into a reality.

Hear from expert business leaders on branding and marketing, financial strategies, legal preparations and everything else you'd need to launch your business.

Zoom Invitation:

Brass is inviting you to a scheduled Zoom meeting.

Topic: Just Start! Powered by Launchpad
Time: Feb 21, 2023 06:00 PM Africa/Lagos

Join Zoom Meeting
https://us06web.zoom.us/j/86153831459?pwd=RFpJMHF5bm01RVJhWTBxRmlOMERkdz09

Meeting ID: 861 5383 1459
Passcode: WIN23

Kunbi Odubogun

Kunbi Odubogun is an industry leading Business Attorney, Speaker and Digital Media Expert with over 12 years experience in the Legal and Events industries. She is the Founder of two digital solutions:  Legally Set - an online shop offering legally sound, attorney-drafted contract templates for entrepreneurs, event pros and creative business owners; and Perfete- an events inspiration publication.

Tos D. Oyetade

Tosin Oyetade is a highly qualified marketing professional with a strong track record of success in driving user acquisition and engagement. She has a diverse work history, including experience in the financial technology, software as a service, arts and culture, and banking industries in Africa and Europe.

Nosa Garrick

Nosa is an experienced Attorney, Chartered Mediator and Conciliator. His advisory focuses on Intellectual property, Media, Entertainment, Technology, Maritime, International Trade & Investments. He is the Managing Partner at F.A. Garrick & Co, a law firm with specialism in Intellectual Property and General Commercial Law practice.

Oluwapelumi Cole

Oluwapelumi Cole is a highly motivated finance professional with experience in Financial Markets, Strategy, Modelling and Analysis. His diverse work history spans many industries, including financial technology, health technology, consulting, project management and marketing in Africa and Europe.

Just Start! Powered by Launchpad

Charles qoute 02 - just the audio.m4a

Choosing the right co-founder can either fuel or stifle your business' success.

In this Business Guide Series, Charles Dairo, Co-founder of Beezop and Harry Enaholo, Co-founder of Treford, shared insight on the foundations of a successful partnership, equity splits and the legal framework.

Charles Dairo

One thing I’ve seen people do is to treat equity as a mathematical thing but it’s definitely more emotional. The goal of equity is motivation so bearing that in mind, that’s meant to guide the whole conversation. If giving someone 40% isn’t going to motivate the person enough, then don't give them 40%. If you’re thinking longterm, you want this person motivated long term. It’s only short term founders that treat it as a mathematical thing, when you’re building for the longterm there are things that don’t matter as much.

Harry Enaholo

The main thing I've noticed that lead to conflicts in startups is ego. You cannot both have your egos inflated at the same time. There are times you have to learn to manage the relationship by not always making your own point final or your own idea the main idea. There are times when it is important for you to allow your partner bring an idea, run through with it and commit the support they need to execute successfully for the sake of building that harmony and trust for the longterm. Another thing is alignment. It’s important to continue realigning because what you are building evolves.

Finding the Right Co-Founder

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Starting a business but concerned about capital? All you need is the right strategy and great support.

Gbemi Olateru-Olagbegi, Founder of Gbemisoke Shoes & Co-Founder of TNC Africa and Vanessa Nwuka, Founder of VeeStore shared practical steps to getting started with limited capital.

Gbemi Olateru-Olagbegi

As you go along, you will figure out what works for you. You’re going to make mistakes and you will learn from those mistakes. Look around you, use the people around you. Is there a friend that studied marketing or advertising or works at an agency? Reach out to them for help. You don’t know everything and you can’t do everything yourself

Vanessa Nwuka

Before you take a loan, you have to have your books ready from day one. Your accounting has to be good so they know that you’re serious and they can lend you the amount of money you’re asking for. Be disciplined. If you cannot repay at the date you agreed, you have to communicate with your lenders early enough. It is really important because trust is key.

Getting Started with Limited Capital

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The first conversation in our Business Guide Series brought to you by Brass Business Club.

Damilola Odufuwa, Co-Founder and CEO of Backdrop and Ore Runsewe, Founder of Arami Essentials, spoke to us about their journeys getting started in business.

Damilola Odufuwa

One of the things our team did that I really loved early on was reaching out to the first users to get their feedback on the app and one of those users helped us create our backdrop near you feature… I would always suggest to anyone building an app to speak to your first set of early users.

Ore Runsewe

If I had to give anybody advice, if you have a 9-5 and you have a business on the side, try and do it for as long as you can. There comes a time where it’s not possible anymore and you have to respect that but where it’s still possible, I think still do it.

Starting Your Own Business

Business risk management involves systematically identifying, assessing, and mitigating potential threats and uncertainties that can impact an organisation. In today's unpredictable business environment, effective risk management is not a luxury; it's a necessity. It goes beyond disaster recovery and business continuity plans, encompassing a holistic approach that includes strategies to prevent costly downtime, fortify vulnerabilities, and ensure business operations continue despite unexpected challenges.

This article delves into essential strategies for safeguarding your business in Nigeria's ever-evolving economic landscape by examining the types of risks, the steps needed to conduct a thorough risk assessment and how to create a risk management plan.

## **Understanding Types of Risks:**


Before delving into risk assessment and management strategies, it's crucial to understand the types of risks that can impact your business. Here are some common categories of risk:

1. **Financial Risks:** These include risks related to your business's financial health, such as cash flow fluctuations, debt management, and economic downturns. A company that has faced this type of risk is Dangote Group and this is as result of fluctuating commodity prices and currency exchange rates. 

2. **Operational Risks:** Operational risks pertain to challenges within your day-to-day business operations. The Nigerian Breweries, a major player in the Nigerian beverage industry, deals with this type of risk such as supply chain disruptions, equipment breakdowns, and quality control issues.

3. **Strategic Risks:** Strategic risks involve issues related to your business's long-term goals and decisions. MTN Nigeria faces strategic risks related to market competition, technological advancements, and regulatory changes. 

4. **Compliance and Regulatory Risks:** These risks arise from non-compliance with industry regulations and government policies. Penalties, fines, and legal actions can result from these risks. As a financial institution, First Bank faces compliance and regulatory risks associated with financial regulations, anti-money laundering laws, and data privacy regulations.

5. **Reputation Risks:** A damaged reputation can have severe consequences. Reputation risks include negative public perception, customer dissatisfaction, and public relations crises. Shoprite, a retail giant, must protect its reputation through excellent customer service, supply chain integrity, and ethical business practices to maintain consumer trust.

6. **Market Risks:** Market risks encompass fluctuations in demand, shifts in market trends, and competition that can affect your business's performance. Guaranty Trust Bank manages market risks arising from shifts in economic conditions, customer preferences, and lending practices within the banking sector.

7. **Cybersecurity Risks:** In an increasingly digital world, the threat of cyberattacks, data breaches, and information theft is a significant concern for businesses. Interswitch, a payment processing company, confronts cybersecurity risks, including data breaches and fraud attempts targeting electronic transactions.

8. **Natural and Environmental Risks:** Businesses may face risks associated with natural disasters, climate change, and environmental regulations. Nigeria LNG faces environmental risks due to its operations in the liquefied natural gas industry.

Now, let's explore a real-life example of a Nigerian company that adeptly navigated through challenging risks.

## **Risk Management** **Success Story: Flutterwave**


Flutterwave, a fintech powerhouse, exemplifies effective risk management in Nigeria's fast-paced business landscape. This dynamic company provides payment solutions and infrastructure for businesses, financial institutions, and individuals across Africa.

While Flutterwave enjoyed substantial growth, it faced various risks, including regulatory changes, cybersecurity threats, and market competition. Their comprehensive risk management strategies played a pivotal role in their continued success.

One key aspect of their risk management approach was a proactive stance on regulatory compliance. Flutterwave closely monitored evolving financial regulations and promptly adjusted its operations to align with these changes. This proactive approach ensured their operations remained within the bounds of the law and enhanced their reputation as a trustworthy financial partner.

## How can your business effectively manage risks?


![Brass-Risk-MNAGEMENT-TABLE.jpg](https://s3.eu-west-1.amazonaws.com/cms.trybrass.com/Brass_Risk_MNAGEMENT_TABLE_f1d5cef655.jpg)

1. **Strategic Risk Assessment:** Conduct a thorough risk assessment to identify potential threats to your business. Consider financial, operational, legal, and market risks. This assessment will serve as the foundation of your risk management plan. 


2. **Risk Mitigation Strategies:** Develop strategies to mitigate identified risks. These strategies include diversifying your product or service offerings, establishing contingency plans, and staying informed about regulatory changes.


3. **Regulatory Compliance:** Stay vigilant about regulatory changes that could impact your business. Ensure that your operations adhere to all relevant laws and regulations. Seek legal counsel when necessary.

4. **Cybersecurity Measures:** Invest in robust cybersecurity measures to protect your business and customer data from cyber threats. Regularly update your cybersecurity protocols to stay ahead of emerging risks.

5. **Insurance Coverage:** Consider appropriate insurance coverage to mitigate financial risks. Evaluate your business's needs for insurance against property damage, liability, and cyber threats.

6. **Emergency Response Plan:** Develop a clear emergency response plan that outlines how your business will react to crises or unforeseen events. Ensure that your employees are well-versed in these procedures.

7. **Continuous Monitoring:** Regularly monitor and adjust your risk management strategies as needed. Risk management is an ongoing process that should adapt to evolving threats.

**How to Conduct a Risk Assessment:**

Conducting a comprehensive risk assessment is the first crucial step in effective risk management for your business. Here's a practical guide on how to do it:

1. **Identify Potential Risks:** Start by identifying your business's potential risks. Encourage input from your team, as different perspectives can reveal additional risks.

2. **Assess Risks:** Once you've identified potential risks, assess each one's likelihood and potential impact on your business. Create a risk matrix that categorizes risks as high, medium, or low based on these factors. This assessment will help you prioritise risks that require immediate attention.

3. **Analyse Root Causes:** For each identified risk, delve into its root causes. Understanding why a risk exists can inform your risk mitigation strategies. Root cause analysis can reveal hidden vulnerabilities that need to be addressed.

4. **Develop Mitigation Strategies:** With a clear understanding of your risks, develop mitigation strategies for each. These strategies should outline specific actions to reduce the likelihood of the risk occurring and minimize its impact if it does. Ensure that your strategies are tailored to the unique characteristics of each risk.

5. **Allocate Resources:** Allocate the necessary resources, including budget, personnel, and technology, to implement your risk mitigation strategies effectively. Consider the cost-benefit analysis when allocating resources to ensure efficient risk management.

6. **Implement Risk Controls:** Put your risk mitigation strategies into action. Assign responsibilities to team members, set timelines, and establish clear protocols for responding to risks. Regularly review and update your risk controls as needed.

7. **Monitor and Review:** Risk management is an ongoing process. Continuously monitor the effectiveness of your risk controls and adjust them as necessary. Stay vigilant for new risks that may emerge as your business evolves.

8. **Regular Reporting:** Develop a reporting system that tracks the status of each risk and the effectiveness of your risk mitigation strategies. Regularly report on risk management progress to employees, investors, and regulators.


By implementing these risk management tips and practices and drawing inspiration from Flutterwave's successful approach, you can protect your business from potential pitfalls and thrive in Nigeria's dynamic business environment. Effective risk management is not about avoiding risks entirely but strategically navigating them to secure your business's future.

This article delves into essential strategies for safeguarding your business in Nigeria's ever-evolving economic landscape by examining the types of risks, the steps needed to conduct a thorough risk assessment and how to create a risk management plan.

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Protecting Your Business: Tips for Risk Management

As a small business owner, managing payroll can be a daunting and time-consuming task. It's not just about paying employees on time; there are taxes, deductions, and compliance requirements to consider. With so many moving parts, it's easy to get overwhelmed and make costly mistakes. That's why having a reliable payroll management system is crucial to the success of any small business. 

We have put together five reasons why businesses need Brass for efficient [payroll management](https://www.trybrass.com/payroll/).

## Compliance

The tax laws and regulations governing payroll can be complex and ever-changing, making it difficult for small businesses to keep up. Failure to comply with these regulations can result in penalties and fines, which can be devastating to a small business. With Brass Payroll, you can be rest assured that your payroll is always in compliance with the latest regulations.

## Accuracy

Payroll errors can lead to underpayment or overpayment of employees, which can result in low morale, lost productivity, and legal disputes. With Brass Payroll, your employees are automatically paid accurately and on time, every time.

## Better Financial Planning

An efficient Payroll software can provide you with real-time data on your business's payroll expenses, which can help you make better financial decisions. By analysing this data, you can identify trends, forecast future payroll expenses, and plan your budget more effectively.

## Access to Payroll Financing

With Brass Payroll, you can also access payroll financing to support your payroll expenses. This can be particularly helpful for small businesses with limited cash flow, ensuring that you can pay your employees on time and without delay.

## Multi-Location Capability

If your business operates across multiple branches or locations, using Brass Payroll will help you handle the complexities of multi-location companies. With a centralised payroll management, you can efficiently process Payroll for all your branches, ensuring consistency and accuracy across your company.


Additionally, it's worth noting that even if a business isn't currently paying taxes, Brass has a Simple Payroll solution that caters to their needs. When the time comes to start paying taxes, transitioning to our standard payroll will be seamless.

Explore the future of payroll management with [Brass Payroll](https://www.trybrass.com/payroll/)! 


We put together five reasons why businesses need Brass for an efficient payroll management.

Payroll.png

Five reasons why businesses need Brass Payroll

Despite entrepreneurship being one of the main pillars of the economy, it is still extremely challenging to conduct business successfully in Nigeria. This is due to various unforeseen and unstable factors that can impact the business environment, such as low capital, infrastructural inadequacies, economic volatility, government policies, insecurity, etc. 


A good illustration of this was the COVID-19 Global Pandemic which forced the world to stand still. So many businesses in Nigeria went from churning a consistent profit to complete bankruptcy. However, despite these challenges, there were still many businesses that thrived by learning to be resilient. In this article - we will explore business resilience and tips for building a resilient business in a growing economy like Nigeria.


**WHY IS BUSINESS RESILIENCE IMPORTANT?**


Business resilience is the ability of an organisation to withstand and recover from disruptions while safeguarding its personnel, assets, and brand reputation. In the current dynamic and unpredictable business environment, it has become increasingly important for businesses to be resilient. Business Resilience Management is key to business survival in the face of rapidly changing IT, cyber threats, and regulatory environments.


It goes beyond traditional disaster recovery and business continuity approaches. It encompasses a broader perspective, including post-disaster strategies to prevent costly downtime, fortify vulnerabilities, and sustain business operations despite unexpected breaches. It recognises that preserving business processes and workflows is essential for organisations to weather unforeseen events successfully.


Examining real-world examples of business resilience can provide valuable insights into its importance and impact. One such inspiring case comes from 'TVP World of Wonder'. a growing company that has exhibited remarkable resilience over the past few years. 


TVP is a business designed to curate unique and unforgettable experiences for people through various mediums, such as travel, games and more. The company has faced several challenges, including the economic volatility in Nigeria, the dwindling exchange rate, the COVID-18 pandemic, and various immigration restrictions. However, through resilience, TVP was able to overcome these challenges and continue to grow. 


When they started, their primary focus was the luxury travel arm of the business, with group trips as their main source of income. However, this changed with the COVID-19 restrictions on movement and travel, making it impossible for group trips to remain lucrative. In a bid to survive, TVP had to shift their focus to personalised experiences - hosting more personal and corporate trips. To subsidise their losses during foreign currency transactions, they explored partnerships and collaborations with airlines and hotels to secure deals and discounts for their clients while maintaining a premium standard.


**TIPS FOR BUILDING BUSINESS RESILIENCE**


- Having a Solid Business Plan: A clear and comprehensive business plan is crucial to building business resilience. It should include a detailed market analysis, competition, finances, and operations. It should also outline the business's strengths, weaknesses, opportunities, and threats and include a well-defined strategy for growth and expansion. It Is important to have a clear plan for growth and be ready to adapt it to current market realities.

- Diversifying Cashflow/Revenue Streams: Relying on a single revenue stream can make a business vulnerable to disruptions. Diversifying cash flow and revenue streams can mitigate this risk. To mitigate this, businesses can expand into new markets, develop new products or services, or establish strategic partnerships with other businesses.

- Invest in the Right Team: Building a resilient team is essential to building business resilience. It is important to hire employees with the right skills, experience, and attitude. A diverse team can also bring new ideas and perspectives to the business, making it more adaptable to change.

- Customer Loyalty & Trust Building Stronger Customer Relationships: Building strong customer relationships is essential to building business resilience. This can be achieved by providing excellent customer service, responding quickly to customer complaints and feedback, and building a strong brand reputation.

- Having a Crisis Management: A crisis management plan is essential to building business resilience. It should outline the steps to be taken during a crisis, including communication protocols, contingency plans, and procedures for managing the crisis. It should also include a plan for post-crisis recovery, including steps to rebuild the business and regain customer trust.

**THE ROLE OF TECHNOLOGY & INNOVATION**


Technology and innovation have become essential tools in building business resilience in Nigeria, and companies like Brass have embraced these advancements to thrive in today's fast-paced business environment. Founded in 2020, Brass is a prime example of a business that has harnessed technology to its advantage and capitalised on its benefits.


Brass leverages technology to automate routine tasks, improving operational efficiency and saving valuable time. For instance, opening a current account with Brass can be done online, eliminating the need to physically visit a bank branch. By embracing technology, Brass has streamlined its processes, allowing entrepreneurs to effortlessly access banking services and carry out transactions from the comfort of their own devices. For example, Brass' comprehensive Payroll product allows entrepreneurs to seamlessly manage their business payroll, set up salary payments in multiple locations, create teams and much more. 


Innovation is another key aspect that contributes to business resilience. By continuously exploring new ideas, products, and services, the business can identify growth opportunities, secure a new revenue stream, anticipate market changes, and enhance customer satisfaction. To illustrate using 'TVP Games'. 


At the apex of the pandemic, TVP was forced to completely shut down operations. Since there was no travelling, they had to develop innovative solutions that could still cater to experience creation for their customers. This led to the birth of the second arm of the business, 'TVP Games', which affords people the experience of travelling the world from the comfort of their homes. Though the medium of service evolved, the mission remained the same. 


By embracing technology and fostering a culture of innovation, businesses can build resilience and thrive in today's challenging business environment. As more companies leverage technology and innovation, the Nigerian business landscape is poised for continuous growth and success.

In this article - we will explore business resilience and tips for building a resilient business in a growing economy like Nigeria.

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Building a Resilient Business (in Nigeria)

Cash flow management is a crucial aspect of running a small business. It refers to the process of monitoring, analysing, and optimising cash inflows and outflows. In other words, it's about making sure that the business has enough cash on hand to cover its expenses. 

According to a recent study by US Bank, 82% of small businesses that fail do so because of cash flow problems. A common issue for small businesses is that they may not have a steady stream of revenue or sufficient capital to manage their expenses. This can result in a situation where the business is unable to pay its bills, which can lead to debt, late fees, and even bankruptcy. 

In this article, we'll go in-depth into the meaning of cash flow, provide tips and advice on how to effectively manage cash flow, avoid cash flow problems, and ensure that the business has enough cash to cover expenses.


## Defining Cash Flow


Let's say you own a small bakery. You sell cakes, bread, and pastries to your customers. You buy flour, sugar, and other ingredients to make your baked goods. You also pay rent for your storefront, utilities, and employee salaries. Cash flow is the movement of money in and out of your business. In this scenario, cash inflows are the money you receive from selling your baked goods to customers. Cash outflows are the money you spend on ingredients, rent, utilities, and salaries. 

When you have more money coming in than going out, your business has positive cash flow. On the other hand, if you have more money going out than coming in, your business has negative cash flow. It's important to track your cash inflows and outflows to ensure that your business is profitable and sustainable over the long term. It is also essential to recognise that positive cash flow does not always equal profit. For example, a business may earn a 30% profit on every product sold but still have negative cash flow due to more expenses than income.

Small business owners must differentiate between accounts receivable and accounts payable. Accounts receivable is an asset account that tracks money coming into the business from customers for goods and services provided. In contrast, accounts payable is a liability account that tracks money leaving the business, including expenses like employee payroll and bank loans. To determine the profitability of a business, add up all assets, including accounts receivable, and subtract the total accounts payable. If the result is positive, the business is profitable, but if it is negative, owners should look for ways to increase profitability.

## Importance of Cash Flow Management for Small Businesses

Cash flow is the lifeblood of any small business. Positive cash flow helps a business grow, while slow or negative cash flow can lead to issues. In the early days of a business, owners may need to invest money and see more money leave the business than come in. However, as the business grows, these cash flow problems may become less severe. 

On the other hand, poor cash flow management can lead to various negative outcomes that can impact the overall health and stability of a business. Businesses with poor cash flow management may find themselves unable to take advantage of new opportunities that require upfront capital investments. This can include new marketing campaigns, hiring new staff, or expanding into new markets. 

Furthermore, poor cash flow can lead to a lack of financial stability and flexibility, making it difficult for businesses to weather unexpected costs or economic downturns. This can include everything from unexpected equipment failure to a sudden drop in demand for products or services. 

Finally, poor cash flow management can impact the morale of employees, who may feel insecure about the financial stability of the business and may be more likely to leave for other opportunities.

## Tips for Effective Cash Flow Management


Here are some tips that can help you manage your cash flow effectively and ensure that your business has enough cash to cover expenses:


### Keep track of your cash flow by creating a Cash Flow Statement


![Screenshot 2023-04-06 at 19.01.23.png](https://s3.eu-west-1.amazonaws.com/cms.trybrass.com/Screenshot_2023_04_06_at_19_01_23_0b80e9057d.png)


Template:


We have created a simple Cash Flow Statement template you can use to track your monthly cashflow by filling in each income source and expense source. For this, be sure to be as detailed and as broad as possible. You can download the template for free [here](https://docs.google.com/spreadsheets/d/1nsENOu-C5rrZF0Sp1wQn-Qp6mkuBOhbh7C-khD6NaHs/edit?usp=sharing). 

Categorising all transactions and reviewing your statements regularly helps you identify areas where you can cut costs. For instance, if you notice you're spending a lot on marketing, you may want to evaluate which marketing channels are producing the most ROI. As depicted above, a Cash Flow Statement is generally divided into three sections:

- cash from operations
- cash from financing, and
- cash from investments.

### Create a cash flow forecast

Use your historical data and projections to predict future cash flow. For example, if you own a seasonal business like a landscaping company, you'll likely have more revenue in the spring and summer months. Plan accordingly and adjust your expenses during the slower months.

### Consider Financing Options

As a small business, you may need to invest your own money or explore financing options, such as business loans, lines of credit, or small business grants, to cover startup costs.

### Cut unnecessary expenses

Look for areas where you can reduce costs, such as subscriptions or rent. If you're renting office space, consider downsizing or negotiating a lower rent. If you have subscriptions to services that you no longer use, cancel them. These small adjustments can add up and improve your bottom line.

### Invoice promptly

Send out invoices as soon as possible and follow up on late payments. You can use online invoicing software to automate this process and save time. For instance, if you're a freelancer, consider using tools like FreshBooks or Harvest to send out invoices with a click of a button.

### Offer discounts for early payment

Consider offering a discount to customers who pay early to encourage timely payments. For instance, if you own a retail store, offer a small discount to customers who pay in full at the time of purchase.

### Keep an emergency fund

Set aside some money for emergencies, such as unexpected expenses or a dip in revenue. A good rule of thumb is to have at least 3-6 months of expenses saved up. This will give you a cushion to fall back on during tough times.

## Conclusion

Effective cash flow management is crucial for small businesses. By understanding your cash flow, predicting future cash flow, and taking steps to ensure positive cash flow, you can keep your business afloat and avoid financial problems. Use the tips in this article to manage your cash flow effectively and set your business up for success.

Download the free Cashflow statement [here](https://docs.google.com/spreadsheets/d/1nsENOu-C5rrZF0Sp1wQn-Qp6mkuBOhbh7C-khD6NaHs/edit?usp=sharing)

In this article, we'll go in-depth into the meaning of cash flow, provide tips and advice on how to effectively manage cash flow, avoid cash flow problems, and ensure that the business has enough cash to cover expenses.

Managing Cashflow.jpg

Cash Flow Management for Small Businesses: How to Keep Your Business Afloat + Template

With Christmas comes more shopping 🎄

As a business owner, it's only natural that you're always looking for ways to increase sales. This includes recognising opportunities you can take advantage of in your everyday life.

Every year, from November until mid-January, millions of businesses worldwide take advantage of the festive season to boost their sales and in turn, generate more profit.

The festive season has transcended beyond being just a time to celebrate with family and friends but also a time to make huge profit.

Ready to boost your business sales during this festive season? Here are our top 4 tips:

 **Offer special discounts**

There's no better time to offer product discounts than during the Christmas holidays. In this season of happiness and gift shopping, many customers look forward to shopping from businesses that offer discount sales. This is also a great time to run a clearance sale if you run a retail business to prepare for a new year and also offer rewards to your customers.

**Personalise your brand marketing**

As a business owner during the holiday season, you need to position your brand marketing in a way that connects with your target audience. That way, you can easily develop strategies to attract customers and encourage them to buy what you are selling. Marketing strategies for young adults are usually different from strategies for children. Therefore, we recommend conducting an audience check in order to create  personalised messages better suited to your audiences needs. 

**Offer free shipping**

According to [this](https://savemycent.com/free-shipping-statistics/) article, 73% of people are more likely to buy an item if it includes free shipping and companies with free shipping have a 20% higher conversion rate than those without this option. In a season where many businesses are positioning to boost sales, you want your business to stand out, and offering free shipping can give you that edge.

**Improve the buying experience**

More than ever, this is the season to make it extremely easy for your customers to find you. If you run a bakery in Magodo, your store should be on the first google page when your potential customer searches “Bakery in Magodo”, and after they find you, you want to ensure that the whole buying experience is done swiftly and efficiently. Once you hack this, retaining your customers will be a piece of cake.

N:B: Read [this](https://digitalmarketinginstitute.com/blog/7-ways-to-increase-sales-using-seo) article to know more about how to increase sales using SEO.

### Conclusion

The festive season is the perfect time to get your business noticed, especially if you’re a small business. Beyond making sales, it’s also an excellent opportunity to create and retain a customer base.

Additionally, because the holiday also signifies new beginnings, you can take advantage of this special season to register your business using [Launchpad](https://www.trybrass.com/launchpad/) and get a current account provisioned for you from the comfort of your home.

Ready to boost your business sales during this festive season? Here are our top 4 tips we think you may find helpful.

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Tomiwa Dasilva

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