10 Reasons Why Business Planning is Very Important.

Business planning

The benefits of planning to an organization cannot be overemphasized. Planning projects an organization toward where it wants to be in the future.

Here are some importance of planning in any business or organization.

  1. Planning helps to identify the objectives and goal of any business. This can only be achieved in the long run.
  2. Organizations exist to tap into the opportunities in the environment and manage available constraints. These opportunities and threats are identified through the planning process.
  3. Planning facilitates effective control. Where there are plans, there must be control to check whether things work accordingly.
  4. Performance improvement: since planning involves selecting and implementing better course of action, it brings progress to the organization.
  5. Planning unifies employees’ actions toward the chosen objectives.
  6. It promotes proper coordination of organizational resources direction and sense of purpose.
  7. It helps the organization in area of cashflow. This creates room for proper cash management.
  8. It secures the means of funding by identifying the sources of raising capital and borrowing in starting up a business.
  9. It helps to support and lay a strong foundation on the growth of the business.
  10. Since planning is future-oriented, it predicts the future and offsets uncertainty.

Although planning is a continuous process, it is a method of accomplishing a predetermined result thereby attaining stated objectives within a time frame.

Enhance Your Entrepreneurial Skill With Nigeria Youth Investment Fund(NYIF).

download
nigeria youth investment fund

According to reports, The Federal Government of Nigeria has opened the portal for Nigerians to apply for its N75billion Youth Investment Fund.

Nigeria Youth Investment Fund (NYIF), is a government initiative created to boost the Nigeria economy through leverage and access to financial aid for the youths. The fund will help to unleash the potential of the Nigerian youths and enable them to build businesses which will help to lower the rate of unemployment.

On July 22, The minister of youth and sports development, Mr Sunday Dare made an announcement, stating that the Federal Executive Council(FEC), has approved the establishment of NYIF with the sum of N75billion. “The fund aims to reach 500,000 youth annually between 2020 & 2023 (3years). Each fund approval will range from N250,000 to N50,000,000 with a spread across group applications, individuals application, working capital loans set at 1 year and term loans set at 3 years with a single digit interest rate of 5%.” He said.

This fund will help the Youth to start or grow their businesses with a government-backed loan and have access to free business support.

Requirements:

  • Applicants must be between the ages of 18 and 35 years.
  • Bank Verification Number (BVN)
  • NYSC certificate for graduates.
  • Fundable Business Idea.
  • A Registered Business Entity.
  • Applicants must be Nigerian citizens.

All interested applicants should visit https://nyif.nmfb.com.ng/Applicants/New

How To Make Your Business Go Viral With Video Marketing.

 

importance of video marketing

Are you using video in your marketing or you just found out about the power that it has to grow your business but you don’t know how to take advantage of it?

It’s no news that video has totally taken over the marketing world.

According to Forbes.com,

• 66% of consumers prefer watching a video to reading about a product.

• 71% of B2B marketers are using video marketing, while 81% of total businesses use video marketing.

• 64% of users are more likely to purchase a product after watching a video.

• By 2021, video will make up more than 80% of internet traffic!

It’s very important that every business should make use of video in their marketing in order to build their brand, make more sales, create brand awareness and support, and most importantly, always stay on top.

Benefits of using video are immense and cannot be overemphasized. Here are ways that video marketing can impact your business.

  1. People are spur on to take action after watching a video.
  2. Videos are more appealing to view than written content.
  3. Video enhances more shares on social media platforms.
  4. Video drives a lot of visitors to your blog, funnels, and offers FAST and effortlessly.
  5. Video builds a deep and emotional connection with your audience.
  6. Video captures instant attention of the viewer.
  7. Video marketing is very cost effective than other forms of advertising strategies.