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The Nigerian Banking Industry

Posted on February 21, 2018September 16, 2020 by Bella E. Hussain

Nigerian Banking Industry

In the wake of the ongoing reforms in the Nigerian banking industry, several publications have been made on the way out of the myriad of challenges the industry is faced with. I recall vividly that in an article published sometime last year, I tried to draw attention to the likely financial and economic implications of the bail out funds injected by the Central Bank of Nigeria. My position was that it could lead to a situation of excess liquidity within the banking industry and the economy at large.

My argument was premised on the fact that the injection of the bailout funds was not backed by any real economic activity hence in economic terms has no real value. The net effect of the intervention funds is basically an increase in the quantum of money in circulation coupled with a significant boost in depositor’s confidence. Beyond that much more effort is required for the reform to have a holistic effect. My view was that strategies and mechanisms needed to be developed to ensure that the intervention funds lead to a consequent positive impact on the industry and the economy.

With the recent information filtering out on the banking system, it appears we have a scenario where most banks have excess liquidity and yet the borrowing community is still experiencing serious credit crunch. The primary purpose of financial intermediation for which banks exist is as such almost defeated. It is argued that most bank managers have become risk-averse and would rather invest in secured short-term financial instruments rather than lending money to borrowers.

Lending conditions to borrowers are made so stringent that it is almost impossible to get a loan from a bank. The net effect is that the banks end up with too much liquidity at the close of business on a daily, weekly and monthly basis.
But the downside of the above scenario is that since too much attention has been focused on the liquidity side of banking, there will be a negative effect on the profitability side. Over time, it is very likely that most Nigerian banks will experience shrinking profitability. This will all be evident at the branch, zonal and regional levels of banking operations. The overall metrics used to measure performance may reveal poor results despite the hard work put in by members of staff of a branch or unit.

The recent downward dive in interest rates also mean that bank managers must seek out more creative and innovative ways to break-even. Banks will need to avoid funds that are considered expensive and thus unattractive in the present dispensation. However, the Central Bank of Nigeria has a responsibility to promote bank lending to the real sectors of the economy. While the reforms initiated by the CBN succeeded in maintaining depositor’s confidence in the financial system, it has also succeeded in eroding banker confidence for lending. Most bank managers feel safer holding on to the funds they have rather than lending it out to businesses.

This is where the challenge lies for the regulator. Perhaps some form of loan guarantee scheme may be required for priority sectors amongst other measures. Bank managers must note that liquidity and profitability work at cross-purposes. The more liquidity you keep, the less profitability you make. Hence, sound financial management always seeks a balance between liquidity and profitability. The dilemma all business managers face is that both high liquidity and high profitability is desirable. However, the more of one you seek to, the less of the other you get.

As for the managers of financial institutions in the Nigerian banking industry, it is time to pay good attention to profitability as the long term survival of any business enterprise is based on this. Business models need to be carefully evaluated in the light of the prevailing circumstances and where remedial actions are necessary, decisions should be taken in that regard.…

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The Benefits of Using Google Places As a Business

Posted on February 11, 2018September 3, 2020 by Bella E. Hussain

Google Places
Google Places is the technology used to create a page for a business to show exactly where they are. It works from Google Maps and is a free listing. It which will also include the full address and the telephone number of the company. There are a number of benefits to using this for your company.

People Know Where You Are

The main benefit of Google Places is that people will be able to find you. They will not need to search long for your address and will be able to double-check on Google Maps to make sure they know where they are going. This will make them more inclined to visit you instead of another company offering something similar.

You will have all your contact information in one place, which will also make people more inclined to use you. They will not have to search for a phone number to call you or an email address to ask you a quick question. You will also be able to find a link to your website, if you have one, so they can find out more about you.

Benefit in Search Rankings

You will also be linked much higher on the Google website. Which means that you will be found quickly through certain keywords. You will be able to add tags to your listing to help inform the search engines of what your business does and offers.

Those whose business websites have a low page ranking will also benefit since potential customers will still be able to find you. All the information that anybody needs to know is on the one page and it will be listed higher than most other websites – including your own.

Just Like Yellow Pages

Google Places will act just like Yellow Pages but in more detail. As well as giving your contact information, a person can find out the directions to your company by using Google Maps. This will help them cut down their search time.
This is just another way that customers can find out about stores and businesses can reach out to new customers and clients. It will not take over websites and is free. Small businesses with low marketing budgets are able to benefit from it.

Google Places is an excellent option for many business owners. It will help with search engine optimization while also offering a page for a business to place everything about them. This just makes it much easier and user-friendly for potential customers and clients.…

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The Importance of News to Forex Traders

Posted on January 15, 2018September 3, 2020 by Bella E. Hussain

Forex Traders
In this era where information can be an extremely powerful and strategic asset about forex traders, whether to individuals or corporations. For the especially for a trader, shutting yourself off from news can be suicidal. The Forex market is extremely sensitive to the flow of news that is related to it. Traders around the world make a living by processing and translating information into money. Financial news services providers know how important news is to the Forex market players, and charge a premium for it. It is not uncommon to get hundreds of headlines of news that are potentially relevant to Forex trading.

Forex traders news update

Forex traders, especially those who day trade the Forex market. Require the latest up-to-the-second news updates so as to facilitate their trading decisions which have to be made at lightning speed. They mostly make use of online financial newswire services such as Dow Jones Newswires, Bloomberg and Reuters, which display the latest financial news on their computer monitors. Since the speed of news dissemination is very important to traders, many opt for these online instant news services rather than depending on daily newspapers like the Wall Street Journal or the Financial Times which carry stale news that is of little use to traders.

Trader’s perceptions

The main reason why news is so important to Forex traders is that each new piece of information can potentially alter the trader’s perceptions. This future situation relating to the outlook of certain currency pairs. When people’s opinions or beliefs are changed, they tend to act on these changed perceptions. It through buying or selling actions in the Forex market. Based on the news, these traders will be preparing to cover their existing positions or to initiate new positions. A trader’s action is based on the expectation that there will be a follow-through in prices when other traders see. You can interpret the same news in a similar way that he or she has.

News is a very important catalyst of short-term price movements because of the expected impact it has on other market players. This is in a way an anticipatory reaction on the part of the trader as he or she assumes. That other traders will be affected by the news as well.

About forex market

Publicly released news is disseminated to the various newswires. Any trader with access to these wires can tap into the information given out. You can react accordingly in the Forex market. However, institutional players do get information that retail traders don’t. They get privy access to order book information in their computer systems.  You also know something that others don’t through their personal contacts in the industry.

Think of it this way: The Forex market is dependent on news, for if there is no news, there would be little or negligible price movements in the market. Even if currencies may move according to the technicals sometimes. The technicals have been established previously by expectations of future news. The influence of news on currency prices is inevitable and inescapable.…

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Small Business Internet Marketing Help

Posted on January 3, 2018September 3, 2020 by Bella E. Hussain

Business Internet Marketing
Having a website and business internet marketing for two very different things. Most small businesses these days have a website, some are really ‘good looking’ website where they paid a graphic designer a healthy sum of money.

Problem small business internet marketing

The problem is most small business website are never found on the internet. Therefore their website is not generating new leads and customers on a daily basis. This where small business internet marketing comes in, there are many ways you can position your website on the internet. It is found by the exact people you want to attract.
Once you have a functioning website set up to be search engine friendly then you want to get your website indexed by the major search engines like Google, Yahoo and Bing/MSN this way you website will show up when a particular search is entered.

Create more related content

Some other things you can do to help your website show up in the search engines for various keywords or phrases is to create more related content and link it back to your website. You can do this by writing and submitting articles, blog posts, forums, videos, press releases, social networking and more.

There are many more ways to get people to visit your website then just the search engines, many people read articles, watch videos, etc and many of these naturally rank high in the search engines, this means you are able to get multiple listings in the search engines that all link back to your website.

Social networking sites

Social networking sites are extremely popular these days and millions of people visit these sites every month. I am talking about site like Facebook and LinkedIn. For years now webmasters have used these sites to generate more traffic to their website for free. It is a great way to interact with your potential customers.

Pay Per Click advertising is also another great way for small business internet marketing. This simply allows you to pay only when your advertising works. You simply pay a few cents only when someone clicks on your ad. This is very effective method that can bring in fast results however it can be a little trick at first if it is your first time. To do small business internet marketing effectively you can hire external help which can be costly. You can follow a proven system and get one of your staff to do it for you.…

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Internet Marketing Principle Series

Posted on December 23, 2017September 18, 2020 by Bella E. Hussain

Internet Marketing
Those familiar with my writing and mission know that I swear by the potential for wealth creation and personal and financial freedom through Internet marketing. Among the many reasons and virtues is the ability to be profitable, earning money, WHILE, you learn the ropes of Internet marketing.

Key factors in a profitable Internet marketing business model, are copywriting, sale funnel, complete with upsells, backend sales and customer retention products and residual income components as well as passive income streams and the ever important marketing system. Finding the training and system with high converting marketing tools is crucial to beating the Internet marketing learning curve.

To hammer home THE key features, sales funnel, residual and passive income. A truly successful Internet Marketing business, works to put highly targeted prospects into a welled planned sales funnel with highly relevant products and services which are drip fed to those actually NEEDING these products and services. The fact that your products are ethical, practical, profitable and 100% feasible, gives you high conversion and retention. The issue of residual income only makes sense. Once a satisfied customer is acquired, recurring payments is efficient for both parties. The 3rd and final criteria is passive income, usually sub-affiliates or 2 and 3 tier royalties on products and services.

But no matter what system you are involved in or stage in your Internet marketing business, quick implementation of the training and skills being acquired is highly advised. If you are studying or training copywriting or article promotion then WRITE, start promoting with the written word NOW. Remember you are always promoting, and testing results, don’t sweat the trials and copy that doesn’t convert. Do your research and adjust and adapt.

One mindset gem is “succeed by copying the successful” The “earn while you learn” is a popular theme and selling point of many marketing systems, so due diligence is advised. We can expect to pay 3 to 4 thousand for start up and training, and 100 in Internet marketing tools a month. Make sure the system or mentor you choose, has achieved the exact success you have set as your financial and lifestyle goals.

But unlike brick and mortar businesses, the Internet based business can, if done correctly and especially Information marketing and digital product fulfillment can be in profit very quickly. The only true secret of success is to take action. Success can only happen by action. Take it, fearlessly, your learning. Believe me, no matter how good someone thinks they are, they can always learn something, oh and remember, everything will be alright in the end, so if it is not all right now, then this is not the end. Go make your success!…

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Need to Know About Secured Payment System

Posted on December 7, 2017September 18, 2020 by Bella E. Hussain

Payment System
Do you own online business and wish to grow with time? No matter what your site offers make sure you have secured payment systems. With quality payment systems the bond between sellers and buyers ends up being strong helping business to grow tremendously. Day by day access to internet is becoming very cheap and users are ready to enjoy the experience of shopping all at the comforts of their home. With the growing trend to shop online, it is extremely important to implement secured online payment.

Research shows that users tend to visit e-commerce site and love to browse through different category of latest products. Consumers also want to shop from those sites that ensure that their personal but delicate information is safe and secure. Thus, experts feel that it is extremely important to ensure proper and fair retail transactions.

This growing trend has contributed to evolution of series of payment. Some of the popular and most preferred payment gateways are Paypal Technology, Google Checkout, World Pay, etc. Thus, the debit and credit card is one of the most used payment mode. What you need to do is implement the right payment gateway for your business. But how do you choose the right payment system for your business? One of the simple ways is to try any of these payment gateways for shot period to see whether it is compatible with your business or not. Here come other few simple tips to pick the payment system.

Security

This is the first foremost things that you must consider. Never compromise with this issue. No buyer or seller wants to have fraud payment processor and rob away with their hard earned money. Pick the payment gateway that offers the tight security in each layer of payment process.

Transaction Fees

Each payment gateway has its own transaction fees. No wonder every business wants the cheapest one to maintain their target profit margin. Browse the different payment gateways and select the one that best suits to your business and offers quality security in processing.

User Friendly

Select a payment system that is user friendly and processes payment rapidly. Complicated commands and interface might discourage to buy from your site. Simultaneously, choose the payment gateway processing single or bulk payments rapidly. Delayed transaction and payment can cost you heavily where you can lose your valuable customers.

Stability

Stability is an important aspect when a business is planned in long run. Thus, systematic and proper implementation must be ensured for smooth running of business. Stability is the path to earn a good reputation.

Proper Authorization

Last but not the least, cross-check the authorization of the payment gateway. Remember by following the law not only you make your business secures but also the interest of your customers. Select a payment gateway that follows the rules and regulations of transferring money online.

Secured online payment system is very important to conduct proper e-business and gain the loyalty of customers. Rely on secured payment system to make your e-business work as hard as you.…

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Networking on an Hour a Day

Posted on November 21, 2017September 18, 2020 by Bella E. Hussain

Networking
Are you willing to apply an hour a day to networking? For some business people, it may be impossible to squeeze another sixty minutes of work into their day. Others might not be able to imagine what they could do every day besides go to a networking event – and who could find one of those every single business day of the week. There might even be those who are in the very envious position of having built their business to the point where the customers roll in, whether they network or not.

But there are some people for whom an hour a day is an absolute minimum requirement to not only grow their business, but for some it is a matter of survival. If you’ve started a new job in a sales related position such as real estate, mortgage lending, financial planning or other commission-paid positions, an hour a day is the least amount of networking you can survive on. Or, if you’ve joined a multi-level or direct selling company without having a very large, personal warm market already, you’re going to need that hour and more. Finally, if you are one of the unfortunate many in American who are now looking for a job in today’s tough economy, then networking should take up a good portion of your job-search time.

So what do you do with that hour? You probably won’t be able to attend one event every day without incurring significant travel time. Plus, that neglects the very important follow-up part of networking if you spend it all in going places. Here is a balanced plan to put every bit of that time – a total of three hundred minutes a week – to the best use possible.

Find at least one event per week. Chamber mixers are a good source, there are probably several in your city or very close by, especially if you count the ethnic chambers of commerce and other similar associations. Most of them last two hours. Weekly meetings such as Toastmasters and Rotary might take too much time without giving you exposure to enough different people and they usually take one to two hours.

Assuming that you are spending 90 to 120 of your three hundred minutes on attending formal planned events. You should be able to meet three or four new people and reinforce your connection with three or four people you do know. Each of the new people deserves a personal follow up, either a thank you note, email or phone call. It might take 10 minutes per person, for a total of forty minutes to make that follow up call or write the emails.

You want to spend the rest of your remaining 140 to 170 minutes for the week working on giving value to the people in your network. Giving value means finding referrals for them, filtering out the fire hose of information on the Internet to provide them with something useful, introducing them to someone they’d like to meet and otherwise looking for ways to do helpful, business-building things for them. This is a simple plan that covers all the vital ingredients for building a powerful network in a small investment of time, just one hour per day.…

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Other Strategy with Telemarketing Budget

Posted on November 6, 2017September 17, 2020 by Bella E. Hussain

Telemarketing
Be it as a single process or a part of a much larger marketing strategy, the actual cost of telemarketing shouldn’t be treated the same way as other strategy. This is based on the simple reasoning that one type of marketing will cost differently from another. Insisting on otherwise would be like saying the cost of a desktop PC should be the same as the cost of, say, an electronic notebook. It doesn’t even matter how high or how low they are in comparison. Instead, the costs of telemarketing should be seen within the context of its own factors. These factors are more or less:

Results

Do you get what you pay for? Better yet, do you get more than that? You should but on the flip side, if your total marketing budget doesn’t lend itself much to your telemarketers or your outsourced provider, then you shouldn’t expect as much. Besides, you should be measuring the results of other methods in the same manner anyway.

Ratios

Taking the results in mind, how does their ratio of cost-versus-results compare to the ratio of the other methods. If you’re struggling financially and have to make cuts, this is the type of comparison you should make. You don’t just kill off the process that uses up the most money. You might just accidentally kill your golden goose!

Performance

Finally, their performance should culminate the previous two factors. They might be able to justify their costs with their number of software leads. Their ratio might be better compared to the others. However, if you know they can also do better, then you should also expect them to. You might not give them too nasty a cut at this point but you need to firmly insist that they do better.

Integration

This can be very complex and unique trait to measure. By integration, it means you have to see how your telemarketers are using other tools. Using other tools can actually call for an entire re-evaluation in terms of measuring the previous three factors. A few questions you could ask would be: Are they depending too much on one tool or are they using them both efficiently together? You may not be reducing costs directly on their part but cutting down the costs of tools they count on for support could also have negative consequences.

Another analogy you can compare this to is when cleaning out your hard drive or even just a flash disk or online storage. You clear out the stuff you don’t really need at the moment but retain what you’re either using most of the time or data you need in times of emergency. On the other hand, the consequences of accidentally removing something, purely on the grounds of saving more space, obviously means difficulty when the files you deleted were the ones you needed the most. In marketing, you can make a similar mistake with their budget. Here are two of the consequences of accidentally cutting your marketing budget the wrong way:

Fewer leads

Less money isn’t just about the risk of less motivation. You reduce their capacity for quality. Remember: You get what you pay for. Paying less for a good service can get you less (provided, of course, you can see how money in the process directly relates to performance).

Worse performance

They were actually doing well but because you tampered with, for example, the money that was spent on email marketing support, you tampered with their strategy of using emails to generate permission for their calls.…

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