Uncategorized – Page 4 – Korsell Corporate Consult

TACKLING THE CHALLENGES OF SOLE PROPRIETORSHIP BUSINESS IN GHANA.

September 8, 2020 (updated September 8, 2020) Published by Korsell

There are so many challenges that sole proprietors come across in the course of their business. A one man business comes with a lot of advantages but it also has disadvantages. Many people tend to engage in this kind of business since they get to make their own decisions and they can also terminate it whenever they want. If being your own boss sounds like a dream then one must be aware of the harsh realities of operating as a sole proprietor.
Here are some ways of tackling the challenges of sole proprietorship business in Ghana;
DISCIPLINE: If you struggle to stay focused, you may find it hard to remain self-employed. After all if you don’t work, you don’t get paid. On the other side of the coin you might burn out from overworking. Some people work well in a self-directed role, while others need external help to manage their activities. If you’re in the latter category there are some tricks you can employ to create a framework to become more disciplined. Optimize your time: Having a set time for different tasks can help you stay focused on discrete activities. Block out your day based on when you’re at your best for each task. For example, if you struggle to be productive in the morning, perhaps you should read and answer emails then, and work on tasks that need more focus in the afternoon when you’re able to concentrate. If you are more regimented, then develop a routine. If not, don’t be afraid to set time limits for tasks. Work-related time limits curb the amount of time you spend on a project, forcing you to become more efficient at completing it; recreational limits (e.g. social media browsing) allow you to have mental breaks that empower rather than derail your work. Be accountable: While having clients means you’re largely accountable to them, they shouldn’t be micromanaging every task. If you’re a bit soft on yourself, employ external accountability measures. This could be a list of tasks you need to complete each day or week, or a friend, family member or fellow sole trader who will check in with you regularly to ensure you’re on target with whatever you’re working on.
FINANCIAL ACCOUNTABILITY: It can be daunting to realize that your income relies solely on your ability to attract and retain paying clients. Many sole traders find the pressure too much and return to regular employment, but those who can wear multiple hats – proprietor of your core business, plus accountant, plus salesperson, plus marketer – reap the most rewards from self-employment. Sluggish cash flow remains one of the biggest pain points for small businesses, and it’s a key reason many sole traders fail. One of the most easily fixed issues is pursuing overdue remittance; a surprising number of small businesses hold debts for their clients. An accounting system like QuickBooks Self-Employed can notify you of outstanding invoices and help you devise a cash flow budget that projects future income and expenses, as well as the optimum timing of these payments. Sole traders also incur a higher per capita cost to do business. While larger organizations can leverage economies of scale, sole traders don’t have that kind of muscle. You can try to negotiate with suppliers to reduce costs. If it’s for capital, non-inventory purchases, you can look for a co-op or consortium to see if you can manufacture economies of scale. There are buying groups for micro-business you can join, or you can simply create one using your network.
CLIENT MANAGEMENT: Clients can be challenging in many ways – too demanding, too vague, too many, too few – but the best way to sum up what you need from them is ‘workflow’. Good workflow is the ability to find and maintain clients in a manner that gives you sufficient work without overwhelming your schedule or abilities. That means keeping project overruns to a minimum and ensuring you have more work lined up for when you reach the end of a job, all while maintaining a little breathing space to ensure you don’t burn out. Client management also entails sound negotiation skills, not just for your fee but to defend your time and headspace. Know your value proposition and listen to what your clients want. Keeping the lines of communication open will benefit your ability to attract clients as well as strengthen your workflow.
There are many ways self-employed workers can meet the challenges of running their own enterprise by combining discipline, good client management and sound financial oversight.

The purpose of business consultants and the need for every business to have a business consultant.

September 4, 2020 (updated September 4, 2020) Published by Korsell

The primary goal of any consultant is to help a company become more efficient and profitable. Consultants usually provide the steps needed to achieve a company objective, leading to a company project. Business consultants provide management consulting to help organizations improve their performance and efficiency. Consultants analyze businesses and create a solution while also helping companies meet their goals.
Using their unique knowledge and skill set, business consultants will identify problems and help initiate change. Business consultants also provide constructive criticism, train and teach employees and even do some unpleasant tasks like eliminating staff who do not contribute to your business. If an existing company is also facing problems in their business, a business consultant can help make the necessary modifications to revive your company.

Every business needs a business consultant;
Businesses in all industries can benefit from working alongside a business consultant. Many new companies understand the importance of hiring a consultant right from the start. Consultants can help new businesses set up their accounting, develop business processes and hire talented staff. Established businesses can also gain many advantages from hiring a consultant, especially when trying to grow their business or expanding into other industries. When problems occur that affect a company’s finances or reputation, a business consultant can help find a solution before it is too late.

Contact Korsell Corporate Consult for your consultancy services to help you grow your business

Why do startups need business consultants?

September 3, 2020 (updated September 3, 2020) Published by Korsell

A startup is a new established business founded by one or more entrepreneurs to develop a new product or service and bring it to the market. By its nature, the typical startup tends to be a shoestring operation, with initial funding from founders or their friends and families. Startups need outside experts who can do the work, as well as provide training on what needs to be done. These outside experts are the business consultants.
A startup is a business which has been established recently, works in much higher uncertainty and with limited resources and hence startups hire consultants to help them with the early steps of an enterprise. Business consultants can bring in tremendous benefits for startups when hired for the right reasons.

Unbiased Feedback: Most startups work with the existing talent, experience; knowledge, and expertise of the business ignore the changes happening outside. This is why receiving honest and unbiased feedback can be immensely beneficial to startups and here is where a startup consultant’s role becomes imperative. Startup consultants can provide a much-needed external outlook to the practices and core model of the startup. The startup will get feedback not only about the concept behind your business but about the details of execution, organization and other critical matters.
Management Advice: Right from initial idea and vision through the next phases and steps of the startup business, the blueprint of your business is just excelling sheets, word documents and PowerPoint presentations on your consultant’s computer. The expertise and advice of startup consultants can be applied to many different areas of your business, and they offer many different consulting services. Most people running startups are relatively young, who have MBA’s out of top B-schools and have decided to follow their own passion, rather than working for someone else. The people in charge of running these businesses can thus be expected to be lacking the requisite managerial experience or knowledge to steer the venture in the correct director, because of obvious handicaps, like young age and little or no experience. A startup consultant can provide management advice based on their experience in management, finance, strategy, marketing, and development, to a young relatively inexperienced CEO who is just learning to steer his business through the business executive word. The client is given insight and gains clarity through working with an experienced professional who has been through the process multiple times.
Creating a Road Map: Strategic planning is one of the key services provided by startup consultants. Startup consultants help clients through analysis, statistics, and strategy. Strategizing is the key for any business, but it’s especially crucial for startups. Clients partner with experienced consultants to plan critical steps for their startup business. Most startups don’t have a concrete roadmap or even objectives to begin things, hence this remains one of the major hurdles for a startup starting out. A startup consultant will put in place a strategic plan and create a roadmap for your business.
Expertise: A startup consultant brings in the requisite knowledge and expertise for a business which may be beyond the current expertise of the existing skill of the business. A startup consultant is considered an expert in his field of specialization and has plenty of training, and knowledge about the latest tactics and techniques for moving a business forward. Business growth comprises a number of tasks and processes generally aiming at developing and implementing growth opportunities within and between organizations, and only a professional startup consultant can help you with that.
Market Research: Your startup consultant will meticulously research the market and the segment in which you plan to grow your business in. Market research is considered one of the significant tools of strategic business decisions. Market Research information includes but is not limited to data on your customers’ needs, your competitors’ abilities and trends within the industry. Professional startup consultants are known for their continuous analysis of the market trends and dynamics which means that they are alert to changes and developments in different market sectors and they will advise you of any suitable chances that they come across. Being in contact with the right business consultants will in the long run help your business grow and become what you want it to be. Contact KCC for consultancy.We offer training to new and existing business owners to enhance productivity.

These are the top 5 reasons why a startup needs a business consultant:

BUSINESS OPPORTUNITIES TO CONSIDER.

September 2, 2020 (updated September 2, 2020) Published by Korsell

Ghana is one of the countries with the fastest growing economy in Africa. Now you may want to know the potentials and fundamentals of doing business in Ghana. With a strong mineral resources sector, cocoa industry, consistent government policy, recent oil discoveries, friendly business environment and a free trade zone for foreign companies; Ghana is definitely a country to beat in the future.

But despite the rapid growth and reformation that the country is enjoying, the country is still falling short in many aspects. And this has opened the door of opportunities to entrepreneurs who are smart enough to identify these loopholes and deal with them. If you are an entrepreneur planning to start a business in Ghana, below are the 10 lucrative business opportunities you should explore:

Waste management

Although there are a number of waste management companies in Ghana as of present, the country is still battling with more burden of filth than these companies can handle. To worsen matters, many Ghanaians are still in the habit of throwing refuse into drainages. You can make cool money in Ghana if you start a waste management business that offers to help people handle their wastes and refuse.

Herbal medicine

Ghanaians are now realizing the fact that not only orthodox medicine is effective in combating various ailments. There is increasing demand for herbal medications, and this has made herbal medicine more popular in Ghana. The good news is that almost all the medicinal plants that are used to handle various ailments can be found in Ghana.

So, Ghana is a fertile ground for flagging off a business that sells herbal medicine. If you go into this business, you will most likely get quick returns because herbal medicine is cheaper than orthodox medicine.

and farming

Food is one of the basic needs of man and anyone that ventures into food production is sure of a never ending demand. The steady growth of Ghana’s population due to influx of investors, students, tourist, etc will only help explode the demand for food.

Ghana has soils that can support a vast variety of food crops. And yet, the agricultural sector is one of the most underutilized in the country. The Ghanaian government hasn’t done enough to explore the sector, which comprises only a few private companies. One can liken the agricultural industry in Ghana to a gold mine, as there’s always a high demand for agricultural produce.

Oil and gas

Following the discovery of oil in Ghana, the country is set to join the list of petroleum exporting countries. This oil sector, still very young in Ghana, is presently begging to be explored extensively. And there’s almost no limit to the profit that players in this sector can make. Though starting an oil and gas business could be very expensive, you can venture into it if you have what it takes.

ICT

Internet access in Ghana is still very scarce and the few internet facilities available are far below average. Ghanaians are presently craving high quality internet services in their homes and offices. And they have no problems paying for such — provided the quality is kept consistent. So, the ICT sector in Ghana is still underexplored, and you can make huge profits by launching a business that provides quality internet services.

Food production

Because Ghana is home to many agricultural food products, it offers the much-needed raw materials for food processing companies. And due to the fact that food is always in high demand, starting a food processing business in Ghana is a smart and lucrative move. Better yet, you can start on a smaller scale by launching a small business or restaurant that sells foods and snacks. This business is one of the easiest to start, and it’s very profitable, too.

Transport services

Aside food, transport from one place to another is another necessity. And the reality in Ghana agrees with this. So, if you are planning to start a business in Ghana, but you are yet to find a promising opportunity, the transport sector is an option. You can start a business that renders transport services, either on a small scale with few vehicles that ply short routes or on a large scale with many large vehicles that ply long routes.

Real estate

Though an expensive sector to break into, the real estate business in Ghana is, as is the case in most countries, very lucrative. Following the discovery of oil in the Western part of Ghana, the nucleus of development and industrialization is gradually shifting towards the region. So, you will probably make more money as a real estate investor if you focus on the oil-rich region.

Microfinance

There are many business opportunities in Ghana, and more people are getting to realize this with each passing day. This has led many business-minded Ghanaians (and foreigners, too) into various small businesses.

However, many small businesses are yet to launch and many existing ones are yet to expand — both due to lack of funds. Therefore, there is high demand for microfinance services. If you have a background in banking, especially microfinance banking, you’ll make money and at the same time help develop many small businesses.

Tourism

This is another big industry in Ghana. Every year, the country plays host to many foreigners who come to behold the various tourist attractions in the country. The tourism industry in Ghana is another sector you can start a business in if you want huge gains in the long term. One glad fact about this business opportunity is that even foreigners can launch it easily.

At Korsell Corporate Consult we provide business consultancy. Contact us for your business ideas,business training and fund raising.

A BUSINESS PLAN FOR EVERY STARTUP

September 1, 2020 (updated September 1, 2020) Published by Korsell

A business plan is vital to the success of every business. About 70% of business companies, failure is the reality, and the main cause is a lack of planning. Whether it is insufficient market research, financial planning, management, lack of social media presence, website or something else, these mistakes all boil down to a lack of planning that can be traced back to the roots of your company.

Before we detail how to write a business plan, let us find out what a business plan is . A business plan in any company is a document with every crucial details. It includes the following information: what you are going to sell or produce, the structure of your business, your vision on how to sell the product, how much funding you need, information on financial projections, competitors and others.

Your business plan should include the following elements:

Executive summary — A high-level overview of your company and market placement.
- Business model — Outline what your business does, who your business serves, and how your business is structured. You should include a description of what products and services you offer, and how they meet the needs of your customers.
- Market condition — A summary of pertinent competitor information. Determine the strengths and weaknesses of your closest competitors.
- Products and services — Use this section to describe your products and services in detail, and outline what differentiates your product from others in the market.
- Operations and management — Outline your business’ organization structure, key roles, and responsibilities.
- Marketing and sales strategy — This section should describe how you will market and sell your product. Include information on your ideal customer, how you plan to position your offering, and your sales strategy.
Financial plan — Create a detailed outline of your business financials. Include your start-up costs, your initial financial productions, and how you anticipate generating funding.
Appendix — Once the above pieces are complete, end the document with an appendix summarizing your business plan.

Contact Korsell Corporate Consult for your detailed business plan to start your business ,expand it or present to investors for funding . We also provide consultancy and training to enable you grow your business.

STEPS FOR BUSINESS OWNERS TO MANAGE THEIR DEBT

September 3, 2019 (updated September 3, 2019) Published by kccadmin

Sometimes as a business owner, your company accumulates debt. And managing business debt can be difficult. Try to take some business debt management steps before you are forced to close your doors for good. If you truly want to climb out of your ravine of debt, then here are ten steps you can take to manage your debt;

Assess and Rework Your Budget; before tackling business debt, you need to have a solid understanding of your current financial situation. Assess how your business budget is operating. Is it covering all the bases, or operating in excess? A good business budget helps to identify income sources; fixed daily, monthly, and annual costs; and accounts for all variable expenses such as rent, or other unforeseen costs. Assessing and reworking your budget should be the first step in forming an action plan for reaching your debt-elimination goals.

Reduce Expenses; once you take stock of your budget, take a look at your operating costs. Do you have any excess expenditure you can do without? Decide which services and operations are absolutely necessary for the daily operation of your business, and cut the rest. Use your financial statements to help pinpoint expenses contributing to your debt. Cutting costs is a sure-fire way to increase cash flow and reduce surmounting debt load.

Prioritize payments; you cannot manage your business debt overnight. You need to decide which debts to tackle first. Make paying off loans with the highest interest rates a priority. The higher the interest rate, the more you end up paying, and the longer it takes to pay the loan. Also, put paying debts with a personal guarantee at the top of your to-do list. With these terms, creditors can take your personal assets if your business cannot pay.

Increase your earnings; as you pay liabilities, continue to grow your business. Boosting cash flow can help with long-term goals beyond business debt management. Use collection strategies for a more predictable projected cash flow. Even if you are struggling to pay debts, promote your business to increase earnings. Use marketing methods that offer value to your brand without breaking the bank. Another way to earn extra income is to lease space or equipment. Depending on your location, you may need a special leasing permit.

Do not borrow more; this step may seem super obvious but you will be surprised at the number of people who borrow more debt to pay off existing debt. Do not become part of this group. You will be shooting yourself in the foot twice. Consolidating loans are not the best answer.

Speak to us at Korsell Corporate Consult; let us assist you with your business planning and other custom service. Call now 055 391 9618 or Email: in**@*********************lt.com

EFFECTIVE SALES TACTICS FOR BUSINESSES

September 2, 2019 (updated September 2, 2019) Published by kccadmin

To run a business effectively and efficiently requires a lot of upfront effort. Efficiency demands processes, protocol, and forethought in every aspect of your business. This endeavor trolls through strategy, operations, marketing, your finances, and especially sales. Here are some effective sales strategies and tips to help your business;

Know Your Business; Not just your company, but the industry. Keep abreast of new technology, services and products related to what you are selling. Let your customers know you are knowledgeable in all aspects of the industry and they can come to you if they have any questions.

Build a Relationship; Get to know your customers. Pay attention to their interests and hobbies. Keep a file on each customer to remind you of the little things before you call them. It is a friendly way to show them you care, and may produce a few extra deals.

Listen to your customers; Ask questions and let the client do the talking. Give them your undivided attention and find out what is most important to them. Once you get an idea of what they’re looking for in a product or service, you can adjust your sales pitch accordingly.

Customer Relations Management System; Customer history records are important to all facets of your business. Records can be stored manually in the office, but to be more productive, consider a customer relation management system can be accessed by your employees, as well as clients. Organize your customers starting with the initial contact point. Buying trends can be monitored by watching dates and quantities of each order. Praises, complaints and customer service issues can also be entered and resolved by approved staff members.

Take advantage of content marketing; Tools such as paper ads, commercial TV ads, press releases, banner ads, etc. are no longer as powerful. It is purely for self-promotional purposes and everyone knows that. People neither like or trust these ads anymore. This is a subtle yet a more powerful way to get your prospect’s attention. The low cost of the process and the ease with which you can start a campaign makes this the most powerful weapon for businesses.

Always Control the Next Step and Offer Something of Value; that means you’re never “waiting” on a prospect to get back to you. You’re prepared to reach out to them with something of value so that they never feel like you’re annoying them. Never contact a prospect to ask for an update, ask to hop on a call, or something similar. Always contact a prospect with something of value, like a custom analysis of their business; a great, relevant article on their industry that may help them; or more detailed feedback on something you know they’d be interested in, like a quick example of what a competitor might be doing. If you always send something of value to your prospects, they’ll always open up their email because they know you are furthering their career with your value.

At Korsell Corporate Consult Limited, we help you with your business planning, strategy document and other custom services. Speak to us now 055 391 9618 or Email: in**@*********************lt.com

THE GREATEST TRAGEDIES TO HIT ANY BUSINESS

August 19, 2019 (updated August 19, 2019) Published by kccadmin

Once a company is up and running, it tends to stay in operation until some occurrence prevents it from continuing, businesses don’t stop working for no reason. Though occasionally they suffer a slow decline to closing, more often a firm’s shutdown is the result of an internal or external misfortune that compromises the integrity of the operation or starts a chain reaction that leads to collapse. The greatest tragedies to hit your business are as follows;

Cash flow interruptions; businesses need cash to survive; it’s what you use to pay your employees and your bills, and generally keep the lights on. If your cash flow runs into the negative, sooner or later your entire operation will collapse. This seems obvious, but many startups end up facing cash flow problems they didn’t anticipate. This is because cash flow is a bit different from bottom-line profitability. It requires you to pay careful attention to your cash inflows and outflows at all times. Even if your business is making money on paper, an unexpected expense, a customer who won’t pay on time or a drop in expected revenue could send your finances into a downward spiral.

Personal injury lawsuits; personal injuries in the workplace are probably something you won’t anticipate. They don’t have much to do with your daily operations, especially in a non-industrial or non-manufacturing setting, but they can still happen anywhere, at almost any time. It’s possible to lower your risk of this by establishing stricter, more comprehensive safety requirements, insisting on a protective waiver or similar legal document for your customers, and even obtaining litigation insurance. Together, these measures will make your company less vulnerable to most unfortunate encounters here.

Intellectual property lawsuits; most businesses don’t think much about intellectual property lawsuits because they would never intentionally plagiarize another company’s material or deliberately employ an asset without permission. This can be an unexpected disaster; however, because it usually occurs when your business didn’t realize what it was doing was wrong. Such lawsuits can cost a lot of money, so verify your work multiple times to ensure you’re always using intellectual property appropriately.

Fraud; fraud can come in many forms, and chances are you’ll never see it coming. It’s unlikely that your business would be defrauded at the higher levels, but when you’re first starting out, you could be vulnerable to fraud in the form of a misleading customer interaction or a partnership that doesn’t pan out. As your firm gets bigger, you’ll be less susceptible to these potential fault points, but you’ll still be vulnerable to internal forms of fraud; no matter how much you trust your employees, someone may still end up managing your money fraudulently or stealing from your business in other costly ways.

The greatest tragedy that can befall any venture is an irreversible falling out between its founders. The venture may have huge potential but if the team falls out then all is lost. This value destruction can occur in a trice. Most team disintegrations occur more slowly as resentments build and relationships crumble. It is believed by statistics that half of all startups fail within their first five years. In any given year, among firms with employees, almost as many firms close or go bankrupt, as there are new startups.

Speak to us at Korsell Corporate Consult Limited, let us assist you with your business planning Call: 055 391 9618 or Email: in**@*********************lt.com

TURNING YOUR BUSINESS IDEA INTO A MILLION DOLLAR STARTUP

August 16, 2019 (updated August 16, 2019) Published by kccadmin

For entrepreneurs, it is often easier to come up with a variety of ideas for new businesses and more difficult to actually implement those concepts. A business concept is a bridge between an idea and a business plan. It focuses one’s thinking so that the entrepreneur can identify the specifics of his or her proposed venture. Converting an idea into a business concept requires thinking about how the product or service will be sold and who will buy it, the benefits of the product or service, how it is differentiated from similar ones, and methods of delivery. There are no clear recipes for starting a new business, but here are a few guidelines that can help you get going in the right direction;

Look for windows of opportunities; Smart observation is your best ally when looking for unique ideas. Start by assessing exactly what you do well. It’s a much safer bet to venture into familiar territory where you can use your existing strengths. Do what you’re passionate about. Enthusiasm ignites the interest of lenders. Choose ideas that enable you to act now. You need to move swiftly before your idea fizzles. Be specific about your business goals, Look around you for windows of opportunity such as taking over a family business, Start a business doing something that your existing company isn’t doing, Keep your eye on the franchise market and Read business publications and stay informed of growth areas.

Find your market niche; the potential success of a product or service involves a myriad of factors, including the design, features, potential profit margin and sales volume projections. Apart from patenting inventions, you can assess these possibilities for product development.Present your idea with a strong business plan.Take your creative thinking and put it on paper. A business plan is your tool to sell your idea to lenders, investors and existing shareholders. Lack of clarity, poor information, and the absence of a strategic orientation are the main deficiencies in most business plans. Make sure you allow time to put a plan together with all the appropriate details, such as positioning, market analysis and financials. Projects developed with the help of an expert in the target market get the best reception.

Get yourself a mentor; getting a business off the ground is not an easy task. Many projects never amount to much because they are not taken seriously, or because they lack adequate follow-up or support. You will increase your chances of success considerably by seeking advice from someone with business experience, often called a mentor. These business leaders provide management advice, suggest sources of financing, and and offer opportunities to hone leadership qualities in the field.

At Korsell Corporate Consult, we help Entrepreneurs transform their business ideas into a million dollar startup. We can help you with your business strategy documents, business models, business diagnosis and other custom services. Call: 055 391 9618 or Email: in**@*********************lt.com

Diversification

December 12, 2018 (updated December 12, 2018) Published by kccadmin

What Diversification Is

It is rare to find rational investors concentrating their entire wealth in a single security or investment. Instead, they tend to invest in a diversified portfolio of securities. The reason is that pooling imperfectly correlated stocks together helps to diversify away diversifiable (unique or non-systematic) risks. It has been found that risk of a portfolio is less than the sum of the risks of the individual stocks within the portfolio.

When security returns have perfect positive correlation, the returns of the securities in the portfolio move in the same direction. Therefore, it is not possible to reduce risk without sacrificing some returns. When securities returns have perfect negative correlation, returns always move in different directions. Therefore, the portfolio may contain too risky stocks, but the portfolio may not be risky at all. This is because a fall in the return of one stock will be compensated for by a rise in the return of the other. The more negative the correlation, the higher the possibility of risk reduction.

Diversification is the process of combining securities or investments in a portfolio with the aim of reducing total risks (market risk plus unique risk) without sacrificing portfolio return. It is a form of corporate strategy whereby a company seeks to increase profitability through greater sales volume obtained from new products and/ or new markets.

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