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What Is Business Sense?
 

By Eric Okeke

What is the principal thing you need to succeed in your business today? Money. Sure, you need it, but it is not the main ingredient for success. People .Of course they are necessary, but having them may not guarantee success. Excellent products or services. Well, this is a must to succeed. But you may have them and still not succeed. Promotions, visibility, marketing. These factors lubricate your business activities for success. So what is the principal thing?

Take this from the book of Proverbs. Wisdom is the principal thing. Therefore get wisdom. And in your getting, get understanding. Riches and honour are with me. Enduring riches and righteousness . Translate this into your business, you get what I call Business Sense. As we progress into year 2005, it is necessary we refresh our minds on what this sense is all about. That is the mission of this article.
 

So what is Business Sense? How you do your business. Not really. Strategies for doing business. Well you may be correct, but not quite. Doing business with the sixth sense. No you are off the mark for though Business Sense has something to do with feelings, it has more to do with wisdom.
 

But what exactly is Business Sense? It is the application of wisdom for today s business, or simply put, common sense in business. It is more than knowledge, facts, and figures. It is copious use of ideas especially those that are so simple, ordinary, or basic that they are disregarded. It is insight, the ability to interpret developments and the business environment differently, and to see, discern, and use differently and profitably, what others see but ignore because they look so ordinary or appear foolish. If you put your attention on those simple issues and things about they way you work and live, and use them for business, you are operating with business sense.
 

Business sense. Two words, So profound, readily available, so simple to learn and apply, yet largely ignored. You can call it common sense. Though it readily abounds, it is not so common in acquisition and application among the professional and managerial class who rule the corporate world.
 

They have studied in the best schools locally and abroad, acquired the latest technology and skills, and apply the best management methods, but are still struggling with the challenges in the marketplace. It is as if the more degrees, diplomas, and certificates our professionals acquire, the less they make use of common sense in business.
 

Not so for traders at the Alaba International market in Lagos. What they lack in formal education they make up with a copious supply of business sense. Little wonder, virtually all the banks flock to wherever these traders cluster to set up branches.
 

No economic sector or concentration of businessmen/women or professionals who exchange value have been able to attract such corporate attention from the financial services sector in Nigeria. These traders thrive while many other sectors are complaining. Do not blame the banks for chasing the traders. They badly need the cash which these traders generate daily. That is why they gravitate towards the traders. No other group maintains such a gravitational pull on a sector as formidable as the banks.
 

A teenage boy who moves into this market to learn the trade begins from the fundamentals- book keeping, retailing, pricing, and delivery of goods. Within four years, he has polished his negotiation skills and with the dexterity he has acquired, he can sell coal to a tourist form Newcastle in the UK. He is well equipped to deal confidently with consumers who are becoming very articulate and demanding. The hard times has made them to be very price sensitive and value conscious in their purchases. Patriotic messages may not move them anymore to vote for your brands with the dwindling value of their money. Neither will promotional hypes do that anymore.
 

What business sense tells you is that consumers want more promotional information to guide them in their purchases. Two decades ago, a nursing mother in Nigeria would hardly glance at the nutrition facts on a tin of baby milk. Today, before she buys, she picks up tins of SMA and other brands of baby foods to determine the one that offers the best value for her money. Now you can understand why Nestle Nigeria Plc mounted a promotional campaign to teach consumers Nutrition Facts . That beverage and baby foods maker has caught the vision of business sense.
 

What about Guinness Nigeria Plc.. Its premium brand Guinness stout says: Guinness brings out the action in you. But what the brewery has failed to do is to explain how the consumption of Guinness will galvanize consumers into action.
 

Take this from Oceanic International Bank. Its lighted billboards in Lagos metropolis sends the corporate message in two words: Experience peace . Good promo. But in these days of consolidation, banking distress and all, Oceanic Bank will definitely make more impact if it sends out detailed promotional messages on how a relationship with the bank guarantees peace. That is the latest trend in corporate communications, a shift from promotional hypes to information loaded promotions which communication experts call infomercials.
 

Business sense means that corporate bodies, the professional and managerial class must bend down from their ivory towers; go back to the fundamentals of doing business which we so often ignore, and get connected to the consumer. These fundamentals or common sense are readily available but hardly appreciated or used. Business sense teaches vision, mission, ethics, corporate care, charity, courage, humility and defining your business properly.
 

Business sense is not taught in the real sense in academic institutions and managerial courses. The approach in these places is more academic that real.. This sense is acquired more through real life experiences, insightful observation, and learning the hard way in the School of Wilderness Experience. That is the essence of this article series, to complement the teachings of these unique business schools , and prompt professionals to use common sense and what almighty God has deposited in them.
 

Dan Thomas, founder and president of Focus, a management consulting firm in Polo Alto, California, USA, wrote a book titled Business Sense. In the book, he shows how managers can use core management processes he calls Five Freedoms, to achieve success. As Dan s book moves through the offices of corporate America, see how Ken Blanchard, co-author of One Minute Manager, described the book: The biggest problem in business today is that common sense is seldom common practice. This book is all about using common sense in business. If you have any sense, you will read it and share it with others . No need commenting on the common sense remark of Ken. The message is clear.
 

For you to acquire and apply business sense in your business, you need to humble yourself, have a large heart, be of lowly spirit, keep an eye on business fundamentals, and above all be close to your creator. That put s you in the right frame of mind to recognize and apply common sense. If you are fixated on your academic achievements, total quality management, best practices and all, you will not apply common sense. No one is jettisoning these management methods. They are very necessary. But you need to lubricate their application with common sense. That is what brings lasting results.
 

You may be agonizing how to deal with that management, production, or marketing problem not knowing that the solution is one common sense application which you have not considered.
As I sign off today, take this classic example of a common sense solution to a big problem from the scriptures which most of you know more than me. The story of David vs Goliath. This giant had instilled morbid fear into the entire army of Israel. The solution for Goliath was readily available, yet no Israeli soldier or General saw it. Even if they did, they must have written it off as some managers in the corporate world are doing now as they confront the many Goliaths in the marketplace today.
 

The Israeli soldiers who lacked faith in God put all their trust in their spears and other armoury which paled into significance against Goliath s. It took the courage and common sense of a teenage boy, David who trusted almighty God. He dipped his hands into the brook there, picked five smooth stones for his sling and ran towards Goliath. You know the rest of the rest of the story. That was a simple solution for a big problem.
 

The common sense approach is even more real for today s marketplace. Dear professional, this is my call to you today: begin to apply wisdom in your business today. In subsequent articles, I will share my thoughts and the insights of other professionals like you on common sense in business. Apply them and it shall be well with you.

Eric Okeke is a consultant storyteller, author, editor, CSR specialist and a leading strategist in brand marketing and mobilising support for corporate/social issues. He has a background and training in Chemistry, Marketing and Financial Journalism.

As a business writer and speaker, Eric has recorded a distinguished career in financial journalism and media consulting. He holds an MBA in Marketing, and the professional qualification and membership of the Chartered Institute of Marketing, UK.

Eric’s communications niche is “storytelling” which he is now using to empower professionals and improve business returns in Nigeria.

What is a Business Plan?

You can pretty much define a business plan as a resume for your business idea in mind. Some may say it’s like your company’s calling card. When you need money to start your business, or when you need an office space, your business plan is what will do most of the talking to convince your investors / lenders or property managers to believe in your business and give you what you need.

Why is it important to have a Business Plan?

The time that you spend on writing a solid business plan will pay for itself in corporate strategic and tactical clarity as your business grows. A solid business plan: (not in particular order)

Allows you to describe your vision / concept in writing, helping your potential investors to understand and believe in you; it serves as a basis for discussion with third parties such as shareholders, agencies, banks, investors…etc. Allows you to identify the structure of your business, giving you the chance to focus on the big picture. Your business plan is the “framework” which your business must operate within. A solid business plan provides a considered and logical framework within which a business can develop and grow with business strategies in the long run (not for just short-term growth). Determines the startup and managing costs. Clearly defines your target audience and provides detailed research on your target market. Identifies potential opportunities and obstacles that the business may encounter down the road. Identifies the strengths and weaknesses of your business and your competitors.

No businesses are the same, and no business plans are the same. Your business plan is like your business blueprint; it should be unique. While it is important to be able to illustrate your business concept well enough for others to understand what you hope to be doing, the business plan is essential for your own use. It is about the process of developing the business plan; the process helps you to focus on exactly what you are trying to achieve. It will give you a lot more clear vision of the entire structure of your business as you develop your business plan through detailed research and planning.

A business plan consists of the following parts:

Executive Summary

Briefly describes the business concept Highlights the important financial points of the business such as sales, profits, cash flows, ROI Clearly states the capital needed to start the business and to expand States legal information about the business, the owners and key personnel.

Business Description

Describes the business structure on how it operates / profits Describes the nature of industry in which the business plans to operate Identifies the business’ current position and future possibilities

Market Strategies

Defines the target market Defines the strategies the business plans to use in order to tap into the target market Describes the pricing of products or services with respect to the demand of the target market

Competitive Analysis

Describes the competitors in your target market and how you plan to obtain your share of the market Analyzes your competitors in the following categories: product, distribution, pricing, promotion, and advertising.

Design and Development Plan

Describes the steps the business will take to carry out its plan with scheduling and cost analysis. Identifies the risks during the development period

Operations and Management Plan

Describes the strategies the business will implement in order to operate and grow effectively

Financial Statements

Defines all the financial aspects of a business.

Starting your own business requires a lot of thinking. The choice of starting a business must be made carefully because the entire business outcome depends on it. One should take time, consider all the various aspects that are required to choose the right kind of business that the person wants to start. The person must take into account his personal expertise, management skills, and financial capacity which will guide him in making this decision. One should also consider his interests, talents, knowledge and resources while taking the decision of the choice of business he wishes to start.

The business started or owned by black people is commonly known as the black business. The black people, or I may say, black entrepreneurs are the people who have gained reputation in many parts of the world by gaining reputation and taking their black business to great heights. At the initial stage these black entrepreneurs have done great thinking and chosen the best possible black business that would like start and nourish.

However, much depends on timing, location, hard work, and luck for the black business to flourish. Thorough research of your business and industry must be done at the initial stage to make the business a success. Careful planning of the resources is very much important in the black business. The black entrepreneurs must be capable of handling its resources with ease and with intelligence. Various studies have shown that careful planning and objective evaluation will increase the chances for a successful black business. It is up to the black entrepreneurs to develop the plan for the black business which determines the initial cost and other investments. There are several ways to finance a black business including personal savings, loans from relatives or friends, traditional loans, government loans, venture capital, etc. The government provides government loans in the form of guarantees through local banks. In most of the cases a loan will require collateral and a convincing business plan. Grants provided by governments are rare and only available for limited, specific enterprises so the black entrepreneurs should keep these factors in mind before setting up their black business.

There are various factors which one should consider after the black business has been set up. These can lead to success in the black business for the black entrepreneurs. A group of well trained and enthusiastic employees must be present in the organization which would take the organization to greater heights. The black entrepreneurs must be careful in choosing the employees because this can lead to the growth as well as downfall of their black business. After all, the employees are the biggest assets of the organization.

The black entrepreneurs work with complete dedication to take their black business to greater heights and gain popularity in the region thus making their family, friends as well as their employees proud of themselves and the black business they are associated with.

Setting up a business is a huge responsibility on the shoulders of the entrepreneur. When starting a new business, there are many important decisions to make and many rules and procedures that must be addressed. It is a huge responsibility to start a new business. It involves high risk to start a new business. A black business owner is ready to take on the responsibility head-on and work patiently and dedicatedly to start a new business and take it to great heights.

It is the initial stage of setting up the black business that needs extra care. The black entrepreneurs are very conscious about their businesses and they put in their efforts into it. Setting up a new business requires experience and the black people are experienced enough to handle various situations with care.

Businesses are predominant in capitalist economies, most being privately owned and formed in order to earn profit that will increase the wealth of its owners and grow the business itself. This will increase their profits and they will gain popularity. The black business owned by black people is gaining popularity in many cities of the United States.

The black people who own the black business are very determined and conscious about their businesses. They have the strong will of putting their 100 percent effort in the business so that it nourishes well and thrives against all shortcomings. This way they grow their black business and gain popularity.

To build a successful enterprise, it is very much important for the black entrepreneurs to enjoy their black business. The black entrepreneurs have a slight edge because they are the owners of their business which is actually their passion. This way they are motivated to work even more as they are doing the work which they like. With the monotony of forceful involvement in a field that means a little or nothing to you removed, you are bound to flourish doing what you enjoy the most.

Before actually starting their black business, they must write a guide in which they have the written down the plans of starting and running their business successfully. This plan will encourage loans, promote growth, and provide a map for the black business owners or for the black entrepreneurs to follow. They would not feel lost and they would have their ideas at any point of time.

It is very encouraging to see the black business growing at a robust rate. Viewing this fact, one can say that the black business owners are the people who are growing their black business at a very faster rate thus becoming the firms that are among the fastest growing segments of the US economy.

Starting a new business requires a proper strategy of effectively and efficiently using the resources. If a person wants to achieve more as a leader, as a team member, or as an individual, one of the most important things you can do is get more connected to the people whom you are working with. In this way the black entrepreneurs handle their resources in an efficient manner and achieve success in their black business.

The black entrepreneurs gather a lot of knowledge about the market through dedicated research in order to make their black business a success. It is in the hands of the black entrepreneurs to jump start their black business and gain popularity. A lot of dedicated research needs to be done before actually starting the black business. The black entrepreneurs have to be clear about the business basics and they have to confident of themselves.

One can find many black people in their business. They call it black business. The business owned by blacks is generally referred to as a black business. Blacks in business is a common sight across the world as the black have started gaining interest in doing their own businesses and thus becoming successful entrepreneurs.

The black entrepreneurs are very friendly and have a good knowledge of the market. They are dedicated towards their work and keep a regular check of their customers. Customer satisfaction is their main priority so they keep a regular contact with their customers and take feedbacks from them to know about their quality of work.

People across the town love to invest in the business and they enjoy their work with their friends. The black people are confident of the black business owned by black people. They have full faith on the people who are running the business. Initially there is risk in starting a new business but the black people are determined and strong-willed that they work hard and gain popularity by setting up their black business.

The black people who own the black business are very determined and conscious about their businesses. They have the strong will of putting their 100 percent effort in the business so that it nourishes well and thrives against all shortcomings. This way they grow their black business and gain popularity.

Experience matters a lot in the field of setting up your own business. Setting up the black business is the first initial task of the black people. They must choose the right location where they want to put up their organization. They must have adequate man-power to support their business. The working conditions and the infrastructure should be good and healthy so that the employees working at the company feel good about the company.

The black entrepreneurs work with complete dedication to take their black business to greater heights and gain popularity in the region thus making their family, friends as well as their employees proud of themselves and the black business they are associated with.

A business plan guide is a great place to start when you are getting ready to write your first business plan. Perhaps you have found a book about writing business plans, or are following a template, but chances are, these materials will only focus on the steps necessary to create your business plan and will fail to point out the critical mistakes that most new business owners make. So let’s ignore the step-by-step tutorial for a moment and focus on the real world mistakes you need to avoid.

1. Don’t Put it Off.

Yes, writing a business plan can be a monumental chore. It’s easy to procrastinate while you focus on the more exciting processes of your business. Many new business owners will wait until the day before their scheduled meeting with the bank — and then frantically try to write a plan overnight. You can imagine the results.

Don’t wait until you have more time. There will never be more time. You need to clear your calendar for a week and make your business plan a top priority. Or if that isn’t feasible, schedule a certain period of time each day to work specifically on planning. No doubt you have heard the old saying: “If you fail to plan, you are planning to fail”.

2. Don’t Confuse Profit With Cash Flow.

Unless you have an accounting background, you are very likely to define the success of your business in terms of profits. A simple definition of Profit would be Sales minus Expenses equals Profit. But in the business world, profits do not equate to cash. Your profit formula does not take into account the amount of cash you have tied up in production costs for products that have not yet sold, or the customers who still owe you money for sales that have already been made. Your business can look quite “profitable” while your bank account is over-drawn.

Make sure your business plan includes a table that addresses cash flow. Ideally, you should detail the monthly cash flow for the first two years of the business and annually thereafter.

3. Don’t Fall in Love With Your Idea.
Too many business plans blabber on for pages about the “newness” and “uniqueness” of the idea. But the truth is, investors want to invest in people, not ideas. It is only the people who can execute the systems necessary to bring the idea to life.

Instead of waxing poetically about your business idea, focus your energy, and your reader’s eyes, on the ways you plan to implement this great business idea.

4. Don’t Succumb to Fear and Dread.

If you have never written a business plan, the process may loom like Mount Everest. But, like most new challenges, writing a business plan isn’t as hard as you have imagined it to be. You aren’t writing a doctoral thesis or the next great novel. If you have invested in a business plan guide, use it. You can easily find helpful resources such as books, software programs and templates. Remember, you eat an elephant one bite at a time, so start chewing.

5. Don’t Over Sell.

Skip the vague and meaningless business phrases such as “best ever”, “highest quality” and “unsurpassed customer service”. You will lose your reader’s interest and respect if you engage in hyperbole that isn’t supported by measurable facts. Remember that the objective of a plan is its results, which require tracking and follow up. Focus your goals on specific dates, management responsibilities, budgets, and measurable milestones. Think fewer words and more numbers.

6. Don’t Engage in One-Size-Fits-All

Business plans can have many different purposes and they should be written to reflect the specific purpose at hand. You may be using your plan to start a business, or just run a business better. Your purpose may be simply to sell an idea for a new business to one particular business partner. Your plan may be intended to secure a small business loan, or it may be needed to secure millions of dollars of venture capital. Each of these purposes would require different information, presented in different ways to meet the needs of different readers. Keep a picture of your intended reader firmly in your mind and your business plan will stay focused as well.

7. Take Off the Rose Colored Glasses
Optimism is a wonderful resource. Without it, a business owner would find it difficult to summon the energy necessary to launch a new venture.  However, this is not the time to engage in unbridled projections. If your company’s growth chart is based on an “industry average” of 15% annual growth, you should certainly be prepared to prove that assumption. When in doubt, be less optimistic.

By using a good business plan guide, and avoiding these common mistakes, you can prepare a plan that almost guarantees your business success. Good luck!

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