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FEATURE: How your business can thrive in this time of crisis

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Grace Anim-Yeboah, Business Banking Director at Absa Bank Ghana
Grace Anim-Yeboah, Business Banking Director at Absa Bank Ghana

The World Health Organization on March 11, 2020 declared the outbreak of the viral disease COVID-19 as a pandemic. The virus has since plagued the globe with over 5.1 million cases in circa 200 countries as at today. World economies and businesses have taken a great hit with about 65% of the global economy imposed with lock downs. The adverse effect of this is seen in the collapse of stock markets, shortage of supply and consequent price hikes, decrease in oil prices amongst others. The Ghanaian economy is no exception as government estimates a plummet in GDP growth to 2.6%,significantly lower than the projected 6.8 % growth for the year 2020, decline in international trade and reserves, to cite a few.

Indeed, we are in trying times, and no one is certain when the Covid-19 pandemic will be over. However, we at Absa are confident of one thing, that if we look out for each other and work together we will surely overcome this pandemic together. At Absa bank, our goal is to connect the dreams of Ghanaians to financial resources, services and opportunities to help bring their possibilities to life.

As a bank we are convinced that the private sector is the soul of the Ghanaian economy and therefore our continued commitment to help businesses find a way to get things done and grow. This piece is to share a few ideas on how your business can thrive in this time of crisis.

Focus Areas

  • Leadership
  • Pivoting / Re-strategizing
  • Identifying Opportunities
  • Cash flow Management
  • Digital Transformation 

Leadership in the time of COVID-19

What should you do if you’re responsible for a team, organization, or company?

  1. First and foremost, educate yourself on what is happening around you. On the virus, in your community, by your government and globally. Get information on the change that is happening. Observe and Orient, Decide and take Action. The OODA loop(Observe, Orient, Decide, Act) is a four-step approach to decision-making that focuses on filtering available information, putting it in context and quickly making the most appropriate decision while also understanding that changes (and difficult decisions) can be made as more data becomes available.

Leverage your team by bringing your team together to create and execute survival plans. Involve your employees, (whether a large workforce or a one-man business) they are key stakeholders.   

  1. Invest in communication. You must communicate with credibility and optimism.  Be realistic but be positive. And communicate with all your stakeholders, especially customers.  
  1. Most of all, Manage yourself. Discipline is critical in this time. Keep your focus, and be different. Winston Churchill once said ‘never let a crisis go waste’.

Pivoting your business in response to COVID-19

All good pivots start with great questions. There are three aspects you should explore when deciding on potential pivots.

1.      Value proposition – What value do you deliver with your product or service?

  • Fulfill unmet needs. Shift to supply what people need today such as health, nutrition, safety, and in-home education.
  • Create solutions. Provide complete solutions to meet people’s needs, not just a partial solution.(The trucking industry works with logistics companies to supply food.)
  • Create new value with existing assets. Shift from nice to have and must have.
  • Rethink product/service distribution. Make your service a product or vice versa. (Deliver home school education products rather than provide education services.)
  • Focus on what customers love about what you do. Make this a business. (Wrigley gave away gum to support the original business of selling baking goods and realized people liked the gum more than the baking goods.)

2.      Value network – How do you deliver and monetize your product or service?

  • Find new ways to deliver your value. Is electronic delivery of your product or service an option? How about direct delivery to customer and free delivery service if your business can sustain it?
  • Shift to a radically faster, better, cheaper supply chain.Are there options that you would never consider under normal circumstances?
  • Connect through partners.Can you deliver needed value working with partners such as out-sourcing your in-house delivery service to a courier service.
  • Repurpose assets.What new products or services could you create with existing resources?
  • Monetize differently.Can you find novel ways to get paid? Consider subscriptions or alternate payment methods. Use banking apps, mobile money or leverage on new Fintechs platforms.
  1. Target customers – Who receives and benefits from what you provide?
  • Reposition offering with existing clients. The best way to retain customers is to set them free. For example, consider delivering educational tools for home schooling and explore novel ways to get paid.
  • Find new clients. Who else could use your products and services? Could it be healthcare providers or food services?
  • Orchestrate the ecosystem. What can you do with partners that you can’t do alone? Can you collaborate with supply chain members and local operators to overcome barriers?  If we have X and a partner has Y, can we collaborate to deliver Z?

Managing cash flows in the period of crisis

Revenue is vanity, Profit is sanity, Cash is king and I’ve heard it said recently that MoMo is sovereign. So it is cash in-flows and out-flow management is very important to any business especially during crisis.

 

  1. Cash in-flow management
  • Conserve cash
  • Who are your clients/customers? How effectively can they pay you for your goods and services? Can you deploy alternative methods of payment and make it easier for your customers to pay you? Will discounts help? You need to think about these aspects, decide and take action.
  • Ensure your own financing remains viable

Whatever your source of financing you need to talk to them to ensure that your existing lines are available to support you. Tough decisions on spending need to be made. You might have to put some projects on hold until the situation is clearer.

  • Consider alternate or non-traditional revenue streams.

If your scenario planning is showing pressure on your continued revenue streams, consider ways you could temporarily or maybe even permanently replace that revenue.

  1. Cash out-flow management
  • Who are your suppliers? Can you negotiate credit terms in the face of a slow down?
  • Cut out non-essential expenditure
  • Practice simple cost saving measures like turning off the lights when its daytime and managing utilities efficiently.

Digital transformation

Using technology to enhance service delivery and operational efficiency can help keep your business alive.

  1. Find new ways to communicate and promote your business by leveraging on social media and online platforms.
  2. Automate your processes and employ digital solutions like online banking, online procurement and ecommerce. Making use of online IT solutions for book keeping, filling systems and many other business processes could be another important consideration.

Absa bank businesses support initiatives

Lastly, to survive during crisis, take advantage of business initiatives and offers from your partners to keep your business alive. As part of Absa bank’s support to customers, we are continuously engaging with our customers to understand their specific circumstances and to tailor our solutions to help them find a way to get things done. This includes offering:

  • Up to 500,000 collateral free Loans to SMEs and local businesses
  • Repayment Moratorium of up to six months on qualifying loans of individuals and businesses
  • 2% reduction in interest rates for qualifying impacted individuals and industries

Conclusion

In conclusion, I would like you to note that opportunity and crisis are linked, therefore issues arising thereof must be viewed in that light as you find the right solutions to get your business on track.

(An extract from Absa Business Connect series) 

Writer – Mrs. Grace Anim-Yeboah – Business Banking Director, Absa Bank Ghana

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People & Lifestyle

Be Vigilant: WorldRemit issues statement on fraudulent money-doubling scheme in Ghana

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WorldRemit has issued a statement following a warning from the Bank of Ghana for the general public to be wary of a money-doubling scheme operating in Ghana under the pseudo name “Worldremit”, saying, the scheme is fraudulent and does not reward investors as promised.

The Central Bank made it clear that, this fraudulent scheme is distinct from the globally renowned Fintech, “WorldRemit” which is in the business of international fund transfers.  WorldRemit has since issued an official  statement on its website concerning the matter, as follows:

Dear WorldRemit partner,

We’re aware of recent fraudulent attempts to impersonate our brand online in Ghana – using our name or pseudonyms like Worldremit or World Remit.

We aim to be ever-vigilant in our approach to cybersecurity and fraud prevention measures, and do our best to shut down these sorts of attempts when we see them. The reality is that there are many fraudsters on the lookout to scam customers out of their money or personal details. This is not unique to us, but is a very common tactic used by unscrupulous people who target our industry.

Ways we minimise the impact of fraudsters:

1. Educate our customers on security measures, including our most recently published Security Guide, which you can find online here: http://wrem.it/security
2. Report and remove fraudulent accounts that are active on the various social media sites where we operate
3. Only ever use secure connections through our website and app, which use a bespoke, in-house machine learning model to protect against fraud
4. Utilise a bounty programme which pays white hat hackers to find vulnerabilities in our system to then be patched and secured immediately
5. Implement next generation antivirus to keep our system secure from any fraudulent attempts to access our systems internally
6. Adhering to PCIDSS compliance to protect all cardholder data

As always, we seek to keep our customers safe from all online scams where our service is concerned. Some simple steps we would urge our audience in Ghana to adhere to are:

  1. Check that they are visiting our official website www.worldremit.com (you will see a secure lock pad in the browser window next to our URL).
  2. Check that you are downloading our official WorldRemit app before making any transactions. We will never ask for your personal details over our social media sites in a public forum, such as full name, address or bank details. We take your safety very seriously and request that if you do see any instances of people acting fraudulently that you join us in reporting them on whichever channel they appear.

Thank you for your help in this matter,

Your WorldRemit team

 

WorldRemit is a cross-border digital payments service that provides international money transfer and remittance services in more than 130 countries and over 70 currencies. It was founded in 2010 by Ismail Ahmed, Catherine Wines, and Richard Igoe.

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People & Lifestyle

Baileys Delight marks World Liqueur Day in Lush Style

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Baileys Delight, a light and lush cream liquor with a taste of African honey with rich dairy cream, has commemorated this year’s World Liqueur Day in a playful and indulgent way.

 

The first of its kind to be celebrated in Ghana, World Liqueur Day is set aside to celebrate and appreciate the plethora of liqueurs across the world.

 

As part of the celebrations, Baileys Delight popped up in town to share the delightful experience with its patrons by gifting them a delightful box containing items such as  Baileys Delight infused chocolate bar, a branded glass and a bottle of Baileys Delight — right from the heart of Baileys.

 

To reiterate the celebratory moment and leave a lasting impression, the gifting came with a customized festive balloon. The goal of the gifting is to share a delightful experience with Ghanaians and rekindle the light taste of Indulgence in their lives.

 

Some of the patrons who benefitted from this gifting spree include Tiktok stars Wesley Kesse and Say Logan.  Others include media icon Chrystral Karyee, Nana Made in China, Asantewaa Neizer, Gisela Amponsah, Akosua Win, and a host of other inspiring figures. Beneficiaries were also delighted about the message of responsible drinking and urged that others explore the drinkiq.com platform for more.

 

Baileys Delight remains the delectable offering of choice from the makers of Baileys Original Irish cream, and offers a flawless fusion of Cream Liqueur with an African twist to present a perfectly silky, smooth, and delicious treat. Baileys Delight is invitingly charming.

 

The deliciously light cream liquor ingredients are a product of meticulous craftsmanship, innovation, and delicious trendsetting that Guinness Ghana is renowned for.

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People & Lifestyle

Top YouTube Analytics Essential to Grow Your Channel

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Having a successful channel is more than growing views and subscribers. There are a lot of factors that come into play when analyzing your channel’s growth. In addition to view and subscriber count, strategizing with more metrics in mind provides the transparency you need to grow your channel.

It can feel overwhelming and like a foreign language, but Promolta has broken down the analytics you need to watch to create more successful videos and in turn, grow your channel!

1. Pay Attention to Impressions

Impressions are the number of times your video’s thumbnail appeared on a user’s screen. This is a great metric to see how visible your videos are on the platform and where users are more likely to see them.

To dig a little deeper, the impression click-through rate shows the number of people who clicked on your video from just seeing your thumbnail. This helps you determine which thumbnails and titles work for pulling in views. And not just views, comparing this metric with average view duration lets you see how long people watch your video. Having a high impression click-through rate and high average view duration means users are responding well to your thumbnail and title and are interested in your content.

2. Keep Up with Watch Times

It’s just as important to keep track of views as it is to keep track of watch times. Watch time is the number of minutes your viewers have spent watching your content. Identifying which videos gain the most watch time can help you determine what content your audience prefers. This metric is key to gain more visibility as the YouTube algorithm pushes videos with high watch times and engagement.

3. Examine your Audience Retention

Similar to average view duration, audience retention shows how long your viewers are watching and when they stop. It also shows specific times in the video that your viewers engaged with most. This metric allows you to break down your video second by second and discover key moments that pulled in your viewers. This is useful information to keep in mind when you create your videos.

4. Identify Your Traffic Sources

Identifying where you pull in your viewers from is important to help you bring in more. Traffic sources are where on YouTube your viewers click on your videos and what external sites they come from. Keeping track of your traffic sources can help you strategize marketing for those top sources and bring in more viewers.

5. Learn Where Your Videos Are Being Shared

Similar to traffic sources, you want to know where your videos are being shared. Looking at the sharing service metric lets you see what social media sites your video is being shared to and where your video is being embedded. This is essential to create more shareable content for your viewers, pull in more views from external sources to grow your channel.

6. Discover What Devices Your Viewers Uses

What device your viewers are using can influence what videos they watch. Looking at the device type metric will show you where most of your views come from. Mobile users might be more inclined to watch shorter content while computer users might apt for longer videos and playlists. With this data, you can optimize your content for the device type most viewers use and pull in more engagement.

7. Study Your Card Click-Through Rates

Card click-through rates measure the percentage of viewers who click on your cards. It can also show which type of cards your viewers prefer. Analyzing this metric can guide you to identify your most engaging cards and even the best timing and placement. You can use this data to implement engaging cards into all your videos helping bring in more views and subscribers.

Learning about your viewers is vital to learning how to keep your viewers and gain more. While there is a litany of metrics available, these core analytics are always relevant no matter how big your following grows.

We hope you enjoyed this blog.

 

If you are interested to get your YouTube channel and videos discovered by A LOT more fans, then start your campaign on www.Promolta.com now. We will distribute your video on blogs, games, apps, and websites. Over 100,000 paying customers have used www.Promolta.com since 2012 and we would love to help you get noticed.

Still not sure? We have successfully promoted videos from Sony, Disney, Universal, Ted Talk, HP, AWS, Monster Energy Drink, Eminem, Young Buck, Gucci Mane, and Katy Perry. Thus, with www.Promolta.com your videos will get seen and discovered by a lot more fans.

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H.E Nana Addo Danquah Akufo-Addo, H.E Paul Kagame To Grace YouthConnekt Africa Summit

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The Government of the Republic of Ghana, through the Ministry of Youth and Sports and the National Youth Authority, in partnership with the YouthConnekt Africa Hub and United Nations Development Programme (UNDP), will host the 2021 YouthConnekt Africa Summit.

The Summit, which will be held from Wednesday, 20th October to Friday, 22nd October 2021, is based on the theme: “Africa Beyond Aid: Positioning The Youth for The Post COVID Economy and AfCFTA Opportunities.”

This will help highlight coordinated trade and job creation policies and ignite a conversation on social investment in African Youth.

As a hybrid event, the summit will take place at the Accra International Conference Centre and Online.

The 2021 YouthConnekt Africa Summit will provide a platform for all partners involved in youth development to strategize around policies, programs and partnerships that position African youth to cater for the AfCFTA and advance regional integration.

The summit will also positively impact the creative industry through skills development, sports, tourism and the digital economy.

The President of Ghana, Nana Addo Dankwa Akufo-Addo, the president of Rwanda, Paul Kagame and other keynote speakers with experience in entrepreneurship and trade will be speaking at the Summit.

Other noted speakers include the Minister for Youth and Sports in Ghana, Hon. Mustapha Ussif, the Minister for Youth and Culture in Rwanda, Hon. RoseMary Mbawazi and Ahunna Eziakonwa, the UNDP Assitant Administrator and Director, Regional Bureau for Africa.

The 2021 YouthConnekt Africa Summit will offer, over the three days, a combination of informative, high-level plenaries, panel discussions, keynote speeches, small group workshops, research presentation and off-site activities.

 

Further details can be found via: https://youthconnektafrica2021.org

About The YouthConnekt Africa Summit:

The YouthConnekt Africa Summit is an annual convening that connects youth from across the continent and beyond with policy influencers, political leaders, public/private and development sector institutions to engage, discuss, design, and accelerate youth empowerment efforts at the continent level.

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The Tropical Fiesta 2 Artist Line Up is crazy !!!

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Wait Wait Wait , it’s been almost 2 years since we seen a line up like this .What ? Not since COVID.
Friday evening Akwaboah, Efya, Adina, Kwabena Kwabena perform at the Verve Cliquot garden party with the YWF Band .

Later that night D-Black the enjoyment minister hosts guests from the Uk, South Africa, 10 djs & mc’s at the Bleu Me Away Rave.

On Saturday morning, there’s a celerity soccer gala , snooker and spar tournament, volley ball contest for the ladies and gold lessons before the All White Exclusive Boat Party hosted by socialite, artist, entrepreneur Mona 4Real, South African reality tv stars Faith Nketsi and Lady Kim, Ace entertainer Segos Pumpkin from South African & Belgian Model Shallie on the New Dodi Princess Boat.

The Tropical Traffic pool concert with Mr. Drew, Sefa, Kofi Jamar, Mona 4 Real, Dope Nation, Mz Vee, SWADU (Seirra Leone), Segos Pumpkin (SA), Dj Neptune (Nigeria), Quamina MP + more jamming on stage happens right after to climax an epic day.

On Sunday 4Syte tv hosts the biggest pool
Party yet at the Royal Senchi at 2pm before Stonebwoy, D-Black & Medial finish us off at the Black Out Rave that same night as we rave till the am.

Patrons will be treated to 10 exclusive parties all weekend , jam with the Young , Wild & Free band all weekend and also vote which of their favourite legendary highlife acts they want to see on Monday’s brunch before they leave back to their homes.

Tropical Fiesta is a 4 day 3 night fun get away music & lifestyle festival experience brought to you by Livewire Events and supported by Club Onyx, Yfm, 4Syte Tv, Event Factory, 3 Music, Oasis Lounge, Muse Africa, Belaire, Verve Cliqout & Hennessy.

This year’s edition dubbed Tropical Fiesta 2, 4 Days and 3 nights away from it all happens at the Royal Senchi, Akosombo from the 5th – 8th of November 2021.

The 8am aerobics class by the pool , the cigar lounge and vendor market place are perks to look out for at this years Tropical Fiesta happening from 5-8 November at the Royal Senchi.
Get your packages or tickets now at www.tropicalfiesta.com or for
Info / Reservations : +233 55 453 1243 | +233 54 381 1852 | +233 20 757 6743

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Get stylish with the HUAWEI FreeBuds 4i with long lasting battery and immersive noise cancellation

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Complete with High quality sound, long lasting battery topped off with Immersive noise cancellation

 

Are you looking for a pair of new wireless earphones with high quality sound, super long battery life, impressive active noise cancellation, fast charging, and one that comes with a chic design? Huawei has exactly what your heart desires – the HUAWEI FreeBuds 4i earphones with high quality sound, longest battery life and active noise cancellation.

 

 

Listen to your music with high quality sound

Huawei’s earphones are designed for the young, active city dwellers who enjoy listening to their music a bit more than everyone else does. Speaking of music, the HUAWEI FreeBuds 4i comes with a 10mm dynamic driver with well-balanced performance, ensuring sharp sound and high quality no matter the kind of audio. The HUAWEI FreeBuds 4i are expertly tuned for music, they subtly balance instrumental and vocal audio frequencies making these pair a great companion for all sorts of music lovers.

 

Rapid charging with long battery life

What is the point of wireless earphones if they cannot be charged swiftly or if their batteries run out of power every now and then? Another problem avoided with the HUAWEI FreeBuds 4i, more charging speeds equals more operational time. The HUAWEI FreeBuds 4i can offer 10 hours of continuous music playback or 6.5 hours of voice call on a full charge. Together with the charging case, it could achieve up to 22 hours of music playback or 14 hours of voice call. Moreover, these earphones can provide 4 hours of audio playback with just a quick 10-minutes coffee break charge. Additionally, the HUAWEI FreeBuds 4i supports fast charging to address any concerns about low battery. Thanks to its fast-charge and impressive battery life, you no longer need to worry about the battery level when you are out or rush back home just to charge your earphones.

 

Isolate yourself from unwanted noise

Listening to your favourite tunes when in noisy places could be a challenge, we know. Or, talking to your superior over the phone when in crowded areas can also be difficult sometimes, thankfully the HUAWEI FreeBuds 4i addresses these issues. The HUAWEI FreeBuds 4i actively cancels out noise to provide you with immersive audio, regardless of where you are. Moreover, the HUAWEI FreeBuds 4i comes with an Awareness mode to stay aware of your surroundings and communicate clearly with those around you without having to take off the earphones.

Your calls are also clear, thanks to the multiple technologies used by the HUAWEI FreeBuds 4i including the emission of “inverted soundwave”, supported by two external microphones for accurate sound pickup. It also comes with a unique anti-wind design, which can effectively improve wind noise cancellation for greater call clarity.

 

A chic and dapper design

Since you are probably going to be wearing earphones a lot, you do not only need them to provide you with high quality sound but you also need them to be sleek and stylish. The HUAWEI FreeBuds 4i comes in three colourways: Ceramic White, Carbon Black and Red, they are also lightweight fitting the ear canal and ultimately making them comfortable to wear all-day long.

 

 

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