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How SMEs Can Manage Cost to Cope with High Inflation

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By Ayo Akinola

According to the National Bureau of Statistics (NBS) Inflation Report for July, the annual inflation rate has risen to 19.6% – the highest in 17 years. The truth is many business owners do not read these inflation reports, but they experience its impact nonetheless.

What is Inflation? It is the measure of the rate of rising prices of goods & services in an economy i.e the rate at which things become more expensive. Basically, what you could buy in the market with $10 last year, cannot buy the same this year. And as a business, you should pay attention to this because it affects your gross margin (the amount of profit you make before removing expenses). According to MoneyCentral, roughly 70% of the revenue made by Nigerian businesses is spent balancing out direct costs.

We are an economy that is still recovering from the impact of the Coronavirus, so it is important for Small and Medium-scale Enterprises (SMEs) to manage inflation. Here are 5 practical ways you can keep your margins by optimising your costs.

  1. Evaluate your costs and redesign your processes

The first step to managing money effectively is to evaluate and supervise your spending. This goes for both businesses and individuals. You need to know where the revenue comes from and how it is spent. This is the foundation to all other money related actions. Inflation calls for you to rethink how you run your business. So take a look at how it affects the way you spend money, what you spend, and how it connects with the operation of your business. Remove unnecessary tasks, merge similar activities, and automate repetitive tasks to achieve more efficiency.

  1. Transfer extra costs to the customer

Hey, this is business, and before you judge me, hear me out. A great way to manage inflation is to balance out costs by finding ways to transfer them to the customer. If your product/service is inelastic (i.e. customers buy no matter the price) then you can increase prices to reflect inflation rates. Otherwise, you can add a few extra products/services to justify price increases.

  1. Do your best to retain workers

Hiring good staff is not only expensive, but could put a strain on the business. Businesses often bear high costs to replace workers during inflation. Getting, training and adjusting them to your work environment introduces added costs which could affect your bottom line. Only when necessary should you look to replacing staff as the process could affect your business productivity. Do what it takes to retain your workers.

 

  1. Manage Shocks from the Supply Chain

If you have vendors or suppliers, it is important to reevaluate your supply agreements to find the best fit for operations during inflation. Try longer term contracts. This way you could lock-in contracts for a long time to avoid paying more tomorrow.

Also avoid exclusive deals, i.e. working with just one vendor/supplier. This way you won’t be at the mercy of such vendor during a price increase. Vendors always compete, so find new suppliers that will give you discounts, affordable prices and more. This gives you more value for your money.

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KEY NOTE: No matter what, ensure no crisis from your supplier affects your business.

  1. Improve your Cash Flow

The first thing to note is that during inflation, the value of money drops gradually. During this time, you need to get your cash quickly. Credit sales (buying on credit) are not recommended during this time, however, you should delay paying bills as much without acquiring a late fee. The extra money you now have access to can be invested in profitable short-term securities (e.g. money market) to get you extra income for expenses and business growth.

By Ayo Akinola

Ayo Akinola is a Nigerian tech entrepreneur, public speaker and motivational life coach. He is an alumnus of the prestigious Covenant University, where he obtained a computer science degree. Ayo has a strong forte in business development, relationship management, strategic planning, and sales. In the tech space, Ayo has built a reputation as one of the brains behind fin-tech products like PiggyVest, Patronize, and the new PocketApp, which doubles as the current headline sponsor for the Big Brother Naija season 7. Reach Ayo via social media – @AyAkinola on all social platforms.

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People & Lifestyle

Mastering Bitcoin Trading: The BitLQ Matrix Advantage: A Path to Financial Freedom

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Bitcoin Cash Casinos

The financial opportunities, though, in mastering the trading Bitcoin are huge in this dynamic world of cryptocurrency. BitLQ Matrix strategy stands like a beacon of assurance and profitability among the myriad strategies available. This paper, therefore, seeks to detail the encapsulated greater benefits within the bitlq.app Matrix and illustrate how one could optimize his trading to achieve financial freedom.

Understanding Bitcoin Trading

Bitcoins are the first and leading cryptocurrency ever to evolve, and it altered the thinking of how the world used to look at finances. Bitcoin trading is a process through which one can speculate on the price movements of them and, in turn, takes home profits by analyzing the markets and makes a deciding move. Trading in bitcoins is very demanding in nature since it is very unpredictable. Good knowledge and strategic acumen are expected to surge through the market fluctuations victoriously.

Embracing the BitLQ Matrix Advantage

Mastering Bitcoin Trading: The BitLQ Matrix Advantage

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The BitLQ Matrix is not some trading strategy but a whole, complete framework aiming to trade optimal results while controlling risks most efficiently. This revolutionarily uses LQ to guide traders through informed considerations in making decisions for the best possible profits with the least possible vulnerability to market volatility.

Liquidity: The Backbone of Trading Success

Liquidity is the base that underlies any trading pursuit to support transactional ease and participation in the market. Priority to the BitLQ Matrix trade is given, executed seamlessly without slippage, or at least at the most minimal level, for the efficient trade execution at the best entry and exit levels.

Quantity: Balancing Risk and Reward

In this respect, good risk management becomes highly imperative while trading in Bitcoins, and with the BitLQ Matrix, there is a good balance since traders can put in the emphasis on the importance of trade quantity. By doing so, the traders will accurately calibrate the position sizes to market conditions and the risk-taker’s risk-bearing ability to ensure they make a better risk-reward ratio and protect the capital from likely losses.

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Quality: Elevating Trading Standards

Quality, in this case, regards the level of trades executed within BitLQ Matrix. This gives traders the opportunity to spike up their trading standards further, promoting the desired consistency and profitability from their undertakings.

Unveiling the Benefits

The BitLQ Matrix offers a plethora of benefits to traders seeking to master Bitcoin trading:

  • Increased Precision: With these details of liquidity, quantity, and quality at disposal, traders can be able to execute their trades with pinpoint accuracy, zero error tolerance, and hence reap all the profitability possible in their trades.
  • Risk Mitigation: The strategy of risk management integrated into BitLQ Matrix enables traders to be in a position where they could avert their possible losses and preserve capital in times of market downturn.
  • Consistent Profjson: The BitLQ Matrix principles will assure that you profit on a consistent basis, fostering sustainability for long-time success in trade.

Conclusion

This exciting journey into Bitcoin trading within the BitLQ Matrix soon turns into an adventure of financial independence and prosperity in one of the most lively and fast-changing cryptocurrency markets. You apply liquidity, quantity, and quality principles toward revealing limitless opportunities for profit multiplication and growth sustainability. Seize the advantage today and embark on your path to financial freedom with the BitLQ Matrix.

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Nana Quasi-Wusu Celebrates 10 Years In Broadcasting

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Renowned multiple Award winning Ghanaian media personality and a Humanitarian, Nana Quasi-Wusu, popularly known as PM, commemorates a decade in media as a broadcast journalist filled with exceptional stories and excellence. (more…)

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BLISS GVS PHARMA GHANA DONATES MEDICINES AGAIN TO CAPE COAST TEACHING HOSPITAL

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Spearheading the initiative for the fourth consecutive year, Bliss GVS Pharma’s campaign, “Act for Africa: A Malaria-Free Continent,” aims to provide crucial medical support to combat malaria, particularly in vulnerable communities.

In a significant stride towards eradicating malaria from the African continent, Bliss GVS Pharma Ghana reaffirms its commitment to corporate social responsibility by donating over GHC 250,000 worth of medicines to Cape Coast Teaching Hospital and Winneba Trauma Hospital to commemorate approaching World Malaria Day 2024.

The gesture underscores Bliss GVS Pharma’s dedication to ensuring that every individual gets access to high-quality medicines, particularly in regions heavily burdened by malaria. The donation encompasses anti-malarial and other essential medicines like LONART, GSUNATE, Fricks, Gacet and many more.

The driving force behind this noble vision is the Managing Director of Bliss GVS Pharma, Mr. Gagan Sharma. His unwavering belief in the fundamental right to healthcare motivates the company’s endeavours to make a tangible difference in the fight against malaria.

Pharm Rosemary, the representative of Bliss GVS Pharma, underscored the company’s steadfast commitment to malaria eradication, she said it is our social duty to contribute towards ensuring that no one is deprived of essential healthcare, especially in the battle against diseases like malaria. Through our ‘Act for Africa’ campaign, we aim to play our part in making Africa a malaria-free continent.”
Dr. Eric Kofi Nyedu, Chief Executive Officer of Cape Coast Teaching Hospital, who lead a delegation to receive the items expressed profound gratitude for Bliss GVS Pharma’s benevolent gesture, stating, ” We’re grateful for Bliss GVS Pharma’s generous antimalarial and other essential medicines donation, which strengthens our ability to treat patients, especially during peak malaria season and health outreaches in villages around the Cape Coast enclave. We have identified that Bliss GVS is dedication to improving community health through our partnership and we will always recommend them”
The donation of GHC 276,000 worth of medicine symbolizes Bliss GVS Pharma’s commitment to corporate social responsibility and its belief in the transformative power of collective action. By partnering with healthcare institutions such as the Cape Coast Teaching Hospital and Winneba Trauma Hospital, the company endeavours to strengthen healthcare delivery and improve access to malaria treatments.

In addition, the students of the Cape Coast Nursing and Midwifery College were engaged in a health talk where resource persons equipped them with topics on personal and vaginal hygiene, malaria prevention, and spread.
On World Malaria Day 2024, as the global community unites to amplify efforts against malaria, Bliss GVS Pharma Ghana stands as a beacon of hope, illuminating the path towards a healthier, malaria-free future for Africa.

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Stay Ahead of the Curve: How Profit Edge Gives You the Edge in Trading

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Trading

The tools or devices that you will never run away from for your edge in the business, for that matter. Traders are always ahead with the trading platforms that get upgraded and advanced tools. One, with rapid inroads, is profitedge.org.

That’s what this extensive guide to Profit Edge is going to go into.

1. Understanding the Importance of Staying Ahead

Anticipation, dynamic expectation, can move the edge into a market movement before it happens.

Profit Edge: A Trading Game Changer

This section assesses the ways to derive profitable trading opportunities and reduce the risks by staying ahead.

2. Harnessing Cutting-Edge Technology

Leveraging Profit Edge for Maximum Returns

The brand makes use of the latest technology in order to give analytical insight and live market insights to the trader. The brand with its advanced algorithms and predictive analysis gives a comfortable position to the trader to decide.

3. Exploring Profit Edge Features

Key Features of Profit Edge

This part presents some of the characteristics that make Profit Edge stand out from conventional trading platforms. Both experienced and novice traders have a very easy trading experience with Profit Edge due to customizable dashboards and easy-to-use interfaces.

4. Benefits of Using Profit Edge

Why Profit Edge is Essential for Traders

Benefit from the sample of the numerous benefits that Profit Edge has to offer, ranging from efficiency, accuracy, and profitability. The friendly interface coupled with advanced features will elevate your trading to the next level.

5. Maximizing Profit Potential Strategies for Maximizing Profits with Profit Edge

The following are the different strategies that show just how potential profit is maximized using Profit Edge: from trend analysis to risk management, Profit Edge presents all that it takes for you to survive in today’s competitive markets. ## 6. Overcoming Challenges

Navigating Challenges with Profit Edge

While all manner of traders—from the most novice to the most experienced—face challenges, how Profit Edge can help traders of all levels to overcome common obstacles and, therefore, control the typical rough market conditions confidently, is now pondered.

7. Testimonials from Satisfied Users

Real-Life Success Stories

In the following, you will certainly find the answer: from the beginner-level investors to professionals who have been in the business for ages, Profit Edge is praised for being easy to use, operationally reliable, and accurate.

8. Future Trends in Trading

The Future of Trading with Profit Edge

This section will take a look at some of the emerging trends in trading and how Profit Edge positions itself for the future of the industry. From AI-driven algorithms to predictive analytics, Profit Edge is definitely trading technology of the future. —

Conclusion

In summary, Profit Edge is a game changer in the trading world, providing that edge a trader needs to have a fighting chance in today’s markets. It can be that one empowering tool which will give advanced features and an uncluttered user interface that is easy to understand, ensuring giving out every minuscule detail for exposure to the users and possibly giving the best accuracy that no other platform might even promise. Profit Edge is made for young and old investors—what are you waiting for? Sign up for Profit Edge today and take your trading to the next level.

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BTC Ai Evex ™: Your Gateway to Investment Education Excellence in 2024

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bitcoin

Welcome to BTC Ai Evex ™, your pathway to excellence in investment education for the year 2024. With very rapid changes in digital assets and cryptocurrencies, being current and continuous learning is very important. With BTC Ai Evex™, a person taps into information and becomes exposed to probably the largest knowledge base taken care of by professionals in that field. Let’s take a look at what makes the BTC Ai Evex™ site so preferable to any investor way before the somewhat toilsome run in the wild wild west of the cryptocurrency market.

Unlocking the World of Cryptocurrency

Understanding Bitcoin and Beyond

With https://cryptoengine.app/, we empower our clients with information that makes you have a comfort zone in the digital environment. Starting from beginner information on Bitcoin to very advanced details regarding Altcoins, we’ve got you covered.

Whether you’re a novice or an experienced trader, our comprehensive resources cater to all levels of expertise.

Embracing AI Technology

The advent of Artificial Intelligence has brought revolution to the ways of handling investments. BTC Ai Evex ™ presents to the world of users superior insights and predictive analytics use AI technology. Our AI-driven instruments analyze market tendencies, find patterns, and offer you invaluable suggestions for activity. You, as an investor, will be acting from an informed decision-making pedestal.

Navigating Investment Strategies

The right strategy must be in place for this crypto investment. Through BTC Ai Evex ™, the user can achieve several investment strategies that fit his goal and risk. So, whether you are looking forward to holding for the long term or you are short-term trading, this is the platform that equips you in building a successful investment portfolio.

The BTC Ai Evex ™ Advantage

Expert Insights

Our hall of experience, with many years of working in the crypto industry. We are home to experts, from the most recognized analysts to influential blockchain developers, combining one high-power team to present to you unbeatable insights into the world of digital assets.

Educational Resources

Education forms the base of successful investment, and this is the reason BTC Ai Evex™ has put together a broad spectrum of educational material, which includes articles, tutorials, and many others. If you are to get your basics clear or move on with something much more advanced, this is the place for you.

Community Engagement

Become part of a large, energetic community of like-minded people who are interested in crypto. While at BTC Ai Evex™, we develop collaboration and sharing ideas with the help of forums, live chats, and other means of network activity. Communicate with other investors, discuss some ideas, and be aware of everything new within the current industry.

Conclusion

Above all, BTC Ai Evex ™ is more than an investment platform; it’s a gateway to the educative investment excellence of 2024. We enable investors to move successfully in the dynamic world of cryptocurrencies with our full resources, advanced AI technology, and a vibrant community. Whatever a trader you are—the professional one or just making first steps in the field—BTC Ai Evex ™ holds all aces up its sleeve for your victory. Join now, and let your potential finally unfold in the crypto market!

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Trading Made Easy: BitLQ Matrix Demystifies Bitcoin Trading

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In the ever-evplolvieing landscape of cryptocurrency trading, understanding the nuance of Bitcoin trading is really tough for anybody—be it newbies or seasoned traders. But now, modern tools—like the bitql.app. Matrix—make understanding the ins and outs of Bitcoin trading easier than it ever was. This article, therefore, presents a means through which BitLQ Matrix demystifies trading in Bitcoin, showing how it works, its functionalities, benefits, and how it makes it easy for one to trade.

Unveiling the BitLQ Matrix

Understanding the BitLQ Matrix

BitLQ Matrix is an all full trading tool designed to make trading with Bitcoin a snap. Envisioning and using the most developed algorithms, real-time data analysis for advising traders and helping exercise their well-informed decisions under high market volatility conditions.

Key Features of the BitLQ Matrix

  • Real-Time Market Analysis: The BitLQ Matrix is thejson being analyzed by to determine trends and data that may create potential trading opportunities.
  • Inherent Tools for Risk Management: The BitLQ Matrix comes with built-in risk management features, assuring the trader of minimal loss probability and the highest possibility of return.
  • User-friendly Interface: The user interface of this platform is friendly for both novjsoni and expert traders.

How BitLQ Matrix Simplifies Bitcoin Trading

The difference is that BitLQ Matrix makes this much easier, with all the necessary market data and more consolidated, in the easiest-to-read design. For the greenhorn and seasoned investor, the BitLQ Matrix makes it easier to get the guesswork from trading Bitcoin.

Leveraging the BitLQ Matrix for Success

Maximizing Profit Potential

Notable benefits of using BitLQ Matrix include real-time identification of good trading opportunities. It is from advanced analytics and market insights that traders can enjoy price movements.

Minimizing Risk Exposure

Apart from that, BitLQ Matrix also avoids risk since it provides traders with instruments through which they can manage their positions accordingly. That is to say, whether it’s the setting of stop-loss orders or implementation of risks that must be managed, the BitLQ Matrix certainly allows for capital protection and, most importantly, loss reduction.

Enhancing Trading Efficiency

BitLQ Matrix uses a user-friendly, intuitive framework that is designed for smooth operation in the market, increasing efficiency in trading. There will be streamlined trade executions, and a lot of opportunities can be capitalized on without time wastage in cumbersome processes such as manual analysis and decision-making.

Conclusion

It is, therefore, making the BitLQ Matrix a game changer in the world of Bitcoin trading, cutting the process into a simple one and thus, in turn, empowering each trader with actionable insight. From the greenest novices to the grizzled veterans, Bitlq offers something for everyone in the dynamic world of cryptocurrency trading.

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