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How to Prevent Late Payments from Crippling Your Business

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No matter the size of the business/company you run (whether an SME, a startup, or a multinational company), keeping your cash flow running is one of the most critical things you can do.

Unfortunately, sometimes that’s easier said than done!

Statistics show that 80% of MSME businesses in Africa fail within their first five years of operation due to cash flow issues. So, how can you save time and avoid late fees to keep your business running smoothly?  The answer is recurring payments.

Avoid Late Payments With Recurring Payments

Late payments from customers can create cash flow issues and negatively impact your business operations. By implementing recurring payment options for customers, your business can proactively address this challenge and ensure timely and consistent revenue streams.

The benefits are enormous.

Recurring payments enable you to automate billing processes and collect payments on a predetermined schedule, minimising the risk of late or missed payments. It also provides a predictable cash flow.

How Recurring Payments Prevent Costly Delays

Creating invoices and processing payments manually is an inefficient way to run your business. Apart from consuming most of your time, there’s also the risk of costly errors which can negatively affect your business and customer relationships.

As such, utilising an automated process which efficiently saves time, reduces the risk of human errors and increases the efficiency of your payment process should be your obvious preference.

Enhancing Customer Relationships

A crucial benefit of recurring payments is that it also helps to strengthen customer relationships and loyalty. This payment method reduces friction points and reduces the payment burden on customers, so payment is streamlined and seamless. By offering a convenient and flexible payment option, such as recurring payments, you enhance your customer’s overall payment experience and reaffirm your commitment to their satisfaction and convenience. This ultimately helps to foster goodwill, loyalty, and trust with your customers.

Tips for Maximising the Benefits of Recurring Payments

To optimise the impact of recurring payments, here are a few strategies that you should implement.

  • Offer tiered pricing

A tiered pricing strategy means you’re providing your customers with different product packages with specific benefits at different price points. This is an effective way to cater to the preferences and budgets of your different customers. This allows them to choose a pricing tier within their budget and a payment plan that’s convenient for them. You can also leverage customer data and analytics to personalise payment options and tailor offerings to individual preferences.

  • Introduce proactive management

Taking proactive measures, such as updating customers about the expiry date on their credit card and other potential issues will effectively help avoid errors that can lead to late payment and disturb your cash flow. Proactive actions take away potential issues before they pop up, ensuring that the payment process remains unhindered. Also, ensuring your customer support is proactive in dealing with concerns or questions that customers may have helps to further improve the customer’s trust and confidence.

  • Streamline the payment process

Streamline your payment process and make it seamless for customers. Ensure there are minimal steps in the checkout process and that the experience is as seamless as possible.

Conclusion

Forecast revenue and plan your expenditures easily by establishing regular payment cycles with SeerBit’s recurring payments solution.

The best part?

You significantly enhance your financial stability and business resilience.

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Pan-Atlantic University Partners with Cesel and University of Lincoln to Revolutionise Biogas Production in Nigeria

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Pan-Atlantic University is proud to announce its partnership with CESEL and the University of Lincoln, UK, on a groundbreaking project funded by a £219,000 Innovate UK grant.

This collaborative effort aims to develop and implement advanced biodigesters at a large-scale poultry farm in Aikun, Osun State, Nigeria.

By converting poultry waste into renewable biogas, this project will address Nigeria’s energy challenges while promoting environmental sustainability.

The innovative biodigesters will replace traditional, unsystematic models, significantly improving efficiency, safety, and the overall impact of biogas production.

Dr. Patrick Tolani, CEO of CESEL, highlighted the project’s potential, stating, “This grant provides a unique opportunity to showcase a pathway toward environmental sustainability in Nigeria’s agricultural and renewable energy sectors.

“With Nigeria’s potential to generate 25,000 megawatts of electricity from biogas, as per the Nigeria National Petroleum Company Limited (NNPCL), this project can contribute significantly to addressing the nation’s energy deficit and fostering economic growth.”

Dr. Norbert Edomah, Associate Professor (Reader) in Energy Systems & Policy at School of Science and Technology, Pan-Atlantic University, highlighted the project’s potential to empower local communities, promote sustainable energy practices, and address energy challenges in rural areas.

“Thanks to the support from Innovate UK, this knowledge transfer partnership aims at developing local competencies and innovative solutions that addresses local energy needs through production of biogas from agricultural and animal waste for diverse use in the farms, including electricity generation”

Pan-Atlantic University will serve as the initial site for prototyping the biodigester, with plans to scale up the technology at the Osun State farm. Real-time monitoring sensors will be integrated to optimize performance and set new standards for energy innovation in Nigeria.

This partnership between Pan-Atlantic University, CESEL, and the University of Lincoln demonstrates a commitment to sustainable development and technological advancement. By driving innovation in renewable energy, this project will contribute to a greener and more prosperous future for Nigeria.


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NBC Knocks EFCC over Invasion Urban RadioFM in Enugu

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National Broadcasting Commission (NBC) has expressed disappointment over the recent invasion of Urban Radio 94.5 FM in Enugu by the officials of the Economic and Financial Crime Commission (EFCC).

NBC Knocks EFCC over Invasion Urban RadioFM in Enugu

NBC in a statement signed by Susan Obi, director, Public Affairs, said the action is regrettable, considering the impact of the broadcast media on the Society.

The Commission said that the invasion of the radio station by the EFCC is viewed as a violation of the professional ethics of Broadcasting especially on a live Broadcast.

The statement reads: “The National Broadcasting Commission received with dismay the invasion of Urban Radio 94.5 FM, Enugu, on Monday, October 14, 2024, by the operatives of the Economic and Financial Crimes Commission, (EFCC) during a live Radio show, titled, PRIME TIME.

“The incursion, which was purportedly to arrest the programme’s presenter, Favour Ekoh, is viewed as a violation of the professional ethics of Broadcasting especially on a live Broadcast.

The approach for which the arrest was carried out is improper.

“This action is regrettable, considering the impact of the broadcast media on the Society.

While the NBC appreciates the efforts of the Economic and Financial Crimes Commission, in sanitising the country of financial crimes, NBC differs with the manner of approach deployed by the anti-graft agency which could have led to public disorder, disturbance, aggravated mass panic, and hysteria.

“The NBC, hereby, expresses heartfelt apologies to the listening public, the people of Enugu State, and the entire Broadcast Industry for the incident. NBC implores the general public, at this point, to be law-abiding, while the law takes its course.

“Media professionals are, also, enjoined to continue upholding ethical standards, while discharging their responsibility”.


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To realise the promise of AI in Africa, we need to make AI work for workers

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By Zuko Mdwaba,

Just as generative AI continues to open opportunities for businesses in Africa to change customer experiences and increase revenue, the benefits for workforce strategies and employees can be significant.

Zuko Mdwaba

Indeed, executive urgency to incorporate AI tools into business operations has increased seven times over the past six months, according to Slack research.

The AI-powered future of work isn’t just about efficiency, it’s about employee experience – and it promises to redefine everything from careers to culture. But to make this future a reality, AI has to work for workers. Businesses need to create a workplace where humans and AI agents work successfully side-by-side.

To help employees understand where they are on their AI journey – and leaders know how best to support them -Slack’s Workforce Lab identified five distinct AI personas in the workplace today.

The biggest group currently are ‘Maximalists’ (30%), who use AI multiple times a week to improve their work. Next are ‘Undergrounds’ (20%), those who use AI often, but are hesitant to share with their colleagues that they are doing so.

Whereas ‘The Rebels’ (19%) avoid using AI and consider it unfair when coworkers engage with these tools, Superfans (16%) are excited, but aren’t yet making the most use out of it at work. Observers (16%) have yet to integrate AI into their work. They are watching with interest and caution.

By not adopting AI now, companies and employees alike risk missing out on tangible benefits — from improving efficiencies, to overall performance and productivity, to wellbeing.

Empowering employees to leave repetitive tasks to bots, so they can focus on more meaningful work isn’t just good for employees, it’s also good for business.

At Salesforce, we prioritised four enterprise-wide solutions designed to help enhance goal-setting, automate daily tasks, find information faster, and streamline support — all while freeing up our employee success and IT teams to focus on more complex tasks.

Making AI work for workers requires leaders reimagining how they develop and train every part of their organisation. With perspectives and experiences of AI among desk workers varying so widely, a tailored approach to AI enablement is essential to setting every employee up for success.

Three key actions leaders can take to encourage AI adoption are: creating a culture of continuous learning, giving visibility to use cases of AI, and encouraging experimentation.

Clear permission, guidance and training are critical to fostering AI adoption. Only 15% of desk workers say they have the education and training necessary to use AI effectively.

Those who are trained to use AI are up to 19x as likely to report that AI is improving their productivity.

Sharing how others are using and benefiting from AI tools, and troubleshooting AI use cases, will help clarify AI norms and encourage more employees to share their own AI learnings.

Thirdly, the benefits of creating a trusted environment where teams feel supported to try new technologies are clear. Desk workers who feel trusted by their employers are 94% more likely to have tried AI for work-related tasks.

This explains why at Dreamforce 2024, Salesforce announced plans to expand access to skilling opportunities with free AI training for anyone.

The company will waive all fees for its paid instructor-led courses and credentialing through the end of 2025, totaling an anticipated $52 million investment.

To support these efforts, Salesforce will open new spaces at its San Francisco headquarters, including a pop-up AI Center for in-person community AI training courses, and dedicated floor for employees to skill up on AI tools and agents.

Salesforce’s new offerings will help skill up the workforce to address this AI skills gap and set up workers for success now — and in the future.]

Across the company, Salesforce is helping upskill its 72,000 employees by introducing global quarterly AI learning days to give employees hands-on time with the latest AI innovations.

As we build a culture of experimentation and encourage people to find ways to improve work with AI, we also have to change how we measure impact.

Rather than measuring productivity through the lens of activity or input metrics—such as time spent on a task, focusing on defining clear outcomes—such as customer satisfaction or developing new product offerings—will encourage employees to shift from mere busywork to using their time to be creative and employing whatever tools they have to achieve those outcomes.

As AI innovation and workplaces continue to change fast, employers must evolve to help employees — and ultimately their customers — be successful.

Ensuring employees collect different experiences, skills, networks, and expertise with AI will allow them to thrive in the AI-driven future.


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