HOW TO MAKE WEALTH IN CASSAVA FARMING BUSINESS HOW TO MAKE WEALTH IN CASSAVA FARMING BUSINESS | Page 53

A COMPREHENSIVE & PRACTICAL GUIDE ON HOW TO START CASSAVA FARMING & PROCESSING BUSINESS By: Micheal B. O. demand. This is vital information, because without it, you won’t be able to ensure that whatever they are doing, you are doing more, and better. Learning as much as possible about the competition will enable you to develop successful business strategies to counter theirs. Today, we live in the digital era, and another important factor in remaining competitive is data security. To remain competitive, it’s vital that your own data, which includes business strategies and trade secrets, is secure and protected. In an age of identity theft, it’s equally vital that your customers trust that their personal information is protected. Data breaches are costly, both in terms of the loss of consumer confidence and legal consequences. The 2013 data security breach suffered by Target stores resulted in a 50% drop in profits for that quarter. Legal fees, customer reimbursement, credit monitoring and software updates as a result of the security breach cost Target $61 million. PRICING / COST Market research isn’t just about sales figures connected to supply and demand. It’s about industry standards, which are often affected by government legislation and regulation. For example, will you be competing with people who outsource labor? According to one 2014 business survey, 50% of respondents said they believed that recent advances in technology, such as cloud computing, would increase outsourcing. Factors such as rent, employee wages, cost of raw materials, transportation and a number of other things must be taken into consideration when pricing your product if your business is to remain viable. Hotlines: 09090040011, 09031617999. 53. E-mail: [email protected]