What are the things that impede businesses in Nigeria and How Can they be Managed?

Greetings my esteemed readers.

I have missed being on this space.  I start my post for the year with an article I shared on LinkedIn last December. This is a country-specific article on my country, Nigeria.  I do hope you find it useful:

road block

What are the things that impede businesses in Nigeria and How Can they be Managed?

In my working career and recent observation over the years, some of these affect the survival and sustainability of businesses in Nigeria:

  • Funding and High Interest Rate
  • Business Skills or Expertise
  • Market Share

While this list is in no way exhaustive, I will  elaborate on the last point. My view is that market share is one of the factors that need to be addressed in the Nigerian business space.

Over the last decade, our youths and working population are being encouraged to thread the path of entrepreneurship.  This has had its positive impact of innovation and an ‘active’ economy with potentials for growth.

You only need to walk into Exhibitions or Fairs across major cities in Nigeria to see the resultant effect – Nigerian made shoes, bags,  soaps, creams, processed foods and more.  Our social media  showcases an array of various Nigerian products  and businesses.  For most of the products, you would have hard time believing they are made in Nigeria by Nigerians.  A good place to be for any country . This should gradually minimize our import-dependency and over dependency on oil revenue, if well channeled.

History however,  abound on how developed economies constantly seek raw materials outside their own countries for the survival of their businesses and their economies.  (This was how Crude Oil was discovered in Nigeria and Malaysia  was said to have come to Nigeria for Palm Oil Seed!)

But it does not end with ensuring they local businesses produce, developed economies seek for markets outside of their countries  and regions for the benefit  and survival of local businesses and overall national economy. Developing economies should take a clue from U.S-China Trade discourse, as harsh as it may seem to the ears of many.

Therefore, with remarkable progress and improvement in achieving quality made in Nigeria goods, it is time to take deliberate efforts to create international market for these products, to enhance the survival and sustainability of these young businesses.  No doubt, there  are steps and efforts, I know, but concerted efforts should be made to position Nigerian products and Nigerian economy  in the export map.

In addition to efforts by organisations such as Chambers of Commerce, Nigerian Export Promotion Council, lawyers, businessmen and women, entrepreneurs and associations, should begin to create business consortium and advocacy to ensure that their products are sold in the international markets.  Not only would they have a market waiting in Nigerians in diaspora, but a huge international market abound.  Limiting the proudly Nigerian goods only within the shores of Nigeria will do the businesses and the country no good in the long run.

Prior to the banking mergers and consolidation of 2004 -2005 led by the Central Bank of Nigeria, Nigeria had about 100 Banks.  Following that consolidation, 25 or so banks emerged, stronger and better.  Rather than play in the export zone alone, businesses of a kind (shoe makers, bag makers, soap makers, cream makers, fashion designers and more), should begin to think consolidation, partnership and collaboration and engage the international market ; this will have better yields than a lone voice or individual effort.   There is only so much a national or state economy can offer budding businesses, especially when there is limited purchasing power within such an economy.

What do you think?

#Business #Consortium #Export #Import #Consolidation #Market #Share #Partnership #Collaboration #Made #In #Nigeria #Proudly #Nigeria #Products #Small Scale Industry.

Esteemed Regards

Afoma Uchendu

Blog: infohub500.wordpress.com

Business Smart or Keeping Your Words

 

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The business world can be anything but a bed of roses. To some its a game and a must win or battle field that must be worn at all cost. With this in mind, most business owners would rather, be ‘business smart’ than keep their words.

My view is that keeping your words is part of your brand. Keep your words to your employees, contractors, suppliers, partners, customers and any other stakeholder. No point having an agreement and almost immediately seeking ways to renege on what you have agreed to. If you have issue, call for help and discuss

Keep your words to your customers. They have an expectation of quality. Do not start with quality products, and begin to compromise on quality when your demand increases. Customers started patronizing you, for the quality. They should trust you all the way, no matter how big your business become. Keep your words on delivery. When you agree to deliver a job on a particular day, make efforts to deliver.

If you have issues, communicate to the customer and do not keep them waiting at the other end without a word. Better still, deliver at all cost.

So to me business smart, is keeping your words and it is all part of your company brand. Views are welcome.

Esteemed Regards

Afoma Uchendu

Infohub500.wordpress.com

#branding #small business #CEO #Owner #Founder #Manager

 

 

This is how we do it.

This is how we do it

Yes simple as that. Process is – this is how we do it approach to business. Every organisation has a process. The difference, comes with the approach. While some run their operations informally, and only communicate as situation arises. Some communicate constantly about their processes and procedures; document  them and create a culture of implementation and evaluation.

A process does not have to be complicated. But it needs to be communicated and documented. It does not have to be voluminous. You can start with having half a page.

The simple example I give is – how we walk into a bank to open an account, (sometimes when a bank officer has successfully ‘sold’ the bank’s financial services to us). Then a customer service officer hands us a list of things we must make available to open the account. Sometimes, we get an account number, but we are told we cannot transact on the account because, we have not completed the items on the list – the process.

  • Process removes chaos;
  • Helps you and your team operate better
  • Gives you good brand image as structured and professional
  • Business is not dependent on the owner or a single individual to make things happen
  • Reduces waste (time, money and other resources)
  • Employees are better focused – they know what to do
  • Increased productivity at all levels – employees, business owner and company as a whole
  • Helps to accomplish the bigger plan or bigger picture
  • You can keep track of progress – You know where you have been, where you are where you are going
  • Conducive Working environment for everyone
  • Minimizes uncertainty levels
  • Reduces stress that is associated with working in an informal or semi-formal setting
  • You gain Investors/stakeholder trust and confidence – when the need arise
  • You can have a price tag for your business – you know your business worth
  • Create an environment where business can be transferable to another generation
  • Makes expansion plan, multiple branches or locations achievable
  • ….And more

 

One of the things you need to do, to create sanity for your business is having your processes documented. And put in place systems and structure for running your business. #Business #Growth #Sustainability #Operational #Efficiency #Development

How has having a process in place helped your business or career. Or if you worked in an organisation that had little or no process in place, how did it impact your work.  Please do share your experience.

Want to discuss process for your business? Please feel free to contact me #CEO #Owner #Partner #Manager#Processes #Consultant #Business #Leads

Esteemed Regards

————–

#Cakes and confectioneries, #restaurants, #fast #food #logistics #bakeries. #social #media #digital marketing, #advertising #public relations #branding #consulting #law #accounting #professional #firms #food# #processing, #private #schools, #private #hospitals, #fashion #salons #beauty #centres, #event #planners, #photography #investment #private #schools #private #hospitals# #Agric #building #construction #real #estate #oil #& #gas #Banks #IT #architectural #Engineering #owner #CEO #manager #founder #cosmetics #fashion #beauty small #businesses #industry #manufacturing #global #India #United #Kingdom #cottage #industry #home #business #family #business #women #men #SBA#digital #marketing #cosmetics #fashion #spar #healthy #living #soaps #foods #garden #writer

Creating and Tracking Business Processes

Your Business Process Step by Step shared By Philip Spensieri. #Small Business #owner

Philip Spensieri

pexels-photo-1157859You may have a firm grasp on how to run your business, but if you left the company today, would someone else know exactly how to fill your shoes? I have seen many business owners make the mistake of storing an abundance of knowledge in their head and overlook documenting company processes and procedures for others to reference in their absence.

As a business owner, it is understandable that the needs of your business can consume a substantial amount of your time, which sometimes means documenting your processes takes a backseat on your priority list. If you would like to improve your business’s organization but are unsure where to start, here are a few procedures to consider documenting first:

  • Recruitment
  • Onboarding
  • Customer relations
  • Product development
  • Organizational restructuring

Once presented with a list, I’ve noticed that many TAB members don’t seem to have problems identifying which processes they use, but they…

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Searching for Jobs? [Online Income Streams and Opportunities]

Today, I share some tips about getting online jobs and that extra income that helps pay some bills.

Online jobs

If you are searching for a job, you would notice from professional platforms such as LinkedIn that you are not alone.

In Nigeria, challenging economy has meant that businesses are closing down, just surviving and in most cases unable to pay their bills including employees’ salaries with debts increasing. Some countries however, have good online job opportunities (not online network marketing please), and depending on your skills you can give this a trial.

Online job search is as stiff, but no harm in trying. A lot comes with free registration, all you need to do is sell yourself by posting a good profile of yours, so service seekers can be convinced to start a conversation with you.

But here are some:

https://www.clixsense.com/?13627333 Use this link to register and earn by completing surveys and other task.  Clixsense is authentic. People who have joined years back, have made thousands in dollars from Clixsence.   To participate successfully, you need to follow survey instructions strictly and you need to verify the payment platform acceptable in your country of residence.

Sign up with this link https://www.clixsense.com/?13627333  (it is a simple registration process) and get started.

Others include:

Upwork

People per hour

Guru

Freelancing

Fiverr

Use a facebook page to create a professional profile and promote your page,

And of course – LinkedIn – Have a good profile and be active

Or just google online jobs, be careful with your selection.

Another job opportunity making waves is digital marketing –online and in social media.  It is a skill, you may want to try to learn, if you have the temperament for it.

Some service seekers, for good reasons prefer persons resident in certain countries. Hang in there please, do not lose hope, your day will come. Or God may just give you a great idea that becomes your ’employment’. I have been there, and I know it is either of the two.

If you have found this post useful, please share your comments, and share the post with your networks.

Esteem Regards

InfoHubBlog

#online #jobs #employment # #opportunities #freelance #earn #Graduate #Intern #College #Residual #Income #Work #from #Home

#United #States #Canada #Nigeria #Africa #United #Kingdom #India #Asia #Kenya #Ghana #Malaysia #Uganda #Phillipines #Iran #Iraq #Egypt #Trinidad #and #Tobago #Serbia #Qatar #Venezuela #Virgin #Islands #Dominican #Republic #France #Brazil #Cameroon  #Bosnia #And # Herzegovina #Pakistan #Bangladesh #Peru #Italy #Colombia #Croatia #Sri #Lanka #Spain #Algeria #Macedonia #Myanmar #Russian #Federation #Kosovo #Republic #Nepal #Zambia #China #Tanzania #Puerto #Rico #Slovakia #Oman #Jamaica #Kuwait #Bulgaria #Belgium #London #New  #York #Washington #DC #Ukraine #Mexico #Saudi #Arabia #Morocco #Mauritus #Tunisia #Yemen #Nepal #Poland #Portugal #South #Africa #Hungary #Bhutan #Libya #Sierra #Leone #Turkey #Indonesia #Haiti #Afghanistan #Austria #Cyprus #/Romania #Swaziland #Japan #Ecuador #Vietnam #United #Arab #Emirates #Slovakia #Germany #Dominican #Republic #Ireland #Scotland #Chile

#Cakes and confectioneries, #restaurants, #fast #food #logistics #bakeries. #social #media #digital marketing, #advertising #public relations #branding #consulting #law #accounting #professional #firms #food# #processing, #private #schools, #private #hospitals, #fashion #salons  #beauty #centres, #event #planners, #photography #investment #private #schools #private #hospitals# #Agric #building #construction #real #estate #oil #& #gas #Banks #IT #architectural #Engineering #owner #CEO #manager #founder #cosmetics #fashion #beauty small #businesses #industry #manufacturing #global #India #United #Kingdom #cottage #industry #home #business #family #business #women #men #SBA#digital #marketing #cosmetics #fashion #spar #healthy #living #soaps #foods #garden #writer

So I paid for process (2)

I shared my experience at bus terminal, where the transport company’s process cost me a little change. Having a business process comes at a cost.

cost of process1

So is not having any process in place. Most businesses operate largely informally; making business growth and continuity a challenge. And at times, owners discover when it is too late. In some organisations, business owners and managers are proud that things stand still when they are away. They believe they are the super-humans and the only engine that can make the organisation run. Any such organisation, is heading for a big trouble.

Process has a cost: It has to have a time limit in some cases It has to have penalty and reward

Efforts needs to be made to create it

Commitment for implementation and follow through is key

Exception to the rule has to be spelt out

When a process is in place, but not in use 99 percent of the time, it needs a rethink.

When a process is in place, but can be waived for the people in top positions, it requires a rethink. Daily businesses and their stakeholders are paying for lack of processes, or continuous waving of processes, and not necessarily in monetary terms, but in

Have some comments or experience, please share.

#Cakes and confectioneries, #restaurants, #fast #food #logistics #bakeries. #social #media #digital marketing, #advertising #public relations #branding #consulting #law #accounting #professional #firms #food# #processing, #private #schools, #private #hospitals, #fashion #salons  #beauty #centres, #event #planners, #photography #investment #private #schools #private #hospitals# #Agric #building #construction #real #estate #oil #& #gas #Banks #IT #architectural #Engineering #owner #CEO #manager #founder #cosmetics #fashion #beauty #United #States #Nigeria #Canada #Africa #Economic #Development #small #businesses #industry #manufacturing #global #India #United #Kingdom #cottage #industry #home #business #family #business #women #men #SBA

So I paid for Process

Yes – as an advocate of process, it has never occured to me in this wise, that we pay for process one way or the other Over the weekend, I booked a bus online for a road journey to my homeland – Hopefully in my lifetime my state, #Anambra will have an #Airport #Sad Until then and for budget, I enjoy the long trip home. Always time of reflection… It was for burial of my cousin, and I needed to be there to pay her my life respect.

 

cost of process11

As I booked online. Agreed to #terms #and #agreement which I could not read…Yes When online, I most often want to get things done, and just click on terms and agreement Does it happen to anyone? It has cost. As I woke up 5am to catch the bus, it occurred to me that I did not read the term. I had this funny instinct that having booked online, I could be in for a surprise.

Summarily, I got in 20 minutes to departure, but I was late; the bus had been announced and is loading.  I was meant to arrive 45 minutes to departure.  It was raining heavily and I could not get good online network and taxis were slow in coming. I gave excuses to the lady at the counter and she referred me to her supervisor.  No excuse of rain and bad network to get Uber or Taxify could hold for me.  And I really did not want to path with extra cash, so I pressed.  Then the response from the supervisor:  “Sorry Madam, the system is configured already, we cannot by-pass the process, if you want to go with this bus or go with the next”. I did not bother to ask about the cost of cancellation, I paid N1,000 Process comes at a cost. If it does not cost anyone, it is not likely a process. Do you agree or disagree?

Please share your comments, views and experience.

#Cakes and confectioneries, #restaurants, #fast #food #logistics #bakeries. #social #media #digital marketing, #advertising #public relations #branding #consulting #law #accounting #professional #firms #food# #processing, #private #schools, #private #hospitals, #fashion #salons  #beauty #centres, #event #planners, #photography #investment #private #schools #private #hospitals# #Agric #building #construction #real #estate #oil #& #gas #Banks #IT #architectural #Engineering #owner #CEO #manager #founder #freelancer #consultant #legal #sustainable #business #process #structure #system