Your business while you are still employed - HOW?

Good day reader,

Have you given it a thought what business you can establish, manage without leaving your current job/work?

I have been looking into this as well and few businesses have their boxes ticked... and I will be sharing them with you in droplets of writeups I title "Establishment while you are still settled".

Welcome to 2024

 Hello readers,

It is noteworthy to say "welcome to 2024".

From daily business insights to groundbreaking news, our blog has evolved significantly, adding innovative content to the Nigerian business landscape. However, over the past four years, the platform has not fully aligned with its original objectives.

But here's the good news, everyone!

Despite the setback, the hiatus has allowed each content creator to rejuvenate our expertise, reposition ourselves, and delve deeper into the business sphere. As a result, we are now poised to offer even more insightful and exclusive information that directly impacts you.

entr'acte

In the last few years, the blog coordinator has moved from

directing audio visual for HNI and corporate organizations...

Certification sessions, intervals for relaxation, and further certifications were integral parts of our recent activities. The implementation of work-life balance principles was not arbitrary; it was aimed at ensuring that our return to work after the break was not merely a bleak experience devoid of productivity. The following activities, among others, were part of the 'well taken break' executed...

BACK TO BUSINESS

The financial sector of the Nigerian economy, the ongoing conflict in the Middle East, the Ukraine-Russia war, businesses struggle to declare profits, prospective entrepreneurs hesitate to launch their businesses, the labor market becomes increasingly crowded, many often ridiculously contracted, high cost of running a business-all exert profound influences on our daily lives, often beyond our control.

Yet, amidst the chaos, opportunities for profit abound for those who possess astute insight.

Our blog is dedicated to unveiling the nuances within this chaos through analytical narratives. By doing so, we aim to provide our readers with a competitive edge in their business decision-making processes.

Welcome to a realm of practical narratives on business.

Thank you.

COVID-19 AND LAGOS RESPONSE by ASAKE OBALAKUN

As the world continue to groan under the weight of pressure from COVID-19 effects, Sub – Sahara African countries are emerging as medical power house in the fight against the pandemic disease that is giving the medical circle a run for their money.

In Nigeria, different reception has greeted the emergence of the disease on one side, some state governor’s proactive moves have started yielding results with some now battling to save face while on the other, citizens are pitched between religious activities or lockdown or the existence and non- existence of the virus.

The state of Lagos fall into the category of states that have made proactive moves to curb the spread and eventual eradication of the disease through provision of isolation centres, distribution of face masks and public orientation on social distancing among others.

Having put all these in place, why then is the number of COVID-19 cases in Lagos increasing?

One of the possible reason is non-disclosure of symptoms by COVID-19 carrier. Several cases have been recorded at LUTH, Lagos, LASUTH where Carrier only when their case became positive or test revealed their COVID-19 status. This cover up has exposed many medical personnel, the general public un necessarily before the case was detected. In most cases, contact tracing came through late as it would have spread to second or third person transmission. Stigmatization, which has been pointed as reason for the earlier devow is now being centered by the state government with state – wide sensitization.

Inadequate personal protective equipment at the early stage of combating the disease exposed medical health workers to the disease. Nationwide, one hundred and thirteen health workers representing 5.21% of total cases in Nigeria 2,170 have tested positive to the virus. This trend thing has improve drastically, especially in lagos, preventive measures are never enough.

Bed space is presently competing with number of active cases. Report recently suggest that that suspected cases we’re turned back due to lack of bed space at governance isolation Centre at Yaba. The state government laudable efforts may be hampered by this development. Where will turn down suspected cases go, who will they mingle with?

Already, many general hospital in lagos have high standards as without much cost can be converted to isolation centres. These will bring isolation centres and COVID-19 treatment closer to the people as well as increase the number of bed space in the state.
Effective lock-down should be mandatory in lagos. Borders leading in and out of the state should be closed to curb movement larger and possible spread of the virus in the state. Security agencies need to be up and accounted for. Bribe and kickbacks twants government efforts and the country fight to win the COVID-19 war. General public should make use of face masks. Report suggest that face mask usage protect livelihood of infection up to 90% hence it performance.

Continuous lock-down is no doubt destroying the economy, with no feasible income, companies are looking at alternatives to cut cost, small and medium entrepreneur business are having difficult times staying in business while daily businesses are dead a day after lockdown was announced.

To give succor to the populace, palliatives were promised but lack of adequate data are identification system were sighted as one of the reasons this could not be achieved. Two weeks into lock-down, while citizens cry out due yo hunger, increase in crime rate we’re witnessed across the state.
To revive the economy however, federal and state government have rolled out plans to reopen the economy with some essential services ( both in informal and formal sectors) open for some hours.

It’s high time that all Lagosians work hand in hand in order to curb the spread of the coronavirus known as COVID-19 in Lagos state and the world at large.

To Handle Increased Stress, Build Your Resilience

Wherever you live or work, stress is on the rise. According to the International Labour Organization, workers in developed and developing countries are facing increasing strain at work. The onslaught of mounting stressors include global challenges, such as climate change, terrorism, and political turmoil – as well as personal and professional challenges, such as illnesses, job changes, and organizational restructuring.

How to Disagree with Someone More Powerful than You by Amy Gallo

Your boss proposes a new initiative you think won’t work. Your senior colleague outlines a project timeline you think is unrealistic. What do you say when you disagree with someone who has more power than you do? How do you decide whether it’s worth speaking up? And if you do, what exactly should you say?

What the Experts Say
It’s a natural human reaction to shy away from disagreeing with a superior. “Our bodies specialize in survival, so we have a natural bias to avoid situations that might harm us,” says Joseph Grenny, the coauthor of Crucial Conversations and the cofounder of VitalSmarts, a corporate training company. “The heart of the anxiety is that there will be negative implications,” adds Holly Weeks, the author of Failure to Communicate. We immediately think, “He’s not going to like me,” “She’s going to think I’m a pain,” or maybe even “I’ll get fired.” Although “it’s just plain easier to agree,” Weeks says that’s not always the right thing to do. Here’s how to disagree with someone more powerful than you.

How small businesses can maximise social media, Smoothie Case Study

Some social media web and apps include Facebook, Instagram, Twitter, LinkedIn, Pinterest, WhatsApp etc are unique and applicable in their own ways to small businesses. There are billions of people on social media web and apps every day and small businesses can take advantage of this.

Facebook and Instagram are photo and video-sharing social media applications used for networking and a platform for small to large businesses to engage customers and potential customers with photos and videos of their products and services.

CBN tasks MFBs on 64 new customers monthly

The Central Bank of Nigeria (CBN) has directed all Microfinance Banks (MFBs) operating in the country to acquire 64 new customers per month.

The directive follows the revised national financial inclusion target that aims at accelerating progress towards the achievement of 80 percent financial inclusion target by the year 2020.

In a letter to all microfinance banks on the revised national financial inclusion target, Tokunbo Martins, director, other financial intuitions supervision department, noted that the CBN held a stakeholders’ forum for all financial service providers in the six geo-political zones in the first and second quarters of 2019 which was attended by representatives of the MFBs. The objective of the forum was to expose stakeholders in the financial inclusion agenda.

Nigeria’s OneFi secures $5m debt facility for its Paylater mobile platformBy Daniel Mpala on 8 March, 2019

Lagos based finance company OneFi today announced that is has secured a $5-million debt facility from New York and Nairobi-based debt platform Lendable.

In a statement today (8 March), OneFi said the investment will be used to deploy more loans on its consumer facing mobile platform Paylater. The platform also helps users transfer money, recharge airtime and pay bills.

CBN sets N50m capital for Tier 2 microfinance banks

The Central Bank of Nigeria has introduced a Tier-based system for unit microfinance banks in the country.

The apex bank also adjusted the time frame given to the different categories of microfinance banks to recapitalise.

The different categories are the unit, state and national operators.

In a circular to all microfinance banks released on Monday on the ‘Review of minimum capital requirement for microfinance banks in Nigeria,’ the CBN reviewed a circular it had earlier issued to the microfinance banks on October 22, 2018.

The CBN stated that the Tier 2 unit microfinance banks must have a minimum capital of N50m, while Tier 1 would maintain the N200m minimum capital introduced for unit microfinance banks in October 2018.

Full Press release by CBN on SKYE Bank and Polaris

Gentlemen of the Press
1. You  will  recall  that  on  4th  July  2016,  we  took  a  regulatory  action  on Skye bank Nigeria PLC. Specifically, this action led to the resignation of the  Chairman,  all  Non-Executive  Directors  on  the  Board  as  well  as  the Managing  Director,  Deputy  Managing  Director,  and  the  two  longest-serving Executive Directors on the Management Team.

2. At  that  time  the  proactive  action  was  informed  by  unacceptable corporate  governance  lapses  as  well  as  the  persistent  failure  of  Skye Bank  PLC  to  meet  minimum  thresholds  in  critical  prudential  and adequacy ratios, which culminated in the bank’s permanent presence at the CBN Lending Window.

3. The  focus  of  the  action  then  was  to  save  depositors’  funds  and  to ensure   that   the   bank   continued   as   a   going   concern,   being   a systemically important bank. Part of our intention was also to stem the imminent job  losses  to  staff  if  a  liquidation  option  had  been  adopted. 

Reveiew of The Global Customer Segmentation Framework Nigeria by Don Odedeyi Abiodun

It's been a while.

Recently, I was at the launch of The Global Customer Segmentation Framework Launch at the Lagos Business School, Lekki, Lagos.

The Global Customer Segmentation Framework is a research that took an in-depth look into how best to service customers, have a real impact on their wellbeing and further enhance financial inclusion Nigeria (see downloadable pdf of the research at the end of this writeup).

The programme was meant to help organization to do the following Design product(s) and services, Improve product strategy and design, Help to target specific market with tailored product(s) that have direct impact to their needs.

Doing Business in Lagos Part 2 by Don Abiodun Odedeyi

THROWING MONEY IN THE DRAIN, The African way

Continuous exportation of raw materials, importation of finished goods into Nigeria or any periphery countries, irrespective of balance of trade will continue to underdevelop the later so far this action remain in practice.

One of the critical panaceas that I have come to accept (as reason for poverty and solution) is the Structural Development which advocate for delink/break-of-ties (with the core countries) and rigorous homegrown import substitution industries.

This decision did not come from the bin.

The Chinese example is living right with us as it denied twitter a chance to make entry into it country instead released its own microblog version, weibo, in 2009. 

With the world’s population at 7.5 billion and China’s population at 1.379 billion (that’s 18.4% of the world’s population), China remain the largest market among the Developing countries. The decision to shut out twitter and embrace local substitute, Weibo, has interpreted to $11.3 billion in value, about $200 million more than Twitter (Source: money.cnn.com).

READ THIS before you submit your next loan request by Don Abiodun Odedeyi

The agricultural sector remain Nigeria's biggest joker in it drive to achieve economy sustainability. it is so funny that Nigerians appetite for white-colar related jobs keep pushing the agricultural sector into dark spot of neglect and dearth. 

Those who triggered their risk underestimated the amount of resources, investment, training, market survey capital etc needed before going into the sector... they dip into the business with nothing but hoe and cutlass.

My father is one of these people.

Doing Business In Lagos #Part 1

"Good evening Abiodun. My name is Kazeem (name changed), I have a LPO from a fast growing eatery in Lagos Nigeria and I need the sum of N5,000,000 between now and tomorrow".

The time was 2:34pm and I sat with this middle-aged man looking all sweat in an air-conditioned office, my office.

This is one of the many request I face everyday from total strangers who approach  my financial institution when in  need of funds to argument their business.

Kazeem supply eggs to wholesalers within Lagos Metropolis, his sojourn pitched him with a contact and after few discussion, he was given an appointment and the outcome of the meeting was a LPO for the supply of 6,800 crates of egg.


That day was the first day I met Kazeem, I can't describe or point to his business, his account or transaction is not with my bank.

How do I help Kazeem achieved his objective?

Diversify Your Income Sources Not Just Your Investments and Assets

Everyone talks about diversifying your investments but few people seem to talk about the equally-as-important job of diversifying your income sources to create passive income. 

If you want to enjoy financial independence, this should be on the top of your list.  It's closely related to a concept called The Berkshire Hathaway Model - taking a two-bucket approach to your personal finances and not something you should brush off.

FROM SMEs to BLUE-CHIPS… Here is how By Odedeyi Abiodun

The best of business widely found in developing countries are sales of finished products.

These products, irrespective of their origin of manufacture, are becoming a mainstay of economies of these countries.

These transactions affect GDP, international trade balance, international politics, among others.

But when the difference in value between a country's imports and exports, regarded as balance of trade is not favorable to you and your country (trade deficit), there is a gap of either an opportunity or problem.

BREAKDOWN of Balance of Trade

A country that imports more goods and services than it exports has a trade deficit. Conversely, a country exports more goods and services than it imports has a trade surplus. The simple formula for having the upper hand (trade surplus) is to export more than import.

Not that developing countries are not producing at all but narrow range of primary products and few export markets cannot sustain the chuck of raw cash huge importation is draining from their economy.

In the face of recession, cash straps, technical know-how, a vital ingredients to achieving this giant height is fearfully edging to the cliff.

How then can the balance of trade reflect positive?

BoI, RUFIN seal pact on soft loans for 100,000 new small businesses

The Bank of Industry, executor of MarketMoni, one of Federal Government’s social intervention programmes, has sealed a pact with the Rural Finance Institution Building Programme (RUFIN), an initiative of the Federal Ministry of Agriculture and Rural Development (FMARD), to provide access to soft loans to 100,000 small businesses.

The partnership is part of the Federal Government’s activities to stimulate the Nigerian economy and deepen financial inclusion for the economically active rural poor.

The partnership also signals the commencement of events by BOI to reach 100,000 new beneficiaries of MarketMoni through RUFIN across Nigeria’s six geopolitical zones within the second quarter of 2017, as accredited individuals will have direct access to quick, easy and interest-free loans of between N10,000 to N100,000 for up to six months at no other costs except a one-time five per cent administrative fee.

LAGOS, it intervention fund and you by Don Abiodun Odedeyi

Today, the protocol of writing formally went through the window before I open my computer

Introduction

The LSETF is the Lagos State Employment Trust Fund, a N25billion set aside simply for the growth of smes, creation of business, making dreams come true.

Why should I dwell on why Lagosians seems to miss out in benefits when we've not yet touched why you are here (How you can participate).

But really, where have you been before now… where have you been when others are already getting theirs? Anyway, let's skip that and go to the business of the day.

Screenshot of application page and requirement on lsetf web page

The LSETF is not for established businesses alone but also for business idea that need fund to become reality.  The bottom-line is simple – create/empower self-employed, sme so that they become companies that fend for themselves and employ people.

Become an Inverter agent, reseller or Consultant. THIS IS HOW (Part 2) by Don Abiodun Odedeyi

let's continue to make business borderless irrespective of location or status. 

Read profit making inverter business previous edition by clicking here

2. Battery

You don’t just buy an inverter, you also need to buy an inverter battery as that is where the power inverter derives its energy.

The best battery for your inverter is the SMF deep cycle inverter battery. SMF stands for Sealed, Maintenance Free. Though you can use the normal car battery, but they emit poisonous fumes which could have long term impact on your health. 

This means an SMF battery can be installed indoors making them very convenient.

An inverter is usually rated in this pattern X VA/Y V, where X is the rated power output and Y is the input voltage required.

For example an 800 VA/12 V inverter will give output power of up to 800 VA and require an input voltage of 12V. 

Similarly, a 1.5 KVA/24V inverter will output 1.5 KVA (1500 VA) and require 24V input.

Since batteries usually come in 12 volts voltage, the 800 VA/12 V will require a minimum of one 12V batteries, while the 1.5KVA/24V inverter will require a minimum of two 12V batteries connected in series.

In the same vein, a 3.5KVA/48V inverter will need a minimum of four 12V batteries.

When you buy an inverter, make sure you know the minimum number of battery required.

Battery capacity

Become an Inverter agent, reseller or Consultant. THIS IS HOW by Don Abiodun Odedeyi

Business is border-less and one way of making money is by solving people's problems.
The issue of power outage is a problem many Nigerians are seeking solution for. If the option of inverter can be sell successfully, many will be back in business, many business will be happy referring your company to their friends.

The first question to ask your client is "do you actually need an inverter"

The ideal person to buy a power inverter is someone or company who has at least 12 hours of power supply per day or has a power generator, but wants a noise free alternative. (note: the generator also charges the inverter battery while it is on)