May 22nd, 2020 Last week, transaction activities on the Nigerian equity market experienced a bullish week, as the market indices gained in all the five trading sessions.
This came as investors in the Nigerian market (and other parts of the world) cherry-picked on attractive bellwether stocks for short-to-medium term gains.
Consequently, the All Share Index (ASI) increased by 1,333.42 absolute points, representing a 5.59% growth to close at 25,204.75 points.
Similarly, the Market Capitalization gained ₦694.91 billion, representing a 5.59% increase to close at ₦13.14 trillion.
The upturn was impacted by gains recorded in medium and large capitalized stocks, amongst which are; UNILEVER (+33.86%), BUACEMENT (+23.42%), MOBIL (+20.92%), UACN (+20.14%), VITAFOAM (+20.00%), OKOMUOIL (+16.98%), ZENITHBANK (+9.71%), UBA (+8.80%), ACCESS (+7.20%), GUARANTY (+5.56%), NB (+5.33%), FBNH (+5.05%), MTNN (+5.02%), UBN (+4.69%), DANGCEM (+4.53%), ETERNA (+4.30%), and WEMABANK (+3.51%).
A Key To Maintaining An Effective Business
Question: How do you maintain your business?
How will you make a high turnover?
How do you keep your clients and make new ones?
Answer: God go do am
If you observe a Nigerian business, you’ll see most of them have one thing in common; Lack of Professionalism, Insincerity, Poor customer service and/or poor service delivery. It could be any type of business from SME or a large corporation. The only time you are likely to get good service is if you are not a regular customer yet or they perceive you as rich person or a VIP that may tip well.
In every business, how you treat your clients retains your client base and the quality of your product or service increases your client base. Sometimes the client stays because they have no other option but the moment a competition emerges, they jump to the competition which in time, they too disappointingly become the same.
I went to a pharmacy the other day to buy medicine. The medicine had different brands so I asked the pharmacist to recommend one for me (because obviously they know better). The pharmacist pointed at the shelve and said just choose one and bring.
I ask the second attendant thinking maybe the first attendant was having a bad moment but I got similar response as to why would I give them such request. I left and bought the medicine at another pharmacy. A simple “they are all equally effective, it’s just the name that differs” could’ve given me the comfort I was looking for but they made the business onwer lose a potential customer.
I called a plumber to fix some plumbing issue in my house. He fixed the problem but caused another damage due his recklessness.
You are likely to get similar attitude when you go to a banking hall, phone service providers, mechanics’ workshop, call an electrician and any other business.
Have you ever wondered why as a business you are not making enough sales despite your marketing efforts and referrals? If you can improve the quality of your service by at least ten percent, you’d be surprised by the sales numbers you’ll make.
There’s a grocery store I love stopping by on my way home. I find myself always going back because of the friendly nature of the sales attendant and the store owner. I can only imagine how many customers patronise that store for the same reason.
This goes without saying that you as a customer need to be courteous to the business owners as well. Buying their product/service is not an automatic ticket to be disrespectful to them. Respect is reciprocal.
Dear #Business owner; Even though it is God that provides for you, you are responsible for maintaining and growing your business. Maintain a professional sincere conduct in your business and see how God will multiply your customers.
I leave you with a quote from the book: The Richest Man in Babylon “Man of action is favoured by the Goddess of luck”
After all, “Na God dey do am”
By Engr Yusuf ABBBA-KYARI Kura. MNSE, FIMC
Writes about his life experiences with Technology, People and Business.
He can be reached through
LinkedIn: Yusuf Abba-Kyari kura
Dear Business Owners, Salary Is Not Enough!
One problem that business owners have to deal with is staff retention. So how do you prevent your employees from jumping ships? The answer is simple! Offer employee benefits.
Benefits and perks are not familiar with these parts. They are non-monetary compensations that are accrued to an employee apart from regular salary. Statistics show that employees would rather stay in a workplace that offers employee benefits rather than in a job that offers a higher salary. Another report shows that happy employees are more productive at 12%.
Types of employee benefits:
It depends on the type of business niche one operates in. For high-risk jobs, health insurance and safety gears are good examples.
However, some perks are common to all businesses.
Retirement and pension plan
How to provide employee benefits without running at a loss:
- Conduct a needs assessment: to determine the specific needs and wants of employees. Simple research can be conducted using questionnaires or easy surveys. That way, the appropriate benefit is provided and useful resources don’t go to waste.
- Do your research: This involves making inquiries from insurance providers or providers of certain services. Considered prices should be compared. Also, the most cost-effective packages that will be beneficial in the long run. Also, be informed about the prevailing laws in the society the business operates in.
- Reach out to other business owners: A good tip is to reach out to other employers similar to your business. Find out what their employee benefit is like. You might get a tip or two about the best service providers and what they do to retain their staff.
- Subsidize: you don’t have to provide all these services free of charge; it is okay to subsidize prices. Employees will be required to pay for some of these services but at a subsidized rate. A good example is providing a staff bus for transportation. Workers pay for the fuelling and running of the bus but at a way cheaper rate.
Not every employee will be eligible for some perks: it is okay to restrict some perks and benefits to certain staff based on certain criteria. Some perks can be used as incentives for hard work or longer duration in the company.
If your company already offers employee benefits, you can consider upgrading it. Put in the effort to make your staff happy; then watch your profits grow.
By Nene Oro.
Why You Should Start a Business While You Still Work Full Time By Francis Nmeribe
If you started your life as a paid employee, then that is why you should start a business while you still work. I am not trying to oversimplify a serious matter. I am just poignantly stating the obvious so that no one in this position is in doubt of what is important.
Trading and the associated tricks are not the place for the faint-hearted green horns, it is a battlefield. The marksmanship of a modern day soldier or the swordsmanship of the olden day centurion is required for success in business. The modern day name for it is entrepreneurship skills. These skills and powers are not acquired magically. It is not really taught in classrooms, neither is it transferred from father to son or mother to daughter. They are learned skills acquired only through experiences of trials, errors, failures, continuing, perseverance and becoming. The processes are made a lot easier if one is playing from an area of one’s passion and vocation – what you naturally love to do.
We must all leave paid employment one day. Some of us would have to leave earlier than others. Some of us would leave earlier than we intended. There are many issues responsible for the possibility of leaving before the time we had hoped. Whatever the reason, it is important that we know that we must leave. Now if you are a Nigerian or an African, you leave paid employment between the ages of sixty to sixty-five years of age. Even with lowering life expectancy in the developing world today, some of us would still be here for another twenty to thirty years after even late retirement.
If you ask me, twenty to thirty years is a long period of one’s life that would certainly spell disaster in capital letters if there is no clear, concise and elaborate financial and income plan, activities and processes covering it.
The only way any of us can cover this last twenty to thirty years of our life with the hope of living in peace and harmony with our families and in happiness and wealth as we all have always dreamed of, is to seriously consider entrepreneurship along with the building of our life careers even when such career is built upon paid employment.
Therefore, thinking about life outside paid employment is not just necessity; it is the only wise thing to do if we started our life career with paid employment.
The only vehicle that I know that would bear anybody in luxury and safety to and through life in retirement is entrepreneurship. The time to learn to become an entrepreneur is while you are still being supported by paid employment.
Your primary source of income (PSI) – your salary or wages – is the key to building your multiple sources of income (MSI).
Nobody can really be wealthy with a primary source of income. The highest the person can attain is to obtain riches through stolen money. And that would never be wealth in the real sense of it. There are costs attached to stolen money that makes it a foolish effort.
The other day, while giving a seminar to the officers and men of the Department of State Services in Ebonyi State, I hinted on the dangerous attitude common among civil servants and other paid employees. They erroneously believe that they would jam money one day and suddenly become wealthy. When I stated that such money destroy those who took them starting from their families, one of the Assistant Directors of the Service, Mr. Osuji added that “when one jams money, it is like all other accidents which would lead to fracture, incapacitation and possibly death”. And he is right.
The way to be wealthy is to create several or multiple sources of income (MSI). Multiple sources of income is not multiple jobs. Entrepreneurship while still in paid employment is the appropriate way to create MSI. Come to think of it. You are earning income through salary. Then you start a business by the side and you start making profit, you already have another source of income. If you diversify that business and now have income from one or two more other sources, you are already dealing with four or more sources of income. That is the way to righteous wealth.
“Because entrepreneurship is the key to multiple sources of income; because trading and the tricks therein pass through the rough and tumble side of life, no one can come into it without paying their dues. If you retire and invest all your gratuity and pension into trading or any business venture for that matter, they would be wiped away before you finished learning and planning. You would be paying your dues with your last card and that is detrimental to your health and finances. But if you started learning and growing while you still have the fall back position provided by your salary, then you can reinvest when the initial capital is wiped away as is the case in all situations that I have known. It is not because that you are not good at money management, it is just the process for growing a business.
No business can stand unless it has fallen before. It is possible to recover if you are doing that game with your salary which must come again at the end of the month than with your gratuity or lump sum which is your last card.
Therefore, the “why” you should start your business while you are still in paid employment is so that you have a chance to learn, your salary can serve as a fallback position for you, and your retirement lump sum would not be wiped away in a business deal leaving you dried up and penniless before you could spell jack and before you could learn the business process and system.
Think about it.
If you would like coaching early retirement planning or to get a copy of my book “Retire Early To Wealth And Fame”, contact me.
Francis O. Nmeribe, FNIIS, CSSI, FIMC, CMC, is a personal transformation teacher, a civil and industrial security professional, early retirement planning coach and author. He is the author of several books including: “Security & Security Guard Handbook”, “Principles and Techniques for Crime Prevention”, “Retire Early To Wealth And Fame” and “Foundation for Joyful Relationships”. Francis Nmeribe can be reached through firstname.lastname@example.org, email@example.com and 08183398461, 09019898657