HOW TO TAKE A VACATION AS A SMALL BUSINESS OWNER
For a small business owner, taking that short break from your business may mean closing your business or a drop in sales. We both know this; you need a break and that break can energize you or help you focus on personal things and possibly help you think more strategically about your business.
So since we care too much about you, I have decided to share some tips with you, remember there is a lot to gain when you take out time for yourself. Let these steps guide you.
Plan Ahead
Plan your vacation ahead of time and start to put things in place. You would not want your business to suffer in your absence, so decide the vacation that is right for you – is it a one-week vacation or a month-long vacation?
Prepare Your Team Ahead
Start from now to prepare your staff members ahead by delegating tasks to them. This helps them get into character early enough and you just may leave some of the duties with them even when you’re back. Trust me this will give them a sense of responsibility and an opportunity to learn something new.
Prepare Your Customer Ahead
Your customers are probably also getting a breather at this time. Let them know in advance that you will be taking some time off, so you can wrap-up projects you are handling yourself or agree to postpone or preferably, introduce them to a team member who’ll be handling the project in your absence.
Don’t wait for a breakdown to take a break.
Written by Donald Alaye
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UNVOICED PERSPECTIVE: THE CONNIVING GANG
One of the toughest parts of being the head of an organisation is having someone whom you trust to oversee the affairs of the business whenever you are absent. Most employers and heads of departments would agree that trustworthy employees or team members are hard to come by these days. A lot of organisations have been ruined by dubious staff who take pleasure in pilfering or watching the organisation lose revenue.
Oblivious to the cunning activities of the employees, some employers continue to feed on the lies of their staff. When the company’s sales deteriorates, they bear the blame thinking they are incompetent or ineffective. Asides from the worries it brings to the employer, it drives some businesses to their untimely end and puts the employer in emotional distress.
Often, we conclude too easily that only junior staff are involved in these despicable acts but most times when uncovering the truth, senior staff are usually involved in such deeds. This revelation most often than not leaves the employer in shock, wondering the reasons behind the perpetrators’ decision. In the passing of time, these employers or top-level managers become distrusting of virtually every staff.
Kwani’s story depicts a typical scenario of what happens in most known organisations. Here is a narration of Kwani’s tempting experience.
It was dusk and everyone was clearing his or her work desk, ready to shutdown for the day’s work. Kwani who was new in the company curiously watched some staff speak in hush voices and act in suspicious ways. He had noticed these same moves over the past weeks and had enquired from one of his colleagues why they usually stayed behind after the close of work. As expected, his colleagues gave a casual response that only raised Kwani’s curiosity. His colleagues had said, “We carry out some confidential assignments for the company. Only those involved get to know. If you are interested. Let me know.”
Rather than ask them again, Kwani decided to sneak up on them to find out what the confidential task was. Tracing their steps but maintaining a reasonable distance so he is not sighted, Kwani followed them into the dark warehouse, and he became more perplexed. While three persons took out fifty cartons of the company’s products, two others dashed out to open the back gate for some strangers who drove in with a truck.
He silently observed as they loaded the vehicle with the products and received some amount of cash in return. They chatted and cheered as they carried out their transaction. Kwani stood in a corner, confused about his next step. As they were rounding up, Kwani quickly walked out. He spent the next day torn apart, part of him wanted to report the perpetrators and the other part wanted to join them at least to earn more money for himself. After dealing with the dilemmatic intrapersonal conversation, he decided to report the act.
That day, he contacted the HR manager and informed her about his findings. She thanked and assured him of an immediate action against those were working against the progress of the company. Unfortunately, two months later, Kwani was rewarded for his integrity but got fired some weeks after. When he made enquiries about why he was sacked, he found out that one of the Managers was spearheading the operations. Kwani continued to blame himself for exposing those behind the act, maybe joining them would have been the best option.
******
Knowing that no business ever thrives without the right set of persons working behind them, what remedy can you proffer for staff disloyalty and pilfering? Once again, the need for effective systems and processes cannot be overemphasized.
Written by Jennifer Chioma Amadi
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BUSINESS INSIGHT: LEARNING ACCOUNTABILITY FROM JEFF BEZOS
At the middle of the year, many questions relating to the priorities of a firm spring up. It is easy to set priorities at the start of the year but following through is somewhat a challenge for most organisations. In the process of swimming with the tides of change either caused by internal or external factors, so many drift away from their initial goals and objectives. One way to resolve this is by being accountable to shareholders or partners.
Drawing insight from Jeff Bezos’ ritual of writing letters annually, since 1997 to date, to the shareholders of his company, Amazon.com, business owners can learn a great deal of accountability. The brand that is referred to as the world’s largest online marketplace and cloud computing company has been able to consistently remain on track running with clear priorities.
It was observed that the letters the company writes to communicate its focus to shareholders help it stay accountable throughout the year. Whether it is a new strategy towards expanding the brand or a decision on employees, the letters act as signals informing shareholders about the direction of the company. An excerpt from the 2004 letter shows that Bezos also uses it as a medium to share some financial concerns. There he wrote “Our ultimate financial measure, and the one we most want to drive over the long-term, is free cash flow per share.”
An analysis carried out on the letters indicated that there are key words the letters are structured with. From this, one can tell where the company’s priority for that year is centred on. The 2006 letter revolved around five words, “businesses,” “new,” “Amazon,” “grow,” and “culture”— pointing the attention of shareholders towards expansion and growth. In that letter, Bezos writes,
“At Amazon’s current scale, planting seeds that will grow into meaningful new businesses takes some discipline, a bit of patience, and a nurturing culture. Our established businesses are well-rooted young trees. They are growing, enjoy high returns on capital, and operate in very large market segments. These characteristics set a high bar for any new business we would start. Before we invest our shareholders’ money in a new business, we must convince ourselves that the new opportunity can generate the returns on capital our investors expected when they invested in Amazon. And we must convince ourselves that the new business can grow to a scale where it can be significant in the context of our overall company.”
Moving on to 2010, the priorities of the company changed to “data,” “Amazon,” “services,” “systems,” and “technology”. Bezos pinpointed
“All the effort we put into technology might not matter that much if we kept technology off to the side in some sort of R&D department, but we don’t take that approach. Technology infuses all of our teams, all of our processes, our decision-making, and our approach to innovation in each of our businesses. It is deeply integrated into everything we do.”
Even though Bezos never includes the failures of the firm, he makes his shareholders know of such possibility but assures them of a way out. This is clearly seen in his 2013 letter:
“Failure comes part and parcel with invention. It is not optional. We understand that and believe in failing early and iterating until we get it right.”
Bezos also utilises the opportunity to remind the shareholders about the company’s plan from the beginning. This can be seen in the most recent 2018 shareholders letter released 11th April 2019. It reads:
“From very early on in Amazon’s life, we knew we wanted to create a culture of builders – people who are curious, explorers. They like to invent. Even when they are experts, they are “fresh” with a beginner’s mind. They see the way we do things as just the way we do things now. A builder’s mentality helps us approach big, hard-to-solve opportunities with a humble conviction that success can come through iteration: invent, launch, reinvent, relaunch, start over, rinse, repeat, again and again. They know the path to success is anything but straight.”
With this approach, accountability becomes less of a problem for the firm, and serves as a means to attain sustainability.
What is your own approach for accountability?
Written by Jennifer Chioma Amadi
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UNVOICED PERSPECTIVE: A MEDDLING INVESTOR
For the last couple of weeks, Funmi has been excited about starting up his own business. He had dreamt about this for so long that he could not believe he was just a step away from fulfilling one of his life’s goals. He had ensured that everything was in order, from drafting clear and concise vision and mission statements, to setting smart goals, to on boarding and training excellent team members. Funmi had it all mapped out, striking every dart on his target board. Yet his final success was to some extent dependent on one thing, investors!
Funmi, having played his role, began to search for potential investors and means of financing his business. Most of the investors that had shown interest in the business always asked for an outrageous percentage cut from the profit. After several setbacks, Funmi finally found an investor who was satisfied with the twenty percent shares.
After documents were signed and the deal was done, Funmi and his team set off to a smooth sail. They got their furnished office space, acquiring necessary tools for work and opened up the door for clients. A year later, when the investor had noticed the increase in sales and the accelerating progress of the company, the music changed for Funmi and his team.
Suddenly the investor wanted more percentage from the profit being made. His demands for daily reports and threats of withdrawing his investment that ran into millions of naira became all too overwhelming for Funmi. He thought of suing or paying the investor off but that would be disadvantageous for his firm.
Funmi continued to watch the investor parade himself as though he was the owner of the business. He spoke too authoritatively during board meetings and never hesitated to snap at workers who did not deliver on their KPIs. From the corners of his eyes, Funmi watched him, holding back the fury in him. Continuously Funmi wondered how a simple business deal could turn sour and initial helpers turn enemies. Still Funmi insisted on keeping his enemy closer until he figured what to do with him.
**********
Like Funmi, several business owners have encountered such unpleasant business interference. Though the agreements between both parties might have started out smoothly only to take a different outcome at the long run.
It is likely that most would be overwhelmed and confused without a clue on how to resolve these kinds of issues. They are faced with a dilemma of making critical decisions that could either make or mar all they have worked for. Sometimes, companies go bankrupt trying to pay off their investors. Oftentimes, they are either shut down or sold off due to internal struggles.
How long do you think Funmi will hold this up and what is the best escape route for him?
Written by Jennifer Chioma Amadi
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UNVOICED PERSPECTIVE: THE DANGER OF NEPOTISM
The effects of nepotism on the growth of a business can never be overemphasized. Actually, it has been a clog on the wheel of most businesses. It is painful and discouraging when a loyal employee, due for promotion, is relegated in favour of another who is not qualified for that particular position but is accepted because he or she is the Boss’s relative.
Unfortunately, most business owners are not aware of the far-reaching consequences nepotism has on their business growth. Indirectly, this scenario encourages what we call ‘eye-service’ in the workplace. Every employee wants to be in ‘Oga’s good books’ by behaving a certain way in his presence – to get his favour – and in his absence, act in a certain way which on the long run affects the business negatively. They do this not because they hate the organization but because of the insecurity they feel with regards to their being promoted based on their efforts in growing the business and not the bias that comes from their Boss’s nepotistic tendencies.
Nepotism affects employee’s psychology making them feel that since they don’t stand a chance of being promoted or their efforts being recognized, they shouldn’t bother working hard or putting in their best; having it at the back of their minds that their Boss’s relative will always be preferred over them. Over time, employees’ passion for the job declines and everyone tends towards ‘eye-servicing’ because they feel that no matter how good they are and what values they have added to the company, their efforts will go unrecognized.
When employees do not give their best to the organization, it negatively affects the quality of the service rendered and in time, customers complaints starts soaring and subsequently a withdrawal in patronage occurs and this causes the business revenue to decline because income is generated when money is exchanged for products or services offered by the business to their customers. When there are no customers or a few customers, you know what that implies.
In addition, most business owners should take the bull by the horn to put an end to this workplace mayhem since this problem largely stems from them. Employees love to work in an environment where their career advancement prospects is certain against an atmosphere that stifles their potentials. As much as we love our relatives, if they aren’t best fit for a position and you have a loyal staff who is due for that position, why not allow him or her occupy that position?
Although we have looked at nepotism as it concerns promotions, it also plays out in other areas at the workplace like when taking disciplinary action to staff for unruly behavior. Everyone should be subject to same rules and principles, and not selective administration of penalties.
Written by Rejoice Emmanuel
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BUSINESS INSIGHT: ENTERPRISES JUST LIKE SPRINTING HORSES
Horses are undoubtedly one of the most magnificent animals in the world. But you never will see the full glamour and beauty of a horse while it’s encumbered and kept in the stall. Set it free and see it rise in enchanting beauty. Just like in the world of horses, there are also stalls in the world of enterprise.
The focus of this article is centered on one challenge many emerging entrepreneurs, particularly in Sub-Saharan Africa, face but no one seems to talk about even though it greatly inhibits the growth of ventures. Most young entrepreneurs keep encountering challenges when it comes to dealing with clients in the area of payment and terms of engagement. The reason is mainly that the entrepreneurs are unable to enforce the idea of formal agreements, they deal based on verbal discussions and agreements which often leads to dispute.
One may begin to wonder why this is so. The simple answer is survival! When your business still runs with the ‘hand to mouth’ approach, you don’t care much about agreements needless of insisting on it, you just want the money to survive, considering the fact that your next meal, data subscription, transportation fare, and the rest of your needs depends on it. You literally can’t walk away from deals when the client already proves troublesome by not wanting to have an agreement. You are constantly gripped by that silent fear of losing the money.
If you ever want to experience visible progress in your business, one thing is for certain, you can’t go on that way. Failure to understand and deal with this basic truth leaves the entrepreneurial dream in a stagnant cooler. Remember, everyone can dream, but execution makes the difference. The next set of things you will be reading are suggestions that have been tested and proven. They can help set your business on the pedestal of greater achievements.
- DOCUMENT YOUR DEALS
You can have verbal agreements, but before you commence any work, ensure to document on paper or a computer. A good practice will be to send an email stating what was discussed and agreed before proper engagement. This will save you a great deal of trouble. Documentation enables clarity which guides the engagement going forward. Some studies have shown that things written down have a higher likelihood of succeeding.
“I learned to pay the maximum possible attention to details, to document everything, to keep archives – paper or digital – well ordered. This is a key factor when and if you need – possibly years later – to review a project or to support or challenge claims in court,” Jacopo [“Jaclaz”], a Technical Consultant stated.
2. RUN YOUR BUSINESS WITHIN YOUR MEANS
In the words of Dave Ramsey, a popular US radio host, and businessman, “financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this.”
One disciplinary habit any entrepreneur should cultivate is learning to fold their legs to the length of their blanket. This simply means to live within your means, spend only on essentials. Stop competing with those who are better placed financially. As much as you can, seek cheaper alternatives that still serve the purpose, but remember that sometimes the cheapest option is the most expensive.
3. SAVE AS MUCH AS YOU CAN
Build a cash reserve, no matter how little. When discussing with a new prospect or client, your next meal should not depend on the deal, but on your cash reserve. With some cash set aside, you will stop being at the mercy of clients. You will also have better bargaining power, and you will have the confidence to say no to bad deals.
Benjamin Franklin puts the idea of saving better,
“if you would be wealthy, think of saving as well as getting.”
These are seemingly simple issues, but they’ve kept so many ventures hindered from growth when they should be sprinting majestically like horses. Nevertheless, it is never too late to start the race to building a successful brand.
Written by Maple Dappa
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BUSINESS INSIGHT: LESSONS FROM THE LARGEST BANK MERGER IN AFRICA
It started as a rumour, but months down the line, it’s the new reality and identity for these two major bank brands, Access Bank and Diamond Bank. The deal which was reportedly denied by some authorities in the banks officially went public in December 2018 when negotiations were already concluded.
Expectedly, there have been many reactions to this; while most see it as a welcome development which is significant in putting Nigeria on the map, a few remain sceptical about it. Amid the pressure from panicking customers, concerned shareholders, the interfering press and public opinions, the two banks have remained focus to what they believe would be the largest bank the African continent has ever seen.
Moving away from the noise and excitement, there is so much to glean from this seemingly great business accomplishment. Let’s see what insights we can glean.
For any business that seeks to expand, there are certain qualities it should be known for as well as structures that must be in place. To put this in a more concise way, that business must have built its capacity which isn’t built overnight, rather it is consistently developed over the years.
From its record, Access Bank, which is a top Multinational commercial bank in Nigeria, has had six successful mergers and acquisitions before now. The bank began its journey of acquisitions in 2005 with their first being Marina Bank and Capital Bank. Amongst other acquisitions after the first, one of the most memorable which placed them as one of the four largest commercial banks in Nigeria was in 2012 when it acquired Intercontinental Bank. Well there is no doubt the management team has been running with their vision which is “to be the world’s most respected African bank”.
On the other hand, Diamond Bank as a technology driven retail bank had set a high standard which gave other banks a run for their money. This has earned it an indisputable leadership position in digital and mobile banking. Diamond bank mostly leveraged on technology and continued to provide innovative solutions for financial challenges.
Another sign that this merger will be unbeatable is clearly seen in their statistics, with Access Bank having an asset of 4,555 and 1,555 for Diamond Bank. It is also going to be a massive force combining both bank’s customers, Access Bank having over 10 million customers in Nigeria and different parts of Africa, and Diamond Bank 19 million customers. This explains why successful establishments tend to acquire enterprises that will add more value to them rather than reduce their worth. The likes of Facebook who keep acquiring other business platforms to enlarge its empire will help drive this point home.
Paying a closer attention to this deal, one would understand that another reason why Access Bank and Diamond Bank took this bold step is to remain relevant first as a financial establishment, then to their customers who are faced with many options to choose from in the ever bubbling financial market. What better way can a brand attain relevance if not creating a larger platform that provides solutions to the many problems facing their many customers?
While Access Bank will leverage Diamond Bank’s leadership in digital and mobile-led retail banking, Diamond Bank will gain more visibility with Access Bank’s strong network across the continent. In the word of Herbert Wigwe, the CEO of Access Bank,
“Access has a strong track record of acquisition and integration and has a clear growth strategy. Access and Diamond have complementary operations and similar values, and a merger with Diamond, with its leadership in digital mobile-led retail banking, could accelerate our strategy as a significant corporate and retail bank in Nigeria and a Pan-African financial services champion.”
Now bearing in mind the heights both banks have climbed in the past and what they hope to achieve, we can bet that they have done their market survey and have seen the many opportunities their merger will create in both the banking sector and the society at large. Again Herbert’s words confirm this,
“We believe that this platform, together with the two banks’ shared focus on innovation, financial inclusion and sustainability, can bring benefits to Access and Diamond customers, staff and shareholders.”
Till the deal comes to a final conclusion, there remains a high hope that the combination of these two banks will give birth to an exceptional brand.
Written by Jennifer Chioma Amadi
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DON’T DRINK THAT TEA ALONE!
The story was told of a man who was completely unconscious and hospitalized at the University of Port Harcourt Teaching Hospital [UPTH]. His Wife didn’t have a penny on her, but she had her husband’s ATM Card with her; that would have been helpful, right? Wrong! She could not use it because she did not know the PIN. So the man’s own money couldn’t rescue him when he needed it most. His Wife had to ask other people for money or possibly borrow.
Another story was told of a Carpenter who lived somewhere in Port Harcourt. The Carpenter lived in a compound with his wife and children. The compound had two plots of land with an uncompleted building inside it, but the man built a makeshift home with wood by the fence where he lived with his family. As time went by, it was gathered that the man was once a laborer in the said property which his “Oga” was developing before he died. The story had it that the original owner of the property was building a house as a surprise gift for his girlfriend; he was married and of course his wife had no idea about this. So when he died, both girlfriend and wife didn’t know about the property. Carpenter positioned himself as custodian and gradually started claiming ownership. He was the one who attended all meetings of Landlords and even Tenants.
Some level of secrecy becomes foolish if the right things aren’t done.
Why do folks treat even the concept of writing a will with levity until some terminal disease or helpless situation comes lurking?
Why are folks so adamant to think that nothing bad will happen to them, so much that they never bother about succession planning even in their business endeavors until it is perhaps too late?
Why is the concept of passing the baton even in the realm of political and social leadership such a big issue in Africa? Why do we like to sit on things till we kick the bucket and we deny generations of what could have been a blessing to them?
If you are the only one with the password to your business email accounts, there’s a problem, start working at fixing it. I guess this is why the request for next of kin is mandatory in most legal transactions, whether you like it or not the system compels you to present someone else to stand in should anything happen to you.
If you have no one in this whole world to trust with your ATM Card pin, you probably will need to re-evaluate your relationships.
Branding is much more than identity and marketing communications, it also has to do with how your business or organization is structured.
Written by Maple Dappa
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EVERYONE’S WORK MATTERS
Building a loyal and effective team is one of the most critical factors in building a sustainable brand, but there’s a silent malware constantly disrupting the process of building a team. Let’s call it the Superiority Complex.
The idea is yours or originated from you, so everyone else is a Lilliputian around you, almighty Gulliver. You may have conceptualised the venture, you may have even built the product, but you must see the value of everyone in your team and their importance to the vision.
Illustration 1
If your business will succeed, so many things must fall in place to make it happen beyond ideation and product development. The person who writes marketing content is important, the person who takes care of everyone’s welfare is important, the person who keeps the work space tidy is important, no work should be described as “just” — just to clean, just to write a copy, and so on.
Putting an effective business system together is like having a super functional automobile; from the gear system to oiling to air conditioning, and so on, all systems have to be in shape. Likewise your business, all units need to be in shape for you to have an effective system. Everyone’s work matters.
Illustration 2
I see many young entrepreneurs basking in the euphoria of having a “great idea” with no grasp on the basics of practical business administration, so the attached photos are from a basic course we usually offer for a fee, but I am sharing it here for free as part of the commitment to encourage those who need the knowledge. What we call “basic” could be a “breakthrough” to someone else. There is love in sharing, right?
Illustration 3
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By All Means, Mitigate Key Man Risk
One major reason, amongst others, why it is difficult for brand owners and founders in Nigeria to establish sustainable and effective systems/structures is KEY MAN Risk.
The core of the venture is centered around one man without whom far too little or nothing happens. While this is the case with many who have been trying to build something from ‘nothing’, you must desire and work at creating systems that can run even without you. Key Man Risk is often a consideration even for big time investors.
What happens to your clients’ projects if you are indisposed for an extended period of time for any reason? Asides that, as you aim for more clients, you surely will need help, not just in terms of hiring people, but at the decision making level. Otherwise, your employees will all go home once you are no more available.
Yes, there are issues of distrust and poor commitment with some persons that you bring on board your venture, but there are ways of dealing with those issues. Find the approach that works for you and adopt it.
The question you must keep asking is, can the venture run without you? Can you sell it off (even if you don’t intend to) and it keeps running well? By all means, mitigate key man risk. It draws investors, bigger clients, and gives your venture a solid base.
A sustainable structure is one of the core essentials for strong brands. Don’t just desire to be like Google, Coca-Cola, Facebook and the rest, constantly seek to think and act like them, or create your strategic path.
If you need help with organizing your business or organization, we are here to provide custom solutions. Let’s hear from you, send an email to wecare@mapemond.com
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