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Discussion in 'Lounge' started by City Girl, Apr 17, 2015.
Thanks boss, will be back to update on the recession and opportunities for tiny enterprises like us.
Well done o madam City. Me too dey wait to hear how reception abi na recession dey affect business for Las Gidi.
FYI I don relocate my biz from PH. Those avengers na bad news for the kain biz wey man dey do.
City Babe, how market? Se everything dey flow like sea neva dry...
Anyway...one Life..... ba wahala...no shaking
* my . . .. button, sorry 'Thanks' button don vamoose again *
The recession has the good sides and bad sides, would itemize the points for enjoyable reading.
1. Knowing that we were starting on a shoe-string budget we did not hire all the manpower that we require, even before the recession, so this saved us much needed revenue interms of salaries and allowances. We have the services of an IT professional, Accountant, Lawyer, Graphic Artist, Social Media Manager on a retainer at a fraction of what we would pay as salaries.
2. There is an aspect of our business which requires forex. We have to pay the international accrediting body a one-off join-up fees and annual levy in USD. Then our clients for this particular service have to pay a portion of their fees in USD (goes to the accrediting body) and NGN for us. Come and see brouhaha of accessing USD at the banks. We wrote letters, completed Form A, credited our NGN account for direct debit at the official rate, whosai. Whilst all these was going on, a client needed the service meanwhile we hadn't paid our join-up fees, meaning technically we can't service the request. Say what? We quickly contacted the accrediting body, explained the situation with accessing forex, scanned and mailed our letter to the bank and it was agreed that we would render the service and the client would pay USD directly and NGN portion to us. After that transaction was successfully concluded, we decided not to go ahead with that particular service, so no need to pay join-up fees again until the forex situation improves because our forecast shows that the demand for the service would drop. No point in tying up scarce resources.
3. To save on diesel consumption, generator goes on at 8am and off by 5pm prompt except when we have clients. Staff can pack up and go home at 5pm, no need to be warming up the seats and wasting fuel. Initially, we didn't place any restrictions on use of internet, by tracking the usage over a period of time, we discovered that data that should last for a month was being used in a week for unproductive activities; lickety-quick we placed barriers and restrictions and we are even rolling over our data. Every kobo counts.
4. The good side of the recession is that this is the period for small businesses to thrive. Companies can not afford the bogus budgets of big service providers, so creatively providing solutions ensures that you stay in business and even get referrals.
5. From the date of the last post, an international company contacted us for partnership in an area hitherto untapped in Nigeria, so that is what we are working on and should be finalized in the next few weeks. Once that is done, insights gained would be shared.
Which is oil bunkering.....
Oil bunkering is a legitimate business that does not require physical presence st the loading terminals. All you need do is process your documents from one table to the other and wait for alerts to ring from your banks. Avengers have little to do with that.
My line of business needs my traversing the creeks to supply needed materials to oil companies. That is where the danger lies.
Ah, thanks for the correction. I stand corrected.
Now we know it is gun running!
Ah! Sis Eko!. Sisi Eko!!
So you're participating in currency manipulation, capital flight , economic sabotage, money laundry (and money doubling)!
any update to this movement ?
how has January to march being for you?