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This is how Nigerian entrepreneurs can survive COVID-19

The key to your business thriving even in this situation is innovation.

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by Impact Hub

An entrepreneur looking at Nigeria’s current economic situation may not feel very hopeful. The country is expected to face the worst economic recession since the 1980s, according to the latest World Bank Nigeria Development Update. While this sounds like bad news for businesses, there is definitely hope!

The key to your business thriving even in this situation is innovation. Businesses need to find creative ways to offer value to their consumers, communicate clearly to current and potential customers, partner with other businesses to grow, and find new sources for funding.

The current economic situation has significantly reduced the average Nigerian’s purchasing power, especially because the collapse of oil prices has led to inflation. The same amount of money now purchases fewer goods. This situation is worse when you consider the millions who lost their jobs or received pay cuts. As a result, people are focused on spending on necessities and things perceived to give real value.

Step one in making sure your business succeeds post-COVID is ensuring your business is still relevant to customers. This might require a significant change in your business model or only a small shift or addition. Take Flying Doctors Nigeria, a company that works to provide emergency evacuation services across the country. In response to the pandemic, FDN pivoted to mobile testing labs that increased the safety, efficiency, and sustainability of COVID-19 testing.

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Businesses must also find creative ways to market their goods/services and expand their customer base. Once you have clearly outlined your new and/or improved value proposition, you need to communicate this to existing and prospective customers. While a decent marketing plan will require some spending, you don’t need to break the bank. Think of creative ways to capture your audience’s attention, like coming up with a catchy name or catchphrase for your new offering.

A brilliant example is a recent flyer from Price Pointe, a wholesale store. The flyer, which was left on cars, had the following words printed to look like handwriting: ‘I’m sorry, about your car. Call me now!’. People who saw the messages assumed that someone had hit their car, only to open them to see news about a Lekki pop-up. Price Pointe did not spend any extra money on advertising than they already would have. They simply came up with a creative way to utilise an available advertising option successfully.

As companies look to innovate, strategic partnerships can not only help this happen faster, but can also increase the reach of both brands and ultimately help drive sales. Complementary businesses can partner to create new packages and market to each other’s demographics. Kewa’s Kitchen, a popular food company, struggled to make a profit at the start of the pandemic due to reduced catering orders. So the company had to get creative to increase sales from other avenues.

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They had many fun initiatives including a partnership with Anoela cards, a small greeting card company. Customers could send food to their loved ones on special days, as they could not meet in person, and include a card with a personal message . Both parties came together to creatively add value to customers, while increasing their visibility among each other’s consumer base. The result was a win-win situation for all.

Finally, entrepreneurs should direct more resources to accessing funding. It might be useful to have a dedicated member of the team commit more of their time and energy towards this. Finding funding can be very stressful if you run an SME. However, the pandemic has actually increased the amount of funding available to businesses as NGOs, governments and other funding bodies are looking to support post-COVID recovery. Figuring out how to carry out all these changes can be overwhelming to do on your own.

If you find that you need some support, consider applying for Impact Hub Lagos’ New Economy Booster program.  The programme was launched on 28 August. The deadline for applications, however, is on 17 September.

The New Economy Booster offers participants access to over $300,000 worth of resources including business coaching, platform development support, partnerships, meetings with potential investors and expert advisory services. The focus of the program is on businesses, ventures, and non-profits trying to create impact in the Trade, Agriculture, Healthcare, Education, and the Creative & Culture industries. Visit www.impacthublagos.com to learn more.

The pandemic and the events of the past few months have made entrepreneurship more difficult than ever. However, even now there are opportunities for businesses that recognize them. The businesses that survive this period, and even grow, will be ones that do the work in ensuring that their business continues to find fresh, new ways to add value to customers, partner with other businesses, clearly communicate their value proposition and aggressively go after funding. The New Economy Booster programme can help with all of these.

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NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

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Trading club in Nigeria for US stock investors

The clubs’ mission is to simplify complex financial information and decisions so that individuals have the confidence to trade & invest better.

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Trading club in Nigeria for US stock investors

30%Club, a trading club created for modern-day investors, wants every Millennial and Gen Z to invest in US Stocks. The club aims to be the go-to platform for educational and advisory resources for stocks and crypto investing. By breaking the knowledge barrier, we serve as a learning bridge for anyone looking to trade these markets. The US Stock market is the largest in the world and so every shrewd investor wants a slice of it. Now anyone can invest on any of the three regulated US Investment apps in Nigeria.

Thanks to the recent wave of fintech startups innovating brokerage services, tech-savvy millennials now have seamless and affordable access to the US stock markets. The timely introduction of Fractional Shares means folks can invest just $10 in their favourite companies effortlessly, from their smartphones. This new breed of enthusiastic investors will be naturally overwhelmed with the technical jargon and confusing terms, so there is a need for an educational bridge.

READ: FG to inject over N198 billion on capital projects in power sector in 2021

The clubs’ mission is to simplify complex financial information and decisions so that individuals have the confidence to trade & invest better.

Business Data Analyst Femi Adeoye notes that according to the data, amateur, retail investors have flooded into the US stock market in droves this year, with popular apps in the States reporting huge spikes in younger users.

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Mirroring the trend in America, globally first-time investors in Asia, Latin America and Nigeria are trading popular stocks like Amazon & Apple, as well as Tesla, Zoom and high-growth companies.

READ: Football: Manchester United net debt rises by 133% to £474.1million

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Users who sign-up with 30%Club have access to a dashboard with educational content, real-time market data, charting tools, instructional videos and podcasts. The platform is free for all to sign up while premium members are charged a fee for access to market intelligence from a few pros like Jim Cramer.

The club is non-custodial which means members handle & manage their capital personally. 30%Club does not invest nor trade on behalf of the public.

READ: Crypto owners robbed of 1,150,000 XRP

Trading is the new cool.

Seyi Atere-Roberts, the clubs’ founder, believes there will be a gradual explosion in active trading among young folks, even though this may begin as a side-hobby or hustle, with a potential for appetite to significantly increase as a regular monthly income. DIY Investing will become the norm, especially with the rising number of investment schemes failing to deliver their promised returns.

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We aim to guide the new generation of investors by providing a simplified learning experience. We implore our members to allocate most of their capital to long-term investing in solid Stocks, ETFs & Bitcoin while the rest to trading trends and momentum. The power of compounding ensures their long term portfolio grows exponentially while their trading portfolio profits from short-term trends bringing in additional monthly income. Investing is a lifelong lifestyle, trading is the new cool and investing in these fascinating assets is going to be as common as TikTok within the next decade.

You can learn the basics in an hour on our simplified Podcast and holla on Twitter or Facebook

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What every Nigerian business owner ought to know about bouncing back from 2020

While there is indeed access to several business tools on the internet, none have quite the contextual precision of SME Shop.

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It’s been said a thousand times already, 2020 was bad. But for those in business with a go-getter spirit, the question isn’t whether 2020 was bad or not, the question is how can 2021 be better? The answer to that question is SME Shop. If 2020 proved anything, it’s that having a great product, funding, and a group of people willing to buy what you’re selling, simply isn’t enough. You need to have knowledge, the kind of knowledge that defies pandemics, protests, and economic upsets. The kind of knowledge that SME Shop provides to MSMEs for free. SME Shop is the product of a collaboration between elite advertising agency TBWA Concept and Ford Foundation, which enlists industry experts in the delivery of lectures spanning marketing, distribution, best COVID-19 business practices, and so much more. It’s essentially a free, virtual masters in business. But how is SME Shop any different from the plethora of business gurus and hacks that exist online?

TBWA Concept assures that while there is indeed access to several business tools on the internet, none have quite the contextual precision of SME Shop. SME Shop’s lectures are delivered by the very people you look up to in business. It consists of leaders in fashion, tech, advertising, agric, and almost every industry you can conceive of. More so, because these are doers and not merely speakers of the word, you are afforded a learning curve that takes into consideration the many unique aspects of doing business in Nigeria, things like how to overcome the bureaucracy in accessing funds and grants. “Funding is important, but knowledge is better” says a TBWA Concept rep, the knowledge of how to access and apply those funds. And perhaps yours is an unconventional business, one made possible by the emergence of new media. Tik Tok, Influencer marketing, comedy, and content creation are quickly becoming viable businesses to pursue in Nigeria, but TBWA Concept insists that “Just because it’s a new business, doesn’t mean it won’t face the same old problems.” So it isn’t merely enough to know your craft, you must know the best business model to sell it.

TBWA Concept puts forward the example of the prosperous bubble that many businessmen in Nnewi lived in whilst the rest of Nigeria roiled in recession. It indicates that almost no market forces are beyond your control. With knowledge, all things are possible, so if you’re ready to innovate your way to business growth, this is it.

Beyond the virtual lectures, SME Shop provides consultations for MSME’s. You can register for the free courses here. Join the MSME revolution on our social media platforms and help your business bounce back from the upsets of 2020.

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Cititrust Holdings rewards outstanding staff

The highlight of the occasion was the presentation of the Staff of the Year Award to Mr Chuks Osuya by the Group Chief Executive.

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Cititrust Holdings rewards outstanding staff

Leading pan-african financial and investment conglomerate, Cititrust Holdings Plc, has held its annual award ceremony to reward outstanding employees across its subsidiaries and divisions for their hardwork and dedication.
This year’s event was held on Friday, November 13, at the banquet hall of Lilygate Hotel, in Lekki, Lagos.

READ: Tantalizers suffers loss of N245 million in 2020 9M

The occasion was witnessed by ranking members of the company’s management team, including Mr Yemi Adefisan, Group Chief Executive; Mr Ikechukwu Peter, Country Chief (Nigeria); Mrs Imade Edah-Dike, Country Chief (South Africa); Mr Afolabi Martin, Group Executive Director, Finance and managing directors of subsidiaries across Africa.
Adefisan in his remarks said Cititrust Holdings considers employees its most prized assets hence its continuous investment in their welfare.
“We consider our human resource as our most important asset. That is why we spare no cost in ensuring that they are well motivated and appreciated at all times. This has been our philosophy, which reflects on our employee productivity numbers year on year,” Adefisan said.
Also commenting on the company’s annual CEOs Retreat, which preceded the awards ceremony, Adefisan said the retreat afforded the executive management team the opportunity to strategise for the next financial year 2021.
According to him, the company has successfully undertaken a “critical reassessment of our current business models and have identified the required adjustments necessary to significantly boost our value propositions to investors and stakeholders, and also ensure the realisation of our strategic agenda”.
The highlight of the occasion was the presentation of the Staff of the Year Award to Mr Chuks Osuya by the Group Chief Executive.
Other award categories include, Award for Excellence, Division of the Year, Best Performing Company of the Year, Award for Prudence, Product of the Year, Most Innovative Company of the Year and Managing Director of the Year.
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