Nigeria is wasting time on some of the cost cutting ideas I have been reading lately. Simply, the government is not sincere.  How do you expect the citizens to tighten their belts when we’re still expanding wasteful bureaucracy? Yes, we continue to create an illusion of abundance, when we’re shouting that Nigeria has no funds!

In some states, we have a governor who appointed dozens of aides and yet expects workers to tighten their belts. In the federal government, we can now fly presidential jets to watch a polo game, and yet claim that Nigeria is broke. Nonsense!

Nigeria does not need to attend Harvard or LSE to understand a people’s oriented leadership. We have case studies in Mbakwe (Imo State) and Jakande (Lagos State). These men served and people believed them.

Their authentic leadership and believability helped them to tap into the resources of their citizens to develop their states. Mbakwe raised money for the state budget on radio and tv stations, challenging pupils, students, workers, businesspeople, etc to donate and contribute funds to advance the state. And they responded – and he executed great projects. Jakande and Rimi (Kano State) were also doing great things, through common-sense trusted leadership.

So, here is the summary: the National Assembly, Executives at federal and state levels, etc should cut their salaries, expenses, etc by at least 40% before we can truly believe that Nigeria has no money. Until then, I am not sure many will understand.

Good People, beyond what anyone is telling you about Nigeria, our problem is clear: TRUST SCARCITY. And with that, no one is connected to any grand national mission. That must change if we hope to advance as a nation. Yes, if we return to the playbooks of Mbakwe and some of his peers, the national project becomes possible.

Nigeria does not have a dollar scarcity problem or whatever scarcity you may think. Our challenge today is TRUST scarcity. I had planned to drop my Option #2 on how to fix the forex problem, but after reading comments on the Option #1 on social media, I came to this conclusion: it is beyond US dollar scarcity, the real challenge is TRUST scarcity. And Nigeria needs to focus on that.

Comment on Feed

Comment: The reduction in salaries will likely have minimal impact.

My Response: We’re not talking of the savings. It is about a mindset shift. If the National Assembly shows a mindset of austerity, then NLC, etc will pick the signals. But you cannot buy N200m plus SUV per lawmaker and you ask workers to manage N30k monthly!

Comment 2: How do we find these trusted people

My Response: Elect people who can inspire you – and you can believe.

Have you ever sat down to look at your staff list and ask how they contribute to the bottom line? If you are an entrepreneur who has fallen into tough times in the past, you must have done this at least once. Some employers go as far as to ask the employees one after the other, mostly out of frustration. But maybe the critical question is – how did you get there in the first place?

How did you end up with many employees who may be engaged in some activities but are not contributing to the bottom line?

It starts with your recruitment

The right people may be beneficial, but employing them at the right time is also critical. The first step in recruiting anyone should be determining what they would do for your company and how it would either reduce losses, increase profits, or help better utilize other resources. From that point, you should be able to determine what precisely the new hire would be doing in the first month after resumption.

If, before hiring, you cannot spell out what a typical work day would look like for that staff or what KPIs would be measured at the end of the month, then maybe it is not yet time to hire for that role. You cannot hire staff without clear job descriptions and turn around to harass the staff for not contributing to the bottom line.

Some employers rush to recruit when they think one person is overwhelmed with work. Ultimately, they recruit a staff they cannot fully engage to be productive for the business.

Define Your Core Values and entrench productivity

Every successful company is built on a foundation of core values. These values form the backbone of your organization’s culture. Entrepreneurs should take the time to define their values and communicate them clearly to all team members. This helps in aligning everyone toward a common goal and work ethic.

At the core, you should be able to create an environment where innovation, productivity, and collaboration thrive. Do away with office politics and clarify from the beginning that people will be rewarded for their work, not necessarily how friendly they are with the management.

Lead by Example

As an entrepreneur, you are the cultural architect of your company. Your behavior and work ethic will set the standard for your employees. Leading by example, demonstrating your commitment to productivity, and maintaining a solid work ethic will inspire your team to do the same. If you have a weak work ethic, it is only a matter of time before it begins to rub off on your employees.

Prioritize Open Communication

A culture of productivity thrives on open and honest communication. Encourage your team members to share their ideas, concerns, and feedback. Give feedback and request the same. This open dialogue not only fosters a sense of ownership and accountability but also provides valuable insights for continuous improvement.

Set Clear Goals and Expectations

Productivity flourishes in an environment where objectives are well-defined. Establish clear goals and expectations for each team member, department, and organization. Make sure everyone understands their role in achieving these objectives. When the goals are clear, employees will stretch to fill them. But when there is no clear KPI or expectation, they begin to shrink their capabilities to fit the little expectations you have of them.

Invest in Employee Development

A workforce valued and invested in is more likely to be productive. Support employee growth by offering training and development opportunities. Regularly find out from your employees what training they are taking to improve how they do what they do. Encourage them, and recommend courses you think would be of value to them. It may be an e-book you downloaded, a video you came across on YouTube, or a free course on Coursera. This not only enhances their skills but also shows that you care about their professional advancement.

Embrace Technology and Automation

Leverage technology and automation to streamline processes and reduce repetitive tasks. This frees up your team’s time for more meaningful and creative work, increasing productivity.

Foster Collaboration and Teamwork

A culture of productivity doesn’t mean isolation; it means effective collaboration. Encourage your team to work together, share knowledge, and brainstorm ideas. Collaborative efforts often yield more innovative solutions.

Recognize and Reward Achievement

Recognizing and rewarding your team’s achievements is a powerful motivator. Create a system for acknowledging outstanding performance, whether through bonuses, promotions, or simple public recognition.

Encourage Work-Life Balance

A focus on productivity should not come at the cost of employee well-being. Encourage work-life balance by offering flexible schedules and supporting stress management programs.

A well-rested is a happy team, and a happy team is a productive team.

This list is not exhaustive, and I am sure that you have your thoughts on this. What else do you think employers can do to make employees more productive?

Regarding entrepreneurship, there is this saying: “It’s not what you know, but who you know.” It is a statement that holds more truth now than ever before. Building a successful business isn’t just about having a brilliant idea or a killer product; it’s also about cultivating the right relationships. Founders and entrepreneurs today are discovering the immense value of leveraging communities for funding, business growth, and collaborations.

Let’s explore why communities matter and how to harness them to propel your business forward.

1. Funding Opportunities Abound:

One of the primary challenges that entrepreneurs face is securing funding to turn their vision into reality. Traditional sources like banks and venture capitalists are just one piece of the puzzle. Communities, both online and offline, offer alternative funding opportunities that can be a game-changer for your business.

Crowdfunding platforms like Kickstarter and Indiegogo have helped countless entrepreneurs raise capital from a community of supporters who believe in their ideas. Moreover, niche business communities often have angel investors or members willing to invest in promising ventures. These investors provide capital and bring a wealth of experience and industry connections.

2. Accelerating Business Growth:

Beyond funding, communities offer a wealth of knowledge, expertise, and mentorship that can accelerate your business growth. Entrepreneurial communities often comprise seasoned professionals who have overcome similar challenges. By tapping into their collective wisdom, you can avoid common pitfalls and make informed decisions.

In addition to advice, communities provide a platform for networking and relevant partnerships. Collaborations with fellow entrepreneurs, professionals, and businesses can open new doors and markets. Joint ventures, strategic alliances, and co-marketing efforts can help your business reach a wider audience and expand more rapidly than you could.

3. Building Trust and Credibility:

Trust is the currency of business, and communities are fertile ground for building it. Engaging with a community and contributing value not only establishes your expertise but also showcases your commitment to the industry or niche. As you become a trusted member, you’ll find it easier to attract customers, partners, and investors.

Sharing your experiences, challenges, and successes within a community humanizes your brand. People are likelier to do business with someone they know, like, and trust. Being an active community member can help you establish a positive reputation, which can be a valuable asset as you grow your business.

4. Online and Offline Communities:

Communities come in all shapes and sizes, and you can find them online and offline. Online communities include social media groups, forums, and industry-specific platforms like LinkedIn. These provide a convenient way to connect with like-minded individuals worldwide.

Offline communities encompass local business associations, meetups, conferences, and chambers of commerce. These gatherings offer face-to-face interactions that can foster deeper relationships and lead to more tangible opportunities.

In Conclusion

As an entrepreneur or business professional, your journey does not have to be a solitary one. Communities are invaluable resources that can provide funding, guidance, partnerships, and a sense of belonging. By actively participating in relevant communities, you can leverage their collective power to fuel your business growth and achieve your goals.

I encourage being a part of a community. It can expose you to information in your sector that you would otherwise not know if you were not a part of that group of like minds.

So, whether you’re a seasoned entrepreneur or just starting, take the time to seek out and engage with communities that align with your industry and goals. Invest in relationships, offer your expertise, and be open to collaboration. You will discover that the support and opportunities within these communities can catalyze your business’s success.