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Home Blog Page 7021

How To Run A Profitable Consulting Business in Nigeria

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If you run a consulting practice, the most important phase in any engagement is understanding the customer. If you miss that element, you would struggle all through the engagement. To understand a customer, you have to approach everything with a learning spirit irrespective of what you think you are. The fact is this: the customer understands and knows his business more than you.

Yet, he is hiring you to deepen his perspectives. But never think he is hiring you because you are “smarter”. If you go with the smarter mentality, you will fail. Sure – you have accomplished many things for someone to hire your practice, but always remember that a product usage is whatever a customer uses it for.

Yes, some buy goats to eat, some buy to throw into waters for their gods while some prepare the same goats, abstain from tasting any portion and leave all for god-trees. If you sell goats, your antenna must be to manage all those different customers because the goats which you sell mean different things at utility levels to your customers. It is by listening and learning from the customers that you can understand what works.

If you serve many Igbo non-highly educated businessmen [few weeks in secondary schools if they even entered], do not waste time with strategy because they would stop you within minutes. Focus on realizable Naira amount and work backward to strategy and funding needs. Your frameworks and strategies are wastes of time. But if you show the money – the next question would be “How do we make this happen in this company?” Once they drop that direction, you can move into strategy. Always remember that most do not have structures like typical corporate entities with layers where the top management is the heart of strategy. Here, the factory man is possibly living in the founder’s house and he can ask him any question anytime. So, working on strategy must include tactical and operational components because if you expect the client to go and develop them, you will fail. He has no structure to break the big picture “strategy”. Understanding this lack of structures must be obvious as you do your costing.

Simply, running a practice is a service: you have to listen to deliver impacts. Then after you have listened, as a subject matter expert, you would bring your broader views, and accumulated capabilities to do three things:

  1. Help the client improve on what he is doing at the moment. Because technology is the enabler, it makes sense to have components of it when the productivity gain becomes critical. The technology must not just run the firm; it must also transform it.
  2. Provide deeper insights beyond what the client is doing. This is what we call Frontier Mapping in my practice. Here, with our knowledge of the client business and our understanding of the local market (read this piece I wrote in Harvard Business Review on why that is important), we can create a new future in that business.
  3. Deliver a managed roadmap which helps the client to win today even as he prepares for tomorrow. We would never ask you to abandon what is working today for something that promises to be bigger tomorrow. We will rather find a way to bring both in sync so that your transition does not affect the mission – fixing frictions in the market. The key is making sure that today’s promises fund the expected unborn future. Yes, invest in the offline world even as you prepare for the digital one because today’s business in Nigeria is still largely offline-anchored.

In our practice, we deploy proprietary management concept and execution strategies encapsulated under  CIPA (Content, Illustration, Practice and Application) to deliver new markets and territories for clients.

Finally, communicate with awareness and that means do not score own-goals. Nothing destroys your reputation when your customer sees you as being unaware: providing suggestions which everyone in the sector had tested and failed! Unless you have something new, possibly with technology which can help improve marginal cost or productivity, do not send your clients to dead-end. But awareness comes with observation which means your antenna must be sharp. It is when you combine both that you can leave memorable moments in Boards and Executive Management to approve those contracts. If you cannot provide new insights in your presentations (at least), it may be time for you to update your resume because you would struggle to build that trust necessary for a business to put its future in your hands!

[Giveaway] MacX MediaTrans is Ultimate iTunes Alternative for iPhone Data Transfer with Mac

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I got a new Mac two weeks ago, and that created a new challenge for me: how to transfer many contents which I have on my iPhone and iPad into the new Mac. This is necessary because moving photos, videos, music and other files from the mobile devices to Mac helps to clear storage space. I checked online on how I could do this effectively at the least possible time. Thank goodness, I found a solution: MacX MediaTrans.

MacX MediaTrans is an iPhone manager for Mac. It does this better than iTunes I must note. Yes, the product interface makes the whole process seamless. In the past, I had used iTunes but after using MacXTrans, I can report the following benefits and why you should try it – it is simply better than anything in the market today.

MacX MediaTrans delivers fast file transfer speed and it is also easy to use. It makes it possible to sync contents bi-directionally, from iOS devices and Mac and that implies you can move contents from your iPhone to Mac and vice versa. One thing I found very useful was the selectivity which enables the capacity to select only the files you want to transfer without having to transfer all files. By having that feature, MacX MediaTrans delivers faster speed and that means saving of time. It also ensures that you preserve space by having only the things you want moved.

More so, ove the time I have used this product, I have not experienced any error as it fixes iTunes errors effectively. It is a delightful piece of engineering which supports transfer of videos in MKV, FLV, AVI, WMV and more besides the regular ones accepted by iTunes. As you do this, you would experience elite auto compression technology with capabilities to auto compress large 4K, HD video files to save iPhone space, and auto convert video format for iOS. There is nothing comparable in the market today to what you get from these features.

Across all nexus, MacX MediaTrans delivers quality even when you are transferring non-iTunes music files. Yet, none could be as useful as the ability to turn your iPhone as a USB to save Word, to Excel, PDF, dmg, apps, ibook, etc, securely. That is how impressive this solution is and you need to test it.

All Together

With these benefits, I certainly think that you would like to explore MacX MediaTrans as you plan your backup strategy for many iOS mobile devices. Interestingly, there is a giveaway by the product creators at the moment. Yes, this Christmas giveaway will give you a license key of MacX MediaTrans for free, and you can use the solution to experience the magic of great engineering. You need to hurry as the offer lasts till Jan 10, 2019. Get it today and say goodbye to space woes, data loss, lengthy syncing, and other iTunes errors or restrictions.

Breakdown of Proposed 2019 Nigeria Budget by President Buhari

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Forget the rowdy session in the National Assembly today, here is the breakdown of the proposed N8.83 trillion ($25 billion or $29 billion depending on your choice of exchange rate) Nigeria national budget for 2019.

  • President Muhammadu Buhari proposed a budget of N8.83 trillion for 2019.
  • A quarter of the sum (N2.14 trillion) will be used for debt servicing
  • Capital expenditure is expected to gulp N2.031 trillion
  • Proposed recurrent expenditure is N4.04 trillion
  • Statutory transfer is N492.36 billion
  • Sinking fund is N120 billion
  • Capital expenditure is N2.031 trillion
  • The budget was prepared on the assumption of $60 per barrel with crude oil production of 2.3 million barrels per day
  • The exchange rate is assumed at N305 to $1
  •  A real GDP growth of 3.01% and inflation rate of 9.98%t were assumed.

 

You can download the full budget presentation here (pdf)

Nigerian Budget Presentation 2019

Source: Deloitte Nigeria

Deloitte Summary: The 2019 Budget which flows from the 2019-2021 Medium-Term Expenditure Framework (MTEF) showed projected aggregate expenditure of N8.83 trillion, expected revenue of N6.97 trillion and a deficit of N1.86 trillion. The planned expenditure for 2019 is lower than the approved 2018 Appropriation Act figure of N9.12 trillion by 3% but higher than the estimate of N8.6 trillion contained in the President’s initial submission to the National Assembly. The expected revenue of N6.97 trillion for 2019 is also lower than the approved 2018 budget of N7.17 trillion by 3% but higher than N6.6 trillion contained in the Appropriation Bill initially submitted by the President.

Nigeria’s Weakest Link Could Cause Economic Dislocation in 2019

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Let me tell you – the biggest risk in Nigeria as we enter 2019 is not the national election. People, if oil price continues to go south, Nigeria could see massive dislocation where even public sector workers may go months without salaries. Our 2019 national budget was anchored on $60. Today, oil is $46.

President Muhammadu Buhari has presented an N8.8trn budget for 2019.

According to the president, who gave the figure Wednesday during the 2019 budget presentation before a joint session of the National Assembly, the amount is higher than the N8.6 initially proposed.

The budget is predicated on $60 per barrel of oil benchmark at 2.3m litres per day, a GDP growth rate of 3.01 percent and inflation rate of 9.98 percent.

According to President Buhari, NNPC has been directed to take all measures to achieve the targeted 2.3m oil output per day.

But get the problem: the oil gods, legends who used to predict oil movements, are incapable now because oil is now produced from many channels, beyond OPEC, for them to model price points. Yes, unlike in the past where knowing the production volume of few countries and putting all into global GDP growth, manufacturing indices, etc, you can say oil will be $AB price. Today, some men in Oklahoma are pumping oil and no oil can track them. So, like how Internet works on digital distribution, the entry points have been unbounded, tripping markets. Supply glut is here and managing it is moving away from the powers of OPEC.

The bear market in oil keeps getting worse as worries about global growth and a supply glut ratchet higher.

US oil prices plummeted 7% on Tuesday to settle at $46.24 a barrel. It was crude’s weakest close since August 2017.

The deepening downturn in the oil patch is yet more evidence of investors fleeing risky assets as they brace for an economic slowdown. The same growth jitters that are rocking Wall Street — the Dow and S&P 500 are on track for their worst December since 1931 — are infecting commodities. Small-cap stocks plunged into a bear market on Monday.

Few days ago, the DG of the Budget Office challenged government institutions to re-double efforts on revenue collections in Nigeria. They need that because if Nigeria cannot improve revenue collection, next rainy season would be challenging.

It is a fearful trajectory – I am worried. I hope Mr. President and his teams are watching because his 2019 budget is already off by 20% and we are not even in 2019 yet. That “emergency” declared by the DG of Budget Office and Mr. President’s admission that the economy is in “bad shape” are reasons why everyone must put the country first. We need to deal with our over dependence on oil – that nation’s weakest link – in this generation. But we need to survive rainy season of 2019, hoping that shale gas entrepreneurs would have distractions.