Before he died, a father said to his son, “Here is a wristwatch that your grandfather gave to me. It is almost 200 years old. Before I give it to you, go to the jewellery store downtown. Tell them that I want to sell it, and see how much they offer you.”
The son went to the jewellery store, came back to his father, and said, “They offered $150.00 because it’s so old.”
The father said, “Go to the pawnshop.” The son went to the pawnshop, came back to his father, and said, “The pawnshop offered $10.00 because it looks so worn.”
The father asked his son to go to the museum and show them the watch. He went to the museum, came back, and said to his father, “The curator offered $500,000.00 for this scarce piece to be included in their precious antique collections.”
The father said, “I wanted to let you know that the right place values you in the right way. Don’t find yourself in the wrong place and get angry if you are not valued. Those that know your value are those who appreciate you, don’t stay in a place where nobody sees your value.”
The Central Bank of Nigeria (CBN) Monday, announced the introduction of a new financial instrument known as ‘The 100 for 100 PPP’ Policy on Production and Productivity to boost local production and productivity in various sectors of the economy.
The initiative by the CBN is expected to provide support for selected private sector companies in the country as well as part of steps to reverse the country’s overreliance on imports.
The CBN governor said the new policy will also be anchored in the CBN Development Finance Department under his direct supervision.
The CBN governor pointed out that the initiative was the best and most sustainable way to address the naira’s value whether in hard currency or digital eNaira through production, production and more production.
He said, “Working through banks, the financial instrument will be available to their customers in critical areas to boost the production and productivity, and to immediately transform and jumpstart the productive base of the economy.
Emefiele explained that the policy seeks to advertise, screen, scrutinise and financially support 100 targeted private sector companies in 100 days, beginning from November 1, 2021, and rolling over every 100 days with a new set of 100 companies, whose names will be published in National Dailies for Nigerians to verify and confirm.
“After these 100 projects by companies in the first hundred days from November 1, we will take the next 100 companies/projects for another 100 days beginning February 1, 2022, and then another 100 companies for another 100 days beginning from May 1, 2022.
”We believe that if we target and support the right companies and projects, we will see a significant, measurable and verifiable increase in local production and productivity, reduction in certain imports, increase in non-oil exports, and improvements in the FX-generating capacity of the economy.”
On another note, President Buhari today, launched the eNaira – a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.
President Muhammadu Buhari will Monday, October 25, 2021, formally unveil the Nigerian Central Bank Digital Currency, known as the eNaira at the State House, Abuja.
It stated that the launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payment system in order to make financial transactions easier and seamless for every stratum of the society.
“Following series of engagements with relevant stakeholders including the banking community, fintech operators, merchants and a cross-section of Nigerians, the CBN designed the digital currency, which shall be activated on Monday, October 25, 2021.
“The eNaira, therefore, marks a major step forward in the evolution of money and the CBN is committed to ensuring that the eNaira, like the physical Naira, is accessible by everyone,” the statement read in part.
The CBN said the unveiling marked the first step in the journey, which would continue with a series of further modifications, capabilities and enhancements to the platforms.
The CBN stated that it would continue to work with relevant partners to ensure a seamless process that would benefit every user, particularly those in the rural areas and the unbanked population.
“Since the eNaira is a new product, and among the first CBDCs in the world, we have put a structure to promptly address any issue that might arise from the pilot implementation of the eNaira,” the CBN said.
Following Monday’s formal launch by the President, the CBN stated that it would further engage various stakeholders as it entered a new age consistent with global financial advancement.
It added that the theme of the eNaira is ‘Same Naira, more possibilities,’ and that more details are on enaira.gov.ng.
In the dictionary, a consultant is defined as a person who is knowledgeable in a specific area and serves as an advisor to either a company or another person.
There is no doubt that businesses understand the importance of consultants. Firms in the U.S. spent more than $12 billion in 1997 on consultants. Association of Professional Consultants spokesperson Anna Flowers reports an increase in information requests from people seeking entry into the industry. Anna believes the market for consulting business is expanding.
Consultants consult. That’s all there is to it. However, what distinguishes a good consultant from a bad one is their passion for excellence. And–yes, a consultant should know the area on which they are consulting. This makes all the difference.
Starting a consulting business
It is tough to start any business, but it is even more challenging for one whose goal is to help others run their own more efficiently.
Generally, finding a niche would be an excellent first step in starting a consulting business. Some common niches to consider, depending on your area of expertise, include; Human resources, strategy, law, technology, or some other niches that will help other businesses improve and grow.
Regardless of the category, the client wants guidance but does not desire to hire a full-time advisor. It is your job to fill that gap. Your consulting business may be on the horizon if you have the skills and know-how to offer and you like the idea of being your own boss.
Upon finishing this guide, you will be able to turn your skills and knowledge into a profitable and successful consulting business.
Why start a consulting business
Consultants have many advantages. They are flexible in the jobs they take and the rates they charge for their services. A consulting business has minimal overhead, and you can scale up and down to fit your lifestyle and finances.
Nevertheless, some factors must be considered in order to give your consultancy the best possible shot at success. Before you start your own consulting firm, consider these questions, including how to define your niche, choose your rates, and grow your customer base.
Who can start a consulting business
The fact is, in today’s world, anyone can become a consultant. You just have to figure out what your special gift is. For instance, do you enjoy working with computers?
How often do you keep up with changes to software and hardware, which seem to be occurring almost every day? And can you turn that knowledge into something that people would pay money for? Then you would be an ideal computer consultant.
Or do you know about fund-raising? You may have spent years working for nonprofit agencies in the areas of fund-raising, marketing, public relations, or sales. This is another growing field that you can consider becoming a consultant in if you have the knowledge and experience.
Questions to ask yourself before becoming a Consultant
Is there any certification or unique licensing I need? In certain professions, special certificates and licenses may be required before you can work as a consultant. You will have to do your research on this first. If your industry requires you to get some special certification or license, then do well to get it first before starting.
Do I have the qualifications to become a consultant? Make sure that you have the capabilities to do the job before you put out a notice and hope clients start knocking on your door. To become a computer consultant, for instance, you must stay on top of all the changes and trends in the computer industry.
How organized am I to be a consultant? Do I enjoy planning my day? How well do I manage my time? I hope you answered “yes” to all three questions!
Is networking something I enjoy? Consultants today must network to succeed. Get started building your network today.
Do I have short-term and long-term goals? If so, are they compatible with becoming a consultant? You may want to reconsider moving in this direction if you do not believe that your career goals match those required to open and run a consulting business.
Start a Consulting business in Nigeria in 7 steps
1. Pick a Niche
A niche is the area of specialization or industry in which you possess the most experience, skills, basic networks, and knowledge. You need to be passionate about seeing businesses within that sector grow to increase your desire to acquire more knowledge and skills.
Build a business around a niche in which you have high expertise.
2. Registration
Make sure you cross all Ts and dot all Is on all the documents you need to start your firm. Ensure that you are registered with all the relevant authorities, including the Corporate Affairs Commission of Nigeria and the Institute of Management Consultants in Nigeria.
3. Create your website
Business consultants are sought after by many people who are on the internet every day looking for solutions. Prospective clients can find current and complete information on the company’s consulting services on a good website. So, invest in building a great website!
4. Get yourself an Office
When you have adequate capital, renting an office in an accessible but strategic location is a good idea. A good place might be near a lot of businesses in your niche or just a popular area. You could also work from home while going to your clients’ offices for meetings if you want to start small. Here is how you can run a virtual consulting business from home.
5. Employ assistants if you can
A co-consultant or assistant can help reduce the amount of work you have to do. As an example, an assistant or two can answer phone calls, take notes, respond to emails, schedule meetings, type documents, and maintain client records.
6. Set your fees
In general, service fees shouldn’t be too high or too low. Instead, they need to be competitive and fair for services rendered. To decide a reasonable price for your services, find out how much other consultants in your field charge. By researching and calculating, set fees can be kept within the price limit and avoid losing profit.
7. Marketing
Plan a marketing strategy that focuses on attracting and pulling in the right clients. Take advantage of both social media and blogs as well as newspapers, magazines and journals. Referrals and public speaking are two other ways to find clients.
A list of consulting businesses that are thriving today
Although you can be a consultant in just about any field these days, the current top 20 consulting firms include:
1. Accounting
No matter how big or small, all businesses require an accounting service. An accounting consultant can handle all of a company’s financial needs.
2. Advertising
Consultants of this type are often hired by businesses to design an excellent advertising campaign.
3. Auditing
From consultants handling utility bill audits for small businesses to consultants operating large-scale work for telecommunications companies, auditing consultants are living the life these days.
4. Business
Can you help a business make money? Having a good sense of business will make you a good business consultant. This is the second most sought-after field after computer consulting.
5. Business writing
Most business people find it difficult to write even a simple memo-let alone a report. That’s where a business writing consultant comes in!
6. Career counselling
People will always need career counsellors since corporate downsizing are becoming more and more common. A career counsellor helps clients find a job or profession where they will be productive and happy both as employees and as individuals.
7. Communications
Businesses of all sizes and types hire communication consultants to improve communication between employees, which leads to increased efficiency and smoother operations.
8. Computer programmer
The biggest problem you will have if you know computers, from software to hardware, and everything in between is that you will not have enough time in the day to attend to all the many clients you’d have.
9. Editorial services
Expert editors will always be appreciated, whether they are producing newsletters or corporate annual reports.
10. Human resources
Consulting in this field will always enjoy a never-ending supply of corporate clients, both big and small, so long as businesses have people problems.
Do you have experience writing marketing plans for businesses? Do you have ideas that you believe will help to promote a company? How about trying your hand at marketing consulting?
In conclusion
Anyone with a significant amount of experience, expertise, and exceptional management skills in a particular industry can be a consultant. Even though these are some of the essential characteristics of all consultants, they do not guarantee success. Instead, success results from constantly improving those skills so that clients are provided with highly effective solutions.
There is a growing awareness among Nigerians about the advantages of consulting both for their business and personal lives. Consequently, consulting businesses are flourishing in Nigeria. To succeed in this business, you need to be patient, motivated and eager to help businesses and individuals grow.
The Central Bank of Nigeria (CBN) has said it will support youth in tertiary institutions with grants to promote entrepreneurship and reduce unemployment.
The CBN disclosed this on Wednesday in a report, titled ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme’. CBN developed the Tertiary Institutions Entrepreneurship Scheme(TIES), in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.
The apex bank stated that the goal of the TIES is to enhance access to finance to undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.
CBN stated that, “the Scheme is designed to create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development and job creation.”
Regarding the grant, the CBN would distribute ₦500million among the top 5 tertiary institutions with the best pitch.
CBN said, “Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – ₦150m; second place – ₦120m; third place – ₦100m; fourth place – ₦80m; and fifth place – ₦50m,”
The apex bank stated that it, ”shall constitute a Body of Experts (BoE) from the private and public sector for the biennial regional and national entrepreneurship competitions to evaluate entrepreneurial and technological innovations submitted by Nigerian polytechnics and universities. The Body of Experts (BoE) shall recommend projects with high potential and transformational impact for the grant award.”
It added that activities to be covered under the scheme would include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in areas such as agribusiness, information technology, creative industry, as well as science and technology.
The CBN said agribusiness would include production, processing, storage and logistics, while information technology would include application/software development, business process outsourcing, robotics and data management.
It said the creative industry would include entertainment, artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics; while science and technology would include medical innovation, robotics, ticketing systems, traffic systems, renewable energy, and waste management.
According to the report, the interest rate will be five per cent per annum and nine per cent effective from March 1, 2022, or as may be prescribed by the CBN.
The beneficiary must apply on the dedicated online portal and provide all requisite documentation to support the application, the CBN said.
Who is eligible?
Applicants under the Scheme shall be graduates of Nigerian polytechnics and universities with:
i. First-degree certificate (BSc/HND/ or it is equivalent); ii. National Youth Service Certificate (NYSC) discharge or exemption certificate; iii. Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and iv. Not more than 7 years post-NYSC.
When the pandemic became a phenomenon, and more consumers developed a preference for online food vendors, restaurants evolved and improved on the idea of ‘home delivery’. That put more delivery bikes on the road but kept restaurants in business. Some restaurants across the country made conscious efforts to grow their online presence, and benefited from it – except of course, when Twitter was banned.
Restaurants have always played an essential role in the business, social, intellectual and artistic life of a society. When you think of it, major events of life, personal and professional, are celebrated in restaurants. Strangers become friends around a table in the safe environment of a restaurant. Also, acquaintances become lovers across a restaurant table, and it is a whole book of events and memories created at a restaurant table.
Restaurants are more important than ever. And, in an increasingly complicated economic reality, restaurants are a stronghold of local communities. The restaurant industry fosters regional job growth, and supports local agriculture. In simple terms, restaurants indirectly support peripheral businesses like farming, food and beverage purveyors, restaurant technology and many more that developed their business models to supply the growing restaurant industry and employ millions more workers.
It is for the sole reason of the knowledge of the indispensability of restaurants that we listed these 10 restaurants in Abuja you can visit, forge relationships and have fun in the process:
Located at Ceddi Plaza, Central Business District, Abuja, the main purpose of Nkoyo is to serve beautifully cooked Nigerian food using traditional herbs and spices. They have a wide range of dishes to satisfy different customers. Ranging from hearty Nigerian food to sandwiches and salads. The atmosphere of the restaurant is sophisticated and inviting.
Nkoyo pride themselves in a clean open kitchen to entertain and ensure customers that their meals are prepared with the utmost respect and in standard conditions. The restaurant is being run by professionals, people with experience in the culinary world.
Nkoyo is open from 11 am to 11 pm every day of the week.
Cilantro Abuja
Cilantro Abuja
Customers who have gone here have insisted that five stars may not level up to the quality of service Cilantro offers. The menu lists different food cuisine – with the Indian and Chinese menus keeping customers salivating. In fact, the menu is rich and you may come to a dilemma on what to order.
You can make reservations at Cilantro, and the environment is breathtaking, nature-based, with monkeys jumping from one tree to another, you can keep looking at the display from the monkeys or the beautiful botanical garden and lightning.
Cilantro Abuja is located at Ibrahim Babangida Way, Maitama, Abuja, and is open 11:30 am to 11 pm every day of the week.
BluCabana Restaurant & Cafe
BluCabana Restaurant & Cafe
Located in the heart of Abuja, Blucabana is a chill, calm spot away from all the noise in town. Blucabana restaurant provides a wide selection of local and international delicacies, served by well-trained and friendly staff.
Meals at Blucabana are prepared fresh by gourmet chefs. The finest ingredients are used for the most delicious dishes that will delight you and make your experience in our restaurant unique. You can choose between indoor dining, restaurant terrace or by the pool.
The restaurant offers themed nights and live entertainment on selected nights and occasions. BluCabana is a kid-friendly restaurant that serves families delicious food with a special kids menu and an indoor kids playground to keep kids entertained as it’s also a great space to host birthday parties.
Blucabana is located at 1322 Shehu Yar’adua Way, Mabushi, Abuja, and is open 9 am to 10:30 pm.
Jevinik Restaurant
Jevinik Restaurant
With over 25 years in business, Jevinik Restaurant has acquired ample culinary skills to serve customers homemade mouth-watering African-Style delicacies, served in a cosy restaurant and at a reasonable price. The team, in collaboration with a working background, have put together recipes that are modern, seasonal, healthy, and pleasurable to the buds.
Jevinik’s unique style of cooking is boundless, as the wide range of meals cut across cultures in Nigeria and Africa. Jevinik could take you on a ride to Calabar with specially prepared Efik dishes like Abak, Afang Edikang Ikong, Editang, Afia Efera and many more.
Jevinik is located at 1594 Sir Ladoke Akintola Blvd., Off Lagos Street, Garki II, Abuja, and opens 9 am to 10 pm.
Cantina Restaurant
Cantina Restaurant
Cantina is an Italian restaurant based in Abuja. The menu here is filled with an eclectic selection of food and wine, guaranteed to leave an impression on customers.
Cantina is a family owned business, gaining a great reputation for its cleanliness, warm ambience and ultimately superb dining experience. The staff is comprised of individuals from all across the world, giving you a diverse group of people to learn and socialise with. Whether you are in search of a quick breakfast or lunch, a relaxing dinner, or an appetiser and cocktails, our experienced and courteous staff will make your visit a memorable one.
Cantina is located at 30 Yedseram St, Maitama, Abuja and closes 11:30 pm.
Silk Road Restaurant
Silk Road Restaurant
Silk Road Restaurant is the largest Chinese restaurant in Sub Saharan Africa. It is located at Sinoki House, plot 770, off Samuel Ademulegun avenue, opposite Federal Ministry of Transport, Central Business District, Abuja and is open 11am–10pm every day of the week.
A visit to Silk Road Restaurant leaves you with an awesome experience, especially as customers’ reviews have shown that Silk Road restaurant offers the best.
City View Restaurant
City View Restaurant and Grill is no doubt Abuja’s most celebrated restaurant. Set in the heart of Wuse, Abuja’s Upscale environment, City View Restaurant and Grill has arguably the best cuisines of any restaurant in Abuja, with a traditional setting.
City View blends contemporary elegance and comfort with innovative cuisine and excellent service. The original menu and unique decor gives an ideal setting for business meetings, romantic evenings, or a night out with friends.
A meal at City View is one you won’t soon forget and value you won’t believe. Captivating the imagination of critics and the dining public alike is City View Restaurant and Grill’s nature-based menu created by world-class Chefs.
City View is located at Imperial Bakery Complex, 7 Capetown Street, Off IBB Way, Wuse Zone 4, Abuja, and is open 12 noon to 11 pm.
355 Steakhouse & Lounge
355 Steakhouse & Lounge
355 Steakhouse & Lounge represents 355’s luxury brand while maintaining some key aspects of the original restaurant. Similar to the layout at the Lagos location, the space consists of a restaurant on the first level, an outdoor cabana area, and two lounges on the second level. The restaurant offers a signature selection of quality steaks and also features a selection of continental dishes.
355 brings customers Mexican and continental fine dining, in a unique and creative environment. They have a range of special cocktails and drink compositions from frozen margaritas to beer cocktails from specially made drafts. The restaurant’s interior cleverly captures the ambiance of some of the trendiest geographical locations around the world with the perfect lounge music to control the mood.
355 Steakhouse & Lounge is located at 38 Osun Crescent, off IBB Way Maitama, Abuja.
Oriental Restaurant
Oriental Restaurant
Oriental Restaurant offers great Asian tastes, indoor or outdoor seating, with friendly staff to take care of your needs. The restaurant is one of the restaurants at the Transcorp Hilton Hotel that serves different menus (or themes) on different days.
Fashionable locals and business guests savour Oriental cuisine and Mongolian fare from the à la carte menu at this Abuja restaurant. The restaurant offers a great atmosphere, cool ambiance and sophisticated tastes.
Oriental restaurant opens at 7:30 pm and closes at 10:30 pm. It is located at Transcorp Hilton Hotel, 1 Aguiyi Ironsi Street, Maitama, Abuja.
Around the buffet aisle, you are welcome to choose from a range of continental favourites.
805 Restaurants
805 Restaurants
Whether it is lunches for the boardroom or specially made treats to keep your team wreathed in smiles or on-site-catering for public or private sector events, International conferences or one off events, 805 Restaurants can deliver the goods.
The menu tells a story about whole food recipes, from pulses such as Ewa-Agoyin (Cotonou honey beans, with dried tomato and chilli sauce), Jollof-rice to our much-loved signature Monika fish. The options on the menu are an exploration of West African food for better living.
805 Restaurants is located 94 Aminu Kano Crescent, Wuse 11, Abuja, and is open 12 noon to 12 am.
The latest pump price watch report by the National Bureau of Statistics revealed that consumers paid the highest for a litre of petrol in Abia, Ekiti and Lagos with ₦172.5, ₦170.62, and ₦167.8 respectively.
According to the report, the average price paid by consumers for premium motor spirit (PMS) commonly called petrol increased by 2.36% year-on-year in September 2021 to ₦164.85 per litre. It, however, recorded a marginal decrease of 0.04% compared to ₦164.91 in the previous month.
We would recall that global prices have surged in recent times, trading above $85 per barrel. So, price of petroleum products continue to rise in the country owing to a positive rally in global crude oil prices, which affect the landing cost of petrol. And, Nigeria’s inability to sufficiently refine its own crude has necessitated the importation of petrol, and caused the country more losses than gains.
“Supply-demand balances show that the market is experiencing a supply deficit, which is spurring deep inventory draws and driving prices upwards,” said Louise Dickson, senior oil markets analyst at Rystad Energy, according to Reuters. “This market tightness is expected to extend into most of 2022, and crude oil supply will only catch up with crude demand by the fourth quarter of next year.”
However, the Nigeria’s Central Bank Governor, Godwin Emefiele, has stated that the Dangote Refinery, proposed to begin operations in 2022, will bridge the gap in the country’s refining capacity. At the investors’ summit held in New York, Emefiele stated that no less than 30% of the nation’s forex spend on the importation of refined petroleum products will be saved when the Dangote Refinery becomes operational.
NBS gives the report after collecting fuel prices across all the 774 local governments across all States and the FCT from over 10,000 respondents and locations, and reflect actual prices households state they actually bought those fuels together with the prices reportedly sold by the fuel suppliers.
Mind power is simple but unlocking it is a different issue. So, to help with that, here are some tips to help you grow and begin to unlock your mind power.
1. Be conscious about what you are putting in your head.
The first step to unlocking your mind power is removing thoughts that have negative emotions, this implies removing negative self-talk and setting aside fear. This is a crucial step as it would break down your current belief system, while you may not be someone of faith, there are certain things you believe.
What do you believe regarding your work? If you find it boring, your mind will believe and cause you to feel and act on those emotions.
How about the connection you have got with your kids, relatives, partner, or co-workers? Those beliefs can run into how you treat those around you. What do you think about your life generally? That belief can influence how you inspect your life.
2. Work on your desire.
While our subconscious mind acts on negativity, it will conjointly act on positivity. particularly, it feeds off conveyed desire. Again, to enhance our mind power we need to have a goal in mind, and if that goal is fuelled with desire, our mind will push for them.
When you learn something, spend enough time letting that information sink in. If it is from a coaching session, extend the session for yourself and keep practicing. Set your subconscious mind to seek opportunities to use the knowledge to achieve your goals.
Do not be afraid to explore and expand your skill set in that area too.
3. Have the right sources.
One common blockade people run into is lack of valid information. Often, individuals know certain areas that they have issues in their lives but do not know where to start out. This is because where they are obtaining the information to sort the issues out is not an effective source.
Whatever the case is, it is necessary that you search for the right information and to verify it too. Individuals settle with reading from one book, or reading a piece of writing, or attending a seminar. But is that content true?
Just because one person said one thing does not make it automatically true. As someone who is still learning, it is important to source as much information as possible to give your mind positive and relevant things to work with.
-Have you processed that information in your mind? does it make sense?
Does the information apply to your specific situation? Are you able to use it? Have you ever tried it? That is not to say, never search for answers or reject everything. But rather, weigh the information and measure it.
4. Give yourself a drive to learn.
Feeding off the previous point, your hunger for information and learning should not be little. It should be so massive that you are solely learning and not applying. While it is a reconciliation act, this is often one amongst the keys to unlocking your mind power. To do so, think about how you go about digesting information. Ensure that what you are reading is something you are enthusiastic about. Not solely that, but when applying that information, find reasons to get excited about it, and ensure that what you are doing inspires you.
5. Be open to new development.
Fear and negative self-talk are not the only roadblocks to face. Another aspect is doubt and uncertainty. It is true that the future is a mystery, and we may experience failure, but change is always coming. People say they are open to the idea of change, but few take the leap when it matters. They shudder and are uncomfortable with the idea of stepping out of what is so familiar.
To unlock your mind power, being open to change is necessary. Being more successful or more inventive is a change in perspective and in life too. This is not to say you need to make huge changes right now. Instead, start taking little steps forward till you see the change you desire.
Focus on taking little steps. rather than driving to work, you might think about biking or taking the bus. If you wish to enhance your relationship along with your partner, start saying “I love you” more often and mean it.
Change does not ought to be a giant leap. It can come in subtle and little ways that produce larger ripples in our lives.
6. Permit Yourself to Be happy and productive.
Many people hinge their happiness on numerous goals in life. You will hear them say “I’ll be happy once I’m ten pounds lighter” or “I’ll be happy once I get my business off the bottom.” The list is endless but to those statements, I say “Why not be happy right now?”
These statements are not good because you are hinging your happiness and growth on specific results. It is a terrible mindset to have because you are telling yourself that you are miserable currently and the only issue that matters is achieving these things. This creates a lot of issues if your view of success is warped. Allow yourself without delay to be happy and to believe that your life right now is sweet.
7. Do not let others’ thoughts influence you.
When you reach some extent of success or change, people will respond to you differently. listen to how people respond, and it will offer you an indication for how they are doing with their lives.
All this matters because of how they view specific aspects of their lives are going to be projected to you as well. Any fears, doubts, or negativity they have are going to be passed on. Remember that their own feelings and opinions in those areas do not apply to who you are currently and what you can do.
8. Surround yourself with positive individuals and things.
Have it as a rule to spend time with positive people. You need people to reinforce positive beliefs with you. What also helps is having different areas that offer positive reinforcements. Ensure that the things you are doing bring you joy and happiness. Have some inspirational content hanging around too.
9. Speak of Success in the present.
What I mean by this is to change your manner of speaking when talking about success, instead of saying things like “I hope to do this someday,” train yourself to say, “I’m acting on this immediately.”
Instead of thinking, “I’ll be happy once I get a brand-new job,” think, “I will work on being happier now with what I have in my life.”
10. Find your resistances.
Despite all those fears, doubts, and negativity, there could also be other areas where you have resistance. For some people, we tend to strive doing one thing then suddenly stop, or even we tend to procrastinate and do not hassle about it.
Whatever the case is, there is a reason we tend to do that, so take time to figure out what that is. one way to do that is to question yourself.
Final Thoughts.
Unlocking your mind power is a matter of working along with your subconscious mind. It is addressing the requirements followed by giving your subconscious mind a purpose to collaborate with you.
When you have this combination, you will be able to tap into your mind power and build what it is you need. whether that is being more inventive or a path to success, you will be able to produce anything with your mind power.
The National Bureau of Statistics (NBS) has claimed that policies introduced by the government impacted positively on most of the commodities, and led to an inflation decline for about seven months.
This was disclosed by the Statistician-General of the NBS, Simon Harry, at a news briefing in Abuja Friday, where he praised the Federal Government’s policies, which he said reflected in the improved consumer price index.
We have consistently maintained a decline for about seven months and the reason for that is some of the policies put in place by the government are impacting positively on most of the commodities that make up the basket for the Consumer Price Index (CPI).
“Government is very conscious of the effects of the COVID-19 that have impacted negatively on the economy and as result, the economic sustainability plan that was formulated by the government has been taken as a very serious document to implement so it will cushion the effect.
“That has had an impact on several sectors of the economy, thereby having a multiplier effect on the parameters that are used to compose the CPI,” Harry stated.
He added that he was optimistic that this trend would be maintained to a reasonable period of time, as long as the government’s determination was sustained in the implementation of current policies that had been put in place.
“Our sole responsibility is in terms of producing the data that concerns some of these developments. It is not our responsibility to formulate policies that will control some of these negative happenings.
“We go beyond our responsibility to identify some factors responsible for some of these problems and then present them to the policymakers and advise them to come out with policies to help strengthen the system so we have a better system,” he added.
Nigeria’s headline inflation September 2021, dropped further to 16.63% compared to 17.01% recorded in the previous month. This is according to the recently released CPI report for the month of September, by the National Bureau of Statistics.
This represents a 0.38% point decrease compared to the 17.01% recorded in August 2021. Food inflation, which is a closely watched index, also dropped to 19.57% in September from 20.3% recorded in the prior month, while core inflation rose to 13.74%, up by 0.33% when compared with 13.41% recorded in August 2021.
A company valuation involves estimating the economic value of a company or a company division. Businesses can be valued to determine the fair market value for various reasons, such as for sale, partnership agreements, taxation, and even for divorce proceedings. A professional business evaluator is often called upon by owners to estimate the value of their business. But what if you want to do your company valuation? What company valuation formula should you use?
Company valuation basics
Company valuation is a common topic in corporate finance. Companies usually conduct a company valuation when looking to sell all or a portion of their operations or when they are looking to merge or acquire another firm. Also, tax reporting relies on valuation.
The valuation of a company may encompass an examination of the management, its capital structure, its assets market value, and its future earning prospects. However, valuation tools can differ across companies, industries, and evaluators.
Typically, companies are valued by analyzing financial statements, discounting cash flow models, and comparing their financial statements to similar companies.
Why valuation matters
When buying or selling a business, it is necessary to figure out how much it is worth. But that’ not the only reason to calculate company valuation. Other reasons include:
You need to know how much your company’s worth is to get financing or investment.
If one partner want’s out of a partnership, you need to find out the value of that partner’s share of the company.
If you’re divorcing, your business may need to be valued to ensure equitable distribution of assets.
There can be controversy surrounding a company’s valuation. For instance, a business partner may want a higher price for his stake than what you think it is worth. These are the reasons why objective valuation methods are essential.
Company valuation formulas or methods
Business valuation based on stock price
In the case of public companies, calculating a market value can be pretty straightforward since you can use the stock price. Consider a company with 500,000 shares publicly traded, each selling for $20. This would make the total share value $10 million.
This is the easiest way to carry out company valuation, but it’s not the most effective. The share price is determined by the perceived value of a company, which may not accurately reflect its true worth. This is one reason why stock prices fluctuate. Valuation solely based on stock prices is risky for the following reasons:
In some cases, the share price may be determined by the success of a new product soon to be launched. The product may not perform well when it debuts, and shares could decline.
Likely, the investors purchasing the stock did not make a serious assessment of the company.
Investors may expect future growth that does not materialize.
The company’s growth the previous year may lead investors to believe it will continue this year. However, this is not always the case.
There is a possibility that the stock price reflects temporary lousy news and not its genuine value.
Share prices may not mean much if the company is not heavily traded.
If your small business is not publicly traded, which most are not, you have to use a different method to calculate its value.
Valuation of based on comparison to competitors
Comparing one company to a similar one is another way to establish its value. For example, if you are selling your company, you can check the value of similar companies in your area in the same industry and estimate yours based on that.
In order to obtain these figures, you may have to look for similar businesses that have recently been sold and find out their value. If the information is available, a price/earnings ratio could also be used.
This method is not without its limits though:
Comparable sales may not be available.
Unless the sales data is recent, some values might not reflect current market conditions.
It may be difficult to figure out how to modify the formula to account for factors such as older equipment or better-trained employees.
Through the valuation of assets
This is a straightforward method of appraisal that doesn’t require complex math. You can find the total value of your business by adding up your assets and subtracting your liabilities. You can use any of the two approaches below:
Going concern
The assumption here is that you won’t be selling off major assets and that the business will remain up and running.
Liquidation
This method values a business on what it would be worth if you closed it, sold its assets, and paid off its debts. Liquidation sales usually do not bring the market price, so this gives you a lowball valuation.
In the asset-based valuation method, the downside is that a business is more valuable than the value of its equipment, real estate and inventory.
Discounted cash flow valuation
Discounted Cash Flow (DCF) provides a more accurate measure of a company’s value. In contrast to asset valuation, DCF valuation requires more number crunching. However, it’s much more important to look at how much cash a company will generate in the future to assess its actual value.
Cash should be used to value a business because cash is what business owners need and want at the end of the day. You can’t pay the bills, landlord, or employees if you make good money, but your cash flow is negative.
How to calculate DCF
Estimate your future revenue. A simple growth forecast can be used, or factors such as price, volume, competition, and the number of customers can be considered. The second option takes more time and effort.
Project your capital assets and expenses. When combined with revenue, this allows you to calculate cash flow for future.
Calculate the terminal value of the cash flow. For instance, after five years, how much will all the future cash flows be worth?
Finally, calculate the net present value using standard formulae based on the terminal value.
Though it is not widely used, another method of valuation is to calculate what a company would cost to start up from scratch. For example, if you’re considering purchasing a manufacturing company, you would want to find out what it would cost to buy equipment, lease space, purchase vehicles and hire a workforce. This will help you figure out how valuable a company is.
This approach has the disadvantage of not considering the company’s income or cash flow in the future, just like asset-based valuation.
Valuation by revenue multiplication
Similar to cash flow, revenue gives you an idea of how much money the business will make. A company’s value can be determined by multiplying its current annual revenue by a number such as 0.5 or 1.3.
You cannot choose your multiplier. Each industry has its own standards: 2.2 for food processing and 1.7 for household products, for instance. Applying the revenue multiplication method to a company with N800,000 revenue gives a value of N1,760,000 in the food-processing industry but N1,360,000 in household products.
However, instead of using the revenue multiplication method by itself, business analysts may use it to determine a company’s value by setting a maximum ceiling on it.
Debt and surplus
When you calculate the value of a company, you may still need to make some adjustments. Most methods do not consider the amount of cash on hand or how much debt the company has. You should consider these factors before setting a final value.
For instance, let’s say you intend to sell your company, and the discounted cash flow formula put its net value at N8,560,000. However, you have an outstanding debt of N2,000,000. With the company’s obligations, the buyer may only be willing to pay N6,560,000.
Also, a surplus of cash on hand may enable you to raise the price of your business to reflect the surplus cash. Alternatively, you could decide to keep the excess and let the buyer keep the rest.
Get a Professional
It’s better not to fly solo when you are valuing a company. Valuation is a specialized skillset even if you have a strong knowledge of finance and spreadsheets. Professional valuators know how to apply the correct multipliers, the most recent comps, as well as the dynamics of the market to your unique situation.
In addition, professionals are objective. You should be aware that your skin in the game can impair your judgment when planning an exit strategy or buying your dream company. It is vital to get a professional’s cold-blooded assessment to prevent mistakes from being made.
In conclusion; choosing your company valuation method
Most of the time, the goal behind your valuation will determine the best method to use. For instance, when the goal is to sell, you want to apply the technique that gives you the best price realistically. If you want to buy, you want to get the lowest price without the seller saying no.
Therefore, identify the reasons for your need for a valuation. You need to know if you will be profitable if you are considering a company purchase. But your needs are different if the aim is to sell your business.
There are some other questions you should ask yourself to guide your decision. Do you have a lot of assets? A business that owns valuable property such as land or patents might have a higher book value than what you would be worth if you were valuing it via discounted cash flow.
Is there a norm for your industry? An asset-based valuation is an appropriate option for manufacturers who have lots of equipment. But professional service providers require little to no equipment, so assets are meaningless here.
Trying different methods to see what values you get isn’t impossible if you are willing to put in the time and effort.
![How to calculate a company valuation [Company valuation formula]](https://www.experts.ng/blog/wp-content/uploads/2021/10/company-valuation-formula-768x512.jpg "How to calculate a company valuation [Company valuation formula]")