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Board of Directors or Advisors For Your Small Business

Olufemi Akinyemi
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10
Board of Directors or Advisors For Your Small Business

Does Your Small Business require an Advisory Board or a Board of Directors?

I believe you must have asked yourself that question way many times and you are probably yet to come up with a convincing need to set up either your advisory board or a Board of Directors.

Fortunately, the answer to that question is simple; it lies in a very sincere answer to yet another question – why did you start that business in the first instance? The answer to this particular question would determine if you’d be okay with making decisions alone, or you need to get the services of an advisory board or set up your company’s Board of Directors.

Without mincing words, from my experience, I can readily tell you that companies with properly constituted corporate governance perform much better than companies without. 

If you run a small business, it might easily be considered a waste of time to set up a good corporate governance structure, especially when you do not understand the functions of an advisory board to enable you to rationalise the need for one.

Having a board in place, helps companies outperform their contemporaries and competitions in many ways. Majorly, they help you steer your company in the right directions by making accurate decisions at most points.

Though it is not an easy task for entrepreneurs to give up some level of control of their companies to other people, however, finding the right people to make the decisions, give policy directions, create necessary high-level linkages and helping to properly manage all the information and resources you need to productively run your small business can be very rewarding, though a daunting task.

Fortunately, there are a number of ways you can do it properly, and we’ve outlined some of the most effective options below. But before we take a deep dive into how to set up your functional corporate board, it is important that we take a close look at the differences between the advisory board and the board of directors. We would also do a quick rundown on their functions and tasks, then we will talk about how best to set one up.

Differences Between An Advisory Board and a Board of Director

These are two different boards, with different compositions, and functions.

Advisory Board:

Though they both provide advisory services, an advisory board has no legal backing and as depicted by the name, its roles are mainly advisory and the management is under no obligation to abide by the advice given. In order words, there is no fiduciary relationship between the advisory board and the company. They act merely as a platform on which to bounce ideas.

Board of Directors:

The Board of Directors on the other hand are legal representatives of the owners of the company and thus have a fiduciary responsibility to govern the organisation on behalf of the shareholders or members of the company. Her decisions are binding on both the management staff, the shareholders, and members of the board.

Which Board is Better Suited To A Small Business?

Basically, there isn’t any fast answer to this question. It all depends mainly on the level of corporate governance that the owners understand and want to be set up in their businesses. An understanding of the makeup and functions of the respective boards would put a company’s owners in a better place to make decisions on the board to constitute.

What Are The Purposes of Advisory Boards

“The majority of Startups and early-stage companies are led by people who haven’t yet had the opportunity to learn about corporate governance and the relevance of setting up the right corporate structures on which to run. That’s just the reality.”

Though having an Advisory Board or a Board of Directors is optional for small businesses, Constituting a Board is one of the essential things in any properly managed small business. Setting up a board is a crucial step in establishing your company’s independent level of accountability and usually, it creates stability and credibility in a company.

An Advisory Board is a necessity for good corporate governance in any business organization; it is a structured collaborative platform for business concerns to engage with external advisors. It acts as a sounding board for either the owners, directors or shareholders of a company.

What Are The Benefits of Advisory Boards To Small Businesses

Although, most small businesses readily do not see the need for one. Incidentally, the most important benefits are the ability to consult on complex business issues and develop your company’s expertise and visibility in certain areas. Yet, many business owners feel that forming an advisory board will be time-consuming. That said, one thing is sure, the benefits outweigh the investments needed to set one up.

Characteristics of An Advisory Board

Common characteristics of an advisory board
Common characteristics of an Advisory Board

14 Qualities To Look For in an Advisory Board Member

  1. Experience
  2. Diversity
  3. Networking skills
  4. Industry knowledge
  5. Intelligence
  6. Must be an action-oriented person
  7. Highly motivated and excitement about your vision
  8. Must have a culture fit to your organizational culture
  9. Must possess very good communication skills
  10. Must possess very good networking skills
  11. Alignment with key team members
  12. Must have the passion for achievement way higher than making money
  13. Must have coaching ability
  14. Must be teachable

So What Do These Boards Do?

Advisory Board:

You guessed right – As suggested by their several names, advisory boards exist to provide advice to the business or company. 

Depending on the level of experience, years and expertise, a company’s managers may, from time to time, ask their advisory boards these questions:

  • Considering our postion, how would you recommend that we grow or scale the business
  • how do we prepare for and support key transitions within the company
  • How to best go about sourcing for external fundings
  • Brand creation, and expansion
  • Market expansion advice
  • Other strategic advice

Advisory Board members are typically made of experts and professionals in their respective fields who are appointed by a company (not by shareholders) to lend their skills and network to the growth of the company.

Advisory Boards generally help solve challenges that go outside the immediate expertise or social network of internal executives and shareholders.

Board of Director / Governing Boards:

The board’s key purpose “is to ensure the company’s prosperity by collectively directing the company’s affairs, while meeting the appropriate interests of its shareholders and relevant stakeholders” – Source: IOD

Basically, the activities of the board revolve around the following areas:

  • Establishing vision, mission and values
  • Setting strategy and structure
  • Delegating to management
  • Exercising accountability to shareholders and being responsible to relevant stakeholders

Signs Your Organization Needs a Board

The timing around assembling a corporate board for your organization is dependent mainly on the company’s needs, growth level, capabilities and capacity. 

The following include signals that a company might benefit from the services of its corporate board:

You Find Yourself Constantly in Need of Some High-level Linkages:

The very first sign that your company may be in need of a board is when you notice constantly that you have the right resources and skills set to handle certain projects, enter certain markets, get certain clients, yet you are unable to get your way into the necessary corridors to pull the projects through.

There’s a specific projects or developmental objectives but your internal resources are not suitable to execute them.

An organization with specific needs such as entering a new market, making a new acquisition, getting on the stock exchange, or simply raising capital can benefit from the presence of a well equipped and structured board of directors or advisors

For example, if a company with a well-structured board is seeking to raise funding assembles a board to achieve the objective the board members could be tasked with identifying the right sources and guiding management through the fundraising process.

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Why Did You Start That Business?

Olufemi Akinyemi
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355
Why Did You Start That Business?


It’s a question I get all the time. Why did you start that company? I honestly don’t know.

For years, I have been fascinated with the idea of starting my own business. I love the creative freedom it gives me and I think it’s a great way for me to grow into a CEO – To have control over my time and also get wealthy doing what I love.

Well, for me, I found my answer to this pressing question at the Harvard business school, USA.

It is indeed impossible to rise above the level of the information you possess.

That quote guided my decision to seek more knowledge at the highest citadel for business education, the prestigious Harvard Business School.

Getting into HBS (Harvard Business School) is always by a rigorous selection. The school, above all traits, wants her students to have a high level of leadership trait, and a voracious analytical appetite. As a result of this, the Harvard business school is known to have churned out a significant number of world leaders in major spheres of life.

While at Harvard business school, I had that “I don’t belong here” nostalgia. My living group mates were little but geniuses (That team could solve any challenge it put its heart to), and being the only African member of the group made me try harder than I normally would to be at my best learning mode as much as possible. I made up my mind to understand what made each of them a perfect candidate for the program. Yes, we were all there to learn, and the living group is where you learn most of what Harvard would teach you.

We all settled in to learn, and I made up my mind to be the best in class. We were saddled with lots, of course notes that I wondered how the professors expected us to go through the whole coursework within the time frame we had.

The Lesson

Mostly, when you make up your mind to become an entrepreneur; to found your own company, you get faced with a major founder’s dilemma on whether to go it solo or with a partner – A challenge well outline by Noam Wasserman in his book, The Founder’s Dilemma.

If going with a partner, who do you go with? Several other questions come rushing through your mind like a flood was sent to sweep away the thought of ever founding a company of your own. Questions such as – What would the partner bring to the table, and how would you distribute the shares of the company amongst many other questions come to the forefront.

A lot of research out there makes it clear that the company with the highest success rate is companies with a founding team of 2.

You know it deep inside you but you find yourself in a state of confusion; wondering whether to follow your guts or to just let things go.

In Africa however, most startup companies have a team of one – such, who incidentally is the CEO, Chairman of the board, and Chief Accounting Officer. I have had several opportunities to ask myself why Israel is known as a startup country, why America is successfully built by corporations, and many more of such examples. And in all, why is Nigeria with a lot of ethnic diversity and human resources strength; highly intellectual and resilient people, finding it hard to excel at building lasting corporations.

It is a cash or King World

In the business world, it is either you want to be rich and successful, or you want to be in control of your time!

In Africa however, most business founders choose to go it all alone yet strive hard at building a successful business entity they hope would outlive them. It is simple, and cast in gold –

Only a few succeed at building businesses as single founders.

If your priority is building a business to get rich, then, by all means, seek out a suitable and complementing partner, else (If it is to take control of your time), by all means, go it alone.

Both ways, you would need to have to go through and surmount some challenges; and at that point, your level of expertise in your chosen field, your passion, and yes – your partner would all come together to keep you going.

In his book – African Entrepreneurship: Constraints and Improvements, Gerd Junne opined – The typical African entrepreneur is a necessity entrepreneur, who works in the informal sector on a small piece of land.

Young people would like to be successful entrepreneurs but hesitate to start a formal enterprise, yet most find their role models in people outside the entrepreneurial space; they find their role models in other youth who may have gotten wealth regardless of the channel.

Entrepreneurship in Africa has to face more uncertainty than elsewhere, because of the five “C”s: corruption, crime, conflict, competition, and climate change. High uncertainty leads to short-term time horizons. Other constraints include limited education, lack of finances, and bad infrastructure. If these limitations were addressed on a large scale, an enormous entrepreneurial potential could be unleashed.

The challenges of developing and harnessing the enormous entrepreneurial potentials do not lie in the many aids we get in Africa, rather, it lies in dealing with the famous five “C”s.

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Major Coworking Space Trends in 2021

Olufemi Akinyemi
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5
Major Coworking Space Trends in 2021

The term ‘Co-working space’ created a buzz around 2005. However, of late, the market is rapidly growing so is the idea of co-working culture.

It was predicted in 2020 that 1688 co-working spaces are going to open all across the world. Since the pandemic hit early in 2020, priorities have shifted.

So, keeping that in mind, this article will shed light on the co-working space trends in 2021.

Here are a handful of the most essential future co-working trends, with remote work becoming more crucial than ever and co-working spaces stealing the spotlight once more.

●    The application of technology

The sudden hit of the pandemic has made a paradigm shift in the market, and with that, it brought a dramatic change in the working space. Technology has always been on-trend; the past few tears made it irreplaceable in human lives.

The current trend suggests that the owner of the co-working space has to be focused on technology. Due to the easy accessibility of technology, a start-up business can easily avoid hiring a manager.

Besides that, technology has taken over in such a way that one can pop anytime for work. Technology has to be advanced enough to be outgrown with all human interference and hassle.

●    Flexibility of Time

The current market is not time-bound, so the co-working space has to be accessible 24X7. Businesses nowadays are not confined to a specific geographical location. A flexible time has a positive effect on business expansion as well as on revenue.

●    Multiple Locations

As per the current trend, people look for a working space spread out in different locations. Frequent travellers tend to choose places that offer multiple options of co-working spaces spread across the city. So, if you want to go by the current co-working space trend, you need to branch out in different city zones.

●    Space Design

Your co-working space interior has a lot to do with the work environment. The best coworking spaces in your city have attractive interior design and ambience. At a business meeting where a start-up business owner’s objective is to impress the client, a well-furnished conference room for rent can expedite the process.

New co-working spaces are opening every day, and in such a scenario, space design turns into a significant trend. The space must provide recreational activities to the workers.

 Keeping that in mind many places provide separate gaming rooms where workers can play different board games. The idea of space design for a working space has evolved with time.

According to psychological studies, the interior of the working space is directly proportional to the workers’ productivity. This is one of the primary reasons that co-working spaces are gaining popularity over traditional offices.

●    Niche Spaces

One of the objectives of co-working spaces is network building, so now people prefer niche spaces. It is easy to build a network while working with people of the same niche by your side. A co-working space that is dedicated to a niche means it focuses on a particular segment.

Such spaces attract the professionals who work in that segment. The design of the space is also done keeping the objective in mind. It is needless to say that in building community co-working spaces are considered to be perfect among the professionals.

●    Corporate Shift

Earlier co-working spaces were used for freelancers or for corporate meetings. But the shift happened when corporate companies started looking for co-working spaces. So, the space is not limited to freelancers and start-up businesses.

So, to be on the trend, the space owner must make the space corporate-friendly. In 2021 and above, there will be a demand for customized co-working spaces around the globe.

●    Customization

The current trend suggests customization. A co-working space that has a connection to nature is what professional’s desire nowadays. The place that has open air space and indoor plants is gaining popularity. It is said that even some co-working spaces are opting for advanced designs that incorporate artificial waterfalls.

●    Interesting Activities

Community building will be more accessible if the co-workers participate in different activities. To uplift the mood of the place, many of the co-working space’s management arrange cultural activities, skill-building workshops, yoga classes, and whatnot. And eventually, these activities have become an essential part of the co-working culture.

●    Digital Marketing

No matter how many features you include to be on-trend if you do not put that out no one will know. This is the reason digital marketing is so important. 

You need to let the people know how well the co-working space is designed and what kind of facilities you are providing. To market what you offer and your USP you should invest in marketing, especially SEO.

Wrap Up

While discussing the major trend of co-working space, it is needless to say that the trend can vary from region to region. Besides that trend, as mentioned above, there could be more exciting features that are considered as trends. As an owner o a co-working space, you must strive to offer something new to your clients.

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How to become an HR Professional in Nigeria [A Comprehensive Guide]

Oluwaseun Sanni
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8
How to become an HR Professional in Nigeria [A Comprehensive Guide]

Do you think you have what it takes to become an HR in Nigeria? Are you great with people management? Are your communication and social skills top-notch? Would you rather manage people in-house than managing customers? 

If you said yes to most of the above, then the HR profession may be calling you. Read on to see the steps to take to become an HR in Nigeria.

What you need to become an HR in Nigeria

Degree

You are going to need at least a Bachelors degree or HND to become an HR personnel in most cases. This is important because you’d be dealing with people with different degrees and qualifications, so you need to have that minimum qualification.

By the way, in Nigeria, you don’t necessarily need to study in Human Resources or its equivalents in school to get the HR job. What you studied in school will most likely be ignored if you can get a professional certification.

Also Read: What is Your Job as a Startup Founder?

In fact, some organisations will rush you if you have a background in Communication, for instance, and then certification in HR. That extra communication expertise would come in handy, they believe.

You should get a degree in social science or personnel management if you realise early that you want to become an HR professional.

Here are some degrees you can obtain in different universities in Nigeria:

a. Industrial and Labor Relations (ILR)

b. Industrial Relations and Personnel Management (IRPM)

c. Masters of Employment and Labor Studies (MELS)

Certification

It means becoming a certified professional in this field. Some of the certifications you can obtain include CIPM (The chartered institute of Personnel Management) and The Institute for Human Resources, which specialises in IHR Certification.

Read Also: Top 5 Possible Questions to Ask Your Interviewer After a Job Interview

Passion

To excel in this kind of job, you need a lot of passion. It is like a requirement for survival. It is impossible to excel when you have hate in your heart. You will make biased, unfounded, and wrong decisions and choices most of the time.

It doesn’t mean you will ignore logic just because you’re passionate.

For example, when you’re recruiting for a position, and you find an applicant is not qualified, you can spend a minute checking the individual’s resume and explaining what you think is wrong or right. You should tell them where they need to improve.

Responsibilities of an HR in Nigeria

For most big organisations, different TEAMS handle each of these responsibilities. However, for small startups, especially those that are bootstrapping, an individual may have to take on all of these responsibilities. So, be ready.

Read Also: The question persists: Are Nigerians ready for the future of work?

According to Society for Human Resource Management (SHRM), here are the six primary functions of an HR:

  • Talent Acquisition

This is like the foundation or the beginning of the job of a human resources professional. The process begins with identifying a vacuum in the organisation, advertising a vacancy, review applications, scheduling and holding interviews, and employing the right candidate.

The process seems pretty straightforward, but really, it’s not as it seems. It can get overwhelming, especially in the areas where decisions must be made; you have to tell most candidates “unfortunately…” and very few others “congratulations”.

  • Human resources management

This is the core of the HR role. The success or failure of any organisation depends on its people. Assemble the wrong set of people, and the business is headed for failure. Hence, this responsibility of an HR person involves coming up with the right strategy for attracting, recruiting and retaining the best and suitable talents. An HR must be strategic and proactive to do this.

  • Learning and development

From the orientation of new employees to other forms of learning, an HR is responsible for ensuring that the employees keep learning and growing. You see, how things are done this year is slightly different from how it was done last year. An even better comparison would be – how things were done in 2019 is not the same with 2020. The pandemic came and forced most organisations (that could) to go remote. Remote may be new to most employees, so the HR has a responsibility to provide the right orientation to ease them into the new normal.

Overall, the HR has the responsibility of planning and budgeting for learning and development, the career development plan for each employee, and constantly increasing their productivity and value.

  • Total rewards

There is a common saying among career people on Twitter – “treat your employees right, else they will use your internet to apply for other jobs”. We can argue on its morality for days, but the truth remains that everyone can be selfish with their career, professional and financial development. So, when it seems they are not getting it from a place, they move.

Therefore, an HR has the responsibility of advising on the suitable competitive reward to offer employees to keep them happy and motivated. And to compete for the best talents in the industry.

  • Performance management

Performance needs to be constantly evaluated to ensure everyone is doing their job as they should. This means that goals have to be set, and this is what the HR would assess against. This is known as KPI (Key Performance Indicator)

  • Employment law

Every country has labour laws and policies, and this may even vary from industry to industry. The HR is responsible for ensuring the business adheres to these policies to avoid clashes with employees and/or regulatory agencies. Every employee must be protected and safe in the organisation at all times.

5 HR Roles in Nigeria

Most Human Resources professionals usually specialise in one or two of the above core functions, but some are generalists. Please find below in no particular order the 5 most financially rewarding HR roles in Nigeria.

  • Human Resources Manager
  • Human Resources Consultant
  • Chief People Officer
  • Human Resources Business Partner
  • Vice President of Human Resources

Generally, entry-level HR professionals earn considerably less than their more experienced colleagues at the start of their careers. Planning is a crucial factor in successfully transitioning into Human Resources management. In instances where it happens during a job, there are specific steps you can take to make the transition as smooth as possible and maximise the opportunities that come your way.

A career in human resource management requires various soft skills, some of which you may already possess. Consequently, you need to take stock of all the skills you have that can be categorised under this category. These skills include knowing how to communicate effectively, handling confidential information, dealing with people, and conflict resolution skills.

Four things to do when breaking into the HR industry

  • Set realistic expectations – Don’t expect too much but do the work needed to get ahead.
  • Experience – Take advantage of internship opportunities to cement your interest
  • Be certified – Invest in professional certifications at the local and international levels
  • Build relationships/networks – Having some good relationships will help you throughout your career.
  • Be business-minded – Understand the needs of businesses and how they operate.

You would take great pride in obtaining a Chartered Institute of Personnel Management (CIPM) certification in Nigeria to pursue your career goals and aspirations. There are also specific benefits of this certification for you as a practitioner. As an example, you can:

  • Become a part of a global network of HR specialists
  • A solid knowledge base, a network of competencies, and an unlimited number of resources
  • Gain respect and endorsement among HR professionals

In conclusion

In the past, a lot of people did not consider HR positions because they felt they were below their skill level. Of course, they know better now. Human resources can be challenging. It’s just been undervalued for a long time.

Therefore, whether you are looking to transition to human resources management or you intend to start your career straight in the field, the information in this guide would come in handy.

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Nigerian National Anthem

Olufemi Akinyemi
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147
Nigerian National Anthem


A National Anthem is a solemn patriotic song that is officially taken by a country as an expression of national identity. Seldom used as prayer at official gatherings, a country’s anthem is more than a song, it is the embodiment of the hopes and aspirations of the founding fathers of such a country.

Below is the official national anthem of Nigeria.

  1. Arise, O compatriots, Nigeria’s call obey
    To serve our fatherland
    With love and strength and faith
    The labour of our heroes past
    Shall never be in vain
    To serve with heart and might
    One nation bound in freedom, peace and unity.
  2. Oh God of creation, direct our noble cause
    Guide our leader’s right
    Help our youth the truth to know
    In love and honesty to grow
    And living just and true
    Great lofty heights attain
    To build a nation where peace and justice shall reign.
The current Nigerian National Anthem

Though the above anthem is what is used as the Nigerian national anthem today, it wasn’t the very first Nigerian National Anthem. The very first was highly criticized, but unfortunately, the prayers of the very first National Anthem, if it had come true, Nigeria perhaps would have been a better country than what it is today. Please give your comments in the comment section below on what you feel about the change.

All 3 Stanzas of Nigeria’s anthem were recited on October 01, 1960, by the MRA Studio Orchestra under the direction of the Brazilian composer – Remo Usai.

“Nigeria, We Hail Thee” was Nigeria’s anthem from 1960-1978. It was written by Lillian Jean Williams and the music was composed by Frances Berda.

The anthem faced criticism from its onset. Eventually, it was changed to “Arise, O Compatriots.”

Nigeria we hail thee
Our own dear native land
Though tribes and tongues may differ
In brotherhood, we stand
Nigerians all, are proud to serve
Our sovereign Motherland.

Our flag shall be a symbol
That truth and justice reign
In peace or battle honour ‘d,
And this we count as gain,
To hand on to our children
A banner without stain.

O God of creation
Grant this our one request.
Help us to build a nation
Where no man is oppressed
And so with peace and plenty
Nigeria may be blessed.

The very first official recitation of a Nigerian National Anthem

Did you take note of the “Where no man is oppressed”?

When was the Nigerian National Anthem Composed?

The first anthem of Nigeria was written in 1960. Later the government of Nigeria decided to change it and announced a competition for the national anthem. The committee chose five winners and combined their entries into one. “Arise, O Compatriots” was composed in 1978.

Who composed the Nigerian National Anthem?

The first Nigerian National Anthem was composed by “Nigeria, We Hail Thee” was adopted as Nigeria’s first national anthem on October 1, 1960. The anthem’s lyrics were written by Lillian Jean Williams, a British expatriate who lived in Nigeria when it achieved independence. Frances Berda composed the music for “Nigeria, We Hail Thee.”

The first anthem of Nigeria was written in 1960. Later the government of Nigeria decided to change it after several petitions. The government announced a competition for the national anthem. The committee chose five winners and combined their entries into one. “Arise, O Compatriots” was thus written by a committee in 1978. The music of the Nigerian anthem was, however, composed by Mr. Ben Odiase, the director of the Nigeria Band. It is the most important symbol of any country, as the anthem unites all Nigerians into one sovereign state. And that is its meaning and purpose.

The names of the 5 winners are:
1. Eme Etim Akpan
2. John A. Ilechukwu
3. B. A. Ogunnaike
4. P. O. Aderibigbe
5. Dr. Sota Omoigui

Nigeria We Hail Thee Sheet Music.gif

Why was the first Nigerian National Anthem changed?

When “Nigeria, We Hail Thee” was first announced, the new national anthem faced criticism for a number[quantify] of reasons. The Daily Service, a newspaper run by the Yoruba organisation Egbé Ọmọ Odùduwà, started a rebellious campaign against the national anthem, which led to a committee being established to collect signatures as a petition.[3] Source: Wikipedia

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Why SMEs must tech up their operations

Omoleye Omoruyi
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2
Why SMEs must tech up their operations

Digitisation is a big deal for Nigerian SMEs. Sometimes, it is not for the fact that they do not want to key in to new technologies, it is sometimes because they are held tight by hostile policies. Yet, market volume or business growth opportunities, should keep SMEs motivated – unless they do not have long term goals.

Organisations still drag their feet to resolve skills related issues: top management lack digital leadership skills, IT professionals are almost non-existent, and employees lack adequate skills. All these – skills shortages and gaps – hinder startups from defining their growth strategy and enable employees adapt new technologies.

Indeed, the pandemic caused a quick shift and SMEs are still struggling to survive the tide. In fact, the average SME is trying to absorb shocks to demand and labour while adapting to what is now regarded as new normal. And, when there was talk of SME funding and aids, many SMEs could not step forward, knowing that they are outside the realm of the formal economy, making it almost impossible to access funds to step up their game.

Read Also: The question persists: Are Nigerians ready for the future of work?

It is for this reason that SMEs must rise to the occassion. The slow pace of digitisation is the key reason Nigerian SMEs have underperformed relative to their potential. Digitally-enabled SMEs can grow profits up to two times faster than offline SMEs, according to a study by KPMG and Google. They can also employ more people, expand their operations with ease and get a share of the international market.

Digitised SMEs are better prepared to deal with changing customer behaviour influenced by events such as a pandemic and a recession, knowing they will have the capacity to continue operations and expand their area of service.

Digitisation should be priority, considering it is the backbone of a self-reliant enterprise, as it gives businesses access to skills and tools to access funding, customers and competitive advantage in markets.

If Nigeria’s SMEs are restructured to integrate technology into their business models, they can close the digital gap to avoid liquidation before they even begin. They can be self-reliant, and no longer have to depend on banks and investors for financial security.

Organisations with big data and the Internet of Things can produce higher quality services or products at lower costs, and push lagging SMEs out of the market.

The future of work | ExpertsNG

Omoleye Omoruyi
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4
The future of work | ExpertsNG

Whether we key in to the changes or not, the world of work is changing. There is a global process of replacement going on and it is not a ‘far future’ of work. Automation and thinking machines are replacing human jobs, in turn, changing the skills organisations need.

Competition to get the right talent is chippy and ‘talent’, some years ago, is not the same as now. Also, academic excellence used to be the yardstick for graduate talent. Now, differentiated talent is indicated by creativity and innovation.

What does all this mean for businesses and human resources? How are talents preparing for these?

In a report titled, “The Jobs of Tomorrow“, the Managing Director, World Economic Forum, and Head, the Forum’s Center for the New Economy and Society, Saadi Zahidi noted – in the wake of a COVID-influenced world – that so many jobs will disappear and others will emerge as the world faces a dual disruption.

future of work

Read also: Nigeria Announces Own Digital Currency E-Naira in Partnership With Bitt

The report says the workforce is automating faster than expected, displacing 85 million jobs in the next five years.

“Automation, in tandem with the COVID-19 recession, is creating a “double-disruption” scenario for workers. Companies’ adoption of technology will transform tasks, jobs, and skills by 2025. Some 43 percent of businesses surveyed indicate that they are set to reduce their workforce because of technology integration, 41 percent plan to expand their use of contractors for task-specialised work, and 34 percent plan to expand their workforce as a result of technology integration. Five years from now, employers will divide work between humans and machines roughly equally.“

The report also notes that remote work is here to stay, notwithstanding Nigerian company’s insistence on a ‘physical presence’ in the work conversation.

“Some 84 percent of employers are set to rapidly digitalise work processes, including a significant expansion of remote working. Employers say there is the potential to move 44 percent of their workforce to operate remotely. However, 78 percent of business leaders expect some negative impact on worker productivity, and many businesses are taking steps to help their employees adapt.“

It is no news that Nigeria comes late to the party and the reality of the disruption the pandemic has caused has yet motivated businesses, HR departments and even talents to begin changing the definition of differentiated capabilities.

A tour round Lagos sees businesses insisting employees resume work physically even when there is a possibility to do the work from home. Employees have also not begun upgrading their skill set to meet the realities of the new world – a world which is already spinning on the wheels. And, if we said HR is a little bit confused, we may not be mincing words, knowing that companies have not yet created departments or renamed departments to meet the new realities.

Nigeria – Nigerians – needs to act now. Leaders should already be getting a depth of understanding into the changing technology landscape. Organisations cannot protect jobs made redundant by technology, but they have a responsibility to their employees – reskilling.

Nigeria cannot afford to sit back and enjoy the ride from outside the track. We need to accept new technology, build relevant skills, upturn old processes and be ready for the revolution.

It is here – The Future of Work. Where are you in the scheme of things?

15 Business Tips for Startups to Scale their Growth

Moses Ukanna
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695
15 Business Tips for Startups to Scale their Growth

Estimated reading time: 10 minutes

This article takes a look at 15 business tips that can help any startup succeed without unnecessary stress.

If you just launched a business off the ground and you’re looking to grow your venture fast, chances are you’ve just entered one of the most competitive industries in the history of human existence.

Starting a business is usually the first phase, and what comes next is a lifetime’s worth of work (brainstorming, planning, replanning, retrying, failing, and strategizing) to anchor on success. 

In the 21st-century business world, scaling is the next big thing. If you don’t want to work your life out for decades while your startup transitions slowly into greatness, you’re more likely to integrate some strategies for scaling that golden startup. 

With that in mind, here are 15 business tips for startups to grow exponentially without having to fail (an unbelievable number of times).

1. Have a Business Plan 

This is my number one essential business tip to all my clients – Get a business plan.

To scale your startup this year, you need to cook up a business plan. Before you launch out to start anything, have a plan. 

A business plan guides you, so you don’t have to make unnecessarily disastrous mistakes. 

What’s the purpose of the business? Who are your target audiences? What problem do you seek to solve? How will you stand out? What makes you different? How will you source funds to get moving or initiate expansion campaigns? 

Scaling a startup makes things easy, and you’ll eat the fruit of your labour in no time. But the harsh truth is you can’t get far with the scaling process without a rigid plan. 

Don’t just take my word for it. Take the words of the researchers who examined 223 businesses and found a correlation between having a business plan and making effective decisions. 

They also discovered that a business plan drastically reduces the possibility of startup disbanding. 

2. Know the Market 

In your quest to grow your startup, you’ll gradually become familiar with the minor market trends as time swoops. But you want to scale, and you don’t have the time to wait for the eventual learning experience. 

You’re left with minimal options requiring quick moves. And at this moment, you need to learn all you can about the market – fast. 

Study the market in-depth. Have a historical and analytical record of the market trends (and behaviour). This will propel you to capitalize on opportunities no one sees. And it will facilitate your scaling process/startup growth. 

I cannot overemphasize on this essential business tip – you must know your market to be able to dominate it.

3. Find Role Models 

A wise man once said to me that only fools learn from their own mistakes/experiences; the wise study the mistakes of others and learn. It is better to climb on the shoulders of others.

Follow those who’ve done it several times and try to have them around you. This is one of the best ways to reach your goals – following those who have trundled the path (more than enough time to call them lucky). 

In your industry, there are a handful of giants and great minds you should look up to. 

While this isn’t directly shuffled in the scaling curriculum, it’ would go a long way in motivating you and your workforce. 

More than being a servitude for motivation, you could get a swarm of opportunities by building meaningful relationships. 

Build strong/healthy relationships with the top guys, and in the long run, you’ll have more chances at converting these relationships into mega contracts, deals, and (maybe) fundraising opportunities. 

4. Integrate Useful Tech

The significance of tech today to aid startups growth cannot be overemphasized. Everything should be automated if possible. 

This doesn’t only make for quicker delivery and functioning; it levels up your startup to bite on the growth rate of other top-notch companies in your niche. 

Transitioning from the traditional way of getting things done to a more tech-driven way is a no-brainer. Suppose there’s a tech device out there. In that case, you can integrate to automate the process or anything else (or the payment system, customer outreach, or even the production procedures), then go for it. 

You’re more likely to end up in the hamster wheel of a never-ending mild queue of old-fashioned, manually-oriented, and traditionally-civilized startups without a foothold on tech utilization. 

Tech is the real deal for startups to scale nowadays. Although the tech industry on a global scale will gross $5 trillion in 2021 (at the time of writing), 70% of companies are currently working with tech facilities and fabricating plans to work with IT facilities.

5. Work with Time & Instill a Sense of Urgency

Create a sense of urgency. Give yourself and your team deadlines to get things done. Shun negligence and incorporate efficiency into your daily routine. You’re trying to scale and not grow naturally with the flow of things. 

And scaling anything requires close work with the time factor. 

“Time is more valuable than money. You can get more money, but you cannot get more time.” – Jim Rohn 

The earlier and quicker you get things done, the more “next thing” you have to do, the more “next milestone” you have to conquer. 

You first become a timely conquistador for your startup. This will rub off on other factors and even the excellence of your overall performance. 

6. Consistently Create Quality Content 

Have you heard the saying “content is king”? If you’re conversant with the internet and the digital industry, this is easily the classified code to the digital/internet console. 

Build a strategy to provide content. This could be through a blog, a YouTube channel or your social media page. 

Launch a blog for your startup, and a YouTube channel makes it more real. If you don’t know how to start a blog, read the extensive guide. You’ll learn to launch your blog, create content, and reach more clients by capitalizing on content marketing. 

Initiate a content marketing campaign and delegate competent experts in your staff arsenal to get the activities rolling. Content is king. And just by leveraging on creating quality content consistently in the long run, you’ll be able to scale exponentially. 

According to stats, a brand’s social media presence influenced the purchase decision of 73% of customers looking to initiate a buy order. 

Whether it’s social media, a blog, a podcast, or a YouTube channel/vlog, content creation is more like the startup-scaling steroid. 

7. Study the Market & Know Your Clients 

Getting to know your audience is one step to achieving excellence in service delivery and scaling pretty fast into success. 

You serve them better when you know them instead of when you’re clueless about what they want (or need), where their pain point is and what they’d like to be served. 

Identify the challenges and deliver the best solution there is. Your startup would be meaningless without the need to serve and procure remedies in the first place (to remedy clients’ pain points). 

Again, you need to know where your clients are, their bio-data, and a lot more about them. 

By garnering these details in hits, you’re able to reach them more efficiently, seize on their interest, and devise a strategy to convert them from random clients to loyal buyers. 

8. Solve Clients’ Problems

As a startup looking to scale the process, one of your available lifelines is to provide relevant and quality solutions to problems your clients face. 

Do this consistently, and you’ll bustle up to become a startup hardly replaceable. Every business exists for a reason – to provide value. 

Whether it’s services or consumables you’re into, the odds that you’ll be feeding critical value to the market are high as mount Everest. 

And one of the best ways to keep up with executing strategies that handle clients’ pain points is to know what exactly the problem is. 

To scale any startup, providing practical solutions/remedies to problems (and challenges) customers put up with must be re-engineered towards quality and efficiency. 

Recommended Read: Solved: How To Understand And Solve Your Customers’ Problems

9. Avoid Compromising on Quality Delivery 

When it comes to quality, give your best. You want to keep your reputation as a firm known for quality delivery. 

But if you subsidize that or alternate quality for quantity and prioritize profit-making, you’ll throttle your startup to the layers of mediocrity. 

Your goal is to scale and not give clients the wrong impression about your services and overall outlook while you milk them with all sorts of sales speeches and pitches. 

Compromising on quality in the long run (and maybe the short run) will likely damage your reputation and ruin your long-term objectives. 

10. Recruit Competent Minds

So the truth is, nothing works excellently with a team of newbies. Did you found a great company or startup? Chances are, the team behind the success you adore has top-level expertise and inculcates a consciousness of excellence. 

If you want to grow your business at startup speed, outsource critical and delicate responsibilities to brilliant minds who can get things done with little or no supervision. 

Don’t look forward to working with people who want to be with you for a short period. Recruit a team of staff you can draft a long-term (five-year) plan with. 

This is significant as you need all hands on the desk and don’t want to worry about unnecessary staff resignation anytime soon. 

11. Build the Happy-Team 

Be a leader and not a boss. Build a happy team and have them put their best into what they do. 

Did you know that happy employees are 12% more productive than unhappy ones, and unhappy employees bring 10% less productivity into their workplace? 

If your goal is to move your startup pretty fast, then your best bet should be on building camaraderie – a presence and atmosphere of unity. 

Nobody wants to be bossed around, and you’ll stream more productive ideas off your employees when everyone’s happy. Regardless of your staff or team’s skill set and level of experience, nothing replaces working in harmony and happiness. 

12. Communicate Your Vision

Much more than working with the happy team, you need to communicate a shared vision across the different units of your startup. 

It’s not enough to have a vision of your own; if your staff and partners don’t understand your vision and how you plan to reach your goals, they might not be motivated to work so hard. 

Your goals shouldn’t be your goals alone – it should be shared and understood. Working in synergy (with a shared vision in mind), it’s a lot easier to scale a startup from grassroots to the mountaintop. 

13. Take Risks 

I mean… it’s risky not to take risks. Risks are the carcass of success and failure. You can’t be too sure; you can’t be sure… you can’t “not” be confident. 

It’s a risk! 

You’re not armed with innate capabilities to foretell the future or the outcome of an action before you execute it. This alone is a risk. 

And in times where you have an idea as to how an outcome could play out, you certainly can’t determine the scope, coverage, and extent of impact (precisely). 

This doesn’t mean you should dabble into making redundant decisions. Vet your options carefully (accompanied with market/historical analysis), mitigate the options that could impoverish your startup, and then consult more experienced minds. 

But take risks and don’t be scared to make mistakes. If you fail, you’ll learn to not fail in such a manner. If you succeed, you’ll learn to succeed in that direction and scenario every time. 

It might look like a win-win for you, but some wins will leave you enough scars for a lifetime. All in all, it’s part of learning and evolving. 

“Do not fear mistakes. There are none.” – Miles Davis

14. Think Big

This isn’t the conventional Cookie-cutter quote you’ve heard since the last two decades. For real, think big and plan big. 

Your goals should be cutting-edge unless you want to end up like the bandwagon of mediocre startups that never see the light of success. 

Do you want to scale? Great. Have high goals and standards. It’s no crime to desire success at its peak. The best part? Thinking big and having a great vision motivates you to work like nothing else does. 

15. Capitalize on What Works  

Working strategies aren’t easy to fabricate. But if you find one with a track record of blinding results, capitalize on it. 

To get better results, cobble up better “working” strategies. Run modifications, rinse and repeat the process. From experience, by repeating a working strategy over a period of time, you’ll hit success quicker than ever. 

Consistency is key, and leveraging on strategies that have proven to be successful in previous times is a foolproof tactic to scaling your startup significantly. 

Conclusion 

Capital isn’t everything. And in the art of scaling a startup, you’re more into outsourcing than financing. 

To scale a startup from scratch, you need a happy and intelligent team, big goals to keep you motivated, a shared vision to facilitate working in synergy, knowledge of the people you’re out there to serve, a funnel of delivering a relevant solution to your client’s problems, and lastly – recalibration and implementation of strategies that worked. 

Growing a business doesn’t have to take forever. You don’t have to do everything yourself. To make significant progress, outsource responsibilities and take risks. 

And don’t even think to promote the spirit of compromise – opt for quality at all times and watch your startup scale elastically like a piece of stretch fabric.

Nigeria Announces Own Digital Currency E-Naira in Partnership With Bitt

Olufemi Akinyemi
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552

Nigeria raises to launch its own digital currency, the E-Naira, by October 1, 2021.

Having barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in February 2021, the Central Bank of Nigeria (CBN), Monday, August 31, 2021, announced plans to launch its own digital currency later this year. 

Unveiling this plan, the CBN governor, Godwin Emefiele, who had called cryptocurrencies ‘money out of thin air’, said the apex bank will work with Barbados-based Bitt as a technical partner in its bid to launch the “eNaira“.

Emefiele said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account. He added that the currency would accelerate cross-border trade, financial inclusion and enable cheaper and faster remittance inflows.

CBN Director, Corporate Communications Osita Nwanisobi said Project Giant, as the Nigerian CBDC pilot is known, has been a long and thorough process. The CBN had revealed on July 22, 2021, that the pilot scheme for the project will begin.

Osita recalled that the bank decided to digitize the Naira in 2017, following well-thought-out processes, adding that the apex bank followed a global trend of the use of digital payments and the acceptance of the digital economy. 

He said that due to the rise in digital payments and the acceptance of the digital economy, the CBN followed a global trend.

More than 85 per cent of Central Banks are now considering adopting digital currencies in their countries, Nwanisobi noted.

The CBN will first launch by rolling out the eNaira. This will involve the issuing, distribution, redemption, as well the destruction of the currency. Then, the second stage, called the Financial Institution Suite, “licensed financial institutions will be able to request currency or issue stable coins.” They will also “manage digital currency across branches, KYC, identify and AML compliance capability.”

The federal government will handle the third stage, where it will “process digital payments sent to and received from citizens and businesses.” At the fourth stage are merchants who are expected to provide “low-cost payment and business management software, POS, remote payment solutions, online capabilities, transaction analysis and reconciliation.” The last stage, which is also known as the Retail Consumer Suite, will focus on the digital currency’s architecture.

The selection of Bitt as a technical partner has raised eyebrows in the tech space and on social media in Nigeria, where Nigerians are asking why a Nigerian tech company was not employed as a partner instead of Bitt. But Emefiele says they had passed the competency tests and rose above other competitors. 

“The CBN’s selection of Bitt Inc, from among highly competitive bidders, was hinged on the company’s technological competence, efficiency, platform security, interoperability, and implementation experience.”

Central Bank Digital Currencies (CBDCs) are digital currencies issued by the government. While they might share similarities with cryptocurrencies, they’re not necessarily cryptocurrencies.

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How to Write Stunning Blog Titles [a Template]

Oluwaseun Sanni
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1,453
How to Write Stunning Blog Titles [a Template]

You see, writing is hard. I would know because this is what I’ve been doing for over four years now. I’ve written for different audiences, for different clients and on various platforms, and I know for a fact that the process can be tedious.

There are many factors to consider when writing, and this can vary depending on the type of writing and platform. But when it comes to writing blog posts, your title takes the crown.

Why are you reading this piece? Because you know me from somewhere? Most likely not. You sure decided to open this and read because you saw a title that spoke to you, a title that seeks to help you in writing stunning titles.

So, how do you write stunning blog titles like the one that brought you here?

You see, creating great content is one thing; getting it read and ranked is another, which is why you should nail your title.

A title is what sells a piece of content. They are what people see on social media, in emails, and in search engines. Therefore, it’s no surprise that crafting suitable titles is one of the challenges writers face.

Is there a length requirement for headlines? How should I phrase it? Is there any word that should be avoided? Does it need to be optimised for social, search engines or both?

In this post, you’ll find a formula for writing good headlines and blog titles. Let’s get started, shall we?

Related: How To Start A Blog in Nigeria

An Easy Guide to Writing Stunning Blog Titles and Headlines

1. Begin with a working title

Starting with a working title before getting into the nitty-gritty of picking the perfect title is an ideal approach. There is a tendency for people to confuse topics and working titles. Let’s clarify that.

Generally speaking, topics are vast and could result in several blog posts. Take, for instance, “raising healthy kids” or “kitchen storage.” Both of those topics might be approached in very different ways by a writer.

In contrast, a working title is particular and guides the writer’s creation of a particular blog post. To illustrate, here are some working titles you could derive from the topic “cryptocurrency in Nigeria”:

“Current Business Opportunities in Cryptocurrency in 2021“

“Nigeria- From cryptocurrency ban to CBDC launch in 9 months“

“Cryptocurrency and Its Future in Nigeria“

Aren’t they all different and unique? The reason for that is that they are working titles, not broad topics. It’s also worth noting that none of those titles is perfect – they should just be specific enough to guide your blog post. Making them perfect is what we will worry about later.

2) Be accurate

A title needs to be accurate if you wish to set clear expectations for readers. To begin with, the title should accurately reflect the content that follows.

How can you ensure accuracy? Clarify your headline with brackets, just as we’ve done here: 5 Excellent Tips to Attract New Customers (without leaving your office)

The key is to set clear expectations. According to one study, headlines that include clarifying information outperform headlines without it by 38%. That’s because, before the readers clicked, the brackets clarified exactly what they were getting into.

This should be the most crucial rule for titles: Respect the readers’ experience. Readers will lose trust in your work when you set high expectations in your title and then can’t fulfil them in the content.

3) Make it appealing

The fact that your title must be accurate does not mean that you cannot make it appealing to the eye. You can make a title look more appealing in many ways.

All of this depends on your understanding of your core buyer personas. Finding what resonates with them and knowing what they find valuable will help you to speak their language.

You can use the following tips to make your blog titles more appealing after you’ve learned your buyer persona’s preferred style:

  • Play with alliteration. Alliteration makes your titles a little more appealing to read and it can have both a subtle and a strong impact on your reader.
  • Put strong language to use. The power of strong phrases (especially negative ones) like “Things People Hate” or “Stunning” can hit really hard. Nevertheless, they must be used with moderation.
  • Clearly state the value. Having your format and/or contents displayed to readers is a way to make your content look a little bit more appealng. Studies have shown templates to be very effective for increasing CTR: so, do not hesitate to put “Temlate” in a bracket whenever your blog content can pass for a template.
  • Give it a visual appeal. Would it be possible to include visuals within your post? The title should reflect that. A study found that headlines that included the word “photo(s)” performed 37% better than those that did not.
  • Don’t get caught up in the whys; focus on the “whos”. Would you like your audience to be intrigued? Highlight the “who”: Headlines containing the word “who” attracted 22% higher click-through rates. As an example, let’s say you’re writing a post titled, “15 of Our Favorite Brands on Snapchat.” What could we add to our accurate-yet-boring working title? The following options may be considered:

15 Brilliant Brands Who Are Killing It on Snapchat

15 Must-Follow Brands That Are Seeing Snapchat Success

Snapchat Success: 15 Inspiring Brands Who Just Get It

4) Keep it short

It’s impossible to set a definitive length or length requirement for your title. You need to consider your goals and where you’ll place your headline.

Would you like this post to rank well in search? Keep your title under 70 characters, so search engines won’t cut it off.

Are you optimizing your title for social sharing? In a study by Hubspot, headlines with 8–12 words got more Twitter shares than those with less words. Among Facebook users, the most popular headlines were those with 12 or 14 words.

In addition, headlines with eight words received 21% more clickthroughs than the average title, according to Outbrain.

What is the lesson? Getting to know what works for your particular audience through testing is always a good idea.

Let’s asume I was writing a blog post with this working title: “Think Social Media Is Just for Kids? Here Are 10 Statistics Guaranteed to Prove You Wrong.” 

Shortening it simply requires rephrasing it and eliminating extraneous words. Here’s how I might approach it:

Before: Think Social Media Is Just for Kids? Here Are 10 Statistics Guaranteed to Prove You Wrong

After: 10 Stats That Prove Social Media Isn’t Just for Kids

See? That’s how easy it is. Think about how your titles will sound in your head to ensure that readers will be able to understand them. Keep your titles short and sweet.

Optimizing a title for your audience is paramount, but if you can also optimise it for search and social factors, that’s fantastic.

What’s the secret to looking at all three at once? Make sure you are using keywords your audience is already searching for, then find out how many people are searching for them.

In order to catch your readers’ attention, you should place your keyword as close as possible to the beginning of your headline. (Again, your headline should not exceed 70 characters, so that it doesn’t get cut off by search engine results.)

Another important factor? Ensure your headlines are tweetable. An analysis of 200,000 tweets with links found that the 120-130 character range provides the highest clickthrough rates.

In conclusion

Your blog title can make all the difference for your blog, so getting it right is quite crucial. The above tips will help you come up with stunning titles that will change your blog performance forever.

Do you have other ways of creating blog titles that have proven effective? Share in the comments.

If you read this in preparation for starting a blog, you will find this guide useful in successfully launching a profitable blog.

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