10 Rules for Surviving the Recession

10 Rules for Surviving the Recession

In an economy as tough as this one, you may need to change your business drastically to pull through.

Nearly every business has felt an impact from the recession. There has been no escaping. The root causes were universal and had a domino effect.

Some small-business owners believe they've seen the bottom and they are surviving -- they are OK and they expect to persevere with modest adjustments. These small-business owners are kidding themselves. The bottom has not been reached, and it will be a long slide until it does. We are in for a five- to 10-year disaster.

Defeat the Downturn
During such times, it's easy to panic. Panic, which is fear-driven and not based on fact but on emotion, has tremendous power, the power to change the direction of business. But do you want to give in to panic, throw your hands in the air and accept self-destruction, actually accelerating it, becoming a part of the panic, stimulating more?

There's an alternative to panicking. We are confronting change, and change is an opportunity for advances. Now you have the choice to take advantage of change it or allow yourself to be buried by it.

Make the right choices today and see the results tomorrow. It’s not just about adjusting prices -- you need to broadcast your differences, tell people why they should shop with you, provide them with added value, and not discounts, and watch your business grow in a down market.

Be a leader, and the people will follow. As a small-business owner, you can help lead the way out of the recession. Start with your employees, move to your vendors, and then support your customers and your market area. Announce the good news, and everyone will line up.

Here are 10 rules of engagement that will help you successfully recast your business and succeed in the new economy:

1. Evaluate and eliminate excessive debt. If your revenues have dropped, you may not be able to service the debt you took on when your revenues were much higher. Any debt can be worked out -- secured debt, loans guaranteed by the Small Business Administration, mortgages, lines of credit, and even leases.
2. Downsize. If you haven't already, reduce your headcount and overhead. You can deliver the same amount -- or more -- by increasing productivity.
3. Track your finances daily -- and start today. Install a key indicator system to track your business and have daily, weekly and monthly financial reports issued. Follow profitability per job, per week, per client, per product. Use these indicators to focus on your most profitable products or services. Make nothing that does not bring in a profit.
4. Reduce inventories and overhead at any cost. Look for items that does not move or turn frequently. That's where your cash is locked up -- in your cost of materials, labor, and so on, waiting to be turned into cash after it’s sold and the receivables collected. This can result in a huge cash drain.
5. Train and cross-train your staff. If every job or task is learned by at least one additional person, when the primary person is out, the secondary person cross-trained to perform the task can leap in and save the day. And so work continues, and productivity remains high despite the absence of a key player. Smoother production, greater productivity and happier customers mean a better bottom line.
6. Review your marketing and reduce spending on traditional media. Use the internet and focus on existing clients first; get more out of them. Internet marketing will save many companies.Consider what's called the long-tail theory, coined by Wired Magazine Editor-in-Chief Chris Anderson. In short, it means that there are folks on the internet making profitable hits of niche products, services and entertainment.
7. Resist profit-eating sales and discounting. Don't give away your product; instead, compete with service, quality and uniqueness. Create a niche and have a competitive advantage. The big box stores cannot compete with you, especially on service. It's the small-business competitive advantage.
8. Expand geographically if possible. Internet marketing can take you anywhere, especially if you can create an expertise or a niche item or service. Find what you do that is unique and do it as large as possible.
9. Manage effectively. This means tracking and analyzing key indicators, financial reports and productivity. Get smaller first and more profitable; then grow slowly and carefully.
10. Focus on quality. That’s what wins in the long run. Never forsake this principle.

The horse is out of the barn, but there is still time to close the door...quickly. Get better, get smaller or be forced out. It's your choice.

6 WAYS YOUR BANK ACCOUNT CAN BE HACKED

6 WAYS YOUR BANK ACCOUNT CAN BE HACKED

With current attempts by fraudsters to access people’s bank accounts through text messages, emails, phone calls etc., it is important we are armed with the knowledge of the different ways our bank accounts can be hacked by these fraudsters. This will help us better discern their gimmicks, avoid their traps and keep our money safe.

Jumia Travel reveals 6 ways your bank account can be hacked.

TRUSTING SUSPICIOUS EMAILS, TEXT MESSAGES AND PHONE CALLS

In 2015, Babatunde Fatai, a young man arrested by the Oyo State Police command for various internet crimes including hacking into bank accounts of people in and outside Nigeria, revealed that to hack into bank accounts he would either go to dating sites to woo men and women into trusting him with their account details, or he would send fake emails to bank customers asking them to change their accounts and bank security details. Fatai will then use their ‘old’ security details to access their accounts and transfer their money to his online lovers, for these lovers to transfer back to him through another means.

You should be alert to suspicious emails, especially those that come with promotions from banks giving links you should click. Check the email ID or address and compare with the bank’s official email to see if anything is off (that is, to see if it’s an unofficial or copycat account). Most importantly, always call your bank to confirm any suspicious email before you reply.

TRUSTING SUSPICIOUS TEXT MESSAGES AND PHONE CALLS

As you should be careful with emails, so should you also be careful with text messages and phone calls.

Text messages about your account being blocked because of your BVN and instructing you to call another number to activate; phone calls from strange numbers (numbers different from your bank’s customer care numbers) asking you to disclose your bank’s details especially when you did not previously log a complaint with your bank about any issue related to what is being asked of you, amongst many others, should all be confirmed before responding to them.

Use your bank’s helpline and if you can, go to a nearest bank branch to confirm. The cost of not confirming is most times far more than the cost of confirming. Don’t be quick to share sensitive bank details through any means, no matter how genuine it seems.

SOCIAL MEDIA PROFILES

Some hackers get personal information such as your name, date of birth, email and phone number off your social media accounts. With this basic information, a sophisticated hacker can get past other options to change your pin and access your account.

If you use Internet Banking, it is advisable you edit your social media profiles, especially Facebook profiles. If you must leave your day and month of birth, delete your birth year, delete phone numbers you put there that are connected to your bank account and use ones that are not linked to your bank account. For your name, you don’t have to put your full name, especially the one your bank recognizes, on your profile. Your first and last name, or simply a username or nickname is fine.

UNENCRYPTED WEBSITES

According to the Telegraph, you should never shop or log in to online banking when the web address does not begin with “https” or without a lock sign displayed on the address bar.

For an added layer of security, check the online banking security options your bank provides such as free antivirus and browser security software. Ensure that your computer is protected by “firewall” software. Also, browsers (especially Google Chrome and Mozilla Firefox) often come with built-in security features. Make sure they are activated.

WEAK PASSWORDS

Especially for those who use Internet Banking, weak passwords make it easy for hackers to crack your passcode and access your account. Strong and unique passwords that are long, random and made up of different cases, numbers, letters and symbols are the best.

CHEQUE BOOKS AND ACCOUNT NUMBERS

Afam Nriezedi, along with his syndicate members, was arrested in 2015 by detectives attached to the Special Anti-Robbery squad of the Lagos State Police Command for hacking into Nigerian banks with the assistance of bankers and domestic servants.

To hack bank accounts, someone (a domestic servant or relative from the house of the victim) will bring a leaf from the cheque book of the victim to them. The leaf most times isn’t signed but contains the victim’s account number. With the account number, details of the victim’s name, phone number, email, house and work address including the victim’s account balance can be gotten, once they contact an insider in the bank they need the information from. Getting the insider usually isn’t easy but because it is a syndicate, it’s all about the effort and teamwork.

Their next step is to get a copy of the signature of the victim provided most times by the insider in the victim’s home. The cheque is taken to Mushin where the signature is forged and the amount they intend to steal is written. Most times, they don’t use e-banking to transfer the money but withdraw it upfront (usually using an amount that is possible to withdraw upfront). They never go the branch of their insider to do this.

It is important to be careful and restrict access to your cheque book. Also, don’t be careless with your account numbers and emails, phone numbers and addresses linked to your account number. From time to time, check your cheque book to confirm there is no missing page. Also monitor text messages and emails sent to you by your bank to be sure transactions you did not authorize have not occurred.

Learn, be careful and wise with those get rich quick human elements in around us.

Thank you.

5 Reasons Why The Igbo Man Succeeds In Business

5 Reasons Why The Igbo Man Succeeds In Business

I did not witness the Nigerian Civil war (1968-1970) because I was not born by that time, but I have read a lot about it in addition to listening to eye witness accounts from those who were there and even fought on different sides.

The Igbos lost almost everything during the war. They abandoned their businesses and properties outside Igbo land and moved home for safety as they became easy targets for mischief makers. These assets were mostly forfeited, confiscated or hijacked. This was the era when the term “Abandoned Property” became popular and real.

After the war, they were further subjected to financial and economic hardship, as their bank accounts were credited with a flat rate of 20 pounds irrespective of the volume of Biafra pounds in those accounts, effectively rendering them penniless.

This happened almost fifty years ago, as today the Igbos have moved on with their lives conquering the Nigerian business environment and building large business empires for themselves. Everywhere in Nigeria today, you will find very successful Igbo business men and women making the country proud in their various entrepreneurial pursuits.

How did they do it despite all the setback and challenges?. These should be some of the reasons why they have become a phenomenon in entrepreneurship.

Courage: The average Igbo is very courageous and ready to surmount every challenge in the pursuit of anything he sets out to accomplish. They are also very adventurous and ready to relocate to new places despite the inherent risks, as long as they can see opportunities. There is probably at least one Igbo man or woman in every country in the world.

Resilience: They focus on opportunities and ignore challenges, this makes them very tough and flexible. The Igbo man will nurture his small business painstakingly taking risks and experimenting and innovating with different strategies until the business begins to boom and flourish.

Creativity: I read accounts of how the Igbos improvised and created their tanks and refineries during the civil war. Today the likes of Innocent Chukwuma of Innoson Industries are building cars and fabricating spare parts for the Nigerian Air force. If you still have doubts about the Igboman’s creativity then visit Nnewi and Aba to see how all types of machinery are fabricated.

Support system: The have a way of rallying round each other to ensure that their successes are multiplied. You will find all types of Igbo unions, clubs and associations in every city in this country; and even in most countries of the world. They have gone a step further to install Igbo traditional rulers outside their ancestral homes (eg. Eze Ndigbo of Lagos), who will govern their affairs and mediate in crises situations.

Apprentice System: Success in Entrepreneurship requires knowledge, mentorship and capital. The Igbos developed their own home grown system of entrepreneurship. This unique form of apprenticeship allows a male family member or community member to spend time and work with another family. During this period, the apprentice will learn the trade of his master and would also receive mentorship. At the end of the agreed period, the master will establish his apprentice; either by setting up a separate business for him, or giving him money or tools to earn a living. This system has helped to spread wealth from the rich to poor in Igbo communities; and many of the big Igbo business men of today went through this system. The likes of Mr Innocent Chukwumma of Innoson Motors, Mr Cosmas Maduka of Coscharis Motors and Chief Alex Chika Okafor of A-Z petroleum are all beneficiaries of this system.

8 Things Every Man Should Know How To Do

8 Things Every Man Should Know How To Do

1) TO KNOT TIE:Every man should know how to knot a tie. Some men find it difficult to knot tie. I have seen men walk the whole street looking for who to help them knot a tie.
It is very easy, there are many types and many online tutorials on how to knot them.

2) SHAVE:Every man should endeavor to have a personal clipper, and should also know how to shave and and also know how to get his hair cut.
Sometimes we may get busy during the weekend or forgot to shave only to wake up monday morning and realize that we didn't shave. We can simply shave before leaving for work.

3)HOW TO FIX HOME APPLIANCES :Every man should know how to fix simple home appliances such as how to change electrical sucket, light bulbs, change generator plug, assemble electric fan,hang tv, etc.

4) HOW TO HANDLE SIMPLE TOOLS:Men should learn how to handle tools like hammer, saw blade,brush.Most of the things we call artisans to fix can be fixed if we learn how to use and handle these tools. Every man should have a tool box.

5)HOW TO DRIVE:Every man should know how to drive, do not wait wait until you have your own car,learn how to drive both manual and automatic transmission cars.
This can be very useful in event of emergency.

6) PERFORM BASIC FIRST AID:You don't have to be a doctor,nurse or health practictoneer to know how to perform basic first aid.

7) PAINT A ROOM:One must not paint the whole house, most people like to repaint their house especially when they move into a new apartment. You can save cost by painting your rooms.



CARRY A BABY:Every man should know how to carry a baby. you can help your spouse with the baby. It is not 'a woman thing'.

6 Dangers Of Soft Drinks

6 Dangers Of Soft Drinks

Soft drinks etc is one of the most consumed beverages in the Nigeria, second only to water. Here in Nigeria, we consumes upto 57 gallons of soft drinks per person every year as form of refreshment after a hectic day, on the road during a frustrating traffics form of entertsinment and all that, as if it wasn’t full of sugary calories. But what’s happening inside the bodies of soda consumers with each sip?,sugary drinks increase the risk of type 2 diabetes, heart disease, and other chronic conditions. So today Healinic will be discussing more on dangers of soft drinks.. awareness as they say is far better than cure..
Here are the Reasons Why you need to Reduce Soft drinks intake.

1 High Risk of Cancer : There have been many studies that have looked at the links between various types of cancer and fizzy drink consumption,
Drinking just one fizzy drink a day could increase a man’s chance of developing prostate cancer by around 40 per cent, secondly Drinking just one-and-a-half cans a day can increase a girl's breast cancer risk by per cent and lastly Some chemicals that are used to colour soft drinks can cause cancer.

2. They Can Cause Diabetes: Sugar-laden drinks have been proven to increase cases of Type 2 diabetes. A study conducted between 1990 and 2000 estimated that the increased consumption of sugar-sweetened drinks contributed to 130,000 new cases of diabetes.

3. They Can Cause Premature Birth in Women: Pregnant women were warned against drinking diet fizzy drinks after a study taken in Denmark on 60,000 women. Those who drank artificially sweetened soft drinks, whether fizzy or still, were found to be more likely to give birth prematurely. It was thought that the chemicals in the artificial sweetner changed the wombs of the women.


4. They Can Damage the Brain: As well as affecting the body, fizzy drinks have been found to alter the protein levels in the brain, which could lead to hyperactivity.


5. They can Make One Violent: A study carried out on teenagers found a link between drinking fizzy drinks, violence and the likelihood of them carrying a weapon. The researchers found that even teenagers who drank just two cans a week were more aggressive towards their friends and those who drank five or more cans a week were also more likely to have drunk alcohol or smoked at least once in the previous month.


6. Liver Damage : A study from 2009 found that sugary drinks can cause fatty liver disease and drinking just two cans per day could lead to liver damage.

Beverage companies know the haphazard sugar cycle all too well. In the United States, they spend approximately $3.2 billion in marketing each year in an effort to tempt consumers to pick up a liter of brown bubbly sugar with their pizza, or a case of cans for their child’s next birthday party. Those little children have an 80 percent increased risk of developing type 2 diabetes if they become regular soda drinkers. Their future will be one full of kidney problems, reproductive issues, osteoporosis, asthma, and bad teeth with dissolved tooth enamel.

Drink up!

5 SIGNS YOU ARE FAILING AS A MOTHER AND THE WAY OUT

5 SIGNS YOU ARE FAILING AS A MOTHER AND THE WAY OUT

Who is a mother and what's the role of a mother? A Mother is a female parent. A mother is the heart of the family, while father is the head.

Mothers nurture, care and teach the children at home. Mother teaches, especially the morals at home to her children.

Mother is the manager of a home. She manages the affairs of the home well and better. While father directs the affairs of the family.

Mothers and fathers are not in contest for anything, post or positions at home. In fact, they mustn't be. Both parents are one and they should work together as one for a common goal of producing children that will be useful to the community, make the nation proud and uplift the name of the family.

No matter what it is, though, fathers and mothers are one, each person must also have a specific role at home that can be linked to such individual if anything goes wrong in the long run.

The reason why fathers cannot be blamed if the children cannot do some basic house chores, is exactly the reason why mothers can't be blamed if school fees of the children aren't paid in time.

So, you see, though we are saying both the father and the mother are one, we can still see that they have their separate responsibilities.

What are the signs that are pointer to a mothers as not living up to expectations as home managers, moral teachers carers, trainers etc

Here let's see them:

1. If your children cannot do house chores
It will be a great disappointment for anybody to visit a home whose manager, (Mother) is still alive and breathing and the teenage girls in that house can't wash the dishes or cook good food.

Regardless of the standard of living in that home. It doesn't matter if they have house maids or they can't afford one. What really matters is that the children in that home must be able to handle some basic chores in that house. Male child is not left out in this requirement. But, most importantly, a girl child of 13 and above, who still resides in that home must be able to cook edible food for the family.

If the boys in that house too can cook well, it is a plus for the mother.

If this article is pointing to you in any way, it's not too late to make amends. Make sure your children always in the kitchen to see you cook or ask the maids to always show them he or she does it.

2. If your teenage boy is not warm or gentle around his sisters
This is another red sign that you are not doing enough as a mother. Your boys and girls must be happy being around each other. The focus here is on the male child.

If you have a male child, ma, that his sisters are not comfortable being around, it may mean you're not doing enough at the home front. We can't hold the father responsible for this, because naturally men are full of egos and have inferiority views about female folks.

Mothers must be on top of this matter and work on the male child in this situation be loving and gentle with not only his sisters but girls generally, the way the mother would have loved to enjoy such from a male folk.

If this paragraph is talking about your son, it's not too late yet. All you need to do is always sit him down for few minutes in a week and let him see why he needs to be a gentle man. Lions don't have friends but dogs are loved my many.

3. If your children don't have home etiquettes
This is another worst situation that no parents should pray to experience. Children that lack morals don't have home etiquette. You don't expect the father that has been on the road fending for the family to sit down at home teaching with the kids teaching them morals.

Another aspect of mothers role is teaching morals to the kids. Mothers are always good with children, no man can take that away. If you have visitors and your kids can't excuse you, it's your fault. Of your kids only bulge into people home without knocking, you will still be held responsible.

Considering the number of hours mums are expected to stay at home with the kids, you cannot but use the opportunity to teach them so, e good lessons about life. Your kids can't just shut you down because they want to express themselves and expect the father to carry the blame. No, he won't. The can't try that with him in the first place.

4. If your children don't respect and honour their father
This is the worst situation a home can experience. If the kids are disobedient to their Father in the house, the mother is to blame. There is no way any child can be bold to disobey the man of the house without the mother's support. Check it.

What will be any mother's gain if her children can mediate in whatever that may be going on at home between their parents, to the extent that the children are now rude to their father?

The fact that the father can't provide for the house doesn't mean the children can go against the fathers orders. If this is happening in your home, quickly caution the kids and rescue the situation.

5. If your children don't miss you when you're away
This sign shouldn't be joked with for any reason. Many people might have overlooked it in the time past but let me call your attention to it once and for all.

If you have teenagers that are still living under your roof and they don't care if you, their mother or their father is not always available, something is taking your place in their hearts and you must find that thing and kill it.

Children, no matter their age group, will care about their parents, especially their mothers. What can replace mothers love? If you play the mother's role the way it should, until your children get married they won't find a replacement.

If you think this doesn't count you are missing a big point here. If a woman had really assumed her mother's role in the lives of her children she'd be irreplaceable. If your children don't care about your presence as they ought to it's a red sign you are have failed them.

The only reason why they don't miss you is because they experience too much negativity around the parents, for example; they are always shouting, nagging and beating their children. If you want them to miss you, you should reduce those negativity towards them or around them, unless they won't still miss their parents no matter what you do