What a year! For many, it marked the end of the road but for others, it was a year in which they discovered new areas of strength and new survival strategies. Many flourished despite all the gloom. How one fared was largely determined by his perception and interpretation of the harsh business environment. Those who felt overwhelmed sank out of sight very fast while others who saw new opportunities in the year kept above water.

THE number one reason that businesses fail is lack of cash. Period. End of story.
Strategy: Watch your cash flow and do whatever you can to protect it. You wouldn’t grow too fast if you didn’t have the cash, if you knew to watch the cash. You’d have good financial statements and review these on a regular basis. You would practice good control and make sure you weren’t overspending when you couldn’t afford it. And, you’d make sure you first had the cash flow automatically working before you took on any more projects or expansion. Cash flow is the lifeblood of your business.

How happy are your staff?

LET’S start off by pointing out that your staff members matter more than you know. Some schools of thought believe you should treat them exactly the way you treat customers-with maximum respect and consideration. Believe it or not, you cannot do without them. They could be everything bad and despicable but you must also take care how you treat them.

“ALL the world’s a stage”, says Shakespeare and he had my present world in view while writing that. He meant it literally in my case. There is a full theatre on here and in all other small businesses at all hours. The show is quite entertaining and original for the mere fact that there are no rehearsals. It is often so theatrical here that you would mistake some of it for movies if someone were to catch the actions on tape which is why many abandon ship. You won’t cope without a good sense of humour and a system that can imagine all things, believe all things, forgive all things and get used to all things. Nothing shocks you after a spell here. You have a nerve of steel.

IF there is one area we’re getting it all wrong, it has to be the personnel management aspect. The entire process we adopt is so wrong. I often wonder why we all complain that our workers give us the worst headaches. It is a miracle we’re not all consumed by our grave mistakes in this area.

ONE lady summarized what it takes to be an entrepreneur in Nigeria very well. She said the person must have the heart of a lion. That is a basic requirement for survival. A stout, sturdy mental state must be there or how else can one be so many things at the same time without going round the bend?  The dear woman was answering questions in a newspaper interview.

SOMEONE else also made a profound statement on hard decisions and that is Adrian Cadbury Chairman of Cadbury Ltd from 1965 to 1989. He said that “shelving hard decisions is the least ethical course“.  It is often criminal to continue without pausing, taking a deep breath and then deciding to do exactly what you know to be the logical next course of action in life or in business.

The main topic of discussion in many circles now is the unprecedented off-loading of young able-bodied, mid-career men and women into the labour market from mainly the financial sector. The people are able but incapacitated in a way by virtue of the fact that many were not emotionally or fiscally prepared for what happened to them. Add that to the fact that they were pushed out in a foul economic weather and you will get a group of stranded fellows.