54 BUSINESS
Having experienced almost a year in recession, Nigerian company H. Pierson Associates has provided tips for businesses to keep their profit margins.
One of the key strategies according to the firm is that companies should avoid what it described as “the cost minimization temptation.”
In a statement made available to daily Trust, the firm said there is the natural inclination for leaders to cut
Beneficiaries of the Youth Entrepreneurship Support, (YES), programme initiated by the Bank of Industry, (BoI), have commended the bank for assisting them in the realisation of their entrepreneurial dreams.
YES is a scheme initiated by BoI to tackle youth unemployment in Nigeria by developing the capacity of the youths and funding their business ideas.
Sharing their experiences at an event in Lagos, some of the beneficiaries noted that the initiative has helped them immensely.
A beneficiary from Lagos, Florence Bankole, said upon enrolling costs to minimal levels, especially through aggressive lay-offs and investment and assets down-sizing. According to the statement, while there may be some logic to this line of thought, the reality is that companies may need to consider doing this more sensibly.
It said it means focusing more on cutting costs that create operational efficiencies while maintaining costs that give them a competitive advantage and the capacity to exploit unique opportunities that emerge as the economy climbs out of the recession. for the online courses, one of the key learning points was managing time effectively and efficiently by prioritising aright with the aid of several time management tools.
Sani Mohammed, from Kaduna state, said the online course has been a great opportunity for young entrepreneurs like him to gain more business knowledge.
Abdul Bala Ishaq from Niger State said he never thought such a programme will be transparent while the online training has been enriching.
The Acting Managing Director of BoI, Waheed Olagunju, said unlike conventional loan requirements, the YES initiative has liberal collateral requirements.