BUSINESS

Little League, Big League – 8 Things to Consider with dealing with a client.

Published

7 years ago

August 15, 2017

Many young entrepreneurs want to work with big companies, without understanding what it truly requires to successfully execute projects with big brands. In my entrepreneurial journey, I have found that individuals, and SME’s are much more forgiving than the big companies, and it’s a completely different ball game when you step into their court. You can’t step into the a Big League game, and play like a little league player – you will get crushed in moments. On this note, I have put together a few things to keep in mind when you decide you play in the Big league – Actually, all of these apply to all client work (Small, or Big), because in the end we all want to be known for our professionalism, and quality delivery.

CONTRACT

Document EVERYTHING:

If it’s not in writing, then it never happened. When you work with companies, you’re dealing with multiple people at the same time, and it’s very important to communicate primarily in writing – via email. It’s easy for information to get lost in transition, especially when you have responsibilities changing hands, and clients that are working on multiple projects at the same time. Keeping everything documented will not only help your clients keep track of your needs, but will also protect you in instances of ‘he said’, ‘she said’, ‘they said’. Many clients have selective amnesia – especially when they are responsible for whatever issue is at hand. You’ll breathe a heavy sigh of relief when you can RE-FORWARD an email that was received and acknowledged (oh yes, always ensure that the recipient acknowledges receipt). Even if you’re friends with your client, it’s important that you draw the line between personal and business – do not manage your entire business relationship via phone conversations and physical meetings. There will be clients who say that they don’t care how the work gets done as long it’s done. Thank them for that, but still ensure that you send across a detailed plan of what is being done, and ensure that they sign off on the plan.

Paperwork

Make sure your company paperwork is up to date:

Working with a big company means filling out pages of long, unexciting, detailed paperwork. It also means that you will need to provide registration documents, updated tax documents, Shareholder identification, insurance papers, corporate trainings, corporate citizenship, bank references, supplier standards, and more. The task of sorting these documents out can be quite daunting, and so frustrating that it leaves you wanting to just give up on working with the big guys. But if your business is going to grow, you need to take your company paperwork seriously. If you cannot do it yourself, hire someone to do it for you. Either way, it must be done. Get those tax documents done, and stop postponing sorting out your insurance papers.

TIMELINES

Set Realistic timelines:

This is one rule of business, whether you’re working with a big brand or an individual, you should always give realistic timelines. When you agree to deadlines that you cannot meet, you’re risking your reputation. Sometimes, clients will give unrealistic timelines, and they will take no prisoners when it comes to delivery. You must be able to speak up about your concerns, and negotiate a timeline that works for you. Don’t bite off more than you can chew. If the timeline provided by the client, means that you will need to deliver poor quality, then you’re better off turning down the job. Remember it’s your reputation at stake here, not theirs.

OVERDELIVER

Don’t over-promise, Over Deliver Instead

Overpromising is part of our culture. Fact. I’ve hardly met a tailor that wasn’t 100% sure that they understood my design, until the finished product is presented and I shake my head. I also haven’t met a carpenter that isn’t 100% sure that he will produce the IKEA furniture photos that I showed him, until of course one of the drawers is missing, and he says “Madam, you don’t need the extra drawer”. Of course I don’t expect you not to convince your client of your 100% quality delivery. However, understand that you may not always fulfill your client’s full expectations. Keeping this in mind, it’s important to know when to say NO, rather than say “Yes” to everything. Your ability to say No to something you cannot do will save you the client account, your business reputation, and your client’s respect. Make sure you ask questions to understand the brief properly – clarity will help understand expectations. If there’s an aspect of a project is beyond the skill set of your team, you can ask your client if they would like to be referred to a 3rd party to handle that aspect of the work. Let them make the decision by themselves, and work with the vendor directly so that you’re not held accountable for that aspect of the work.

ADMIT MISTAKE

Admit when you make a mistake, and try to fix it.

If the work you produce doesn’t meet your clients expectations, you’ll need to regroup with your team and request for detailed feedback from the client (preferably in person). Ask as many questions to get clarity on what worked and didn’t work, offer an apology – you can also offer a discount to appease your client. Clients appreciate honesty, accountability, and empathy.

CONTINGENCY BUDGET

Build in a Contingency Budget

There’s nothing clients dislike more than finding out that you require more funds to complete a project after their budget has been signed off. Understand that no matter how much you plan, something will come up that is either out of the initial scope, or an item that you may have left out of your budget. Build in a contingency plan that accommodates small changes. If the client takes the project completely out of the agreed scope, then by all means request for additional budget to complete the project. Your contingency budget is for your personal errors, and any minor changes that you’re happy to provide you your client.

taxes

Include Taxes in your billing.

Ensure that you invoices are accurate, and include applicable taxes. If you don’t tax properly, you will have to eventually pay the tax from your pocket. There are state and federal taxes that apply to businesses, and even freelancers, and it’s important that you understand these taxes, and include this in any negotiations with your client. Understand that you cannot go back to the client to complain, if you forget to include taxes in your bills – this is your responsibility, not theirs!

START

Don’t look forward to the End of a Project, Look forward to the beginning of a new project.

Many people tend to focus on “wrapping up” projects, so that they can get paid and move on to the next pitch or client chase. Personally, I have imbibed a mindset of focusing on ensuring that the end of a client’s project, is the beginning of a new project with them. This means ensuring that you produce quality, and following up with them to receive feedback. Feedback is super important in business today. If your client has had a poor experience with you, it’s wise to work toward fixing it. It’s easy to think that they don’t matter, and you’ll never work with them again – this is possible. However, remember the power of influence – what they say to others. You might not work with them ever again, but you will attempt to work with people that they know, and risk the possibility that they have shared their poor experience with other companies.

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BUSINESS

How To Manage Potential Shipping Risks

Published

6 days ago

April 14, 2024

Adaeze Okechi

How To Manage Potential Shipping Risks | Fab.ng

The world of international trade relies heavily on efficient and safe shipping. However, this process isn’t without its risks. From unpredictable weather to damaged cargo, unforeseen events can disrupt deliveries and cost businesses money. Here are some key tips to help you manage shipping risks and ensure your goods reach their destination smoothly:

Pre-shipment Planning

Choose the Right Partner: Selecting a reputable and reliable shipping company is crucial. Look for companies with experience in your specific cargo type and familiarity with your destination. Research their track record, safety standards, and insurance offerings.
Pack Securely: Proper packaging is essential to protect your cargo from damage during transport. Use high-quality packing materials that can withstand potential rough handling and varying weather conditions. Consider using dunnage (protective materials like packing peanuts or bubble wrap) to fill empty spaces and prevent items from shifting during transit.
Accurate Documentation: Ensure all documentation is complete and accurate. This includes commercial invoices, bills of lading (a legal document outlining the contract of carriage), packing lists, and any necessary certificates (e.g., fumigation certificates for certain goods). Errors in documentation can lead to delays or even the seizure of your shipment at customs.
Insurance: Shipping insurance provides financial protection against loss or damage to your cargo during transport. Consider the value of your goods and the potential shipping risks involved when choosing an insurance policy.

Risk Mitigation During Transit

Track Your Shipment: Most shipping companies offer real-time tracking tools. Monitor your shipment’s progress to identify any potential delays or issues early on.
Communicate Effectively: Maintain clear communication with your shipping partner, the consignee (the recipient of the goods), and any third-party logistics providers involved. Timely updates and clear communication can help address problems quickly and minimise disruptions.
Contingency Plans: Be prepared for unexpected events. Develop contingency plans to address potential issues like bad weather, port congestion, or political unrest that might delay your shipment. Consider alternative shipping routes or modes of transport if necessary.

Post-Shipment Considerations

Customs Clearance: The arrival of your goods at the destination port requires clearing customs. Familiarise yourself with the import regulations of the destination country to avoid delays. You may need to work with a customs broker to navigate the clearance process.
Cargo Inspection: Be prepared for the possibility of your cargo being inspected by customs officials at the destination port. Ensure all documentation is readily available to facilitate a smooth inspection process.
Damage Claims: If your cargo arrives damaged, promptly file a claim with your shipping insurance provider. Document the damage thoroughly with photos, and keep copies of all relevant documents for the insurance claim process.

Additional Tips

Diversify Your Routes: Don’t rely on a single shipping route. Consider diversifying your routes to minimise the impact of disruptions in specific regions.
Technology Integration: Utilise technology to streamline your shipping processes. Many shipping companies offer online booking, tracking, and document management tools.
Stay Informed: Keep yourself updated on current events and potential disruptions that could affect shipping, such as changes in import regulations, weather forecasts, or political instability in certain regions.

By following these tips and proactively managing risks, you can ensure a smoother and more secure shipping experience for your business. Remember, effective risk management is an ongoing process that requires continuous evaluation and adaptation based on changing circumstances.

Get more business tips here.

BUSINESS

Women Leading Nigerian Banks Climbs An All Time High

Published

4 weeks ago

March 25, 2024

Ihuoma Okechukwu

Women Leading Nigerian Banks Climbs An All Time High | Fab.ng

Adaora Umeoji will be taking on the leadership helm at Zenith Bank, a major Nigerian bank. She’ll officially start as the group’s managing director and CEO on June 1, 2024. This is exciting news, as Umeoji joins a growing group of powerful women leading Nigerian banks. There are already seven other female CEOs running major banks in the country.

Adaora Umeoji takes over from Ebenezer Onyeagwu, who’s been the CEO for the past five years. His term ends on May 31st. This isn’t the only recent change at the top of Nigerian banks with female leaders. Just a few months ago, Yetunde Oni became the new managing director of Union Bank of Nigeria. In February, Bolaji Agbede stepped up as the acting group CEO of Access Holdings after the passing of Herbert Wigwe.

A report by Agusto Consulting just revealed that women are making big strides on company boards. In 2022, the number of female board members reached an all-time high. This isn’t a one-time jump, either. Over the past five years, the number of women on boards has steadily increased. In 2018, only 18% of board seats were held by women. But by 2022, that number had risen to an impressive 25%.

While Nigeria is making progress, there’s still room to grow. Countries like South Africa (at 36%), the United Kingdom (at 41%), and the United States (at 35%) all have a higher percentage of women in board positions. This shows there’s an opportunity for Nigeria to continue its upward trend and reach an even greater gender balance.

Profiles of Women Leading MDs and CEOs of Some Other Major Nigerian Banks.

Nneka Onyeali-Ikpe, Fidelity Bank

Onyeali-Ikpe, one of the powerful women leading Nigerian banks, is the current managing director/CEO of Fidelity Bank. She holds degrees from the University of Nigeria and Kings College, London, and has attended executive training programs at several institutions. Onyeali-Ikpe was previously the executive director for Lagos and the South West region of the bank. She is also an honorary senior member of the Chartered Institute of Bankers of Nigeria.

Tomi Somefun, Unity Bank

Miriam Olusanya is the managing director of a bank in Nigeria. She holds a Bachelor of Pharmacy degree from the University of Ibadan, Nigeria, and a Master of Business Administration from the University of Liverpool, United Kingdom. Before becoming the bank’s MD, she served as the group treasurer and head of the wholesale banking division. She is also a non-executive director of the Nigerian Interbank Settlement System and the Shared Agent Network Expansion Facilities. Additionally, she is a member of the Financial Markets Sub-Committee of the Bankers’ Committee.

Ireti Samuel-Ogbu, Citi Bank

Ireti Samuel-Ogbu is the CEO and country officer for Nigeria and Ghana at Citi Bank. She holds a BA Hons degree in Accounting and Finance from Middlesex University, UK, and an MBA from the University of Bradford, UK. Before she was appointed CEO, she served as the managing director of Europe, Middle East, and Africa payments and receivables head, treasury, and trade solutions under Citi’s Institutional Clients Group, based in London, UK. Ireti Samuel-Ogbu also co-founded two impactful mentorship initiatives within Citi. These include the Sapphire Leadership Program for the Middle East and Africa, and the Momentum Program in the UK.

Yemisi Edun, FCMB

Yemisi Edun has a bachelor’s degree in chemistry from the University of Ife and a master’s degree in international accounting and finance from the University of Liverpool, UK. She is also a member of several professional organizations, including the Chartered Institute of Stockbrokers and the Institute of Taxation of Nigeria. Edun began her career with Akintola Williams Deloitte in 1987 and joined FCMB in 2000 as divisional head of internal audit and control. She was appointed managing director of the bank on May 1, 2021.

Bolaji Agbede, Access Holdings

Bolaji Agbede was the most senior founding executive director at the company before being appointed as acting group CEO. She had previously worked at Guaranty Trust Bank and JKG Limited before joining Access Bank in 2003 as an assistant general manager. She has been the head of human resources for the Access Bank Group since 2010. Agbede holds a Bachelor’s Degree in Mathematics and Statistics from the University of Lagos and a Master of Business Administration Degree from Cranfield University, UK.

Yetunde Oni, managing director/CEO of Union Bank of Nigeria

Banking powerhouse Yetunde Oni brings 25 years of experience to Union Bank. She excels at leading teams, and crafting client solutions, and she boasts a strong academic background (Economics degree, MBA, Oxford executive training).

Yetunde Oni began her career at Prime Merchant Bank’s Treasury & Money Markets Group. She then spent 11 years at Ecobank Nigeria as a Relationship Manager. In 2005, she joined Standard Chartered Bank Nigeria, rising to Managing Director & Country Head of Commercial Banking for West Africa. Before joining Union Bank, Yetunde Oni made history as the first female Managing Director and CEO at Standard Chartered Bank in Sierra Leone.

Bukola Smith, FSDH Merchant Bank

Bukola Smith has a bachelor’s degree in economics from the University of Lagos and an MBA from Manchester Business School. She has extensive experience in banking, including customer service, treasury, investment, project finance, audits, and sales. She has held various positions at Fidelity Bank and First City Monument Bank Limited, including divisional head of Treasury and institutional banking, group head of Treasury and Financial Institutions, divisional head of Investment Banking and Financial Markets, director of project and Structured Finance, and divisional head of Group Internal Audit.

Halima Buba, Suntrust Bank

Halima Buba, who is also one of the women leading Nigerian banks, is a seasoned banker with over 22 years of experience. She holds a B.Sc. in business management and an MBA from the University of Maiduguri. She is an honorary fellow of the Chartered Institute of Bankers and a fellow of the Institute of Management Consultants. Buba is the MD/CEO of Sun Trust Bank Ltd. and sits on the board of several reputable institutions.

Kafilat Araoye, Lotus Bank

Araoye has a degree in History and an M.Sc. in industrial relations & personnel management. She holds Islamic finance certifications. She started her career in 1988 at National Oil and Chemicals Marketing Company Plc and moved to Guaranty Trust Bank Plc in 1990 as the pioneer head of human resources.

This increase in female board members is a positive sign. It suggests that companies in Nigeria are recognizing the value of diversity in leadership. The future looks bright for women in Nigerian boardrooms! With continued progress, we can expect to see even more women shaping the direction of businesses in the future.

BUSINESS

2024 Champion Awards: See The Businesses That Stood Out

Published

4 weeks ago

March 25, 2024

FAB.NG

Over 5,500 Australian small businesses threw their hats in the ring for the prestigious 2024 Small Business Champion Awards. But only a handful—fewer than 45—made it to the final round in the Business Services and Business Consultancy categories.

This year marks a quarter-century of celebrating Australia’s amazing small businesses. There are a whopping 2.5 million of them across the country, making huge contributions to our economy, communities, and culture. The Champion Awards recognize these incredible achievements.

The finalists truly represent the best of the best in the Business services and Business consulting fields. They’ve impressed the judges with their innovative ideas, exceptional customer service, and commitment to making a difference. Now, they’re in the running to be crowned champions.

Open to any small business in Australia, the Awards celebrate the best of the best across all kinds of industries, from shops and restaurants to factories and manufacturers. There are over 100 different categories to compete in, so there’s something for everyone. A panel of experienced small business owners who know what it takes to succeed will be judging the entries.

Steve Loe, who runs the Australian Small Business Champion Awards, says these businesses are vital and need all the support they can get, especially now. He’s impressed by how tough they’ve been, and he can’t wait to celebrate their success.

The winners of the 2024 Australian Small Business Champion Awards will be announced on April 12th and 13th in Sydney. Popular TV personality Jayne Azzopardi will be hosting the event, and famous singers like Dami Im, Harrison Craig, Johnny Manuel, and Stefanie Jones, the star of Australia’s recent Mary Poppins show, will be performing live.

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Supported by big names like Commonwealth Bank, Nine Ad Manager, and NOVA Employment, these awards celebrate the incredible work of small businesses in many different industries.

Twenty-two businesses are finalists in the Business Services category. This includes A.S. Virtual Solutions, Actwell Lighting, and Premier Team Building. They’re all competing to be named the Champion of Business Services. In the Business consulting category, BDC Partners, Blue Sky Career Consulting, and Impact HR are battling it out to be the Champion business consultants.

The awards will pick one winner in each category.

For more information about the 2024 Champion Awards, including a full list of 2024 Finalists, visit here