Business News

Monday, 20 March 2023 03:34

Here's the 1-word change some bosses are making to improve employee happiness

As a business owner, I've sometimes struggled with titles over the years. For example, when I hired my first employee to help out with my daily newsletter, I had no idea what to call her role. Calling her an "assistant" seemed too junior, but I also didn't want to offer a title that she hadn't had a chance to grow into yet. In the end we settled on "deputy editor". It seemed to me that "deputy" crossed the chasm pretty effectively, especially when there was only a single deputy. Titles can be tricky. And now there are signs that some…

Friday, 17 March 2023 03:15

Nigeria is world’s worst debtor to international airlines - Report

Nigeria is withholding $743 million in revenue earned by international carriers operating in the country, the highest amount owed by any nation, a spokesperson for the global airlines industry association said on Thursday. Nigeria faces severe shortages of foreign currency, leading to restrictions on imports and meaning investors cannot convert local currency to repatriate their profits. International Air Transport Association (IATA) spokesperson Katherine Kaczynska said governments around the world owed $2.2 billion to airlines. Nigeria had the highest amount of blocked funds, followed by Algeria and Lebanon, which owed $165 million and $146 million respectively. "Enabling the efficient repatriation of…

Friday, 17 March 2023 03:12

I was a serial procrastinator. This simple two-step process helped me beat the habit

I couldn't believe I did it again. I was a serial procrastinator. There was just always so much to do, so many priorities. So, while I knew it would take at least three hours to prepare for our next quarterly meeting, I scheduled time to work on it just before the deadline, and also added it to my "to-do" list. "I'm sure I'll find time before then to work on this," I told myself. "This calendar appointment is only a failsafe--just in case." Yeah, right. Of course, I never did the find time to start early, as other tasks demanded…

Thursday, 16 March 2023 03:15

Harvard career expert: The No. 1 'desirable skill' that very few people have—especially men

When young people ask me for career advice, I always tell them: "Don't just focus on your own accomplishments. Be a collaborator." Through a decade of teaching and research at Harvard's business and law schools, I discovered an important and often overlooked insight: People who figured out how to collaborate across teams gained a major competitive edge over those who did not. The advantages of collaboration skills When it comes to hiring, smart collaborators are highly desirable candidates. They deliver higher quality results, get promoted faster, are more noticed by senior management, and have more satisfied clients. But here's what…

Wednesday, 15 March 2023 06:16

Foreign airlines aren’t able to repatriate $743m from ticket sales. Here are the grave implications of that for Nigeria

International Air Transport Association (IATA) says foreign airlines’ revenue blocked from repatriation by the Nigerian government has increased to $743 million from $662m in January 2023. The association disclosed this on Tuesday in a letter seen by TheCable. The letter was addressed to Hadi Sirika, minister of aviation, and signed by Samson Fatokun, the association’s area manager West and Central Africa. The air transport group and the global airline community wrote to the federal government, seeking a special invention for the resolution of airlines’ blocked funds in the country. “For over a year, Nigeria has been the country with the…

Wednesday, 15 March 2023 06:14

FG launches $672m tech fund for young investors

Federal government launched a $672 million fund on Tuesday to support tech and creative sectors for young investors who struggle to raise capital in Africa's largest economy. The fund - targeting 15 to 35-year-olds - comes at a time when there are concerns locally about the failure of U.S. startup-focused lender SVB Financial Group, which has supported startups in Nigeria. So far only Chipper Cash, a cross border payments startup, has said it had $1 million in SVB. Some of the biggest startups, including e-commerce firm Jumia and Africa-focused fintech firm Flutterwave, told Reuters they had no exposure to the…

Wednesday, 15 March 2023 06:04

If you aim for the top in any business, thinking like an owner beats better productivity every time

If you feel trapped in an unsatisfying and limiting role as a business professional, I urge you to assess your own interest and level of ownership thinking as a means of enhancing your career or growing your own business. I have personally worked as an employee of large businesses, as well as a partner in new ventures and found the latter to have more potential for satisfaction. Many business leaders today, including Howard Schultz, didn't start the businesses they are now known for, but worked their way up the corporate ranks with ownership thinking. Others, including Jeff Bezos, spent time…

Tuesday, 14 March 2023 05:46

Put your money where your interests are: When being self-serving isn't selfish

A friend of mine has loved American auto racing since he was a boy. Stock cars, modifieds, dirt track... he loves them all. He also hates how things have changed. How sponsors have left the sport, especially at the lower levels, causing teams to shut down and racing series to decline. How some drivers get rides based more on their ability to attract sponsors than based solely on talent. In short, how money seems to play such a huge role in racing. (Even though it always has). I get it. He loves racing and is understandably worried about its future.…

Monday, 13 March 2023 06:00

Success and wealth really come down to this decision

Have you ever quit a job, fired a customer or otherwise ended a business relationship because of a toxic person, insufficient pay or simply because you're completely bored? Walking away from available business or work in a questionable economy certainly means taking on some risk. But it can also be the path to great wealth. That's the lesson that emerged when financial planner Tom Corley interviewed 233 millionaires over five years, many of them entrepreneurs. But whether they'd earned their wealth in their own companies or in someone else's they all had one thing in common, he writes in a…

Friday, 10 March 2023 05:58

Scientists have determined the jobs AI is most likely to destroy. Will you be replaced?

Nothing’s wrong with making some money after an honest day’s work, but not all jobs are created equal. For many people, there are certain occupations that exist that tend to – how can we put this nicely – rub people the wrong way. Call it a lack of respect for certain professions or simply not liking the business practice itself, but people are not shy about identifying particular jobs that they absolutely do not care for. 1. Tow Company Operators Out of all professions, tow company operators seem to be universally hated. We get it – it’s a thankless job,…

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Thursday, 09 March 2023 05:54

Make your startup stand out without spending a fortune

The line between success and failure in business can be razor thin, and sometimes the difference comes down to the amount of attention that a company can attract. Unfortunately, a lot of companies try to attract the wrong kind of attention. I'm not talking about tasteless advertisements or sketchy funding gimmicks, well, not that alone. I'm talking about wasting effort, resources, and dollars on promoting any kind of attention that doesn't generate revenue. It's a problem that's exacerbated for unknown companies with unproven products. But unfortunately, a lot of startup leadership tends to believe that attention is a self-fulfilling prophecy.…

Wednesday, 08 March 2023 05:54

Apple employs 3 deep-seated psychological triggers to incite spending. Anyone can use them

If you ask someone why they bought the latest iPhone, they might tell you that the camera is better, it has more storage, yada yada... You get it. Perhaps because that someone is you. What you won't get is an answer like, "its marketing was just too compelling." Yet chances are, most didn't spend a small fortune to ditch what was formerly the latest model just months ago because they were just dying for their mobile phone to replace their professional camera. Or because that slight size difference would make all the difference. Or because of that new feature they…

Tuesday, 07 March 2023 06:00

Chances are you’ve been experiencing failed transactions in the e-payment channels of your banks. Here’s why

Amid huge financial turnover recorded in the first three quarters of 2022 by banks in the country and claims of N100 billion investment in electronic channels, digital banking has remained very challenging for many Nigerians in the last few weeks since the introduction of the new cash policy. The events of the last six weeks, where access to cash has remained increasingly limited, compounded by inability of the Automated Teller Machines (ATMs) to dispense cash and spiral failures of Point of Sales (PoS) machines as well as prolonged downtime in Internet banking, have reiterated the need for aggressive investments in…

Tuesday, 07 March 2023 05:58

3 steps leaders can take to build a more resilient, emotionally healthy team

Our mental health is how we as people cope with being human. It includeseverything that affects how we think, feel and behave. It encompasses our emotional, psychological and social well-being. Our mental health directly impacts our communication, decision-making and coping skills. We can't ignore it. As a business consultant and Licensed Clinical Social Worker, I have helped Fortune 500 companies and local nonprofit organizations improve workplace communication. What I noticed time and time again is that improved mental health and employee well-being are natural byproducts of healthy workplace communication. According to the Surgeon General's Framework for Mental Health & Well-Being…

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