Mr. Taopheek Babayeju was the guest speaker at the Chapter meeting of the International Federation of Business and Professional Women (BPW International) Abuja Metropolitan on Thursday, February 16, 2017. He spoke on “Opportunities in a Lean Economy.” Where he expatiated on ways to create opportunities and overcome the harsh economic climate, excerpts below.
1. Become more financially literate
The ability to differentiate between liability and asset is the beginning of financial wisdom. Liability is anything that takes money away while asset is anything that gives money, spending more than your income is an avenue of incurring more liabilities than assets. He advised the audience to put deliberate effort in reducing liabilities and increasing assets in order to achieve financially stability.
2. Pay attention to your lifestyle
Expensive lifestyle requires more money to maintain than a moderate one. Cutting down on excesses that does not bring financial value is an advantageous move in surviving recession. He advised those with more than one car to consider turning their sleeping assets to liabilities, such as putting extra cars to Uber taxis as it is more beneficial than using them to decorate the house without value.
3. Meet basic needs
In a receding economy, people focus more on the basic needs of life; food, education, housing, health, clothing etc. He advised the women to research, and discover what their immediate community needs and create services that can meet the basic needs of people around them. He also, encouraged women to turn their passion into business of monetary value.
4. Learn to earn
Investing in self-development is the best weapon of surviving a harsh economy. He advised the women to develop their ability to create and generate more income by learning new skills that help them proffer solutions to problems. He charged them to equip themselves with skills that can bring financial rewards.
5. Invest in income generating assets
Investment in income generating assets during recession is a wise decision as the prices drop due to the need for cash. He noted that in lean economy, people are short of cash and need to raise funds for family or business purposes, they put their properties and shares for sale at relatively low prices. It is wise to acquire if such opportunities present itself.
6. Start light manufacturing or farming
The recent fall of Naira against other currencies and the recent ban of some imported items from the foreign exchange market by the Central Bank of Nigeria (CBN) has no doubt created opportunities for local productions. He advised the women to take advantage of several banned items and the high cost of forex by providing alternative products and services. Starting a snail, vegetable or cash crop farm might seem tasking but would be very advantageous on the long run. Making of liquid or solid Soaps, and detergents is a perfect example of light manufacturing.
7. Embrace Technology
Technology has changed the way we live and do business. It is an inevitable tool of success in the 21st century. He advised the women to embrace technology, familiarize themselves with the basic tools to enable their personal performance and business growth. Because in the age of digital revolution, innovate or die.
Above all, he encouraged them to invest in self- development, learning everything about something; To Earn one must Learn.