USA MOVES TO CHECKMATE DOLLAR STOCKPILE IN AFRICA..
Sequel to the just concluded extraordinary meeting held in Washington DC on Nov. 2nd 2022 between the United States Federal Reserve Bank, Office of the Comptroller of Currency, IMF, World-Bank and Governors of Africa’s Central Banks, the United States Govt has set date for restriction on acceptable legal tender note of US Dollar which will commence on Jan. 31st 2023.
The restriction implies that any US Dollar note below 2021 printed date will no longer be accepted or be a legal tender anywhere in the world… This effort is to curb billions of illegal monies in dollar bills warehoused around African continent emanating from drug related, terrorism, kidnapping and money from corrupt politicians.
As part of the enforcement of the strict action plan, African central banks will be assigned with a special agent from the Office of the Comptroller of Currency, Administrator of National bank United States of America to checkmate all inflows and outflows of dollar transactions.
The report also has it that US president has also written to British Government and European Union to tour same line and redesign their currencies accordingly to frustrate those with ill-gotten money in US dollar, British Pound Sterling and Euros.
Should this action be implemented come January 2023 as reported, Nigerian corrupt politicians will be worse hit.
With GODWIN OYEFESO _(SUCCESSEDGE EXPORTERS NETWORK)_
*Topic: USING E-COMMERCE & SOCIAL MEDIA SITES AS STEPPING STONES TO EXPORT SUCCESS (PART 2)*
Founded in 1995, e Bay (http://www.ebay.co m ) is a leading e-commerce company and helps individuals and small businesses sell their products worldwide. The company’s global portfolio of businesses enables hundreds of millions of diverse and passionate people to buy, sell, and pay online.
You can buy or sell individual or multiple items on eBay. If you are selling multiple items on an ongoing basis, you’ll probably want to start your own storefront, where buyers can learn about you and the products you sell. When you list an item on eBay (known as a business-to-consumer—B2C—sale), you’re charged a listing (or insertion) fee. Insertion fees are charged per listing, per category regardless of the quantity of items. If the item sells, you’re charged a “Final value fee.” Final value fees are calculated based on the total amount of the sale. The total amount of the sale is the final price of the item, shipping charges, and any other amounts you may charge the buyer. Sales tax is not included.
Every item gets its own unique listing. You may need to pay extra for an upgrade or supplemental service, such as international site visibility, which attracts buyers from other countries by showing your item in search results on other eBay Web sites. These supplemental features, including global shipping charges, will be included on your seller invoice as fees.
The site currently ships to about sixty-four countries, requiring you to ship your items domestically to one of eBay’s US shipping centers. Some items are restricted (e.g., antiques, vintage collectibles, and real estate) due to export limitations and restrictions identified by designated global shipping providers. Other items have general restrictions, like child pornography, tobacco, and perishable items, for example. To give yourself the best chance of success selling through eBay, review its “Taking It to the Next Level” (http://pages.ebay . com/sellerinformation/ship-smart/global-shipping-program/next-
level.html) on how to attract more international buyers to your listings. One best-practice tip from eBay is adding more countries to your selling program.
When you sell more than fifty listings a month on eBay, it’s time to consider opening an eBay store—an e-commerce solution that helps you leverage the eBay marketplace and tap the millions of buyers worldwide who shop on eBay.
You can classify your account as a business or an individual, should you want to test the waters discreetly on a solo basis. The site allows you to enter your current selling activity into what is called the Fee Illustrator to determine which eBay store subscription best fits your needs. If you meet the requirements to open a store, eBay makes it easy to get started. Any items you currently sell individually on eBay automatically become a part of your eBay store.
With your store comes exclusive marketing and merchandising tools from eBay plus customization features to build a strong brand. By staging all of your products in one central location, an eBay store creates a one-stop shop where buyers can learn more about you and your products. The site also provides demarcation by way of placing a red store tag next to your user ID to indicate you have an eBay store.
When you open an eBay store, you pay a monthly store subscription fee, which becomes effective immediately. Your next seller invoice will include a prorated fee for the number of days between your subscription date and the end of that month as well as subscription fees for the following month. Fees range anywhere from $15.95 to $199.95 per month based on your needs and the benefits of each subscription. Store fees can change by way of company directives and other related fees may apply, such as PayPal (now a separate company from eBay) and seller tool fees. Always read the fine print on eBay when it comes to your costs. And it can’t hurt to e-mail or call customer support to confirm your understanding.
The benefit to using eBay is the opportunity to brand your store, receive payment through PayPal, and sell internationally, where eBay has a far greater reach than other sites in general.
Conceived in early 2005, Etsy (http://www.etsy.co m ) is a vibrant marketplace spanning nearly every country in the world. Users on Etsy sell everything from handmade goods to vintage items and art supplies, with many professional artists using the site to make a living.
With Etsy, you can enhance and grow your brand by acquiring new customers, using built-in promotional tools, and becoming a part of a vibrant online community to help form relationships and gain mentors. There are no membership fees with Etsy. It costs twenty cents to list an item until it sells. Once you sell your item, Etsy collects a 3.5-percent fee on the sale price.
When you create an a count , you can sign up using Facebook, Google+, or your full name. Before you list a product for sale, Etsy highlights the fees you will be charged in order to inform you of what your net profit will be. As a shop owner, you are sent a bill at the end of every month containing the fees you owe. You have until the middle of the following month to pay it. Buyers can purchase products with Visa, MasterCard, American Express, Discover Card, PayPal, or the Etsy Credit Card Reader. If you use the Reader, be sure to first download the Etsy App.
Etsy has rolled out a direct checkout method, which allows you to pay with and accept payment by credit card, debit card, Etsy gift card, some bank transfer services, PayPal, Apple Pay, Google Wallet, and the Sell on Etsy Reader—all in their local currencies. This solves the problem of how to efficiently get paid after you sell your wares online.
Like a lot of e-commerce platforms, perfecting the global end of transactions for Etsy continues to be a challenge and work in progress. If your desire is to easily cross boundaries on someone else’s e-commerce platform, it is better to find out in advance if it is feasible before you invest your time and energy using Etsy.
TO BE CONTINUED……
If you have questions on today’s class DM me for answers to such questions.
With GODWIN OYEFESO _(SUCCESSEDGE EXPORTERS NETWORK)_
*Topic: WRITING AN EXPORT BUSINESS PLAN (PART 3)*
SPECIMEN OF EXPORT BUSINESS PLAN *The Laurel Export Business Plan* The following plan—I’ll call it the Laurel export business plan (LEBP) —has worked well for many of my clients. You can focus on each section heading and then build out accordingly based on the questions I pose and comments I make. What many clients experience as they develop an export plan is the eureka moment: “I can do this!” The trick is to craft a plan that suits you and can absorb economic shifts and shocks along the way, yet still allow for you to achieve successful results. And it can’t hurt for you to use both the traditional business export and Laurel export plans to develop yours.
■ Tip I t is important to identify where the cash will come from to support your export operation and, at the same time, access available export financing options. Conduct a complete audit of your cash situation so you are not surprised later on to learn you need more money than anticipated to reach a new overseas market. Face weak links and potential problems before you are knee deep in a fantastic opportunity.
1 . Introduction : Compose an explanation of why you should export and what your company wants to gain from exporting. Your answers will serve as your guiding light and foundation for your entire export business plan.
2. Executive Summary : Specify your long-term financial and nonfinancial vision for developing an export business. Think three, five, and ten years out. This part shows clarity of purpose, direction, and intent. It is an understanding of the company’s identity and a short, concise picture of the company in the future. Think of it as an entire business plan in miniature.
3. Strategic Leadership : State your leadership ability clearly. Do you have what it takes to drive results for your export operation? The business owner must have the ability to set direction, make decisions, and provide longterm planning.
4. Company Description : Explain what do you do and why are you good at it.
5. Target Export Market : Identify your customers in _______________ (pick a target export market). Think about what would motivate them to pay for your product or service and if they will be able to afford to pay for your product or service. Drill down to a more precise view of your target audience.
■ Caution Are you crystal clear on who your customers are and why they use your product or service? If not, go back and do a major rethink!
6. The Competitive Analysis (Market and Customer) : Distinguish how your product or service is unique, and explain briefly why people in a selected export market would buy it. Do you know the strengths, weaknesses, strategies, opportunities, threats, and financial status of your top five competitors? Spell them out.
7. Marketing and Sales Plan : Detail and clarify how you will effectively and efficiently reach the people with whom you want to connect through your business (direct, indirect, intermediary sales, trade shows, e-commerce, mobile, etc.). Ensure existing local customers are not neglected! Are your products and services suitable for an export market, or will major modifications be required? This part should be strategic in that it outlines specific action steps to achieve future sales goals.
■ Tip Utilizing market and customer intelligence determines a company’s ability to perceive and adapt to changes in the global marketplace. The more homework you do, the better the chance you have to achieve desired results.
8. Operations Plan : Figure out how you will support the business strategies through internal operations, systems, and organizational structures. Describe key factors to use in your business in finding solutions and in meeting the wants and needs of customers, suppliers, employees, and other key influencers. If exporting a product, how will it get made? Do you have the capacity to produce and deliver?
9 . Information Technology Plan : State how you will leverage technology to take advantage of the export marketplace. Will your export business be heavily dependent on technology? List your business’s strengths and weaknesses in the information technology area. IT will support your company’s business processes and decision making and, at the same time, give it an extreme competitive advantage in the global marketplace. Plan the parts of your business you will use technology for (order taking, mailing lists, social media, finances, e-commerce sales) and how you will use it.
10. Logistics Plan : Outline how you will get your product or service to the chosen export market.
11. Management Structure : Identify the people and experts in your business who will implement your plan and exceed your goals. Compile a management team section that describes who is on your team and what expertise each person brings to the table. This section should also include an analysis of strengths and weaknesses in the team and what might be missing.
12. Future Development : Tailor your business plan by defining future milestones that are in line with your desired goals. Describe your vision for your business, including your exit strategy.
13. Financials (Export Budget) : Analyze your available resources (human, material, and financial) to determine how you will support export initiatives. Get together three types of financial statements: a cash-flow statement, an income statement (also referred to as a profit/loss statement), and a balance sheet. Set budget targets and develop pricing strategies. Confront your company’s finances squarely. You want your export business to be sustainable over the long term.
14. Strategy Implementation : How will you follow up, review, and measure results? Have you set a timeline? Home in on a detailed action plan for execution.
15. Risk and Reward Analysis : Provide an assessment of everything that can go wrong and right, and a discussion of how your export dream team can respond.
As your export business grows, you will become more aware of external factors that influence your business plan, which will allow you to develop ways to manage and adapt to them. These external factors might include: import regulations, exchange rates, availability of finance, new or unexpected competition, and disruptive technology and logistics, to name just a few. As mentioned earlier, anticipating change and adapting to it requires strategic leadership as well as Backup Plans B, C, and D. *Summary: Leaving You with Fun and Export Adventure on Your Mind*
Now that you know what is involved, craft your own export business plan and use it as an indispensable tool for building your export business—and don’t forget to maximize profits! Look at it regularly, revise it when necessary, and pay attention to the reality of the market. It will sharpen what you are doing and why you are doing it, and help you define and achieve professional and personal goals.
If you have questions on today’s class DM me for answers to such questions.
With GODWIN OYEFESO (SUCCESSEDGE EXPORTERS NETWORK)
Topic: WRITING AN EXPORT BUSINESS PLAN (PART 2)
Three Types of Export Business Plans Now you’re ready to get organized and create your own plan. To keep the process manageable, let’s look at three different types of sample template plans, each with distinct advantages for business people with different needs. Pick the one that works best for you, keeping in mind that you can shorten the analysis while keeping the major components of the plan intact. • The back-of-the-napkin export business plan (suitable for born-global entrepreneurs) • The traditional-export business plan • The Laurel export business plan The Back-of-the-Napkin Export Business Plan The back-of-the-napkin export business plan is for folks who are big on ideas and pressed for time and want to get to market fast. While it’s typically short and sweet, it serves a better purpose than having no export business plan at all. A back-of-the-napkin export business plan can be as simple as explaining what the business does, what you want to do next export-wise, and how you are going to get there (who is going to be on board). It might look like this:
“We make the absolute best purple widgets on the planet.”
“We will export purple widgets.”
“We will export purple widgets to France.”
“We will consider making other type widgets, say in red, if a customer in France is large enough to justify the change.”
“Suzy, Ted, Mike, and I will work on this initiative.”
“We will export, at a minimum, twenty thousand purple widgets within the first year.”
“We will not reduce efforts from our domestic business to apply them to the export business.”
“We will figure out how much money we need and when we need it.”
“We will finance the exports of purple widgets with profits from our domestic business.” 10 . “We will find our own customers directly via our Web site, blog, and Facebook.” 11 . “We will consult with our banker to provide payment options on all export sales.”
“We will have fun in the export journey to success!” Add a Web site link to show what the business does and provide an executive summary that includes the founder’s bio and the key team members, and you’re done. The Traditional Export Business Plan It’s important to have a business plan, but you don’t have to reinvent the wheel to create one. One place to visit and bookmark online is the Small Business Administration’s “Export Business Planner” It is a free, customizable tool for small-business owners who are exploring exporting. When you are using the planner, you can refer to Getting Started: Creating an Export Business Plan. It outlines the following:
Profiling Your Current Business a. Identify current successes. b. Determine competitive advantages. c. Evaluate companywide commitment.
Conducting an Industry Analysis a. Find export data available on your industry. b. Research how competitive your industry is in the global markets. c. Assess your industry’s international growth potential. d. Research government market studies.
Identifying Products with Export Potential a. Select the most exportable products/services that your company will offer internationally. b. Evaluate the product/services(s) that your company will offer internationally.
Marketability: Matching Your Product/Service with a Global Trend or Need a. Classify your product. b. Find countries with the best-suited markets for your product. c. Determine which foreign markets will be the easiest to penetrate. d. Define and narrow down those export markets you intend to pursue. e. Talk to your US customers or other companies who are doing business internationally. f. Research export efforts of US competitors.
Determining Market Expansion Benefits/Trade-Offs a. Assess the benefits to exporting. b. Determine the trade-offs to exporting.
Identifying Markets to Pursue a. Select the top three most penetrable markets (see the sidebar at the end of this list).
Conducting an Export Marketing and Sales Analysis a. Come up with an overall marketing strategy. b. Figure out sales strategies. c. Write a detailed product or service description. d. Map out the product life cycle. e. Make a list of copyrights, patents, and trade secrets. f. Determine research and development activities.
Determining Expansion Needs a. Access available export financing resources. b. Determine which financing method is best suited to your exporting needs (refer to Chapter 20 for more details).
Short- and Long-Term Goals a. Define short-term goals. b. Define long-term goals. c. Develop an action plan with timelines to reach your short-term goals. In summary, the most difficult aspect in developing an export business plan is determining the demand for a product or service offering in a foreign country. It’s one thing to know a product can be sold in a market—after all, that’s why you selected a particular market—but it is a totally different ball game when it comes to forecasting how much you can sell and over what time frame. Assume that the demand for a product develops in direct proportion to the economic development in each country. This might be a useful way to think about it, especially when data might be unknown. What is crucial is that you have thought through the key drivers of the export venture’s success or failure—from what level of sales at which the business begin to make a profit to the impact of using various methods of distribution channels.
■ Note A n overseas market is as mercurial as it is unpredictable. Who would have guessed that a community marketplace for people to list, discover, and book unique accommodations around the world would sell? *WHERE DO YOU WANT TO GO?*
Keep your analysis of markets that you want to pursue to one page and break it into four manageable parts (use a, b, c, and d below). The purpose of this exercise is to establish a broad scope for your research-market analysis but not so broad that you overwhelm yourself. Try to begin with the end in mind: where do you want to go and how will you know that you have arrived? A . S elect the top three most penetrable overseas markets that appear to have the best potential for your product or service offering. You can conduct market research online; meet in person with an international trade expert or test your product or service by exhibiting at a local trade show. Trade shows give you access to potential customers from all over the world without you having to analyze a thing. For example, if you sell hardware tools and exhibit at a hardware show and find that you get a lot of interest from attendees from a particular foreign market, such as Australia, you would know there must be a market there, because why else would these attendees be asking for information? From there, you can address those inquiries, learn as you grow, and conduct further research. B . Analyze the market factors and conditions in each of the selected countries. Delve into each country further by reviewing cultural attributes, geographical characteristics, political stability, demographic characteristics, market size, and growth rates. The goal here is to conduct a sound assessment of a foreign market. What might the barriers be? What makes it a good market to enter? How will the local culture influence the sales of your product or service offering? Such in-depth market research information is necessary to make sound marketing decisions, and it must be done with each new market entry. C . Determine the pros/cons to conducting business in each market. Look at potential language barriers, legal restrictions, logistical challenges, and payment problems that might get in the way of doing business in a particular market. Include all relevant variables in your assessment. Do an analysis of your company’s own strengths and weaknesses in a selected market. Will your product or service offering be at the low-, middle-, or highend pricing level? Is there a similar product or service offering currently available in the selected market? If so, who is making it? Where are they based? Can you compete? Why would you? How would you? The more pros you have for entering a new market, the better your chance for success. If you can draw on the perspective of a native (better yet, an actual prospective customer) of the country where you are keenly interested in doing business, do so. Nothing beats an on-the-ground assessment. D. Select one market to get started! Now you are ready to interpret your findings in light of the stated objective: where do you want to go and how will you know that you have arrived? (This gets back to the back-of-the-napkin plan.) At this juncture, you should have enough data and experience (from going to trade shows, for example) to decide which market is best for you to begin in. Hold off on the other two countries and don’t start doing business with them until after you have a proven success with the first overseas market. If the first selected market doesn’t work right away, say after six months or a year, move on to market No. 2, and so on. Don’t muddy the waters. You don’t want to do too many things at once, because it’s not cost effective and you will end up not doing any of them right.
TO BE CONTINUED For More details on the topic treated today, you can get Our New Book “SECRETS SUCCESSFUL EXPORTERS HIDE FROM POTENTIAL EXPORTERS” would give you more tips and insight on the exporting world.
You can DM me to get a copy of this book today.
If you have questions on today’s class DM me for answers to such questions.
Greetings to the house and compliments of the season to everyone.
I would like to announce that the Federal Ministry of Information & Culture have formally endorsed the TV Reality Language Show I am privileged to be spear heading. It happened this December.
The main show (there are going to be 4 variants) would run as a family competition over 47 weeks every year with the winning family picking up a house anywhere in the country. The house will be provided by the Federal Mortgage Bank every year for the next 10 years. Innoson Motors will provide a brand new car for the 2nd runner up while the 1st runner up will have educational scholarship for their children up to University Level.
The show is geared towards influencing our people to speak more of their indigenous languages in their various homes as a way to prevent the eventual extinction of our languages.
From March 2022, we hope to air the show on AIT network, NTA network & TSTV Africa.
There are over 500 languages in Nigeria and we intend to visit every single village and document their languages, cultures and customs not only for the show but also posterity.
This is why (the over 500 languages) the FMIC endorsed the show.
Apart from the endorsement, I also own the copyright to the show since 2016.
We shall also celebrate our indigenous cultures and customs via the show.
This is the 2nd Mock Edition we recorded at the GLIM Bible College hall in 2016 that was instrumental to the copyright award. https://youtu.be/vnYxqaLQFjU
We intend to use GLIM Bible College Hall (with the kind permission of Papa) as our main studio for the next 10 years, although we shall be carrying the show to different parts of the country every quarter.
The Children Edition will take place every 27th of May in conjunction with the Federal Ministry of Education and ONLY children who can speak their indigenous languages very well would be eligible.
As I hinted earlier, there are going to be four variants of the show: Family, Children, Celebrity & Express Editions.
The Express Edition will be for anyone that can play a game on their phones using our short code every week and would be similar in style and ambience to the rested Who wants to be a Millionaire?”.
The Celebrity Edition will take place on Jan 1st, June 12th & Oct 1st every year and participants would be Celebrities (Politicians, Popular Musicians, Movie Stars, etc.) Who would go through a public voting process with the 1st three having the highest votes being eligible to enter the next edition.
The Family Edition will be restricted only to families (Father, Mother & Children).
For example, how many us know that with a small contribution of N2.5k every month for at least 6 months, you can be eligible for a housing loan of at most N5M (for non-Govt workers) from the FMBN to build your house (1, 2 or 3-bedroom) in any part of Nigeria on mortgage and pay back over 15 to 20 years?
In the Family Edition, we also want to promote small businesses in addition to the businesses of the Big Brands that are already associated with the show.
I suspected that most of us are not aware about this opportunity, but through the show what to do to take advantage of this process that is part of the National Housing Policy will become clearer.
So, if we know of any of our people that make food or gift items we could use to include in the takeaway packs we shall be giving out every week, pls connect them to me.
In the family edition, we shall be giving consolation prizes to the losing participants every week and gift items to every other participants (judges, audience, guests, helpers, etc.) also every week.
This show that would be watched by Millions of Nigerians every week would be a perfect opportunity for people who are forward thinking to take advantage now for their businesses to move to the National level, before the Big Brands rush in and make it difficult to feature small businesses.
We are currently accepting applications from families that would like to participate in the first quarter of the Family Edition (which we shall record at GLIM Bible College Hall in mid-February 2022). We need a total of 27 different families representing 27 different languages in this quarter. Pls, help to spread the word.
<Aproko234> Can You Really Speak Your Language Reality TV Show kicks-off in Mar 2022 on AIT & NTA Networks. Interested? To Pre-Register: https://bit.ly/3EHc3ek
The Federal and State Governments are the biggest Venture Capitalists in Nigeria.
The huge margins and financial windfalls from public sector contracts finds its way into many hands that fritter everything away. Many use their working or business capital to buy cars or houses.
I tell people that they shouldn’t buy houses just because they don’t want to pay rent.
People have made ₦20m, ₦70m, ₦150m, ₦200m, ₦300m, ₦450m from government contracts and gotten back to being broke in a short while. If they’re unable to get the next contract, they curse government.
In my mind, I am like, this project gave you good capital to keep you in business for a long time.
I have had a few tell me. “See, when I execute this project, I will make so and so”, “you will help me plan and guide on how to appropriate the funds”. The moment the money comes, they go on a spending binge. I won’t sight their brake lights until they’re broke.
I tell people that it take discipline to grow money.
Many people make resolutions like “if only I can get this ₦1m, I will just put like ₦800k on this business”. Lori iro. Let ₦2m get into their hands, shishi won’t go into that business.
THIS IS THE REALITY!
If you learnt anything from this, kindly share with someone out there.
Today October 25, 2021, The President C-in-C of the FGN will formally unveil the CBDC, as announced by the Central Bank of Nigeria.
What is CBDC?
Central Bank Digital Currency, tagged e-Naira!
Summarily, e-Naira is NOT Cryptocurreny but a digital legal tender under the issuance and control of the CBN owned by Nigeria as a Sovereign Nation.
So the mistake to equate it with bitcoin or any other Cryptocurreny that is decentralised and the owner or issuer is not known should not be made.
The owner and issuer of e-Naira is well known and has it process of how it can be used.
E-Naira is an ewallet app that can be downloaded and tied to your regular bank account where you can transfer money from your regular bank account into your e-Naira wallet.
In your best interest, as you have invested alot of time to study Cryptocurreny currencies, spend some time to understudy e-naira, but the question will be, do we have enough literature on this to educate Nigerians?
If you learnt anything from this, kindly share with someone out there.
One isn’t necessarily born with courage, but one is born with potential . Without courage, you cannot practice any other virtue with consistency, you can’t be kind, true, merciful, generous or honest. Don’t be afraid of change or chaos, embrace it by being fluid as possible. Meaning goals would require sacrifice. Kindness is everything in life, crown yourself with the jewels of discipline. The Lord enables……Good morning #t42r
Lonelines is not the physical absence of other people, you can be surrounded by people and be lonely . It’s a feeling that you are not sharing anything meaningful with other people . Focus on where you want to go not on what you fear, do not be afraid of change or chaos, embrace it by being as fluid as possible. Regret is mostly caused by not having done anything. Take forgiveness slowly. Peace will come. The Lord manifests……Good morning