It’s the responsibility of every employer at all levels to pay his employees as at when due.
The downturn of the economy is not supposed to bring about violation of the contractual agreement and other financial commitment as it were. Today, we present to you how entrepreneurs cope with high overhead at these difficult times…
In some of our projects, yes, but in most cases, no. By doing proper market research and social planning before starting up a venture. And then, putting in hard work, working with the right people and giving the clients exactly what they want.
We have had a few wrong ventures that collapsed midway but I believe it still boils down to wrong planning.
QUEEN AYO BALOGUN
We try as much as possible to cut down on luxuries to ensure that we meet up with salary and other related issues. We normally intensify our efforts to be able to break even if we don’t make much profit. Now, things are not as they used to be. You do more of public relations for you to be able to move on. We’re coping by the special grace of God. Then, with the cutting of luxuries, it makes things go a long way.
TOYIN OYEDOLA, Teetop Entertainment
Running costs are the most difficult things in business. What we do is to rely on goodwill from our friends by getting free services from them. For example, our electrical engineers don’t get paid sometimes and in return he gets free services from us too, especially whenever he is having any social engagement. To make sure we cut cost and reduce unnecessary spending.
It’s difficult settling the overhead cost this time around. And with the situation of our economy, coupled with the menace of piracy, there is so much profit in the entertainment industry right now. But no matter what, I still make sure the overhead is cleared not later than expected. I ensure much more is always done to meet up with the task.
TOKUNBO AKINBOBOLA, Akinbobola Properties
This difficult time we try as much as possible to concentrate on paying the rent, electricity bills, water rate and labour. We only have the receptionist and the secretary to pay. So, all other unnecessary expenses are either forgotten or not considered at all.
Reduce too much outgoing cash flow, reduce costs and invest in other lucrative ventures.
TESSY OLISEH, Tesslo Concept
It has not been difficult. God has been there for us. He has made all things easy. We always work out a strategy for saving in case we don’t make much profit in a month so as to be able to sustain the business.
SHIRLEY IGWE, Shirlz Mega Concepts
God has been our strength. Like we all know, it has been a challenging year but for our clients.
UZOR NGOLADI, Strategia Media Blast Limited
It has not been easy but I have a team that works hard to earn their pay. What we need do is to work harder.
CHRISTIANAH AMODENI, Destiny Homelinks Caterers
Yes. Especially for a business like mine. Once I don’t get the actual amount needed to execute that particular contract, I find it difficult to pay my staff and purchase food stuff.
I thank the Almighty God because He has been faithful all this while.