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Business owners advised on diversification for success

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By Moses Nosike

With an annual GDP of 1.5%, Nigeria’s economy is no doubt in a turbulent state, a turbulent economy invariably leads to market turbulence. Businesses and organizations in the country have experienced their fair share of down times and there is need for action to be taken immediately for them to strive successfully during this period.

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In a bid to guide their path, CEOs of organizations and business owners  were mentored on “business diversification in a turbulent economy” in a just concluded third edition of CEOs mentorship class which took place last weekend at The Eagle Place, International Gospel Centre Ajamimogha, Warri, Delta state.

The quarterly event was kicked off by the facilitator and founder, Mama Helen Oritsejafor, who exposed the secrets on why diversification is key at a time like this.

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“Nigeria needs to find new sources of growth since the world is ever changing. But in the case of a turbulent economy, should businesses fold up? No!” Mama Oritsejafor said.

According to her, diversification is the strategy for investing in a variety of securities in order to lower the risk involved in putting money into few investments.

She said that one of the most important principles of investment is for one to have a diversified portfolio, as this ensures that you spread your capital among investments, so that you will not rely on a single investment for all your returns.

Again, she said that savings or preserving capital is a plus for business diversification, knowing that when businesses are facing challenges some of them may not yield profit for two or three years.

She advised that before diversifying into any line of business, there is need to acquire knowledge on the new task being pursued and research being carried out as well.

Diversification must be a well thought out plan for an entity because it can boost the growth of an organisation leading it towards wealth maximization.

 Companies such as PayPal, Google, Apple, YouTube, among others have triumphed by diversifying from their initial line of businesses, and this flexibility profited them as they are still well recognized establishments around the world,” she said.

She emphasized that for businesses to be stronger and be more stable, seven things must be adopted; faith, foundation, family, friends, focus and finance.

Dignitaries present at the event were, Mrs. Helen Esima MeneAkpata, CEO Esiton Integrated Nig.Ltd, Ms. IgbenobaOgbianuju Marigold, CEO Daveali Enterprises Nig., Dr Mrs. Carol Dickson, among others.

 

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