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Multiple Streams of Income-WEO

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Multiple Streams of Income-WEO

  1. 1. MULTIPLE STREAMS OF INCOME Being paper presented by W. E. Onwuka (MIPAN) at the Institute of Public Analysts of Nigeria 23rd Mandatory Training Workshop at Jevinik Place, Ikeja Lagos. Date: 28th April 2016 Partnership and Networking among Public Analysts
  2. 2. CONTENTS  What is Multiple Streams of Income?  Partnership Principles and Practice  Building Strategic Alliance  Networking  Summary
  4. 4. STEPS TO CREATE MULTIPLE STREAMS OF INCOME 1. Establish financial security. 2. Clarify your unique value. 3. Identify your market. 4. Build a community. 5. Ask your community about their desires. 6. Create a solution. 7. Plan the launch.
  5. 5.  The real goal here is financial independence. By making yourself less dependent on a specific revenue stream (i.e., your primary job), you’re giving yourself independence and the flexibility to make choices that you never had before.
  6. 6. Partnership: Principles and Practice
  7. 7. WHAT IS A PARTNERSHIP?  Business entity formed by two or more professionals such as accountants, doctors, or lawyers, who provide professional services to the public.  Amalgation of two different professional (normally from different professional backgrounds) to offer services to public. Law Dictionary
  8. 8. KEY ISSUES IN PARTNERSHIP?  Utmost Good Faith is the soul of a partnership  Venture must be profitable  A strong Agreement must be in place
  9. 9. BENEFITS OF PARTNERSHIP  A stronger firm  Improved competence  Greater trust
  10. 10. THE AGREEMENT  Purpose  Tenor  Name  Head Office and Branches  Partnership capital  Meetings of partners  Accounts and bankers  Management of the firms  Appointment and removal of the Managing Partner  Partners’ remuneration and allowances  Partners’ holidays  Partners’ drawings  Share of profit/loss  Restriction on activities of a partner  Retirement from the partnership  Retirement benefits  Restrictions of trade on a withdrawing partner  Suspension from the partnership  Admission of new partners  Settlement of difference  Dissolution or change in partnership
  11. 11. CREATING AND MAINTAINING PARTNERSHIPS  Describe the multiple organizations that have come together in common purpose. Who are you and why is a coalition needed to accomplish your purpose?  Assemble the coalition's (group's) membership, keeping your broad goals in mind:  Outline your partnership's vision and mission with the assistance of your newly assembled partners and community members affected by the issue or problem.  State the objectives or goals, needed resources and relationships to accomplish your objectives, and key agents of change in the partnership.
  12. 12. CREATING AND MAINTAINING PARTNERSHIPS  Re-examine the group's membership in light of your vision, mission, and objectives. Who else needs to be at the table? How can they contribute to the collaborative partnership's success and help it reach its goals?  Describe potential barriers to your partnership's success and how you would overcome them. Some common barriers include:  Identify what financial resources will be needed to support the group's activities and infrastructure.  Create a budget to determine what immediate and future resources will be needed. Include:
  13. 13. CREATING AND MAINTAINING PARTNERSHIPS  Create a budget to determine what immediate and future resources will be needed. Include:  Describe how the coalition will function as an organization and how responsibilities will be shared among partner organizations.  Formation of your collaborative partnership may result in the partner organizations interacting with each other in new ways and with different levels of shared resources and responsibilities.
  14. 14. CREATING AND MAINTAINING PARTNERSHIPS  Describe the structure the collaborative partnership will use to do its work. Structure will allow your partnership to function more efficiently and effectively.  Describe how the group will maintain momentum and foster renewal.
  15. 15. PROBLEMS MILITATING AGAINST NIGERIA PARTNERSHIP  Tradition and mentality of family business  My Name must be in the Corporate name  General lack of trust  Sole practitioners admitting staff and/or friends into partnership without formal agreement  Partners not recognizing each other strengths and weakness  Partners not devoting their time fully to the running of the partnership business  No succession plans  Insecurity or greed
  16. 16. PROSPECTUS  Formation of Ipan- MetroLab  Structure : Partnership  Required Capital: N30 million  No of partners: Not more than 20  Core service: Leading provider of calibration and other metrology services in West Africa
  18. 18. WHAT IS A BUSINESS ALLIANCE?  A business alliance is a formal business relationship between two or more organizations to achieve collective business objectives.  Examples - Joint ventures, franchising, cross- licensing, cross-marketing and co-manufacturing are just some of the formal structures used to govern business alliances.  Each type of alliance offers both advantages and disadvantages, but generally enables a company to realize its growth potential more quickly than if pursuing an objective alone.
  19. 19. STRATEGIC OBJECTIVES  A business partnership can help a company to achieve strategic business objectives through the collective objectives of the partners.  While conflicting goals, objectives, strategies, ethical standards and business values are some potential threats posed by alliances, opportunities to grow sales can be realized through access to new customers and increased production capabilities.  The clearest sign of alliance success is growing trust between the partners
  20. 20. GERMAN CERT NIGERIA LTD  A franchise of German Cert Seoul Ltd  Incorporated in Nigeria in 2011  Conducts management systems certification and Lead auditors training
  21. 21. NETWORKING
  22. 22. UNDERSTANDING NETWORKING  Active networking is vital to career growth.  Often confused with selling, networking is actually about building long-term relationships and a good reputation over time. It involves meeting and getting to know people who you can assist, and who can potentially help you in return.  Your network includes everyone from friends and family to work colleagues and members of groups to which you belong.
  23. 23. BENEFITS OF NETWORKING Strengthening relationships  Networking is about sharing, not taking. It is about forming trust and helping one another toward goals.
  24. 24. BENEFITS OF NETWORKING Fresh ideas  Your network can be an excellent source of new perspectives and ideas to help you in your role.  Similarly, offering helpful ideas to a contact is an excellent way to build your reputation as an innovative thinker.
  25. 25. BENEFITS OF NETWORKING Raised profile  Being visible and getting noticed is a benefit of networking that’s essential in career building.  Regularly attending professional and social events will help to get your face known.  You can then help to build your reputation as knowledgeable, reliable and supportive by offering useful information or tips to people who need it.
  26. 26. BENEFITS OF NETWORKING Access to opportunities  Expanding your contacts can open doors to new opportunities for business, career advancement, personal growth, or simply new knowledge.  Active networking helps to keep you top of mind when opportunities such as job openings arise and increases your likelihood of receiving introductions to potentially relevant people or even a referral.
  27. 27. BENEFITS OF NETWORKING New information  Networking is a great opportunity to exchange best practice knowledge, learn about the business techniques of your peers and stay abreast of the latest industry developments.
  28. 28. BENEFITS OF NETWORKING Advice and support  Gaining the advice of experienced peers is an important benefit of networking. Discussing common challenges and opportunities opens the door to valuable suggestions and guidance.  Offering genuine assistance to your contacts also sets a strong foundation for receiving support in return when you need it.
  29. 29. SUMMARY  Every Public Analyst needs as additional source of income so as to achieve financial freedom.  Establishing partnership will create new opportunities and safeguards.  Strategic alliance can be valuable.  Make every contact work.  In all trust, integrity and professionalism counts.
  30. 30. LAST WORDS  Creating a better world requires teamwork, partnerships, and collaboration, as we need an entire army of companies to work together to build a better world within the next few decades. This means corporations must embrace the benefits of cooperating with one another. Simon Mainwaring Read more at: http://www.brainyquote.com/quotes/quotes/s/simon mainw493938.html?src=t_partnerships
  31. 31. BIBLIOGRAPHY  Hammond V. G: Problems of partnerships in Nigeria- past & present (ICAN Public Practice Section , 3rd Partners Forum) – 2000  Michael Page: Benefits of networking retrieved from http://www.michaelpage.com.cn/advice/career-advice/career- progression/benefits-networking  Benefit from networking retrieved from http://www.marketingdonut.co.uk/marketing/exhibitions-and- events/networking/benefit-from-networking  Vanessa Cross : The Advantages of Business Alliances retrieved from http://smallbusiness.chron.com/advantages-business-alliances-22151.html  John F. Buckles: Understanding the benefits and challenges of strategic alliances retrieved from  What is Partnership; retrieved from http://www.businessdictionary.com/definition/professional- partnership.html#ixzz42DRpcxJE  Business : The Ultimate Resource- A & C Black publishers Ltd, 2011
  32. 32. Fine Spectra Consult limited 8, Omotayo Ojo Street, Off Allen Avenue, Ikeja, Lagos. Tel: 09091388131, 0803 717 3581 Email: info@finespectra-ngr.com or finespectra@yahoo.com Website: www.finespectra-ngr.com ...Driving organizational excellence THANKS William E. Onwuka

Notas do Editor

  • Regularly engaging with your contacts and finding opportunities to assist them helps to strengthen the relationship. By doing this, you sow the seeds for reciprocal assistance when you need help to achieve your goals. Regularly engaging with your contacts and finding opportunities to assist them helps to strengthen the relationship. By doing this, you sow the seeds for reciprocal assistance when you need help to achieve your goals.
  • Exchanging information on challenges, experiences and goals is a key benefit of networking because it allows you to gain new insights that you may not have otherwise thought of.
  • A wide network of informed, interconnected contacts means broader access to new and valuable information.