Recession, How to Survive Times Like This.

30th October, 2016Prepared by

Sam. S. O. AfemikheManaging DirectorS S Afemikhe Consulting

01/05/2023 2

When the going gets tough the tough getting going Recession? What recession? Nigeria has been in

retrogression from 1960 to date

Recently getting worse Challenges of “Change” Move ahead inspite of

Nigeria • Psychological balance• Yes - it is Possible!• How?• Get Tough when the going gets

tough

01/05/2023 3

When the going gets tough the tough getting goingImpact of Economic down turns Job loss affect stability of families and individuals Family life suffers as stress in less income, finding work

etc damage family relationships Lifestyle changes – reduced entertainment, holiday, cut

back on extras Investments cut back as the budget suffers Entrepreneurs lack funds to start, operate or expand

business Real Estate values, stock values suffer as investment

value fall Education investment falls and right education

becomes not affordable Credit becomes hard and Debts become a problematic

All in all, it is a stressful sometimes traumatic experience

01/05/2023 4

When the going gets tough the tough getting going Survival in Nigeria requires a ‘strategic fit’

between body mind & Spirit Secret of happiness – visit the stoics. Flag Ship >>>Ryan Holiday The challenge carries its own solution• The impediment to action advances action• What stands in the way becomes the way (The obstacle is the

way – Marcus Aurelius in the Line of war Events do not upset us, Beliefs do• Questions- If your best friend dumped you…….- If you were fired at your work……...

01/05/2023 5

When the going gets tough the tough getting going There are no good or bad events, there is only

perceptions• Sweet are the uses of “Adversity”William

Shakespare As You Like it “This happened to me”: is not the same as

“This happened to me and it is bad”. Cognitive Behavioral Therapy for dealing with

irrational belief.Revise your beliefs and change your feeling

- Happy New Year!

6

When the going gets tough the tough getting going Control what you can

• Serenity prayerGod grant me the serenity to accept things I cannot change, courage to change things I can and wisdom to know the difference: Reinhold Nieburh (1934)

• Worrying achieves nothing• Matthew 6:34 – Don’t worry

about tomorrow; tomorrow will take care of itself

• Only the end of the world is the end of the world

Accept everything but do not be passive• Denial is irrational • Next time things do not go well

for you, don’t deny reality, Accept it.

01/05/2023

01/05/2023 7

When the going gets tough the tough getting going Choose whose child you will be• Can we change our parents?• Find a mentor; think of someone you admire, what

would – do has a powerful positive effect on behavior. Turn your barriers into blessings; your pressure into

power• Whether inside you (Moses, Jermiah, Nehemiah etc)• Or Environmental (Zacheaus, Ben Carlson etc)• Heard the story of the ineffective Donkey?

Read always – Practice new skills; Keep your brain young• We can all be better: As long as you live, keep learning

how to live. Perfect your morning and evening rituals

• Morning get you ready for the day; Evening to reflect.

01/05/2023 8

When the going gets tough the tough getting going Move from Good to Best with Disciplined thought

Retain faith that you will prevail in

the end, regardless of the

difficulties.

AND at the same time

Confront the most brutal facts of your current reality, whatever they might be.

The Stockdale Paradox

WHAT YOU ARE DEEPLY

PASSIONATE ABOUT

WHAT DRIVES YOUR

ECONOMIC ENGINE

WHAT YOU CAN BE THE BEST IN THE WORLD AT

THREE CIRCLES OF THE HEDGEHOG CONCEPT

 

Don’t back up the wrong Tree Carry out a SWOT• Strengths• Weaknesses • Opportunities• Threats

What is Achievement• Talent + Preparation?• 10,000 hours is required for Mastery• Preparation + Opportunity + (Practical – (Native

Intelligence)When a prepared person is given an opportunity and he seizes it wit both hands, the result is SUCCESS.

01/05/20239

Step Up Get Better Practice Value for Money• Economy, Efficiency and

Effectiveness• Built on 80:20 rule• What get measured get

done – keep records • Cost Per Unit is Per is Potent• Eliminate waste

Think it through• Total cost of ownership

Explore new markets• Dollar income is

dynamite 01/05/2023 10

Price Invoicing Ordering Excess Inventory

Poor Late Deliveries Product Quality

O ver Engineering Standard Processes Safety

Under Engineering Standard Products Issues

Start Up Delays Rework Down Time

Duplicated Efforts Lost Revenue Back-Up Systems

70% Costs Harder to Find Environmental Harder to Attack Issues

Figure 6.1 The potential-cost iceberg.

Economy

EfficiencyEffectiveness

Step Up Get BetterGet Smarter Horn your relationships Liquidity - Cash is King Reduce fixed cost and increase

flexibility Restructure boldly Support critical long term partners Be bold exploit opportunities Business Partners support each other Exploit potentials & benefit of family

business01/05/2023 11

Step Up Get Better

01/05/2023 12

I Crises Pressing problems Deadline-driven projects, meetings, preparations

II Preparation Prevention Values clarification Planning Relationship building True re-creation Empowerment

III Interruptions, some phone calls Some mail, some reports Some meetings Many proximate, pressing matters Many popular activities

IV Trivia, busywork Junk mail Some phone calls Time wasters “Escape: activities

Urgent Not Urgent

Not

Impo

rtan

tIm

port

ant

Be better at Time Management

Step Up Get Better Families should stay stronger together Celebrate successes Learn to prioritise expenses – make budget cuts Determine necessities – Understand the

difference between Needs and Wants Talk to family particularly children about life style

changes If homes have been pledged to support loans,

avoid foreclosure Go ahead the grain, search out abundant

opportunities – SWOT it out…Start a new business, Expand existing ones

Delay Long term investment that could impact cashflow

Stay above water…again, cash is king!01/05/2023 13

Healthy Body Eat well and right• Poor nutrition (is) more hazardous than unsafe sex,

alcoholism, and drug abuse;• We must rethink how we look at nutrition and food

system. Nutrition fuels grey matter infrastructure – the minds of the next generation that will drive progress and innovation. (Vangurard Newspaper 29 October, 2016)

Move more (Exercise) Stress Less (BE A STOIC); and Have a good heart….. Love more Have faith in God and confidence in yourself

01/05/2023 14

Above ALL

Pray for Nigeria

… with a very good reason

01/05/2023 15

Who Am I I am Sam S. O. Afemikhe, A Chartered Accountant Managing Director, S.S Afemikhe Consulting Limited Transparency, Business and Value for Money Consultant

and Strategist. Written four other books:• Pursuit of Value for Money;• Budget Implementation and Value for Money: The Due Process

Experience; • Public Procurement Policies and Practices. • Hope Rekindled: A Comprehensive Analysis of Nigeroa

Nationhood Challenges and How to Overcome them

01/05/2023 16

Thank youLinkedIn: Sam S. O. Afemikhe

Please follow us on twitter @samafemikhe

@SSAconsultingNG

www.ssacltd.com

www.samafemikhe.com