Blog

Building Multiple Streams Of Income

Did you know that 21% of Nigerian jobs are at risk of being lost because of this pandemic?

Business will seek ways to enforce Work-From-Home measures, downsize due to reduced income, and take other drastic measures to survive. Yet, about 9% of businesses are already ‘dead’ now because they are not in operation. And many rely only on wages as their income source.

Like water evaporates when heated, a stream of income may ‘evaporate’ (dry up) when pressured by various demands – bills, dependants, etc.

And this pandemic has dried up MANY streams, with more to come!

 

Everyone should strive to have multiple streams of income to mitigate this risk. Join us online this Friday at a discounted price of N5,000, or sponsor someone who needs this Workshop. Click bit.ly/chatpurple to chat us up now and/or pay to our FBN account. See poster for details. Limited slots available.

In the course of facilitating a few online courses in the past six (6) weeks, the question of a SWOT Analysis and how to do one – for an individual and a firm – have recurred. I have therefore, decided to give a pointer to preparing your own SWOT Analysis and implore all of us to do this today. Write then down, and begin to pay attention to them.
Why do you need to know your SWOT?
It is best when you know your strengths and weaknesses because it helps you perform better, build more solid relationships and become more successful. You can select tasks, jobs or businesses that align with your strengths so you can perform better; partner with people who’s strengths are your weaknesses so the collective result is top notch, and navigate opportunities and threats like a pro.
This even comes up during interviews and people get stuck.
What is your SWOT?
• Strengths and Weaknesses – your strengths are things you are good at, tasks or actions you can do well. Weaknesses reflect the opposite.
• Opportunities and Threats – opportunities reflect a favourable time or occasion external to you. A threat is an external person, thing or circumstance likely to cause danger or damage.
Reviewing all four (SWOT Analysis) provides a framework for evaluating your (or your company’s) competitive position and to develop strategic planning.
How do you discover your strengths and weaknesses?
Here are some tips:
1.    Strengths – find out what makes you tick – the things you do with ease and do well, achieving good results. You have to listen to the small signs from life and your own emotions as your strengths should also give you positive feelings.
Your strengths eventually become your superpowers.
2. Weaknesses – find out what you do not enjoy doing, do not do well when you engage in them and so not give you positive emotions when you do them. You feel a lack of energy to do them and procrastinate more, and it takes you more time to do them while others do them better. They would be pointers towards your weaknesses.
This could be for you or your company.
So write them down as objectively as possible. Then write down opportunities and threats (to some, COVID-19 is an opportunity and to others, a threat). Note that these could also change over time since they represent times or occasions that could change.
Now that you know, you should become a better you!