LINKEDIN'S APP JUST GOT MORE USEFUL

Today, LinkedIn revamped its mobile app in an effort to make it easier for users to connect.

Now, when you view someone's profile on Android iOS or the mobile website, LinkedIn will highlight connections and interests that you both share, as well as groups you have both joined. The aim is to facilitate conversation between individuals who are not yet connected, essentially by suggesting potential topics of discussion.

"What if, minutes before you met me for the first time, someone whispered in your ear and reminded you not only where I work (LinkedIn) and what I do (product management), but also who we both know in common, whether we overlapped any years in school, or if we worked at the same company?" Charlton Soesanto, a mobile product manager at LinkedIn, wrote in a blog post. "If you knew what we had in common or any of my interests (say biking or Latin poetry), chances are that we’ll probably have a pretty great first conversation."

In addition to providing ice-breakers, the redesign adds more contextual information to one of the company's most popular features i.e. the "Who's viewed your profile" page. According to Mashable, when someone looks at your profile, the mobile app will let you know how he or she found you (did you show up in a search, did they find you through a mutual connection or do they check you out because you checked them out first?).

For now, these features are only available on Android, iOS, and iPad apps, as well as through LinkedIn's mobile site.

YOU CAN NOW PRE-ORDER A GOLD APPLE IPHONE 6 FROM BRIKK

Apple iPhone 6 is yet to be announced, but you can already pre-order one in 24-carat gold or platinum. The Los Angeles-based designer and manufacturer of luxury accessories Brikk has opened the order books for the hotly anticipated smartphone.

The press images listed by the manufacturer fall in line with past appearances of the iPhone 6. The handset is expected to debut at some point in mid-September.

Prices of the smartphone range from $4,495 for a plated handset, all the way to $8,395 for a model with Apple logo encrusted in diamonds. Pink gold is also available as an option alongside its yellow colored sibling and the platinum finish.

A $500 deposit will secure you an iPhone 6 with 4.7” display and 128GB of built-in memory. Deliveries of the pimped out smartphone are expected to ship out 3-4 weeks after it goes official.

SOURCE

SAMSUNG Z CONFIRMED TO BE DELAYED INDEFINITELY

The Samsung Z finally got unveiled as the first ever Tizen-running smartphone at the beginning of June, after many months of rumors and speculation. The new phone was supposed to make its debut in Russia earlier this month, at a developer event, but it actually went missing in action on that occasion.

Samsung hasn't officially commented on the situation until today, believe it or not. The company abruptly canceled the aforementioned developer event in Moscow, so we all assumed the Z was delayed. And now that's been confirmed by Samsung itself.

FIDELITY BANK GROWS LOANS TO N438BN, RECORDS N9.7BN PROFIT

Determined to contribute to the growth of the Nigerian economy, Fidelity Bank Plc has grown its loans to customers to N438 billion as at June ended 30, 2014, up from N426 billion as at December 31, 2013.

According to the audited results of the bank for the half year ended June 30, 2014, Fidelity Bank recorded gross earnings of N63.3 billion, up from N62.9 billion recorded in  the corresponding  half of 2013.

Net interest income grew by 32 per cent  to N24.8 billion in 2014 compared to the N18.7 billion recorded in  2013, driven by a steady growth in the loan book and re-pricing of deposits and risk assets.

Non-interest income declined by 14 per cent to N13 billion from N15.1 billion recorded in 2013 as a result of a reduction in foreign exchange earnings.

The bank’s operating expenses grew by 11 per cent to N26.3 billion from N23.7 billion recorded in 2013 affected by an increase in remuneration costs and regulatory related expenses.

Fidelity Bank’s profit before tax (PBT) was N9.4 billion for the Half year ended June 30, ,2014, compared to N11.2 billion recorded in the Half Year ended June 30, 2013.

NIGERIA: SECURITY FORCES NAB $6 MILLION FACEBOOK FRAUDSTER

Nigerian security forces have allegedly arrested a suspected internet fraudster. The fraudster has been accused of stealing $6 million from people who thought were paying fees to apply for government jobs. This is according to dailymail.co.uk.

According to Emmanuel Okeh, Nigeria Security and Civil Defense Corps, said: “The suspect Michael Ogun, is accused of using Facebook and other websites that appear to represent government agencies, including customs, immigration and security. The pages urged applicants to pay small fees to apply online for jobs.”

According to reports, Okeh said the scam is one of many in Nigeria that are specifically designed to extract small sums of money from desperate, unemployed citizens. Conservative estimates put Nigeria’s unemployment rate at about 24 percent in a nation of more than 160 million people.

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TRANSCORP’S RESULTS RAISE INVESTORS’ HOPES

The 176 per cent growth in profit recorded by Transnational Corporation of Nigeria (Transcorp) for the half year ended June 30, 2014 has given investors reasons to expect another profitable year, writes Goddy Egene

Stakeholders in the capital have been looking up to the half year corporate results of companies with high hopes. Based on the high hopes,  the share prices of some of the equities attracted high demand from investors. While   some investors had hoped that traditional interim dividend paying companies would compensate them, others believed that  with improved  half year results, their hopes for higher dividend at the end of the year would  been rekindled.

Besides, with higher financial results, investors would be able to position themselves and take position in the various companies. Although  companies began reporting their half year results last week,  some of the results are weaker than expected. However, few companies met the expectations of the investors with performances higher than the previous year’s. Transnational Corporation of Nigeria (Transcorp) is among those companies that have recorded significant growth in their half year results. Transcorp ended the period with growths in all performance indicators.

Corporate history
Transcorp,which is listed in the conglomerate sub-sector of the Nigerian Stock Exchange (NSE) was incorporated on 16 November 2004 with the objective of creating a truly Nigerian conglomerate with the ability to compete successfully on a global scale.
One of the major goals  the minds of its founders was setting up a company capable of mobilising local and international capital in the development of world-class enterprises, under strong Nigerian management and leadership.
Today, Transcorp is a publicly quoted conglomerate with a diversified shareholders base of about 290,000 investors, the most prominent is Heirs Holdings Limited, a pan-African proprietary investment company. The Transcorp portfolio comprises strategic investments in the hospitality, agriculture and energy sectors.

GTBANK PARTNERS FORTE OIL ON AGENT BANKING

Guaranty Trust Bank Plc (GTBank) said it has launched 'GTExpress', an agent banking service at all Forte Oil locations nationwide.

The bank said the move is part of efforts at bringing banking services closer to its existing and potential customers.

GTExpress is banking via agent locations such as supermarkets, schools, cinemas, markets and restaurants. It is an initiative to reach out to the underserved and unbanked segments of the population in a cost efficient manner through the use of non-banking retail outlets.

Through this partnership, a statement explained that GTBank would leverage the extensive reach of Forte Oil to further bring banking services such as account opening, cash deposit and withdrawal via ATMs, customer enquiries, bills payment and funds transfer closer to the people.
To this end, the bank has rolled out in 14 Forte Oil locations in Lagos, such as Surulere, Ikoyi, Ikeja, Festac, Mushin, Shomolu, Ikorodu Road, among others.

GTBank formally launched the service in November 2013 in Lagos and said it had recorded tremendous success at the location since inception.
Basic banking services and any other activity as the Central Bank of Nigeria may prescribe from time to time, can be carried out at these agent locations.

XBOX ONE AUGUST UPDATE PREVIEW

Larry Hryb, Xbox Live’s Major Nelson, chats with Richard Irving from the Xbox Engineering team to discuss the updates coming to the Xbox One console in August 2014.

Some of the new updates include the ability to Like, Share and Comment on your Activity Feed. Additionally, Xbox One owners will also have the opportunity to make Mobile Purchases, where you can use Xbox One SmartGlass and the web to purchase games and add-ons with the option to have them download immediately to your home console

 CLICK HERE TO VIEW VIDEO

NIGERIAN REAL ESTATE MARKET VALUED AT 6.4 TRILLION

Following rising demand for commercial space and housing for middle-income and young professionals in Nigeria, the nation’s real estate market has continued to grow with the sector now valued at N6.4 trillion ($41.2 billion).

According to a report by Agusto & Co., the Lagos sub-segment of the market accounts for at least 40 per cent of the Nigerian market.

Growth, the report revealed, continues to be driven largely by new to market residential and commercial properties in Lagos, Abuja and Port Harcourt.

The report estimates the market to grow by an estimated average of 10 per cent in 2014 and 2015 respectively.

“The Lagos real estate market, which has evolved in the last decade, continues to report significant growth in both the residential and commercial sub-segments. The key growth factors include population growth, economic growth, rapid urbanization, rising consumer disposable income and the introduction of mortgages.

"Supply of real estate properties in Lagos have been supported by the improvement in land titling and ownership transfer, government’s development plans and improved security framework in the state. The Lagos real estate market was delineated under the residential and commercial segments for adequate coverage, “Agusto & Co. said.

COULD YOOKOS BE AFRICA’S NEXT FACEBOOK?

Facebook is growing at an exponential rate, along with the likes of Twitter. However, a new social media platform has arisen, and has set its sights on Africa. Yookos is a social networking site that allows users to meet friends online, play online games and keep up to date with the latest news from around the world.

The African-based social media platform recently reached over 10 million registered users, and it is steadily growing. Starting out in Nigeria, Yookos was essentially a Christian-focused site, which was used to communicate spiritual messages between members of the church. The original platform began becoming so popular that it eventually outgrew its ability to sustain the current members.

With the new platform running at full speed, users from across the world can create profiles, post status updates, write blog posts and engage with users in extended networks. The platform also offers a chat function and the ability to share content on other social media platforms.

After branching out and building an entirely new platform, the team at Yookos took the mobile space by storm by offering apps for smartphone devices. According to Olga Sikhwivhilu, Yookos representative: “More than 50% of its user base is from Nigeria, with the rest mainly from Zimbabwe, South Africa, the UK and the US.”

With the social platform growing at a steady rate, it could possibly be Africa’s next Facebook. The site launched as a commercial entity in January 2011 and, within 3 short months, gained more than 6m registered users.

Tomisin Fashina, Yookos’ CEO says: “With the swift upgrade of site from http to https, users can now socialise under a safer environment. Additionally, we are constantly working on other ways to make the site a lot more safer. This upgrade certainly contributes to enhanced user-security and building user-trust on site.”

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SURVEY: REGULATORY INEFFICIENCY THREAT TO BUSINESS SUCCESS IN NIGERIA

Following rising demand for commercial space and housing for middle-income and young professionals in Nigeria, the nation’s real estate market has continued to grow with the sector now valued at N6.4 trillion ($41.2 billion).

According to a report by Agusto & Co., the Lagos sub-segment of the market accounts for at least 40 per cent of the Nigerian market.

Growth, the report revealed, continues to be driven largely by new to market residential and commercial properties in Lagos, Abuja and Port Harcourt.

The report estimates the market to grow by an estimated average of 10 per cent in 2014 and 2015 respectively.

“The Lagos real estate market, which has evolved in the last decade, continues to report significant growth in both the residential and commercial sub-segments. The key growth factors include population growth, economic growth, rapid urbanization, rising consumer disposable income and the introduction of mortgages.

"Supply of real estate properties in Lagos have been supported by the improvement in land titling and ownership transfer, government’s development plans and improved security framework in the state. The Lagos real estate market was delineated under the residential and commercial segments for adequate coverage, “Agusto & Co. said.

FASHOLA SEEKS LEGISLATION FOR STATES TO GENERATE, TRANSMIT ELECTRICITY

In a bid to ensure that Lagos State attains its minimum electricity supply of 10,000 megawatts, Governor Babatunde Fashola has called for a legislation that will empower each state of the federation to generate and transmit electricity for the benefits of its citizenry.

Speaking at a Community Enterprise Development Conference held in Lagos recently, Fashola decried what he called federal government policies that are not effective, especially in the area of electricity generation.

He also indicated the readiness of the state government to partner credible investors in implementing a framework that will harness the state’s renewable energy resources.

The governor also called on investors to take advantage of abundant renewable resources like solar, biomass, wind, hydro and tidal waves with low greenhouse gas emission coefficients and primary energy factors.

According to him, this will ensure availability, accessibility and affordability to modern energy for economic and commercial activities.  

15 SIGNS YOU'RE AN ENTREPRENEUR

Pressed to describe he stereotypical entrepreneur, which words would you use? Passionate? Dedicated? Optimistic? Sure, those apply. But insecure and troublemaker are more accurate, according to 'treps who know a success when they see one. Do the following traits, characteristics and quirks describe you? Well then, you might be an entrepreneur (at heart, if not yet in practice).

1. You take action. Barbara Corcoran, founder of The Corcoran Group, co-star of TV'sShark Tank and author of Shark Tales: How I Turned $1,000 into a Billion Dollar Business, says people who have a concept but not necessarily a detailed strategy are more likely to have that entrepreneurial je ne sais quoi. "I hate entrepreneurs with beautiful business plans," she says.

Corcoran's recommendation? "Invent as [you] go," rather than spending time writing a plan at your desk. In fact, she believes that people with life experience have an active problem-solving ability and think-on-your-feet resourcefulness that can be more valuable than book smarts alone. Those who study business may be prone to overanalyzing situations rather than taking action.

2. You're insecure. "Many entrepreneurs judged as ambitious are really insecure underneath," Corcoran says. When evaluating potential investments, she adds, "I want someone who is scared to death." Those who are nervous about failing can become hyperfocused and willing to do whatever it takes to succeed. If you feel insecure, use that emotion to drive you to achieve your business goals.

NO MATTER WHAT YOU'RE SELLING, THIS STRATEGY SHOULD DO THE TRICK

There are no shortage of instructional sales books. In fact, there are probably too many. The difficulty with most of the books is that they tend to teach you how to follow a process or structure that can limit your ability to think on your feet or adjust to a dynamic situation.

A little bit of structured selling isn't a bad thing, but following steps that someone designed to sell to a certain type of buyer isn't going to provide a perfect fit for every situation. The reality is, there are a few basic steps that you can take to move light years ahead of the rest -- key word being "basic" -- that have little to do with the product or service that you're selling. In fact, they have nothing to do with the product or service you're selling, but instead have everything to do with you.

Selling has very little to do with what you sell and everything to do with how you sell, not the product, but yourself. People buy most products in a business setting because they like the person they're buying from, not necessarily because they have the best product or value proposition.

I'm not suggesting that you can have the worst product in your market and easily dominate with your sales genius, although it does happen. Your products should at least be competitive. If they're not, you need to figure out how to improve them or start asking yourself some serious questions -- i.e. why did I choose to sell this terrible product?

Stare into their souls. We all know that you only get one opportunity to make a first impression -- so I'll skip the boring motivational speech. It's how you take advantage of the opportunity that will start you down the path of separating yourself from all the others.

NIGERIA: MULTIPLE FIRMS SHOW INTEREST IN NITEL

Nigerian Telecommunication Limited (NITEL) and Mobile Telecommunications Ltd (MTEL) have attracted as many as 17 bidders who are attracted to their core assets in the ongoing guided liquidation exercise of the national telecommunications carrier.

According to dailyindependentnig.com, BPE’s Director General Benjamin Diki, made the disclosure to media at an interactive session on how President Goodluck Jonathan has, through his current transformation agenda, initiated policies that would ensure that the ongoing guided liquidation of the national telecom carrier would open up the nation’s telecom industry for both local and international investors to thrive.

Diki stated that, “Efforts by President Jonathan to open up the telecom industry have started yielding fruitful results as 17 investors have signified their interests to buy the Nigerian Telecommunications Ltd and its mobile arm, Mobile Telecommunications Ltd (MTEL), in the ongoing guided liquidation exercise of the national telecom carrier.”

According to Diki, 22 companies originally showed interest in the telecommunication giant; however, 5 were excluded due to lateness and were not accommodated due to strict compliance to the company’s rules.

SAMSUNG GALAXY S5 MINI WILL HIT STORES IN UK ON AUGUST 7

Samsung launched its Galaxy S5 Mini smartphone in Russia earlier this month. The mini variant of the company’s flagship smartphone is already up for grabs in Germany and the device will soon be available in the United Kingdom, too.

Samsung Galaxy S5 Mini will hit the stores in the UK on August 7. The S5 Mini will also be available from Samsung’s online store as well as from retailers like Phones 4u. Samsung’s latest Mini device comes in gold, blue, black and white color options.

Samsung has announced an expected retail price of £389.95 for its Galaxy S5 Mini smartphone, which is quite expensive considering the fact that the device is retailing for about €380 in Germany.

To refresh your memory, the S5 Mini sports a 4.5-inch HD display and is powered by a 1.4GHz quad-core processor along with 1.5GB of RAM. It features an 8 megapixel rear shooter with LED flash, 2.1 megapixel front facing camera and 16GB of internal memory. The IP67 rated smartphone runs on Android 4.4 KitKat and packs a 2,100mAh battery.

GSM ARENA

AIRTEL LAUNCHES CELEBRITY CONNECT

Airtel Nigeria and Kirusa have announced the launch of Celebrity Connect, a mobile service that attempts to connect Nigerians with celebrities and famous personalities.

According to the company, the service enables fans to reach out and connect with their favourite celebs. Top celebrities like Ace Comedian, AY, Nollywood stars Mike Ezuruonye and Kate Henshaw, actress, amongst others, are using the service to more personally engage with their fans.

According to the company, by using Celebrity Connect, celebrities can share their daily lives, thoughts and emotions in their own voice to their fans. Additionally, participating stars can call a number or use their smartphones to leave a message. The messages are said to then be delivered to fans who can listen to what their favourite celebrity has to say.

Nigerian customers can call, and listen to what’s happening over the phone Furthermore, the fans get an opportunity to speak and engage with the celebrities in multiple ways on-line and off-line.

Chief Commercial Officer, Airtel Nigeria, Maurice Newa, noted that the introduction of Celebrity Connect as a social platform which links Airtel customers with their favourite celebrities is an indication that the service provider remains committed to offering unique and quality products and services to its new and existing customers in Nigeria.

9 STEPS TO BUILDING AND COACHING A KILLER TEAM

Being self-employed doesn’t mean that I don’t work with other people. In fact, I’ve had to create numerous teams throughout my career to help me achieve my goals.

These days, my team gets together every morning on Skype because we all live in different places. I couldn’t do what I do without them.

Building a killer team is crucial to your success as an entrepreneur. Here’s how to do it.

1. Look for real talent. Hire people who are smarter and have more experience than you. This may seem like a given, but I’ve found that it’s not. You may want to feel like the smartest and most experienced member of your team, but your team will be much better off if that's not the case.

2. Seek out different skill sets. When you’re building a small team, it’s incredibly important that each member bring something different to the table. Make sure your team members know that you aren’t simply looking for a “yes” person. You value their opinions -- especially when they differ from yours. What are your weaknesses? Find people who can fill them.

3. Avoid the temptation to micromanage. Everyone needs direction and management, but no one likes to be micromanaged. Give your team a goal and let them achieve it. They might do things differently than you would, but that’s perfectly fine -- maybe even better.

FG UNVEILS $500M PROJECTS FOR LOCAL CONTENT DEVELOPMENT IN OIL AND GAS

The federal government has unveiled new projects that would gulp $500 million for the development of Nigerian Content in the oil and gas sector of the economy.

Speaking while fielding questions from journalists after a recent visit the headquarters of the Nigerian Content Development and Monitoring Board (NCDMB) in Yenagoa, Bayelsa State, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke commended the achievements of NCDMB within its four years of existence.

She described the agency as a major contributor to the Transformation Agenda of President Goodluck Ebele Jonathan.

“We are all extremely pleased at the Federal level with the various achievements this board has recorded within this period of time. It is quite clear from our various movements particularly when we go to international fora and see the number of Nigerians, who are now exhibiting the services they deliver to the industry. It is progressing robustly every year and going from strength to strength. Within Nigeria, the success of Nigerian Content is incredible,” she said.

She also underscored the adoption of the Nigerian Content philosophy by other sectors of the economy like the Ministry of Communications Technology and the Ministry of Power as further proof that that the implementation of the Act has been effective.

DELIVERING WORLD-CLASS SERVICE ON A STARTUP BUDGET ( YOU NEED TO READ THIS)

The late Maya Angelou once said “I’ve learned that people will forget what you said, people will forget what you did but people will never forget how you made them feel.” This is as true in business as it is in life: Outstanding service can help a company stand out and be remembered in a crowded marketplace.

Unfortunately, many startup founders believe that great customer service can’t be delivered until their company has reached sufficient scale. While it’s true that customer service can’t be streamlined and automated to the same extent as some other business operations, even the leanest of startup teams can create a wonderful experience if they have the right mindset.

Here are three ways your company can provide world-class service on a startup budget:

1. Put your customers on a pedestal. It may sound obvious, but if you want to deliver excellent service, you need to make customer satisfaction the top priority in your organization.

Pick a metric or group of metrics that you believe best represent customer satisfaction (e.g. net promoter score, churn rate, percentage of customers who make repeat purchases, etc.) and display it somewhere everyone can see. Let your team know that these are the most important metrics in your company and that it is everyone’s responsibility -- not just your customer service representatives and account managers -- to ensure that you meet and exceed your goals.

2. Listen to your customers, wherever they are. Customer feedback can come through a variety of channels -- email, social media, live chat, telephone and even snail mail -- so it behooves you to build a system that can capture, synthesize and analyze this feedback while your company is still small. Properly organized, this data can provide invaluable insights that can inform your product, marketing, service and even fundamental business model. While it’s probably not advisable to open all of your business’s decisions to a public vote, companies that demonstrate that they listen to what their customers say and take their feedback seriously tend to earn more respect and brand loyalty than businesses that operate inside of a feedback-free bubble.

10 TOP REASONS WHY FIRST-TIME ENTREPRENEURS FAIL ( A MUST READ)

"For entrepreneurs -- especially those just starting out -- businesses succeed as much as they fail. I’ve seen this time and again as a mentor and entrepreneur. But statistics also suggest that the failure rate for new startups within the first five years is as high as 50 percent.

Of course, real entrepreneurs treat business failure as a milestone on the road to success. They count on learning from their mistakes, and use the experience to move to the next idea. But why not learn from the mistakes of others, without all the pain and suffering?

Here is my list of 10 top startup failure causes -- and how to avoid them:

1. No written plan. Don’t believe the myth that a business plan isn’t worth the effort. The discipline of writing down a plan is the best way to make sure you actually understand how to transform your idea into a business.

2. Slim or no revenue model. Even a non-profit has to generate revenue (or donations) to offset operating costs. If your product is free, or you lose money on every sale, it’s hard to make it up in volume. You may have the solution to world hunger, but if your customers have no money, your business won’t last long.

3. Limited business opportunities. Not every good idea can become a blockbuster business.

TCN PLANS 20,000MW EVACUATION CAPACITY BY 2020

As part of the measures to strengthen the transmission infrastructure to withstand increase in power generation, the Transmission Company of Nigeria (TCN) plans to boost its infrastructure to have the capacity to evacuate 20,000 megawatts of electricity by 2020.

The country’s weak transmission network has led to frequent collapse of the power infrastructure as soon as generation exceeds 4,000 megawatts because the network cannot evacuate huge electricity capacity to the distribution companies.

But speaking at the weekend in Lagos at the occasion to mark the flag-off of the release of 248 containers of power equipment imported by the defunct Power Holding Company of Nigeria (PHCN) and abandoned for 11 years at the ports in Lagos and Onne in Rivers State, the Managing Director and Chief Executive Officer of TCN, Mr Mack Kast said the company had massive plans to refurbish the power sector.

The TCN boss, whose company would take delivery of the containers from the Nigeria Customs Service on behalf of the defunct PHCN, said the release of the equipment would bring to reality the dream of President Goodluck Jonathan in reforming the power sector.

“The generation companies have been privatised; the distribution companies have been privatised. These were major steps. The Transmission Company of Nigeria  has major efforts on the way. We have plans for massive refurbishment of the power sector. It is our goal that we are going to double the evacuation capacity of TCN. It is our expectation that by 2020, we will have the capacity to evacuation 20,000 megawatts of power,” Kast said.

5 WARNING SIGNS A STARTUP IS A BAD INVESTMENT

A company that’s not growing is dying. This is an unpleasant reality that comes with the 
capitalist system, and it’s especially harsh for smaller or newer companies. Between concerns over debt, resource acquisition and client maintenance, plenty can go horrifically wrong. It’s no wonder that 80 percent of small businesses fail.

The prudent investor must watch for these five warning signs.

1. Lackluster products. A common challenge for any new business is separating themselves from the crowd. A company unable to provide a quality or niche product will likely get steam rolled by others already established in their field.

Look through their product catalog to determine if the company has carved out a niche. If nothing stands out as unique to either the area or the market in general, rest assured someone else is already providing it. You should avoid investing in companies like that because, more often than not, you are disappointed in the end.

2. Lack of vision. To survive, a company needs a solid business plan stating the targeted markets, as well as a vision statement stating how the market will be penetrated.

One of the major issues small companies encounter is their inability to reach out, grasp

THE 7 DEADLY FINANCIAL SINS OF SMALL BUSINESSES

This year's tax season has finally been put to bed. And many people -- both small-business owners and consumers -- are breathing a collective sigh of relief. However, there is a fundamental difference between business and personal finances when it comes to taxes. While the “average Joe” may not have to worry about taxes again until next year, “Joe the small-business owner” needs to start thinking about his next quarterly tax filing now. Yes, for the small business owner, the taxman cometh four times a year. 

While this is bound to cause anxiety, it doesn’t have to be overwhelming. With proper planning and the right financial tools, many business owners can approach each filing with confidence.

For the entrepreneur who has achieved this, I applaud you. And for the rest, to start you off on the right track for next year I’ve flagged seven financial faux pas that are commonly overlooked by small businesses.

1. Not keeping financial records up-to-date. This is the number-one mistake small-business owners make and also the most important to remedy. While it seems logical to keep records accurate, it is easier said than done. No one wants to pour over accounts payable, receivables and cashflow at the end of a long day, which is why this important part of the business is often overlooked.

 One way to help manage this is to employ financial tools that do the work for you. The cloud has opened up a myriad of applications that can “speak to one another” and automate backend services. Additionally, the anytime, anywhere ability of cloud computing and smartphones makes it so you can update your books on the go.

CBN TO AUCTION N135BN TREASURY BILLS

In line with its tight monetary stance, the Central Bank of Nigeria will on Wednesday sell N134.88bn in treasury bills.

The CBN sells treasury bills bi-monthly to manage the volume of money supply in the economy.

The maturities of the treasury bills on offer will range between three months and one year.

A breakdown shows that the bank will issue N34.88 billion in 3-month bills, N48 billion in 6-month bill and N52 billion in one-year bills.

The treasury bills market commenced last week flat but subsequently fed off the Wednesday's bond auction.

The short end of the curve experienced sell-offs driving rates higher as institutional investors looked to position ahead of this week's primary market auction.

Meanwhile, the Nigerian Interbank Offered Rates (NIBOR) was unchanged for the second straight week as it closed at an average of 10.50 per cent last Friday.

The interbank money market commenced the week tightly due to funding for last Wednesday's Retail Dutch Auction System (RDAS), NNPC's withdrawals and muted inflows.