Comments on: Managing Your Business Overhead Cost

By: NaijaEcash

NaijaEcash — Thu, 08 Apr 2010 13:17:42 +0000

@Chukwu
Thanks for your contribution. Really, it is little costs that are not paid attention to that causes great wastage in many small businesses. The best way to start managing overhead is in ensuring that the loopholes for wastage are carefully blocked.

By: Chukwu Wisdom

Chukwu Wisdom — Thu, 08 Apr 2010 12:17:02 +0000

The article is quit educative.
Let us remember not to employ staff not needed. We might consider contract or adhoc staff for any project, while we maintain the few necessary core staff for daily business transaction.

Make sure that diesel is consumed for something worthwhile. To take care of fraudulent staff, we should know the relationship between volume of diesel and time for consumption.

Thank you.

By: Hot Posts: StrictlyOnlineBiz’s Top Blog Posts Of The Week

Hot Posts: StrictlyOnlineBiz’s Top Blog Posts Of The Week — Fri, 15 Jan 2010 08:03:08 +0000

[...] Managing Your Business Overhead Cost by NaijaEcash [...]

By: Udegbunam Chukwudi

Udegbunam Chukwudi — Mon, 28 Dec 2009 14:23:20 +0000

Some businesses don’t need to have their generators running all day. I advice scheduling or making a list of things to do that require electricity and then only turn on the generator when you’re REALLY ready to accomplish those tasks. That way you spend less on diesel.

As you rightly say, business men get conned by staff in charge of generators. Trust my mum to cut your salary or better still send you packing when she catches you red-handed in the act of lying or committing the act itself.

My uncle lost millions of naira in a fire recently and instead of laying off workers, he simply made it known to them that the business was facing hard times and all hands were needed on deck. One misbehaviour and you’re OUT! Now that’s a better way of letting go of employees instead of mass retrenchment.

So far so good, First Bank of Nigeria seems to be the only bank giving out loans @ the moment. So I hear through the grapevine.

P.S: Hope you had a lovely Xmas. Happy New Year in advance.

By: gilbert

gilbert — Sun, 20 Dec 2009 11:24:13 +0000

Yes, I agree. There are a lot of ways to earn substantial
passive income but as you’ve said, it takes hard work and I believe – time.

By: Paul

Paul — Sat, 19 Dec 2009 19:32:32 +0000

Hey Naija enterpreneur,

its been a while, am just only going to say merry christmas and happy new year to you and other readers on this forum.

Hope to be back next year to make more comments on this blog.

Happy yuletide celebration

By: Daniel

Daniel — Fri, 18 Dec 2009 07:01:31 +0000

I agree totally…..very revealing. January’s edition of Harvard Business Review noted that traditional expense model’s are divided into Capital Expenditure(CAPEX) and Operational Expenditure(OPEX). They suggested that instead of cutting down on Staff, Training, Research and Development, concerted effort should me made by all stake holders in cutting waste. They mentioned that Staff, Training, Research and Development were crucial expenditure for the long term strategic and sustainable growth of the business. They called the expenditure relating to these Staff,Training, R&D ; Strategic Expenditure(STRATEX).
The losses associated with downsizing is much more than we have even analyzed in the past. Consider the money, Time and corporate resources that was spent in training existing staff. All that goes when downsizing. Consider how much money, time and resources that must be spent in the future to recruit and train fresh hands. The time, cash and wastes that would come while fresh hands are trying to get acquainted with you company. Downsizing could result in dissatisfied staff sabotaging existing systems. Downsizing changes the team dynamics of your organization and could result as you mentioned earlier in the company being worse of than it was before.