It is evident that trade is a gateway to development as it contributes towards the industrialization and economic transformation of nations. So, boosting intra-African trade is critical to the development of the African continent. However, for the continent’s GDP to grow we need to collaborate in order to have significant production or purchasing power because alone we can only do so much.
While there are various factors that are barriers to effective intra-African trade which currently constitutes a mere 13% of the continent’s total trade, could stereotypes be one of the factors? Do we form unfair judgement about African cultures that are different from ours? Does this affect our ability to do business with one another across the continent?
I was recently invited to speak at the When Women Win Conference held in Nigeria, in commemoration of the International Women’s Day. I was taken aback by the warm reception I received, from the time I landed at the airport to the time I lef...
One of the biggest challenges facing entrepreneurs and SME’s alike is how to handle clients who pay late or do not pay at all. So, how do you ensure that you get paid for the services you render to your clients?
When do you draw a line between preserving the relationship and risking a big fallout by taking things further to collect an outstanding payment? Furthermore, if an invoice is overdue, how should you address it? Especially if you still value the relationship and want to work with the company again. At what point do you need to involve a lawyer?
Firstly, the best and the most sensible way to ensure you get paid is to work only for reputable clients so, it’s important to vet who you do business with. Despite your best efforts, there may be times when a client (including a reputable one) misses a payment deadline. How you deal with the situation makes a huge difference.