REFLECTIONS FROM 2024 FOR A STRONGER 2025

Everywhere, there is a sort of excitement in the air, typical of a new year. People get pumped up, waiting for what the year has in stock. It is like getting a new opportunity to start over and correct old mistakes. We all love the idea of this new beginning and the anticipation of a better outcome by the end of the year. Whether you closed the year with a profit or you could hardly pay your staff for the last months of 2024 nor give your loved ones a treat, this moment presents an opportunity to reflect, recalibrate and recharge.

I believe most of us have already made new sets of resolutions and set goals both personal and business … and the cycle continues. Let me just quickly state here that making resolutions and setting business goals do not automatically translate to success – you must put in extra work for anything to change. If you don’t make significant effort to change your narrative, the results will be the same as last year and the one before. Secondly, it is advisable to tackle the most pressing needs first; don’t fill your screen with resolutions and goals because for many, these resolutions have become yearly decisions that never get fulfilled. Be more strategically intentional. Do things differently this year, take the goals in batches and add more as you record success.

Another free advice based on my personal experience is to always step up on your level of commitment, resilience and desire to excel. This applies to both personal and business lives. Decide every new year to commit more time, resources and interest into what you are doing, whether it is your business, job, marriage, parenting, partnership etc. Show up more, seek relevant knowledge that will help you to be more valuable, and be emotionally and mentally available. Lastly, just note that while many people were crying about the tough economy last year, some were posting profits in hundreds of millions. This is not to make light the pressure people went through or disregard the fact that 2024 was quite tough, I just want to stir up your consciousness that even in an ever-evolving business environment with its uncertain systems, some businesses were not just getting along but were doing quite well.

This new year, desire to be among the group that does more than survive, and take decisive steps to achieve your goals. Success in business is never accidental; it’s the product of deliberate action, consistent effort, resilience and as I believe, divine favour. You have a new canvas, so to say, paint the picture you desire.

Having said that, I will pay a little more attention to entrepreneurs that ended the year 2024 with a deficit and are at their wit’s end about how to turn things around this new year. One person wrote to me and said that last year, he downsized staff strength by over 50% and trimmed off many areas of expenses without any appreciable turnaround in his company’s bottom-line. He asked if closing shop is the only option open to him.

To this CEO and many like him who worked hard to keep their organisations going, I will just say that failure is painful but it is a critical part of the entrepreneurial journey. Every setback is an opportunity to learn and adjust.

When an entrepreneur notices a consistent downward pattern in productivity, it is time for deep evaluation. Try to quickly identify what went wrong? If it is a young business, evaluate the business model; was it flawed in any way? Was the market research adequate? Was the funding sufficient? Evaluate the actual input of your staff. Is there any fraud? Is there any form of conspiracy internally or externally? As these questions are answered, a rescue operation should already be in motion. You don’t wait till the auditors come at the end of business year before identifying loopholes in your business operation. Self audit should be continuous and consistent.

For those whose performance was not too alarmingly poor but who did not see the expected profit, there’s still time to conduct a thorough post-mortem analysis of your activities last year. Gather feedback from your team, customers, and stakeholders. Be brutally honest with yourself. The lessons you draw from these experiences are invaluable for shaping a more robust strategy for 2025.

Create a detailed plan to manage your liabilities. Reach out to creditors and negotiate better terms where possible. Consider engaging a financial advisor to help you restructure your debts and optimize your cash flow. Remember, transparency and proactive communication can go a long way in maintaining trust with your stakeholders.

Finally, this is the perfect time to revisit your business’ vision and mission. Are you still aligned with your original goals, or has the journey shifted your focus? Alignment with your core purpose ensures that every decision you make contributes to your long-term objectives. If necessary, update your mission statement to reflect your growth and aspirations.

If all these steps have been taken and the business is still in a decline, it may be time to withdraw in order to recharge. I don’t think there is any shame in cutting losses and shutting down a business arm that is constantly in the red. I have closed down a few in my time. Some businesses were so close to my heart that I carried them for years, reconfiguring, refinancing and re-energising till it was obvious that they had to be closed down. (I will write an article later on 10 vital signs that show that a business has run its course).

Check the pulse of your business, attract new partners and investors if necessary but if the company continues to be a financial drainpipe, then it is time to close shop and work on something else.

Cheers!

Fatherhood with Ibe

 

LESSONS IN GRATITUDE AND CHANGE

Christmas season is always a time for thanksgiving to God for His many blessings and a time for appreciation of friends, relatives and associates that made the year meaningful. For many years, running into decades, the season for me was also a time of large gathering of people, merriment and grand gestures. My Christmas parties became a constant every year, more so the period when I was a federal minister and had to host dignitaries from within and outside Nigeria. So many people told me that my parties were the highlight of their season’s celebrations and every year, I tried new concepts, new entertainers and themes. I invited people from all works of life, tried to encourage networking by seating people according to their interests but not necessarily with their usual friends.

I derived great joy in the planning and execution. The venue was always my country home and I liked the buzz as the different professionals worked hard to transform my quiet home into a glittering arena. The house would sparkle with lights and tables would nearly groan under the weight of rich delicacies and expensive wines.

I loved to entertain…still do, kind of. I love the preparation even more because making sense out of chaos has always been my special skill. Not so much, my wife, Betty, she just generally went along with it because she loved having people around. We always tried to make sure that our guests went home in high spirits and full tummies.

But lately, Christmas has been different.

Betty’s health has not been great in recent years. The sparkle in her eyes that used to mirror the twinkling lights on our trees has dimmed. As years pass, people have become more ostentatious, there seems to be an unspoken competition about who spent more on his/her party or who hosted more dignitaries. This just made the parties less symbolic. I didn’t like the idea of hosting a party that would be judged not by its great atmosphere but by the estimated expenditure and how it compared to another person’s party. The combination of these challenges meant we had to rethink how we celebrated the season. Instead of lavish gatherings, we spent last Christmas with family and close friends.

Gone were the bustling crowds and large music bands. In their place, we hosted a reasonable number of people in a beautiful but simpler environment, toned down music and a sumptuous array of dishes and drinks. I missed the frenzy and passion of planning and hosting a larger party but as we sat together, enjoying the music, great food and comfort of shared memories, I had the chance to simply be present – not as a busy host, but as a husband, father and friend.

This past Christmas reminded me of the value of simplicity. I realized that the essence of the holiday wasn’t in the extravagance but in the connections we share. The shared laughter and banter of business associates and political friends are treasures, yes, but so are the quiet moments when you’re simply grateful for the company of someone you love.

I’ll admit, hosting those events gave me joy because I like to create memories and wonderful traditions but Betty’s illness has taught me that gratitude can be found in even the smallest blessings. Last Christmas, gratitude came in the form of a beautiful gift from my granddaughters. It came in the aroma of fresh goat peppersoup delivered by my daughter-in-law. It came in the grace and normalcy of a day without mishap of any sort with my wife and the comfort of watching her smile. Life may have stripped away some of the grandeur, but it’s given me a deeper appreciation for what truly matters.

Change is rarely easy, especially as you grow older. It’s hard not to cling to the version of yourself that felt invincible and capable of handling anything. But life has a way of humbling you, of reminding you about the things that truly matter. Change, though difficult, brought clarity. It reminded me that Christmas isn’t just about abundance and grandeur; it’s about love, reflection and hope.

This year, I’m not sure what Christmas will look like. But I’ve learned that it’s not about recreating the past; it’s about cherishing the present. Maybe it will be a quiet Christmas, or maybe we’ll replicate what we had this last season. Whatever happens, I’ll approach it with an open heart and a sense of gratitude.

The greatest gift I’ve received from this season of change is perspective: Life is unpredictable, often unfair, but it’s also filled with moments of beauty if we’re willing to see them.

Happy New Year!