PUBLIC RELATION AS A STRATEGY FOR MAXIMIZING PROFIT IN AN ORGANIZATION (CASE STUDY OF MR. BIGGS)

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CHAPTER ONE

1.0    INTRODUCTION

An organization, reputation, profitability and even its continued existence can depend on the degree to which its targeted publics support its goals and policies. Public relation specialists serve as advocates for business, non profit associations, universities, hospital and other organizations,

 

They build and maintain positive relationship with the publics. As managers realize the growing importance of good public relations to the success of their organization, they increasingly rely on public relations specialists for advice on the strategies and policies of such programmes.

 

MANAGEMENT FUNCTION OF PUBLIC RELATIONS.

 

Public relation is the management function that identifies, establishes and maintains mutually beneficial relationships between an organization and the various publics on whom is success or failures depends.

 

Furthermore, the important element of public relation are to acquaint the client with the public perception of the client and to effect these perceptions by focusing curtailing, amplifying or augmenting information about the client as it is conveyed to the publics. Public relations encompass a variety of marketing activities that strengthen organizations credibility image and develop goodwill. There are usually targeted directly to audience, such at speaker, special events, newsletters and annual reports. Public relation involve communicating who you are, what you to why you do it and how you make a difference. Public relation is essentially concerned with communication between people, and on organization and within and between organizations.

 

Interestingly, public relation personnel keep management informed of changes in the opinion of various public like employees, stakeholders, customers, suppliers, dealers, community and government. The professionals counsel management as to the impact of any action or lack of action on the behaviour of the target audience. Once on organizational decision has been made, the public relations person has the responsibility of community their information to the public using meted that foster understanding, consent and desired behaviour for example, the introduction of a new predict requires public relations planning and skills.

 

In this case, the successful public relations practitioner is a specialist in communication arts and persuasion. The work involves various functions including programming analyzing problem and opportunities, defining goals, determining the publics activities. Writing and editing materials such at media release, speeches, stakeholders reports product

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RATIO ANALYSIS AS A TOOL FOR PERFORMANCE EVALUATION (CASE STUDY OF GLAXOSMITHKLINE)

 

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CHAPTER ONE

INTRODUCTION

1.0     INTRODUCTION

Ratio has been most important tools for the effective development of manufacturing companies and industries, the major uses of ratio is to access the profitability, gearing, liquidity and asset turnover of the company. The introduction of ratio analysis in manufacturing company has brought about a turn around in many industry and companies.

 

The important of ratio analysis in the running of any manufacturing cannot be over emphasizes, it is this significant role that led to the believe. That ratio is the life blood of every manufacturing companies and industries.

 

 

1.1     BACKGROUND TO THE STUDY

The primary objectives of a company being in existence is to make profit. Although this is not only objective. It nevertheless remains an extremely important yardstick used in determining the long run survival of most companies.

 

Therefore it is necessary to be also to access whether or not a company has performed well over a period of time. This and loss account, but compared with the amount of money invested in the business? are they equivalent to the level earned by major competitors? We need to know whether or not the company is in a healthy short term financial position for long-term expansion. We need to know the answer to these and many other questions. However, it is difficult to access how well a firm or company is doing by merely examining the Naira amount reported for individual items in the financial statement.

 

“Financial statements, in their raw forms hold little or no meaning to the user. The figures contained there is have to be converted to ratios in order to ensure easy analysis, ratios are not the end but a means to an end. They ensures analyst ask the right question” (Adeyeye and fajembola 1998 page 21).

 

According to Ajayi (1998 page 42), financial analysis is the process of identifying the financial strength and weaknesses of a firm by property establishing relationships between items of the balance sheet and the profit and loss account.

 

Olowe (1997 pg 239) says financial ration analysis is the relationship between financial data in the financial statement to aid the financial condition and performance of a firm. The analysis will give an analyst a better insight into the understanding of the financial statements that would be obtained by examining the financial data alone.

 

Ratio analysis is a powerful tool for financial analysis a ratio is defined by Pandey (1999 pg 109) as the indicated quotient to two mathematical expressions and also as “the relationship between two or more things”.

 

 

Because of its flexibility, financial ratio can be used to analyse all forms of business ownership irrespective of their sizes and figures; the analysis can be carried into all aspects of the operations of manufacturing industries.

 

In view of thus this research work examined ratio analysis as an effective tools for performance evaluation in a manufacturing industry.

 

 

1.2     STATEMENT OF THE PROBLEM

The financial state and the results of operations of business enterprises are of interest to various groups including the management, shareholders, creditors. The government, employees customers, financial analysts and advisers, potential shareholders…

 

 

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RELEVANCE OF FINANCIAL MANAGEMENT TO BUSINESS GROWTH IN NIGERIA

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ABSTRACT

The prerequisite of this extended essay is to know the Relevance of Financial Management to Business Growth in Nigeria.

Financial management is relevant to business growth for a well balanced operation. As businesses in Nigeria are made up of small, medium and large scale enterprises need financial management to operate well. The ultimate aim of financial management is to plan and forecast the profit making and sourcing of fund for business growth. Money is needed in financial management and used in making plans work. It serves as a measuring device that can be used in measuring the plan in terms of naira, and outsiders, such as bankers and other lenders, will do the same.

In starting new business or expansion loan is required. The burden of proof in borrowing money is upon the borrower. You have to show the banker or other lenders how the money borrowed will be used and more important how and when you will repay back the loan.

The extended essay also look at budgeting, as organisation, whether economic, social, or political makes plans for an organisation. Without plan there is no longer an organisation but an uncoordinated assortment of individuals. Some biz-owners/managers carry plans in their head, some make rough estimates on their business and others express their plans in orderly and systematic manner.

An important feature of this extended essay is that the methods taken are in form of data collection through primary and secondary sources. The primary includes questionnaires and oral interview and secondary source include work of authors which were acknowledged.

Finally, the main findings and recommendations are based on the information on the conclusions drawn up to cap the work.

 

TABLE OF CONTENTS

CHAPTER ONE

• Introduction 1
• Objective of the study 2
• Statement of problem 3
• Scope and Limitation of study 3
• Significance of study 3
• Definition of terms 5

References                                                                                             7

CHAPTER TWO

• Sources of finance 8
• Issue of financing the firm 19
• Objective and significance of financing 23
• Financial decision making (stages & process) 26
• Cash control and management of organisation in Nigeria 37

References                                                                                             40

 

 

CHAPTER THREE

• Summary 42
• Conclusion 44
• Recommendations 45

Bibliography                                                                                          49

 

 

 

CHAPTER ONE

1.0    INTRODUCTION

The Financial Function has always been important in business management. Irrespective of differences in structure, ownership and size, the Financial Organisation of the enterprise ought to be capable of ensuring that the various finance functions: – Budgeting and controlling are carried out with the highest degree of efficiency. The profit ability of any business depends largely upon the manner the financial functions are performed and related to other business function.

 

During the developing stage, financial management involves only the obtaining of funds to finance the business. Overtime, financial function has increased in its scope to include not only the planning of finance, but incorporate the management and control of the available resources within the firm. This also involves the external generation, flow and uses of funds and, the study and evaluation of the capital market.

 

When talking of the capital market, its operations within the economy cannot be over emphasized. Thus, the demand for and supply of funds for business organizations, become a fundamental management function. Therefore, financial management play an important role both in increasing operational efficiency within the firm and allocating funds to productive or investable sector within and outside the organization.

 

These functions can only be achieved when there is proper planning and controlling, coordinating and other elements of management combined effectively with the finance function.

 

 

• HISTORICAL BACKGROUND

Jomfol Investment Company Nigeria limited was incorporated in 1989. The main business of the company as contained in the memorandum and Articles of association amongst others is to carry on business as farmers, farm developers Livestock and poultry business, fisheries hatchery, producers and process or grains and all manners of crops, manufacturer of Livestock feed and concentrates etc.

 

The nature of the business activities includes; – manufacture, distribution and sales of poultry feeds and poultry raw materials and other related activities.

 

The raw materials concerns in the providing these activities includes; maize, soya beans, Soya cake, groundnut beans, and cake, wheat brain, maize brain, sorghum, palm kernel cake, spent grain, Bone meal, Fish meal, cottonseed cake, methionine, lysine, premixes, salt etc.

 

 

• STATEMENT OF PROBLEM

Financial management is a feature, which govern the whole process of organizational management. Emphasis is often on planning and control used within an organisation to strengthen area of potential weakness or to capitalize on more effective opportunity for the business. The purpose of undertaking this study is to identify the important role financial management practice can help in managing an organisation to greater height.

 

 

 

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THE IMPACT OF SMALL AND MEDIUM SCALE ENTERPRISE DEVELOPMENT ON YOUTH EMPOWERMENT IN KADUNA METROPOLIS

 

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CHAPTER ONE

INTRODUCTION

1.1     Background to the Study

Small and Medium Scale Enterprises are sub-sectors of the industrial sector which play crucial roles in industrial development (Ahmed, S. 2006). Following the adoption of Economic reform programme in Nigeria in 1981, there have been several decisions to switch from capital intensive and large scale industrial projects which was based on the philosophy of import development to Small and Medium Scale Enterprises which have better prospects for developing domestic economy, thereby generating the required goods and services that will propel the economy of Nigeria towards development.

 

It is base on this premise that Ojo O. (2009), argued that one of the responses to the challenges of development in developing countries particularly, in Nigeria, is the encouragement of entrepreneurial development scheme. Despite the abundant natural resources, the country still finds it very difficult to discover her developmental bearing since independence. Quality and adequate infrastructural provision has remained a nightmare, the real sector among others have witnessed downward performance while unemployment rate is on the increase. Most of the poor and unemployed Nigerians in order to better their lots have resorted to the establishment of their own businesses. Consequently,

 

Entrepreneurship is fast becoming a household name in Nigeria. This is as a result of the fact that the so called white collar jobs that people clamor for are no longer there. Even, the touted sectors (Banks and companies) known to be the largest employer of labour are on the down-turn following the consolidation crisis and fraudulent practice of the high and mighty in the banking sector. The companies of course are folding up as a result of erratic power supply, insecurity and persistent increase in interest rate which has lead to high cost of production and undermines profit making potentials of companies operating in Nigeria. As a result of banking sector practices and continuous folding up of companies, a lot of Nigerians are thrown into unemployment which inevitably detriment the economic situation of the country.

 

 

 

Since the office jobs that people desire are no longer there for the teeming population, and few ones that succeeded in getting the jobs are thrown out as a result of the factors identified above, the need for the government and the people to have a rethink on the way-out of this mess became imperative. Hence, the need for Small and Medium Scale Enterprises (SMEs) became a reality as a means of ensuring self independent, employment creation, import substitution, effective and efficient utilization of local raw materials and contribution to the economic development of our dear nation (Nigeria). All the aforestated benefits of Small and Medium Scale Enterprises cannot be achieved without the direct intervention of the government and financial institutions. Over the years, a number of policies have been formulated by the government with a view to developing Small and Medium Scale Enterprises. The Nigerian government under the then leadership of Chief Olusegun Obasanjo promulgated micro-finance policy and other regulatory and supervisory framework in 2005.

The research will therefore examine the impact of small and medium enterprise development on youth empowerment in Kaduna metropolis.

 

 

 

1.2     Statement of the Problem

There has been stunted growths and sluggish development in the small and medium enterprises (SMEs) regardless of increasing targeted government assistance streamlined to benefit firms operating in this sector. There were several policies in the past which gave priorities to entrepreneurship development, indicating the trust in government policy in support of SMEs. The government of Nigeria identified entrepreneurship development as a major thrust to achieve economic development through SMEs growth and development.

This made Nigerian government both at National and State as well as local government to prioritize small and medium enterprises development initiatives by. As such the prioritization of the small and medium scale by government at different level is echoed in almost every policy document.

For example in the industrial development policy in vision 2020, the Nigeria aim is to promote and support small and medium enterprise as they are viewed as an important engine for employment creation and economic growth. Although the government of Nigeria has been…

 

 

 

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SUSTAINING NIGERIA FIRMS THROUGH STRATEGIC ALLIANCE IN THE BUSINESS ENVIRONMENT.

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ABSTRACT

It is no longer news to say that the world has become a global village. This transformation has been ensured by the immense advancements and breakthroughs achieved in the field of technology the world over. With this have come different phenomenal changes that have affected all spheres of human existence, more particularly the world of business. As a result, many aspects of business have changed and many are in the process of this transformation. Ultimately, these transformations have resulted in businesses operating in an environment that is totally beyond their control. Meaning? The . business entities have to fight for a place in the global market place – whether or not they are prepared to play in this market. This is the situation many Nigerian firms have found themselves in. but more to that, the nigeria firms operating in a ‘third world economy; have found themselves in an environment that has not very much encouraged their business operations. But they have to survive. They have to survive the harsh economic realities of the time; they have to run the business amidst the non-availability of the necessary facilities” and resources with which to support their operations. Thus the research aimed at showing the firms one sure way of amassing the resources they need and strengthening themselves to contain the charging competition. The study was carried out using both primary and secondary data. The primary data was obtained using questionnaires which sought opinions from respondents from some selected firms in Lagos – the commercial hub of the nation, while the secondary data were obtained from textbooks, periodicals and web publications. Study sample was selected using the judgement and convenience non-probabilistic sampling techniques. Data obtained from the questionnaires were further analyzed and the formulated hypotheses were tested using the Chi-Square method. From the information obtained from the study, it was discovered amongst other things that while many businesses outside the polity are already at home with strategic business relationships, The phenomenon has already gained widespread acceptance in more developed countries because of its advantage in helping the aligning firms garner more strength and position themselves to compete better in the market. And this is bearing in mind that the business atmosphere of these economies are not so different from that of Nigeria. Very importantly, it-was noted that strategic^ alliances reshape competition. In view of these and more, it was suggested that both the government and management technocrats in_the__ country should work to encourage alliances amongst Nigerian firms through re¬orientating our entrepreneurs, guiding aligning firms through the process and providing some form: of incentives to encourage aligning firms through the process and providing some form of incentive to encourage alignment such that the firms’ experiences and testimonies will encourage more firms to opt for the strategic alliance option.

CHAPTER ONE

1.1 INTRODUCTION
Events and experiences in the historic governance of the evolving Nigerian nation have invariably left scars in the mental consciousness of the average Nigerian that so affects his disposition to life. His hold on what belongs or appears to belong to him is vice-tight – and is often tainted with a dose of covetousness and a hunger for more. His hold on his business is a case in point.

Naturally, Nigerian entrepreneurs establish their businesses and sit atop it as executive management. Their sweat and struggle to set up the business, a fundamental distrust for the next man, and the desire to satisfy their ego, make it pretty difficult for them to engage the services of a management technocrat to run the business— more so, even now when these technocrats have craftily usurped some organizations. Therefore Nigerian entrepreneurs are unwilling to relinquish control of their firms and rarely welcome ideas / causes that will entail their having so to do. Therefore alliances are not very common practices amongst—-firms in Nigeria. But the scenario is changing and the trend is shifting.

Background of The Study
1.1.1 The Nigerian Entrepreneur
An entrepreneur is one who can assume the risk of pulling resources Together to turn an idea into a profitable business venture that can satisfy human needs. In as much as, ,not many Nigerian businessmen are entrepreneurs in terms of innovativeness,- certain characteristics, amongst others, cannot be taken away
• Egoistic
• Short-term profit orientation
• Resilience
• Profit-maximization orientation

These features describe the average Nigerian businessman, especially his short-term profit orientation. But understandably, circumstances prevalent in his operating environment contribute to this disposition. Certain conditions and facilities necessary for the smooth running of economic activities are unarguably unavailable, thus necessitating businesses taking drastic measures to stay afloat, including measures to ensure that the little facilities and conveniences available are not lost – and such measures include such a hold on the management and control of their organizations. The, typical Nigerian businessman will not give up control and management of his organization to anybody – the most he may do is to allow a relation (say wife, child, brother) to ran the organization – someone he can control from the background.

The reason for this is not far from the afore-listed factors of distrust, fear, the” quest to protect investment, to satisfy their egos. The Nigerian entrepreneur, deep down, does not .believe, that the next person will not want to take advantage of him and mismanage his money (and possibly sink his funds) in the name of his organization . this fear and distruct have contributed in no small measure to the almost non-existent alliances in Nigerian businesses.

For many entrepreneurs, they have not taken time to understand the importance of joining forces with other firms to strengthen themselves and place themselves more strategically to contain the ‘charging’ competition in the market place. Rather, they have hitherto seen themselves as vitally in competition with every other firm especially if they are in the same industry.

This must have been the thought in the writer’s mind when he, Akingbola (2006: 14) asserted about the Nigerian business owners that:
“… they would rather own 100% of nothing, than 10% of a thriving entity “.
For this reason, many firms have continued to go round in circles, unable to rise
beyond their states of just breaking even , when they could have easily become
blue chips by taking advantage of the strengths of their ‘opponents’ by forming alliances with them and expanding their spheres of influence and taking charge of their area.

This is definitely not a healthy state for firms operating in the present global market place where the rules of the game, even in your own local market, is determined not by the local players, but by players from anywhere in the world who have the wherewithal to play whenever they please – a satiation that is beyond the control of local firms. And so Welch (1987) advised:

“Alliances are-a big part of this game (of global competition)… they are critical to win on a global basis. The least attractive way to try to win on a global basis is to think that you can take on the world all by yourself. But in the wake of the recent banking revolution in the country, more eyes are open. There is a better insight into the benefits of synergistic, rather than combatant relationships among firms.

1.2 Statement of Problem
“A significant revolution is taking place in business today. Organizations are increasingly global in perspective, innovative in technology, open in architecture and lean in operations. As companies continue to improve their capabilities, they are discovering that their performance is only as good as the weakest link in the supply chain — usually the link between suppliers and customers. No matter how you optimize, your capability can be hamstrung by your weakest link: a system that is not in your control”. Somers (2005:36)

Most Nigeria firms have operated and are still in operation haying their founders as executive management. Is it wrong? NO! There is no problem with founders running their companies. But where the necessary boost their firms need to rise or grow is not available due to the actions and inactions of the founders in executive management, then there is a problem.

It is the researcher’s belief That a major problem of Nigerian firms is the fact they are operating in a system that is not within their control. Even if it was within their control, the inextricable influx of forces and influences from without the polity, have caught them up in a web that gives them no room-for local manipulations. Developments in technology and science has mandated them to play globally from a local standpoint if they must remain viable, and that is the bane of Nigerian businesses. Nigerian firms are bedeviled by a variety of problems, ranging from problem from the governance of the larger society (i.e. Nigeria itself), for instance, socio political and’ economic laws made, to problems emanating from the human elements within the organization.

Some of the most biting problems faced Nigerian firms are those of the absence of the basic amenities with which to run the organization. Power supply, transportation, high cost of raw materials, communication and security issues have always been the major worries of firms as these have always been known to be unavailable or inadequate. Firms therefore, in providing these for themselves, have had to run exorbitant costs which erodes their available revenue which they would have been able to put into other uses to strengthen their firms.

And because the investment in these amenities is not one-off, firms unarguably operate at a high cost year in year out. Unfortunately, the emerging competitive market the world over does not .recognize the cost of operating in it and the buyers in this market do not recognize the cost of meeting their ever increasing expectations. This leaves the firm that wants to play in this market having to spare nothing at meeting up with the market demands. This is a situation that is beyond the control of the firms as Somers asserted above.
Meeting these demands have become very difficult for Nigeria firms. In the…

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