Introduction – Series on Local Business Management.2545BC
At 25-45 Business Consulting, we believe that the private sector through the business establishments in any country, has a huge role to play in the governance and economic development of that country.
Once businesses are setup in the various sectors, automatic checks and balances are created to help stir the economy in the right direction.
For instance, if the education providers in the North West and South West regions of Cameroon are able to provide relevant education – that will empower the students with knowledge about their environment; these students will be able to identify and exploit the opportunities that exist within their regions. Once this happens, any policy issues encountered will be reported by journalist and economists who are also well informed of the realities in their regions.
The bottom line is that through business development a region, nation can contribute in shaping policy and hence contribute to economic growth. Yes, there are challenges – no one said it was going to be easy.
The relevant question at this point in time is;
Are you willing to try in making a difference or are you happy with sitting back and giving all sorts of excuses why you can’t succeed?
I am willing to try – this is why I founded 25-45 Business Consulting. And I like to express a big thank you to all other Cameroonians who are trying.
We will be offering business management tips every week on this platform.
Part one: What should you invest in?
At 25-45 Business Consulting, we always advise our clients to invest in areas in which they have a passion. We strongly discourage indiscriminate copy work. If someone invests in a bakery business for example in your neighbourhood, and the bakery starts attracting many customers; this does not mean that your neighbourhood should be flooded with bakeries. You should see the number of customers streaming into the bakery as an opportunity to provide a complementary product or service; maybe an ice cream/milk shake spot next to the bakery (especially if the bakery is not providing these), maybe a carwash nearby – to wash bakery shoppers’ cars while they shop. There are many other ventures that could be created next to the bakery to take advantage of the customers that flood the bakery.
Be creative and think of opportunities within your immediate environment and field of study.
The following opportunities are apparent in the Anglophone areas:
• The access road to Nigeria via Ekok presents a huge opportunity that can be exploited by many sectors – especially the agricultural sector. Note that Nigeria has a huge market. You can invest in a sales agency and link up farmers to the market (both local and foreign)
• The North West population is on the rise – especially with the coming of University of Bamenda. Increase in population means increase in demand for many products and services. Look around you, what do you think the local population needs that is not been supplied?
• The kumba – mamfe road is being tarred – this also presents an opening to the Nigeria market to the South West Region. Kumba could definitely become the next economic hub in the South West region.
• There are almost no industries in the Anglophone areas that are able to process the abundant raw materials in these areas. There is scope to invest in small factories that can produce Cameroonian finished products. Why don’t we have our own coco butter oil, coconut oil, etc?
• There are opportunities within the financial services sector. Bamenda is the capital of many microfinance institutions; these institutions have deposits that could be invested in innovative ventures to boost the economy of the NW and SW regions. The Anglophone regions are in need of financial analyst, business consultants, and economists who can contribute to their economic development via the design of innovative and value creating services.
• The education sector still has a lot of potential, considering that most of the institutions are still providing irrelevant education to many Cameroonians. Relevant education is an area to explore as it is not only profitable, it is vital for the growth of the regional economies.
• The health sector is and will always be a lucrative sector.
• ………..the list goes on.
Inhabitants of the North/South West region should therefore make conscious decisions to invest within their areas in order to achieve regional economic growth and hence stronger political position. Educators have a huge role to play – the days of irrelevant education should come to an end and education that prepares the students to take advantage of the economic opportunities around them should be promoted. Sitting back and complaining is not an option; get up and get involved.
In part two we will examine, the next step after a business idea is selected – which is; Validation of the business idea (business research, then business plan).
Founder @ 25-45 Business Consulting.