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Ranttie Consulting, Ile-Ife (2026)

18/08/2025

YouthCred Launched!

Visit www.youthcred.com to take credit knowledge courses and also unlock low cost, convenient credit for up to 6 months.

Application Portal: Visit www.youthcred.com to get started.

1. Sign Up to register.

2. Select your category:

- NYSC corps member
- Employed youth or
- Youth entrepreneur.

3. Supply your details.

4. Verify your email.

5. Complete your identity verification (Face capturing, BVN verification, NIN upload).

6. Take the mandatory financial literacy module.

7. Apply for a loan according to your category:

- Corper Credit
- YouthCred Card for professionals, - Youth Entrepreneurs Credits

Now you've been told. Don’t snooze!

28/07/2025

Here's what you need to know about the four brand new Tax Reform Laws signed by Mr. President.

The FIRS (Federal Inland Revenue Service) has been renamed as The NRS (Nigerian Revenue Service), with a wider scope of responsibilities.

However, these new Tax Laws won't come into effect until 1st of January 2026, so you can have adequate time to prepare and be enlightened.

PLEASE, PAY YOUR TAX!

21/07/2025

Student Loan Disbursement Dashboard as of today, July 21st 2025.

26/06/2025

NIGERIA TAX REFORMS BILLS.

1. Tax exemption for workers earning ₦800,000 and below annually.

2. 25% personal income tax applies only to individuals earning above ₦50 million annually.

3. Small businesses owners are exempted from paying income tax.

4. Company income tax for medium and large companies will be reduced from 30% to 25% starting in 2026.

5. Value Added Tax (VAT) exemptions on essential goods and services consumed by the masses, including food items, medical services, pharmaceuticals, educational fees, and electricity.

6. The Nigeria Revenue Service (NRS) will now collect revenues previously handled by agencies such as the Nigeria Customs Service, NUPRC, NPA, and NIMASA.

7. VAT remains at 7.5%, while Corporate Income Tax stays at 30%.

8. Introduction of a Development Levy ranging from 4% to 2%, allocated to support the Student Education Loan Fund, TETFund, NITDA, and NASENI.

9. FIRS is now renamed NRS.

31/08/2022

WHY STARTUPS FAIL (6) - Conclusion.

6. BAD MANAGEMENT - Contd.

Other poor management styles in addition to the previous two already discussed are expatiated below:

A. Poor Listening Skills

Listening skills are vital in any collaborative environment.

As a business owner, how well do you listen to your workers, your customers or your business associates?

People around you know they are not being listened to when you do not act on what they say;

i) by way of acknowledgement,
ii) by way of response or
iii) by way of feedback.

Over time, when people observe that you do not listen to them:

i) Your workers will stop making constructive suggestions,
ii) your customers will stop doing business with you and take their patronage elsewhere,
iii) your business associates will be silent on matters that should be brought to your attention and may withdraw their connections.

B. Narcissistic Management

This is the case when a business manager has an inflated sense of his self worth and does not reckon much with or care about others around him.

To run a business successfully, you must genuinely care about people around you.

i) You care for your customers by giving them quality goods and services.

ii) You care for your business associates by keeping your end of the bargain at all times.

iii) You care for your workers by providing them with good working conditions.

Other people have needs too; and when those needs are met, it can bring positive yield to your business.

C. Authoritarian Management.

This is when a manager runs his business with “my way or the highway” attitude.

An authoritarian manager rules by the rod and iron hand.

He does not repose trust in team members and this often deflates the team's enthusiasm and self worth.

When you threaten your workers into performance by using fear, intimidation and derogatory comments, their creativity is stifled and production quality is reduced.

NOTE:
All management styles discussed under this topic do not only manifest in business circles alone; they are also evident in family, social, government, academic and religious circles.

Therefore, to avoid performance failure occasioned by bad management, it is pertinent to avoid all the above pitfalls.

30/08/2022

WHY STARTUPS FAIL (6)

6. BAD MANAGEMENT

A great business model can become crippled in the hands of bad management.

Since no man is an island, and no one succeeds alone, no matter how efficient you are as a business owner, you need other people's cooperation and support to achieve remarkable results.

The level of this achievement is also determined by how well you are able to relate with your workers and utilize your human resources.

This you do via your management skills.

It is an evidence that a business is being poorly managed when:

A. Opportunities are not explored,
B. Resources get wasted,
C. Things get missing,
D. Equipments get damaged too often,
E. Workers' morale is low,
F. Quality of work is poor
G. Staff turnover is high.

To prevent all the above, please guard against the following management styles:

1. Passive/Incompetent Management.

This is the case when you manage your business with an approach that suggests to your workers that 'anything goes here'.

Most times, incompetent or passive managers do not know they are being passive or incompetent.

Evidence of Passive/Incompetent Management:

A. Clear-cut directions are not provided for team members to follow.

B. Workers do what they do without knowing why they do it.

C. In some extreme cases, workers do not even know what to do or how to do it!

D. Incompetent managers want to please everyone and avoid conflicts at all costs, often at the expense of the company’s progress.

E. Problems are not addressed promptly, until things get out of hand. A stitch in time, they say, saves nine.

The only way to stop incompetence is to get the required knowledge to run your business effectively.

- Set your business standards firmly,
- Communicate them clearly,
- Monitor compliance strictly and
- Evaluate performance fairly.

2. Over-management

This is another extreme style which runs in the opposite direction to what is stated in number one above.

Over-management occurs when managers spend too much time monitoring their workers' delivery and calling out every minor mistake they make.

Managers who overmanage employ the services of an expert but still want to tell the expert how to do his job.

Not giving your workers room to operate or to make some decisions by using their discretion may be doing more harm to your business than good.

And when you give your team some breathing space, it does not mean you are no longer in control.

Neither does it imply that your business standard no longer exists.

(To be continued.)

29/08/2022

WHY STARTUPS FAIL (5)

5. UNFAVORABLE DIVERSIFICATION

It is good when a business diversifies into other business areas.

Moving into new or different business areas can increase sales and revenue.

But before considering diversification, there is need to do strategic planning.

This is more or less like the feasibility study carried out before venturing into a new business.

Diversification, if not properly done, may impact negatively on a startup, especially if it happens too soon in the life of your business.

So, as a business owner, how do you ensure your diversification is favorable and successful?

How do you avoid making fatal mistakes that may be regretted later?

The following are useful tips:

1. First analyze the effect your diversification is going to have on your finances, your human resources, your information technology, your production process and your marketing strategies.

2. Your diversification should be into those areas that complement your existing business.

For example, a fashion designing business can diversify easily into selling fabrics or sewing accessories.

This allows you take advantage of the already familiar business terrain, which can also aid your marketing strategies.

3. Your diversification process should be gradual, especially if it is capital intensive.

Sudden diversification might stress your business more than the move is worth.

4. You need to prepare the minds of your workers and let them understand the nitty-gritty of the intended move.

For example, ask for their opinions and seek their contributions. You as the business owner may be overlooking some important factors which they are more conversant with.

5. There is also the risk of strained operations when you diversify.

You might reduce productivity among your employees who must now multitask; but this will be better managed if you had carried them along ab initio.

6. Make use of relatively cheap funding for your diversification ventures.

Examples of cheap funds are:
Retained earnings from your existing business, loans from family and friends, business grants from approved sources etc.

If the debt expense to fund your diversification process is too high, you may be regretting the diversification move too early.

This will happen when most of your profit keeps going into debt servicing and high interest payments.

NOTE:
Your diversification may be heading in a good direction alright; but it may experience poor traction if it is being run on a high gear or it may experience slow momentum if it is being run on a low gear;

Hence the need to diversify wisely.

26/08/2022

WHY STARTUPS FAIL (4)

4. REGULATORY OFFENCES

Every business has a legal environment in which it operates.

Depending on the type of business you run, legal frameworks are in existence to guide your business operations.

There are businesses that have lawyers on their staff payroll and there are those that outsource their legal matters to law firms to handle for them.

As a budding business owner however, you are required to have the knowledge of some basic legal requirements.

The following are examples of the basic laws that a business owner should be conversant with:

1. Employment Law

Employment law is the legal framework which protects employees from those offenses that can be committed by the employers and vice versa.

If an employee feels he or she is being intimidated, ridiculed or threatened at the workplace, he or she has the right to protection from such harassment.

Employment law also makes provision for your employees to be compensated in monetary terms if they are injured while on the job or if their employment is unjustifiably terminated.

2. Environmental Law

Environmental Law protects plants, animals and humans from environmental pollution that may be caused by your business, especially if you are in the manufacturing industry.

The law addresses issues such as Waste Disposal, Noise Pollution, Water Pollution, Air Pollution etc.

As a business owner, you must diligently monitor those activities that could adversely impact the environment in which you operate.

Violation of environmental laws can result in heavy fines and can lead to closure of your business operations either temporarily or permanently, if issues raised are not addressed and resolved.

3. Consumer Protection Law

Consumer protection law is aimed at protecting consumers from unethical practices by unscrupulous business owners.

The law protects your customers and buyers from defective products, expired products and other dangerous goods and services.

Some business owners are more concerned with making money rather than the wellbeing of their customers, hence the need for legal frameworks that will address arising issues.

4. Contract Law

In developing countries, most business transactions are carried out as handshake agreements and this is far from being ideal.

Although not all transactions require written contracts especially if the amount involved is not much;

But when entering into business transactions of significant values, it is advisable for the parties involved to have structured contracts and execute written agreements which will be reviewed by attorneys.

This is necessary to prevent stories that 'touch the heart' as the likelihood of one of the parties reneging on the contract is very low if legal agreement is in place.

Several other regulations exist such as Tax Laws, Intellectual Property Laws, Bankruptcy Laws etc.

They are all aimed at protecting the interests of all parties involved in business dealings; whether as a business owner, a business associate, an employee, customer or government.

Remember to always place your business dealings at favorable ends of the law as failure to do so can be costly.

25/08/2022

WHY STARTUPS FAIL (3)

3. PRICING ISSUES

Product pricing is a major area of challenge that startups face every now and then in running their businesses.

Startups want to raise their prices enough to cover sales cost and other overheads and also lower the prices enough to gain or win customer's continuous patronage.

The peculiarity of pricing is, you can actually sell your goods and services for any amount that you choose because the price at which you sell is completely up to you.

Pricing skills however demand that you know how to sell at the highest price that will be acceptable to your target market.

The following are four approaches to pricing that will assist you to estimate just how much an item is potentially worth to your customers.

1. The Replacement Cost Method

This method is often applied by sellers in the real estate and other capital assets market.

The approach answers questions like:

"How much would it cost to replace this item?" or “What would it cost to construct an edifice that is exactly like this?”

You make your estimated cost of the above and add your desired profit margin.

2. The Market Comparison Method

This is the method that is often applied by sellers in goods' distribution chain.

The approach answers questions like:

“How much are other goods like this selling for in this environment?” or “What are similar products and services selling for in this area?”

You do a market survey of the above and set your prices relatively close to what similar offers around are asking.

3. The Net Present Value Method.

This is the method used by sellers of an item that can generate continuous cash flows for its owner.

The pricing approach asks questions like:

“How much is this item worth if it can bring in money for its owner over a certain period of time?” or

“How much would this item bring in monthly if it is rented for a period of time, and how much will the series of cash flows worth as a lump sum today?”

Once you have an idea of the above, DCF formula can be applied to calculate your selling price.

4. The Value Proposition Method.

This method can be applied by sellers in the creative, real estate and several other industries.

Almost anything can be sold at any price using this method because the selling price is largely dependent on who the buyer is.

The same item sold to A for the sum of one hundred naira (N100) can be sold to B for the sum of one million naira (N1M).

This is made possible because individuals place different degrees of value on the things they deem important to them.

Under this method, you answer questions like:

“Who is this product particularly valuable to?” or “What features of this service would make it valuable to certain types of people?”

The prospects that can be explored under this last method is limitless.

As a budding entrepreneur, you are to evaluate how much you think your offer is worth to the proposed buyer and set your price accordingly.

In conclusion, please remember that one good way to avoid selling yourself short and running yourself out of business is to place good prices on your products and services.

24/08/2022

WHY STARTUPS FAIL (2)

2. STIFF COMPETITION

Even though business owners are often advised not to pay attention to the competition while launching out, the need to put an edge to your products and services is very key.

This is because also out there are businesses who deliver same goods and services as you do.

To put an edge to products and services where the competition is stiff, you need to do what others are not doing.

For some businesses, this may just be by adding personalized touch to your services.

You need to pay attention to those minute details which other businesses have overlooked.

But how do you do this if you do not know the scope of what other service providers are offering and how they go about it?

As an entrepreneur whose products and services are being offered by several others on the same terrain, you need to provide answers to the following questions:

1. What are your competitors doing very well and how are they doing it?

2. What premium offers can you add to your own products and services?

3. What can you do to make your customers loyal to you?

4. What can you do to increase patronage or/and make your customers do repeat business with you?

The following are strategies that can assist you achieve the above:

1. Let your business be an immediate problem solver.

2. Be prompt in attending to your clients' inquiries and needs.

3. Cultivate the habit of providing timely feedbacks when required.

4. Ensure your standard does not fall below that of your competitors.

5. At the minimum, be at par with them, but more importantly, seek to exceed the standard.

6. To carve a niche of excellence for a business takes time and absolute dedication, so be painstaking and don't give up too soon.

Also remember, that you can add an edge to your products and services, only if you know where your competitors put a stop to theirs.

Also worthy of note is that stiff competition does not necessarily connote business failure.

In actual fact, your competition can motivate you to work harder, be more customer-centric and help you notch your performance up several degrees higher.

Put in the required efforts, and see your business emerge a champion at the finish line.

Ranttie Consulting

18/08/2025

28/07/2025

21/07/2025

26/06/2025

31/08/2022

30/08/2022

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24/08/2022

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Monday	09:00 - 17:00
Tuesday	09:00 - 17:00
Wednesday	09:00 - 17:00
Thursday	09:00 - 17:00
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