Small Scale Business In Nigeria: Legal Business As A Point Of View by Barr. Olumide Akindiya

Barrister Olumide Akindiya

Boluwatife Akadri – Compliments of the season and we pray that this year brings good things for us. You are welcome Barrister Olumide Akindiya.

Barrister Olumide Akindiya – Thank you and saying Amen to your prayer.

Boluwatife Akadri – If i may ask for the benefit of our readers, why this programmes: Boiling Issues with Barrister Olumide Akindiya?

Barrister Olumide Akindiya – This online programme becomes a necessity based on the situation of the country. Why we expect our readers to contribute by expressing their views on the topical and boiling issues we are discussing on the programme be it politics, economy, law and so on. Their advice is equally necessary in meeting their expectations since the intention is for people to speak out, express their views so as to ensure that we all have a meaningful environment and progressing country.

Boluwatife Akadri – Going to the topic of the day – Small scale business in Nigeria: Legal business as a point of view. As a young man and going through your profile, I believe, your law firm should belong to this category?

Barrister Olumide Akindiya – Yes.

Boluwatife Akadri – So I expect you sir to make it practical and realistic as possible in the interest of our readers?

Barrister Olumide Akindiya – I will.

Boluwatife Akadri – When we talk of small scale business in Nigeria, how can you categories or define small scale business?

Barrister Olumide Akindiya – A small scale business to my mind is a company or a firm that is independently owned and managed, it has a limited assets base, few members of staff, the annual profit is low and few clients though can have a big office space with all resources to accommodate many members of staff, low wages and salaries and it has high risk of liquidation. With the advent of information technology, there is possibility that a certain kind of business can have many clients throughout the country and have two or three members of staff with a higher annual profit depending on the service rendered. For example an online publicists, a website designer, a blogger, a consultant, even a lawyer. As such, there is possibility of a sole proprietorship to have many clients or customers, high value briefs and be using a room for an office. So can we still categories such firm as a small scale business? Take notice that it is not only number of clients, but profitable clients or customers.

Boluwatife Akadri – You mentioned ‘even a lawyer’. How come?

Barrister Olumide Akindiya – A lawyer who has his/her secretary, office assistant or litigation clerk without a lawyer working for him/her can still rise above small scale business despite from the outward assessment it is small. For example, by training, a lawyer who is hale and healthy can still go to court from Monday to Friday; can after court attend to clients too in office or go for meetings. It now depends on the type of briefs, how valuable are the briefs? Is it based on commission or professional fees charged? A lawyer has opportunity of having collaborative partner(s) to work together on a particular legal problem and where it requires so because legal services are wide. Hence, such lawyer may not need many lawyers working with him/her as members of staff at a particular point in time and still maintain the clients and the fees.

Boluwatife Akadri – What are the assumed and real challenges of small scale business?

Barrister Olumide Akindiya – Every business starts in a day with vision of one human. So it has to be a little beginning like a pregnant woman that just gave birth to a baby and the baby has to grow. The first challenge is that the business starts a day; to maintain and pay office rent; is the location of the business good enough to attract clients or customers? Ability to manage the few members of staff; ability to maintain and provide office needs and equipments; likelihood of lack of motivation so it has to be an inner motivation to work towards survival and get to the expected end. Funnily enough, from experience, where such motivation comes in, they can tell you, ‘you have to do everything for the office to work’ even illegitimately because it is Nigeria thing so such owner have to be mindful of those whom they are having business relationship with. Also, there can be a challenge of operating it as a personal business so there is need to
separate the firm from the owner in order to have good business bargaining. Lastly, distraction which can be societal, family, spousal distraction or political distraction. For example, the type of wife or husband one married will affect the business either positively or negatively. During election time like this, will this type of business move?

Boluwatife Akadri – What can be the problems and can make small scale business fail?

Barrister Olumide Akindiya – The problems are numerous. Some are self-imposed problems and some are external. First on the list, the problem of management experience with skill, the question is can the owners cope? Another is choice of business. If the business chosen is wrong and there is no passion for such business it can cause failure. Lack or low advertisement strategies: There should means of advertisement and a kind of brand to promote such firm’s vision. For example, a law firm can only do fair advertisement which is totally limited and cannot solicit for clients. So it has to be through recommendations of legal services by clients themselves, family and friends, etc. Similarly, lack of business plan – A small scale business must have its plan to realize its vision, mission statement, its shared values and company profile which must be progressive. There is problem of competition. We faced this problem still everything is getting shape.

Problems of lack of governmental infrastructure and unfavorable government policy. For example, Nigeria problems of low electricity supply, high cost of fueling generators, many bad roads, no governmental motivation rather than being burden to small scale business, etc. In our office, we hardly have electricity supply for 2 hours on each working hour. Problem of inflation, where there is economic instability.

Boluwatife Akadri – At one point or the other, have you decided to quit having a law firm?

Barrister Olumide Akindiya – Yes, to be frank, at the first year of our law firm, but what kept us going was that I believed, ‘it is a matter of time and I have no eyes at the back so I cannot quit than to aspire for expected vision with God being our backbone.’ While working in a law firm before, I have observed the challenges and problems itself based on where I have worked before with other law firm I have done internship with before law school so I know it is a matter of time.

Boluwatife Akadri – As someone who is maintaining a law firm at small scale business, what is your advice?

Barrister Olumide Akindiya – To me, where there is a will, there is a way. We should all have strong passion; inner motivation; observe our type of business and challenges with problems attached to it. It is God that can do all things so wisdom is required from God to manage the firm apart from knowledge and skills. Be self-discipline financially; set example for members of staff; ensure quality services. You are not expected to even collect salary for the first few years as the owner of the firm for office sake because your vision must be your priority and don’t give excuse to clients or customers.

Boluwatife Akadri – That will be all for today and we hope to receive your questions or comments. Thank you and have a fruitful weekend!

Barr. Olumide Akindiya

Columnist at Info Nigeria

Olumide Akindiya is a Lawyer by profession, a Poetand a Columnist with Hallmark Newspaper with caption, 'ASK THE LAWYER' on law-related issues. He had co-anchored a radio programme called, 'You & the Law' during his service year on Freedom Radio on weekly basis at Dutse, Jigawa State. He is the Principal Partner of Olumide Akindiya & Co., Legal Practitioners, Corporate & Real Estate Consultants with law office in Lagos, Nigeria. He loves poetry, writing, mental argument, music, table tennis, chess and snooker.