Don Jazzy, the popular Nigerian music executive, has a message for business owners.
He said business owners, particularly in this clime, must necessarily set aside what he termed ‘eventuality funds’.
As a music mogul and entrepreneur himself, Jazzy explained the importance of the above mentioned.
He noted that it helps give the workers especially succour in the advent of a downturn of events in the economy and also keeps the business afloat unti things get normalised.
On episode four of the ‘Crea-ri-vi-ri’ on the Zero Conditions Podcast, the Dorobucci of Nigerian entertainment detailed this while addressing the current reality of the economy as it affects his lifestyle and business.
He said: “I haven’t made any lifestyle changed since the economy took a different turn. But then obviously, I have to take care of the people working with me because as them dey feel am, we are also augmenting to ensure dem no go feel am too much. But yeah, it’s crazy but we hope that it gets better along the line.
Probing further, one of the host’s inquired: “As a business owner, a lot of businesses are struggling because the money has also devalued for them. Maybe they are increasing the value of the services they provide but now you also have to increase the salaries of people working for you despite the face that your money is not also going up. How do you balance that reality?”
In response, the top music executive stated: “My brother, when you’re running any business, maybe as we do in our place; we already have ‘uncertainty funds’.
“Like whether you like it or not, you don’t know what can happen. I’m not going to say we jinxed it but as you’re budgeting for the year, you are also making plans for any eventuality.
“We are in terrain where you can just wake up in the morning and be shocked.
“So yes, by the Grace of God, there’s money already set aside for eventualities.”