1. MULTIPLE STREAMS OF INCOME
Being paper presented by W. E. Onwuka (MIPAN) at the
Institute of Public Analysts of Nigeria 23rd Mandatory Training
Workshop at Jevinik Place, Ikeja Lagos.
Date: 28th April 2016
Partnership and Networking among Public Analysts

2. CONTENTS
 What is Multiple Streams of Income?
 Partnership Principles and Practice
 Building Strategic Alliance
 Networking
 Summary

3. MULTIPLE STREAMS OF INCOME

5. STEPS TO CREATE MULTIPLE STREAMS OF
INCOME
1. Establish financial security.
2. Clarify your unique value.
3. Identify your market.
4. Build a community.
5. Ask your community about their desires.
6. Create a solution.
7. Plan the launch.

6.  The real goal here is financial independence. By
making yourself less dependent on a specific
revenue stream (i.e., your primary job), you’re
giving yourself independence and the flexibility to
make choices that you never had before.

7. Partnership: Principles
and Practice

8. WHAT IS A PARTNERSHIP?
 Business entity formed by two or more
professionals such as accountants, doctors, or
lawyers, who provide professional services to the
public.
 Amalgation of two different professional (normally
from different professional backgrounds) to offer
services to public.
Law Dictionary

9. KEY ISSUES IN PARTNERSHIP?
 Utmost Good Faith is the soul of a partnership
 Venture must be profitable
 A strong Agreement must be in place

10. BENEFITS OF PARTNERSHIP
 A stronger firm
 Improved competence
 Greater trust

11. THE AGREEMENT
 Purpose
 Tenor
 Name
 Head Office and Branches
 Partnership capital
 Meetings of partners
 Accounts and bankers
 Management of the firms
 Appointment and removal of
the Managing Partner
 Partners’ remuneration and
allowances
 Partners’ holidays
 Partners’ drawings
 Share of profit/loss
 Restriction on activities of a
partner
 Retirement from the
partnership
 Retirement benefits
 Restrictions of trade on a
withdrawing partner
 Suspension from the
partnership
 Admission of new partners
 Settlement of difference
 Dissolution or change in
partnership

12. CREATING AND MAINTAINING PARTNERSHIPS
 Describe the multiple organizations that have come
together in common purpose. Who are you and why is a
coalition needed to accomplish your purpose?
 Assemble the coalition's (group's) membership, keeping
your broad goals in mind:
 Outline your partnership's vision and mission with the
assistance of your newly assembled partners and community
members affected by the issue or problem.
 State the objectives or goals, needed resources and
relationships to accomplish your objectives, and key
agents of change in the partnership.

13. CREATING AND MAINTAINING PARTNERSHIPS
 Re-examine the group's membership in light of your
vision, mission, and objectives. Who else needs to be at
the table? How can they contribute to the collaborative
partnership's success and help it reach its goals?
 Describe potential barriers to your partnership's success
and how you would overcome them. Some common
barriers include:
 Identify what financial resources will be needed to
support the group's activities and infrastructure.
 Create a budget to determine what immediate and future
resources will be needed. Include:

14. CREATING AND MAINTAINING PARTNERSHIPS
 Create a budget to determine what immediate
and future resources will be needed. Include:
 Describe how the coalition will function as an
organization and how responsibilities will be
shared among partner organizations.
 Formation of your collaborative partnership may
result in the partner organizations interacting with
each other in new ways and with different levels of
shared resources and responsibilities.

15. CREATING AND MAINTAINING PARTNERSHIPS
 Describe the structure the collaborative partnership
will use to do its work. Structure will allow your
partnership to function more efficiently and
effectively.
 Describe how the group will maintain momentum
and foster renewal.

16. PROBLEMS MILITATING AGAINST NIGERIA
PARTNERSHIP
 Tradition and mentality of family business
 My Name must be in the Corporate name
 General lack of trust
 Sole practitioners admitting staff and/or friends into
partnership without formal agreement
 Partners not recognizing each other strengths and
weakness
 Partners not devoting their time fully to the running
of the partnership business
 No succession plans
 Insecurity or greed

17. PROSPECTUS
 Formation of Ipan-
MetroLab
 Structure : Partnership
 Required Capital: N30
million
 No of partners: Not more
than 20
 Core service: Leading
provider of calibration
and other metrology
services in West Africa

18. BUILDING STRATEGIC ALLIANCES

19. WHAT IS A BUSINESS ALLIANCE?
 A business alliance is a formal business
relationship between two or more organizations to
achieve collective business objectives.
 Examples - Joint ventures, franchising, cross-
licensing, cross-marketing and co-manufacturing
are just some of the formal structures used to
govern business alliances.
 Each type of alliance offers both advantages and
disadvantages, but generally enables a company to
realize its growth potential more quickly than if
pursuing an objective alone.

20. STRATEGIC OBJECTIVES
 A business partnership can help a company to
achieve strategic business objectives through the
collective objectives of the partners.
 While conflicting goals, objectives, strategies,
ethical standards and business values are some
potential threats posed by alliances, opportunities
to grow sales can be realized through access to
new customers and increased production
capabilities.
 The clearest sign of alliance success is growing
trust between the partners

21. GERMAN CERT NIGERIA LTD
 A franchise of German
Cert Seoul Ltd
 Incorporated in Nigeria
in 2011
 Conducts management
systems certification
and Lead auditors
training

22. NETWORKING

23. UNDERSTANDING NETWORKING
 Active networking is vital to career growth.
 Often confused with selling, networking is actually
about building long-term relationships and a good
reputation over time. It involves meeting and
getting to know people who you can assist, and
who can potentially help you in return.
 Your network includes everyone from friends and
family to work colleagues and members of groups
to which you belong.

24. BENEFITS OF NETWORKING
Strengthening relationships
 Networking is about sharing, not taking. It is about
forming trust and helping one another toward goals.

25. BENEFITS OF NETWORKING
Fresh ideas
 Your network can be an
excellent source of new
perspectives and ideas to help
you in your role.
 Similarly, offering helpful ideas
to a contact is an excellent way
to build your reputation as an
innovative thinker.

26. BENEFITS OF NETWORKING
Raised profile
 Being visible and getting
noticed is a benefit of
networking that’s essential
in career building.
 Regularly attending
professional and social
events will help to get your
face known.
 You can then help to build
your reputation as
knowledgeable, reliable and
supportive by offering useful
information or tips to people
who need it.

27. BENEFITS OF NETWORKING
Access to opportunities
 Expanding your contacts can open doors to new
opportunities for business, career advancement, personal
growth, or simply new knowledge.
 Active networking helps to keep you top of mind when
opportunities such as job openings arise and increases
your likelihood of receiving introductions to potentially
relevant people or even a referral.

28. BENEFITS OF NETWORKING
New information
 Networking is a great opportunity
to exchange best practice
knowledge, learn about the
business techniques of your peers
and stay abreast of the latest
industry developments.

29. BENEFITS OF NETWORKING
Advice and support
 Gaining the advice of experienced
peers is an important benefit of
networking. Discussing common
challenges and opportunities opens
the door to valuable suggestions
and guidance.
 Offering genuine assistance to your
contacts also sets a strong
foundation for receiving support in
return when you need it.

30. SUMMARY
 Every Public Analyst needs as additional source of
income so as to achieve financial freedom.
 Establishing partnership will create new
opportunities and safeguards.
 Strategic alliance can be valuable.
 Make every contact work.
 In all trust, integrity and professionalism counts.

31. LAST WORDS
 Creating a better world requires teamwork,
partnerships, and collaboration, as we need an
entire army of companies to work together to build
a better world within the next few decades. This
means corporations must embrace the benefits of
cooperating with one another.
Simon Mainwaring
Read more at:
http://www.brainyquote.com/quotes/quotes/s/simon
mainw493938.html?src=t_partnerships

32. BIBLIOGRAPHY
 Hammond V. G: Problems of partnerships in Nigeria- past & present (ICAN
Public Practice Section , 3rd Partners Forum) – 2000
 Michael Page: Benefits of networking retrieved from
http://www.michaelpage.com.cn/advice/career-advice/career-
progression/benefits-networking
 Benefit from networking retrieved from
http://www.marketingdonut.co.uk/marketing/exhibitions-and-
events/networking/benefit-from-networking
 Vanessa Cross : The Advantages of Business Alliances retrieved from
http://smallbusiness.chron.com/advantages-business-alliances-22151.html
 John F. Buckles: Understanding the benefits and challenges of strategic
alliances retrieved from
 What is Partnership; retrieved from
http://www.businessdictionary.com/definition/professional-
partnership.html#ixzz42DRpcxJE
 Business : The Ultimate Resource- A & C Black publishers Ltd, 2011

33. Fine Spectra Consult limited
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Email: info@finespectra-ngr.com
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...Driving organizational excellence
THANKS
William E. Onwuka