It is no news that the Nigerian economic landscape is one that does not encourage entrepreneurs or small business owners in a number of ways; from the stagnant economic development of rigid policies that hinders the growth of small and medium enterprises.
As a small business owner in Nigeria therefore, it is necessary that you take measures that not only help you scale through these issues on the ground, and also help foresee and forestall any hardships or issues that may setback your business in the future.
Asides from the unfavorable business scene, other general factors like competition, lack of adaptability, and innovation also come into play. Give your small business a chance to thrive by taking these 4 things into consideration:
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Doing nothing because you feel everything has been done
Oh no, you didn’t! As an entrepreneur, innovation and new developments should be your second name. Don’t say that because you have achieved all you want to within a set time means you can rest, no. Set new goals, develop new products that your market will like, and will increase your revenue.
In a place like Nigeria, the extra revenue will go a long way, especially for unforeseen circumstances that you may have not planned for.
So look for new clients, add new products and services, or more features to existing products – never stay doing nothing or be satisfied with your current state of business.
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Invest in your business
Asides from already giving your time and money to your business, you need to invest in your business through staff training, adopting new technologies, upgrade your website and basically everything that makes up your business.
Doing this ensures that your business is very adaptable and will survive in times of a crisis or unforeseen circumstances because you have made sure to train your staff with the latest knowledge in their respective fields while upgrading your technology to the latest as suited to your business.
An adaptive business is one that will most likely survive in a hard environment as we have in Nigeria.
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Pay MAXIMUM attention to your finances
Money is the lifeline of any business; pay attention to your financial records and review from time to time to make sure there are no irregularities.
Your finances, let you know where your money is flowing in so you can make the necessary cost cuts to save money for your business.
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Always have cash at hand for your business
Your small business cash flow might be the most important thing in your business to keep it afloat and running. A lot of businesses have cash flow issues which makes it hard for them to take advantage of once-in-a-lifetime business opportunities.
With cash flow on hand and readily available, your small business will be able to quickly take on new business opportunities to expand your business further. Always make sure that you maintain a certain amount of cash in reserve for situations like this as well as business savings for future use.
Having funds available might be the difference between a business that survives and the one that dies off. As the saying goes, there is really no substitute for cash at hand.
Like we said before, cash is the lifeline of any business so without access to money, your business may as well be on the ground. Take your financial responsibility seriously, a lot of businesses die off because they do not have access to money to enable them take advantage of fleeting business opportunities which can grow their business.
Don’t let that be you, take advantage of our easy loan scheme to get access to funds to grow your business and take advantage of business opportunities when they arise.
