In a Forbes article, Neil Patel, a well-known brand and marketing expert stated that “Nine out of ten startups will fail. This is a hard and bleak truth, but one that you’d do well to meditate on”.
If business statistics are that bleak in the U.S., imagine the picture in Nigeria, where infrastructure and institutional support are limited.
Consider this: 85% of people in Africa trust recommendations from people they know (Nielsen Trust In Global Advertising Report 2015).
If there’s anything you should believe, it’s data and this statistic from a reputable information company should convince you of the power of referrals to drive business growth.
But in case you’re still in doubt, let’s build a strong case to win you over.
Here are the facts of the case:
Editor’s note: We’re taking a break from our March series on better business management to acknowledge International Women’s Day, a day set aside by the United Nations to mark the struggle for women’s rights.
Nigerian women have run their own businesses (small, medium and large) for generations but in a society that is traditionally dominated by men, women entrepreneurs have a history of being undervalued.
But that is changing.
Yes, businesses lose consciousness. Operations fall into a lifeless routine, marketing becomes ineffective, customers trickle away and revenue dries up. It’s the beginning of the end, a prelude to the death of the business. And now that the recession is battering the Nigerian economy, businesses are slipping into a coma every day. Is yours still awake? If it doesn’t look alive, these steps will help you shake things up and give it a new lease on life.