Businesses do not usually collapse in one day. It’s often a gradual process that can be stopped if you’re paying attention to the important things. And as the captain of your ship, it is your responsibility to watch for early indicators of failure so you can navigate around them and keep it afloat. These are signs that should set off warning bells and actions you can take to save your venture.
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.
Are we crazy to suggest that your business can grow in the middle of a recession, that it can do better than just survive? No, we’re not. Even now that times are hard, some businesses are thriving and there’s no magic involved. Many of such businesses are focused on these priorities:
1. The value proposition.
You’re not just selling a product or offering a service, you’re providing value. And at this time when people are holding on very tightly to their hard-earned money, you must convince potential customers that they truly need what you’re offering them. Not just that you’re offering a good deal but that your product or serv Continue reading “Three Priorities For Business Growth In 2017”
The difference between the success and failure of your business often comes down to the quality of the decisions you make as the owner, and what you decide not to do is just as important as what you choose to do. Here are five things you must not do if your business is to survive this recession.
1. Raise prices.
Yes, the recession is pinching you but it’s pinching your customers as well. Raising the price of your product or service now is likely to scare away potential customers and drive a wedge between you and your current customers, leading them to your competitors. And the last thing you want is to lose customers during a recession.
This is the fourth installment in our ongoing series, Why Nigerian Businesses Fail. Read the preceding parts here.
4. Premature expansion
Emboldened by an injection of cash or favourable economic projections, businesses sometimes bite off more than they can chew. And while growth is a good thing, expanding a business without first developing structures to handle the pressure that comes with growth will spread resources too thin, eventually destroying the business.
Before you expand your business, you must: