HOW TO REVIVE YOUR BUSINESS IN NIGERIA
HOW TO REVIVE YOUR BUSINESS IN NIGERIA
How To Revive Your Business In Nigeria
Numerous businesses fail to stand the taste of time, some collapse due to lack of funding, others collapse due to health problems or death of owner amongst other factors. Businesses that last for a long period are ones capable of withstanding the endless challenges attached to running ventures on a daily basis. However, it is needful to point out the fact that a lot of enterprises are on the verge of collapsing and if factors associated with threats to the survival of the business are not addressed early, the business becomes history. The fact that your venture is on the brink of collapse does not mean there is no way out, every problem has a solution.
Identifying the problem
We are usually close to solving our problems when we know what we are up against, this is no different for business. For your business to be revived and operate normally, you have to do an assessment and find out where you are getting it wrong, what is missing, and what needs to be added so that your firm can get back to generating profit for you. A huge mistake entrepreneurs make is thinking that money is the problem, they pump in a lot of cash into a failing venture and still there is no significant progress made. It could be as a result of not meeting up to customers’ demands anymore due to poor services rendered or failure to adapt to changes. Identifying the problem is very crucial.
Identifying the problem of your business is one thing, but working out solution is another thing. Most entrepreneurs get discouraged after finding out the problem, they just give up and most times, they plan on selling the business. If you can be able to identify the problem, you can also work on the solution, giving up is failure in itself. Every good entrepreneur must be creative enough to confront day-to-day challenges associated with business.
Work with the right people
Sometimes, your team of employees might be the problem confronting your business. When you work with people that do not share similar passion and vision for your business to grow, you will have a hard time reviving your business. Maybe your staff are not on same page with you concerning goals set out for your business to meet or they are not in good terms with you. Find out why they are dissatisfied, if you have to let go of them, then do it and ensure you are on the right track with a team willing to win with you.
It is equally necessary to note that you might be the reason why your employees are underperforming. Try to be objective when analyzing your team, put your legs in their shoes and find out if work conditions you give to them will be okay with you if placed in their position. These little things matter, you might exploit labor but it might hit back at you. Be with the right team.
Improving your services
The mistake of selling or rendering services according to your personal need could be a major factor for the downward movement of your business. The products you sell or services you render must be in line with customer’s demand not your own personal feeling. You have to pamper your customers because they are the major reason you are still in business, once you fail to meet up to their demand, your business will be at the receiving end of negative outcome that will follow. Always do a re-evaluation of services rendered, people want quality and they should get that from your business. Promoting quality services equally helps you fight off competitors whose business activities are great hindrance to the success of your own venture.
Advertise your business
In a capitalist economy filled with competition, poor advertising could be the problem facing your business. In this 21st century, advertising has been made easier through the use of social media platforms like Facebook, WhatsApp, Twitter, Instagram and a host of others. If you cannot afford paying television stations to run adverts for you, your mobile phone is there for you to create a business page and reach out to the public.
A lot of businesses loose to competition due to poor advert placements. It will be of interest for you to know that a lot of companies hire social media managers whose jobs are to handle social media handles of the firm and make the public aware of the kind of services they render or products they sell. You might tend to neglect this, but entrepreneurs that understand the relevance of social media which youths that make up the largest portion of any country’s population are accustomed to, thrive successfully. No effort made towards progress is a waste, you learn from any move you make in business, do not be conservative, be open to changes.
Consulting someone in same line of business who know more than you is equally advisable. For instance, if you deal with auto spare parts and you are in your tenth year in business, it will not be a bad idea if you seek advice from a dealer who has been in business for over 20 years, this is because your current challenge might be something they have encountered in the past. Useful tips on how to defeat the challenge confronting your business is what you will stand to gain from consulting them. No man knows it all, you could even learn more from them.
It will do you great good to remain positive in the midst of challenges. Success starts from the mind; you have to be mentally capable of running a business. When you are making moves with negative mindset, you will hardly reach a positive outcome, your mind as a human being is powerful, ensure you are in the right frame of mind before taking measures geared towards reviving your business. Every successful entrepreneur is a winner, and every champion must put up the never give up attitude.
Patriarch Business Advisory (PBA) aka Patriarch Advisory (PA) is a management consulting firm committed to bridging the knowledge, finance and mentoring gap of small and medium sized enterprises in Nigeria. We provide excellent bespoke services that are extremely useful to any business. Among others, our services include business financing, marketing strategies, growth and expansion plan, and objective business diagnosis. Some our deliverables include Business Plan, PitchDesk, Grant and Loan Application, Proposals, Concept Note and so on. Please contact us today to discuss your specific concerns. The excellence we put to our work stands us out.
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