Successful business in Nigeria have some principles they abide in while executing their business plans that makes them to achieve terrific success.
I particularly loved Biology while in secondary school. The diagrams, the systems of the body, its functionality and how everything functions as a whole. But, I think one major reason why I loved the subject was because of the teacher. He usually came to class only without notes. He always appeared with his marker and his mobile phone and would give double-period lectures (dictating notes and explaining ) all by heart…
The heart represents a number of things, it often relates to something very important and relative to life and survival itself.
A lady in a relationship calls her man- heartthrob, the lawyer arguing a strong case may say – ‘the heart of the matter is’, the doctor trying to convince a patient’s family on the need to do a surgery may say- ‘the wellbeing of your son’s heart is crucial to his survival. He may suffer a heart attack if we don’t act fast.’
The same goes for your business, there are areas in your business that form the HEART. In secondary school, I was fascinated by biology and I loved the aspect of diagrams, perhaps because my teacher was gifted in teaching and explaining concepts to us by heart. He usually came to class without notes…
So, What is the heart of your business? Below are some;
4 Principles of Successful business in Nigeria
1. A Strong and Growing Customer Base
The founder of Walmart stated that the customer is the most powerful person in an organization, not its employees, it’s directors or even it’s founders. The customers keep businesses in business. The saying is not out of place which states that the ‘customer is king’. Yes truly. The CEO and other top level managers may be able to fire anyone at will, but the one with the most power are the customers.
Check with companies who are not liquidated. When the customer ceases to exist then the business follows suit as well. Client base is like the oxygen that keeps the blood oxygenated and keeps the body healthy. You’re not in business if you don’t have an increasing and growing customer base. In order to achieve this, it is important to understand the needs and preferences of your present customers. Look at how your competitors are handling and serving their own customers to get better ideas on how to retain and increase your client base.
While trying to maintain your current client base, ensure to create an effective system that caters for them so as to focus attention and evolve strategies for getting new clients sign up for the products or services you offer.
2. Healthy and Constant Cash Flow
Money answers all things. Without paying customers, your business is bound to loose its liquidity. Cash flow is important but more important is proper record keeping and management of the finances of your company. Cash flow is like the nutrients that flow in the blood, nourishing the body and strengthening the different systems.
Ensure to do away from debt as much as possible. One saying is: “revenue is vanity, cash flow is sanity, but cash is king”. When interpreted this means that the most important ingredient in business is cash flow. What keeps the cash as king is the flow of it. While getting new clients will surely help in increasing your cash flow, also consider finding other areas to invest the profit from already existing clients.
3. A Healthy Brand Perception From the Public
Perception is powerful. That’s why businesses will go to extra lengths to relate with the public, they spend on adverts, organize programs, do promos and give out prizes. It’s meant to promote themselves.
To become a lady’s heartthrob, a man would go to any length to be presentable, smell nice and communicate his intentions clearly. Perception is at the HEART of your business in Nigeria.
When people can’t say exactly what you do then you’ve got a problem on your hands. You’d either have a case of no clients at all or wrong clients coming to you. Someone once said, ‘Perception is reality’. Truly it is. Your real worth as a business may not be perceived properly by your target audience if you communicate in manners that are unclear or uncertain.
4. The Employees
The employees in the body of your business are like the white blood cells in the body. They watch out for the business. The staff of the company arrives at stipulated times, meet targets and deadlines pursue new contracts and bring money into the business. Without any doubt, workers should be adequately taken care of, they ought to be put in conducive and productive environments that engineers growth, creativity, and productivity. This is the core of your business.
Richard Branson rightly said ‘If you look after your staff, they’ll look after your customers. It’s that simple.’ If you fail to take care of your staff then the words of Mark Zuckerberg will hold true for you. He said ‘pay your staff well or else they will use your internet to search for new jobs’. Richard Branson also said’Train people well enough so they can leave, treat them well enough so they don’t want to.’ When people are given adequate training and tools to work with, there is no height to which the business cannot reach.
So before you suffer a heart attack, take heed to these things.