Have you ever ask yourself why most business enterprises in Nigeria hardly survive beyond the first year in business? Running a business in Nigeria is no stroll in the park. From challenges with infrastructure to getting access to needed finance to finding the right staff, there is so much to contend with. This article is focused on the top 10 tips on building a sustainable business in Nigeria which will facilitate the success of your business.
For a business to be successful, it depends greatly on the ability of the enterprise to accomplish its key performance indicator in a sustainable manner. It is expedient that the Government should create a friendly and enabling environment that would be conducive for both business organizations in Nigeria and investors for sustainability and growth of the economy.
Top 10 Tips On Building a Sustainable Business In Nigeria
Here are the Top 10 Tips On Building a Sustainable Business In Nigeria:
Create a business-friendly and enabling environment
A business doesn’t function in a vacuum. Regularly, the business functions in a multidimensional environment. The environment itself is dependent upon a huge level of progress. The alliance among business and its surroundings is certainly one of mutuality that is, the environment brings difficulty to the business while the business, thus, influences some aspect of its environment.
The business environment can be seen as the combination of every single environmental condition and impact that is capable of influencing or affecting business exercises. The business environment involves cultural, social-political, and financial factors or situations that are capable of influencing the life, development, and growth of business outfits or enterprise.
2. People are the doorway to success
People are the doorway that leads to a sustainable business. Any business that is not people considerate, does not have a lasting future. Whatever business you are doing that is not first driven by a passion for delivering satisfaction to people can not last. One of the largest and fast-growing businesses in Nigeria today is the multilevel marketing or networking business. This business thrives on giving value to people through the creation of a reward system and cycle.
For instance, having the right keys does not guarantee automatic entry into a house, the right key must be deployed on the right door before access can be truly granted. The world has changed drastically from the industrial economy which relies so much on individual production ability. It doesn’t matter the number of skills you possess, without the possession of people relationship skills, the capacity for your business to grow remains very slim. People as the doorway to success remained sacrosanct in other to sustain your business. Therefore, what you do with people determines if your business will succeed or not.
3. Have a good Management policy
The ability of the business to gain sustainability successfully depends on a good management policy that should be based on solid and sound principles. It represents a commitment demonstrated by top management that moves beyond compliance and efficiency to avoid risks and minimize costs. First of all, for a business enterprise to be sustained it needs to mature and shift up a level from the narrow ego-centric pursuits of market domination. Therefore, a good management policy needs to be adopted to be able to manage both short and long-term perspectives concurrently.
Good management policy is hard to maintain but if it works successfully the benefits are numerous and significant. It enhances the decision-making capacity, the adaptability of your business, supplies a wealth of insight and knowledge. It creates opportunities and an avenue for innovation.
4. Differentiate Your Business Through Innovation
Innovation is vital to your business being able to improve its processes, bring new and improved quality products and services to market, increase its efficiency and, most importantly, improve its profitability. However, it adds value to existing products, services, or markets so as to differentiate the business from its competitors and increase the perceived value to the customers and markets. In a level playing field where everyone has access to the same resources and your competitors can do the same thing you do, innovation is an important way to differentiate your business.
Innovation brings increase turnover and improves profitability, reduce costs, build the value of your brand, establish new partnerships and relationships, improve productivity, and be more competitive. You can innovate by introducing new techniques, technology, or working practices by using better processes to give a more consistent quality of the product. Therefore, in other to grow and move your business forward, study your marketplace, and understand how innovation will add value to your customers.
5. Have a Good Business Plan
In other to build a sustainable business in Nigeria you need to have a well-written business plan. It attracts big investors and provides direction for your business to succeed. A good business plan is vital for the growth and success of your business. It integrates the changes you need to make in your business to maintain and increase your capacity. Writing an outstanding business plan helps you pay attention to the extensive operational and financial plan of your new business and the details, like market planning and budgeting. The procedure will eventually make for an easy startup period and fewer unexpected problems as your business get up and running.
A business plan is paramount if you are thinking of starting a business, it is an essential tool for established businesses. Workable businesses are many; they change and grow. Your original business plan needs to be improved as you set new goals. A quality business plan will also help you see which goals you’ve been able to accomplish, the changes that need to be made, or new directions your business growth should take.
6. Have a Good Customer Service Relationship
Maintaining a good customer service relationship and customer satisfaction are significant measures in building a sustainable business in Nigeria. Satisfaction, confidence, and willingness to recommend have a strong connection. To grow and sustain your business, you need to understand the drivers for your customers and how they see you are performing against these drivers. You need to understand how to behave as your business expands in other to help your customers achieve their goals. Taking customers for granted is a major killer of businesses in Nigeria. Many business owners in Nigeria forget that people are interconnected, one satisfied customer is a hit and link to several other potential customers.
7. Have a Long Term Goal
If you are starting a business enterprise you presumably plan to remain in business for a long time. So as to achieve this goal, you must have an idea of what you want your business to achieve. You set up long term goals and endeavor to make them work out as intended. When you’ve met your unique goals, you make new ones. Most of these new goals may be ones you need to meet quickly, while others will take longer. Those are your business long term goals, and they’re significant.
8. Insist On Quality Product
Quality products help to build your business reputation, increase customer satisfaction, lower risk, and cost of replacing damaged goods. Your business can build a reputation for quality products by picking up accreditation with a renowned quality standard.
A quality product is not just about introducing a product or service that exceeds the standard, but on the other hand, it’s also about the reputation you gain for always delivering a customer experience that is well beyond. Notwithstanding in any business you’re involved in, your customers will not choose you solely based on price, however, based on the quality of your product. Actually, customers will pay more for a product or service that they believe is well-packaged or surpasses the standard. Your customers anticipate that you should deliver quality products.
9. Welcome Valuable Criticism
To welcome valuable criticism in business can be difficult. However, building a sustainable business depends on your ability to welcome people’s reviews and opinions, you may encounter a customer who wants to show you an improved way of doing business. It may be difficult to manage; all things being equal, no one gets a kick out of the chance to be told they’re wrong. However, valuable criticism gives you an edge over your competitors.
Constructive criticism can direct you away from bad practices and towards great ones. Try to be objective and look at what you’re selling as though it’s not yours. There will be occasions when you feel the criticism is personal and, from time to time, you’ll be correct. People are questionable and it’s important to remember to not be offended by customer’s comments. However, in other to excel in business you must be able to take criticism on board and not respond as though it’s a personal attack. You must be able to make it work to your advantage because it puts you ahead of everyone in your sector and can be used again in the future to get things right, even faster, and keep your reputation intact.
10. Good Teamwork
Building a successful business enterprise is about more than finding a group of people with a good combination of professional skills. If you have good teamwork it will help you lay the groundwork for a highly effective team that can innovate, cooperate, and communicates in an atmosphere of common trust and respect.
Building a sustainable business enterprise is considered as being central to economic activities and growth worldwide. A sustainable business enterprise is important to the success or failure of your business in Nigeria. Business does not operate in isolation but within a given environment which can shape their performance, survival, and profitability. In order for your business to grow, there is a need for you to be able to adapt as external challenges arise.