11 Tips for Running a Successful Business in Nigeria - Manknow

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11 Tips for Running a Successful Business in Nigeria

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11 Tips for Running a Successful Business in Nigeria



In order to run a successful business in Nigeria, a lot of principles is involved. A lot of businesses in Nigeria have failed because their owners have neglected certain important business principles.
Although, when we speak about running a business up to the point of making it successful, over 100 factors are involved. This article is written as an eye opener to both aspiring business owners and those who have been running their own business for some time now. In this article, I shall provide you with important advice on how to successfully run or manage your business.

Important Tips You Need To Run A Successful Business in Nigeria 

1.      Every Business Must Face Good times and Bad times

The first advice I would give to any business owner or aspirants is that all business must face good times and bad times. You need to come to the understanding that the business you run may not always go smoothly the way you expect it to.
This understanding would give you the maturity you need to run a successful business. 

2.      The Beginning is Mostly Difficult:

Maybe you are starting out your new business and you may be wondering how successful business owners made it. You need to know that running a business can be very difficult at the initial. You may find it very hard to attract customers, or even earn large etc. Well, this is not a problem at all because it has happened to most successful business owners. The main point here is “do not give up”.

3.      Acquire Knowledge

The level of knowledge you possess will determine how successful your business would be. Without much knowledge of your business, there are bound to be many silly mistakes that can ruin your business and force you to start from scratch.
In order to acquire that amount of knowledge needed to successfully run your business, you must be determined about it. There are free courses and articles available online concerning almost any business idea in Nigeria. You can visit my website (www.wowmag.online) from time to time for business advice and tips. 

4.      Draw a Simple but Effective Business Plan:

In order to run a business successfully, you need to have an eagle eye over the entire operations of your business. A simple yet effective business plan would provide you with that general view of the business. This is needed to tackle problems and challenges that are likely to rise up, plan ahead of time and monitor your business growth. 

5.      Get Ready to Put in a lot of Work:

Success and hard-work are like two sides of a coin. If you can show me a successful business owner, then I can equally show you a lot of effort. Hard-work is an indispensable factor that needs that cannot be derided when we talk about a successful business. So if you want to be a successful business owner, you must be ready to put in that amount of work. 

6.      Watch your Money  with Dire Concentration:

Money is a crucial resource for the operation of any business. As long as there is money, you can attain any height in your business. However, if there is no money, you may just be plodding along.
Money is a resource that can easily vanish if proper management is not ensured. Therefore, there is need to watch your money with dire concentration. Try as much as possible to watch your money right from the start up capital to every expense made. 

7.      Organize your Finance:

Like I said, money is a crucial resource to any running business.  Without proper organization of your finance, you won’t be able to watch your money with dire concentration. Take a book, try as much as you can to record every single business transaction no matter how small it may seem. Try to record your gain and loss. Having such records will provide better monitoring of your business. 

8.      Draw a Thick Boundary Between Your Personal Needs and Your Business

If there is no boundary between your personal wants or needs and your business, your business is likely to fall. As an intelligent business owner, you shouldn’t be using all of your business gains to take care of your personal needs. A certain amount of your business gains should be kept aside for further development of your business while the other half should be allocated to you as your wage or salary to meet your personal needs.
Your business at any time shouldn’t lack funding. Lack of fund is detrimental to any business because it will lead to the stagnation, lack of flow and eventually the possibility of failure. 

9.      Set Up Multiple Payment Channels

You need to set up multiple payment channels for your business. You can deploy the use of P.O.S terminals, mobile bank payments etc. This will provide a flexible way to enable your customers to pay you for the goods they bought or for your service easily. This will make your business look more professional and would drive you a lot of customers. 

10.  Economizing the Operational Cost of Running Your Business

Economizing the operational cost of your business may be a little difficult but can be achieved. In order to cut down the cost of operation requires continuous research. With the help of continuous seeking of knowledge, you would be able to find the best vendor that delivers quality goods or service at an affordable price. 

11.  Join Small Business Association:

You can be missing a lot of opportunities if you are not a member of a small business association. By becoming a member of a small business association, you may have a slight advantage over your competitors such as access to goods and services at a cheaper price rate from vendors, recent news base on opportunities and an increase in your business network.
That is all for now!

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