15 KEYS IN MAKING YOUR BUSINESS A SUCCESS

MAKING YOUR BUSINESS A SUCCESS

It is the heart-beat of every stakeholder in business to have a good success. Investors are eager to invest more of their resources into any system that will yield good return to their investment. You are in business and will continue to be in business, only when you are recording success in business. What constitute success in business varies with goals and mission of the respective investors. To some it is making profit and to others it could be to satisfy their customers’ needs. All of the above are indication that you are making progress in business.  Searching on how to succeed in business has been the hub of the prospective entrepreneurs.

In this text we shall be looking at 15 tips on how to succeed in business.

•        DEFINE YOUR MISSION AND VISION

To establish a business, the foremost is to state your mission; you must define the reason to be in business. There are so many reasons why people are in business. Read our post on why you must own a business. Defining your mission and vision (where you intend to be in nearest future). Help you to stay put in business amidst turbulent challenges you might encounter.

• CREATE A PRODUCT

Having defined your mission and vision of establishing a business, you must create means of satisfying the need. These could be in form of goods or services.  Your product must be such that the customers find satisfactory and be able to refer his friends to your business.

• ·        KNOW YOUR MARKET

To succeed in business you must define your market. Knowing the niche that needs your product, help to define a strategy of satisfying their need. This will also define where, how and when to meet them.

• ·        EXPAND YOUR SALES

Whenever a business was succeeding, growing, yielding profitably, increasing its share prices and offering opportunity for more and more people, the reason is high sales’- Brian Tracy.

Making more sales in business is essential for the success of the business. You must define a means of convincing your customers on why your product is best among your competitors.

• ·        FOCUS ON CUSTOMERS’ SATISFACTION

You must focus on ensuring that your customers get satisfaction for consuming your product. Most business fails simply because their focus is on something else other than customers’ satisfaction. When your customers are satisfied with your services, you can be sure of being among the league of the success in business.

• ·        HAVE THE MINDSET OF THE RICH

There is the mindset of the rich which is persistent risk-taking. The success never hears the last whistle until success is achieved. To succeed you must have the determination and strength of character to try once more until you succeed. But you must be conscious and do your research before making major decision.

• ·        OBEY THE RULE

In everything we do, there are rules that govern our action. You must obey the laws of the land, which varies from country to country. MTN Nigeria has to pay huge amount of fine because of contravening the law of the land. To operate a business, you must not set yourself against the government of the day; to avoid attracting the wheel hammer of the law for the cost will be devastating.

• ·        BE FLEXIBLE FOR CHANGE

Success in business is a reflection of change. Change is constant and so you must be flexible when it occurs. This might occur in taste and style of packaging your products for your customers. You must be consistent with the new trend in your business.

• ·        DIVERSIFICATION

To succeed in business, you must be ready to spread your resources to other needs to be satisfied. The business moguls of our century are still in business even after years of being in the trench due to their ability to diversify their limited resources to other businesses.

• ·        GROW WITH MODERN TECHNOLOGY

The world is growing digital and as an entrepreneur that aspires to succeed in business, you must grow with the trend. You must be conversant with the use of modern technology as a means of serving and reaching your customers better.

• ·        BUILD A TEAM

A tree cannot make a forest; just as no man is an island. As an entrepreneur you need the band of like-minded to succeed in business. Having a team of like-minded enables your mission to be a huge success. You must let the team know what is expected of them at the end of the day. This is achievable when you create a cordial ‘get together’ with them as it will motivate them to have a sense of belonging with the mindset that ‘he has our interest at heart’. As a leader you need to build trust with your team in order to ascertain their individual and personal goals and then align those goals with the collective goal of the organization.

•  GROW YOUR BUSINESS

There is need to grow your business into a system that can run on its own with little or none of your present. People like Donald Trump, Steve Jobs, Brian Tracy, Aliko Dangote and Mark Zuckerberg have build system into their business which can run on its own. You too can be one of them. People who run ‘small show’ tend to build business that solely depends on them, the effect is instability and liquidation when they are on vacation or sick outside the business vicinity.  But growing your business comes with its cost in terms of money, time and other resources that are limited.  All these must be put into consideration.

• ·        DEVELOP BUSINESS SKILL

You must improve your business skills to be able to move with the current trend. This can be done by registering for a business course, visiting business webpage, attending symposium etc. There is need to develop and improve your business skills in order to experience success in business.

• ·        CREATE A BUDGET PLAN

Having a budget will enable you to monitor your inflow and control the outflow. Most failures in business occur as a result not having a budget to manage   the limited resources of the business. A budget plan will enable you to ascertain whether you are succeeding or not and make necessary adjustment where needed.

• ·        OTHER WAYS

Apart from the above mentioned there are other strategy you can explore in order to succeed in business. You can go on research for them.

Finally, having known these tips, you must put them into practice.

‘Do what you can, with what you have, right where you are’- Theodore Roosevelt.

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5 REASONS YOU MUST OWN A BUSINESS

WHY YOU MUST OWN A BUSINESS

The world of business is a place of maximizing potentials. One has the freedom to manage his time and talent to the fullness without dictate or restriction from any superior. This is the reason the world of entrepreneurship are gaining ground in this 21 st century. It is said that ‘it takes one superior to retrench an employee while it takes an entire crop of clients to sack a business man’ indicating that there is job security in the world of business than in employment.

Hence to be financially free, you must own a business which enables you to maximize potentials and have a satisfactory system that adds value to your society.

·       

Independence

The pressure of waking up early in the morning to office and answering query is avoided. Freedom is the ultimate goal of humanity; a level where you live not by the dictate of a superior but by the content of your potential! Owning a business gives the owner the maximum freedom to manage his time and talent as he pleases without being answerable to anybody.

·        

Job Security

There is guarantee in your means of livelihood unlike when you are working for somebody. A situation where there is fear and anxiety of losing your job in working for somebody is unlikely seen when you own a business. Indeed you will always be in business so long as to meet the satisfaction of your clients.

·        

Money Making Scheme

Owning a business of your own guarantee a steady inflow of income; ceteris paribus, especially when the market is favorable. Indeed there is no limit to the amount of money, one will make when running a personal business, since you are not on fixed salary.

Your Own Boss

Running your own business makes you a decision blazer and manager of your own, unlike what is obtainable when you are working for someone who will always make decision on your behalf. Indeed your business is managed and resources utilized based on the fact that initiative and decision you made is carried out by those working under and for you. Waoo!

·        

Personal Recognition

There is personal pride and Recognition when you are running a business of your own. Every society and community will always award a man whose establishment has added value to the society. Moguls in the like of Mark Zuckerberg, Aliko Dangote, Mike Adenuga and Linda Ikeji will not had been heard had it been that they are working for a superior. Today world over, their voice are heard and their present felt and recognized owning to the fact, that they are running a business of their own.

·        

Maximizing Your Talents and Potentials

There is little of self discovery when you are working for someone. This is because you will be busy receiving instructions and directives on how you ought to behave in the organization; so as to run another man’s vision, thereby having no opportunity to maximize your potentials as you ought to do. Having a business of your own gives you the opportunity to maximize your opportunity to the fullness.

THE 5 EXPLOSIVE WAYS OF GENERATING BUSINESS IDEAS IN THIS 21ST CENTURY.

WAYS OF GENERATING BUSINESS IDEAS

The desire to go into business has been the passion of many aspiring risk takers, as a way to explore their entrepreneurial mindset. Indeed entrepreneurs in this 21st century has find establishing business of their own,  quite interesting but the issue is on, ways to generate the ideas and opportunities. This is because business exists only in the burner of great ideas and opportunities.

The fact is that great business ideas are all around but the one thing that is require is to open one’s self to information and ideas that possibly ply all around us.

Below are ways of generating business ideas:

·        Family Business

Many of us if not all, have a business our family operates. This business could be promising and lucrative. Most at times we seem to neglect some of these opportunities on the premise that they are archaic and backward, forgetting that when improved, it can be another means of income creation. Some of our aged fathers who establish these businesses were very much successful in their own dispensation to the extent of using the income generated through these ideas to provide for the family needs, training their children, purchasing houses and other assets like land.

What is now left for us in this 21st century is to explore and utilized the opportunity with the advancement of the modern technology.

Jude family runs vegetable business. I could remember vividly on how he will always followed, his mother early in the morning to market to purchase the goods from women in the remote locality. Today Jude has become importer and exporter in this business with chains of clients, offline and online patronizing him.

Indeed your family business can be the best opportunity that can be explore for income generation.

·        Your Passion

Every creation is birthed with passion for exploration. Inside every one of us is a green-light called passion. Some creative-mind has passion for writing, reading, talking, singing and teaching, travelling and even sleeping. All these can be converted into money making business. Many businesses today started out of passion and hobbies. You must have heard of Linda ikeji blog, whatapp, facebook e.t.c. Your passion is indeed a good source of generating business ideas.

·        Books and Articles on Business

Many ideas and opportunities can be discovering through studying some business books and articles. Many prospective entrepreneurs are making millions of dollars, through the ideas discovered on pages of books and articles of business. As a business-minded person, you should minimized reading on politics and focus more on business articles, books and visiting some business blogs like this one, in order to discover and explore ideas that are income generating. Some of the books are: rich dad, poor dad by Robert Kiyosaki, 101 Great Business Ideas by Brian Tracy.

Visit public library, read books on business in order to start generating different fast growing business ideas from your creative mind!

·        Internet

Indeed internet is one of the best source of generating easy business ideas that can make you rich. Some of these sites and other forum when explore can help to unlock your potentials. Visiting any business webpage like www.businesswealthglobalresources.com gives you access to explore some ideas and opportunities in business world. Indeed there is creativity on click of the mouse.

·        Research

Many ideas and opportunities have been discovered through carrying out research on issues that borders our societies. The inventers of electric bulb, internet and facebook are men of research who ask questions on how to improve the lifestyle of their society. They went further to provide answers which are generating millions of dollars for them.

THE 7 LAWS OF SUCCESS

The law of success
Success is the ability to achieve a set target,  goals or objectives by an individual,  firm or an organisation.  Everyone desire to be identify with success.  As it is always said tell me a man of success and I will show you a man who has attain height in life.  Though everyone desire success but only few attain it.  This is due to the ability to adhere or otherwise not to adhere the simple principle guarding success.
Below are the principle or laws of success
💄. Set goal: goal is a substance of success.  Once there is goal, success become a step to reality.
💄. Availability: having set goal,  all that is needed to achieve success including you,  must be made available.  This will able commitment and assertiveness toward  success.
💄. Take the risk: fear of the unknown has kept many at bar from success.  Anyone who desire success must be ready to " eat the frog" the greatest risk in life is " not taking risk" take the risk and learn even if you failure. Failure is not the end but an indication that you can do better.
💄Set time: 'to everything there is a set time...' your goal must have a set time for achievement, otherwise what we call  success might not be because  it is behind  schedule.
💄Get expose: ' get wisdom, in all  get understanding'. The success go for knowledge. You must read, research and be ready to be taught  if you must succed.
💄Measure  current success with set goal: 'examine yourself... ' you must measure where you are now to where you want to be. This enables one to ascertain if set goals has been achieve.
💄Pressing on ' you must press on'  never be away by past achievement. Set new goal and keep firing.
Success is what everyone desire to be identify with but only few attain it.  Having examine laws

6 PRINCIPLES OF MAKING MORE PROFIT IN BUSINESS

HOW TO INCREASE PROFIT IN BUSINESS.

Apart from satisfying the need of the customer, it is the desire of every entrepreneur to make profit and continue to increase its profitability for the sustenance of the business. A business is likely to fold-up if not liquidate if there is decrease in its profitability but worse still when there is huge loss at the accounting year. After intensive research and consultation, we were able to gather the below guides that can help a business to increase its profit so as to be able to stay put in business as well as meet the expectation of its share-holders.

1. Find the need: ‘In scarcity there is opportunity’ -anonymous. There is need to find out what the customers need. For example in a higher institution, students need to make research, type their assignment and embark on other academic activity. A business opportunist should be able to establish cyber-café business centre where student should be able to do their online stuffs. Also you can discovered that accommodation is also a major issue in such environment, then as a business man there is need which should be provided and by this you make your money. So at every place and time an entrepreneur should be able to dictate a need that should be satisfied. Another example is a neighborhood where people are working class which may not grant them the chance of taking of their children. Such is also an opportunity for baby-sitting. What of an environment where pipe-borne is uneasy to come by, one can establish a water factory at such area and make profit. So for a business to increase profitability there is need to find out what need is to be satisfied.

2. Render quality service: service should not just be rendered but must be seen to be of high quality. Taste, choice and lifestyle are tripod that changes in the business world. No customer will settle for less. There are varieties of choice as competition continues to increase. As a business entity, there is need to research on the latest brand so as to enjoy your customers continues patronage. Excellency should be the watch-word, of any entrepreneur. For example if you are building a house for rent, these parameter should be considered: electricity, borehole, security, materials used for building etc for a qualitative accommodation. So to every service provider, there is need to render a quality type for higher profit.

3.  Sell at affordable price: In as much an entrepreneur is in business to make profit, there is need to sell at affordable price. There is competition in the market, customers only patronize the product that they can afford. For example, at things being equal, if two water factories sell at N200 and N250 dollar respectively, customers will buy the affordable one. An entrepreneur must ensure that the business product must be affordable.

4. Sell at discount: ‘The more you buy the less you pay’ an entrepreneur must offer discount to customers that buy more of the business product. This will attract more patronage from the customers; hence increase profitability.

5. Minimize bad debt: even though selling at credit is one business strategy that increase sells; but an entrepreneur must ‘pursue his creditors’ using every available strategy to make creditors to honor, their promise, even if is to offer them discount for paying earlier.

CHARLES SOLUDO BLOW THE WHISTLE ON THE STATE OF NIGERIA ECONOMY

 CHARLES SOLUDO BLOW THE WHISTLE ON THE STATE OF NIGERIA ECONOMY

Following the declining state of Nigerian economy, the former Governor of the Central Bank (CBN), Professor Charles Chukwuma Soludo has warned that unless the Buhari administration embarks on long-term structural economic measures to salvage the nation, the economy may hit the red line.

 Charles Soludo, as the Guest Speaker at the 4th Progressive Governance Lecture, organised by the 23 All Progressives Congress (APC) governors in Kaduna, lamented the state of the economy, saying that Nigeria has now been listed 13th on the list of failed or fragile State under the current world economic index.“The topic that I have been assigned to speak on is Building the Economy of States, Challenge of Developing Inclusive and Sustainable Growth. At a time like this, I don’t think there is a better topic to be addressed”.
.the former CBN Governor in his speech says “I believe that the collapse in oil prices is a blessing and an opportunity for a new beginning. And this is predicated on the fact that I believe that the trajectory that we have gone through before was not a sustainable path. And therefore, with the collapse of oil prices, it is a clarion call for us to press the reset button and start afresh on a more sustainable path,” he said.
Among the audience at the gathering, were the Vice President, Professor Yemi Osibanjo, the APC Governors and Deputy Governors, who also spoke on the socio-economic challenges facing the nation and steps being made to surmount the problems

5 PROVING WAYS TO IMPROVE SALES IN BUSINESS

As the market continue to advance amidst competition, it is the desire of every business entrepreneur to enhance sales which will have a positive effect of the profit level. This enables the investor to determine whether to improve his investment and withdraw from the business.

Below are 5 proving tips to increase sales of your business.

1.     Define your mission.

As an entrepreneur you must define your mission by clarifying your business niche. What do you do best? Who needs what you do? How do you best approach these prospects? How much are they willing to pay? These question must be answer properly for accomplishment.

2. Split the mission into specific goals.
Break the mission into achievable unit of goals (goal per day, proposal per month, objectives per quarter, etc.) that you can manage. Set results goals (sales per month, amount per sale, profit per sale, etc.). This is enable you measure your progress, and follow them closely. This will enable you to monitor you progress.

3. Sell to customer needs.
Emphasize the features of your product or service that reduce costs and satisfy  the customer. Always assume your customers will buy only what they need. You must  convince them of that need. Be creative in your sales and marketing.

4. Build up your attitude.

As an entrepreneur your attitude must be positive enough to attract more prospects to your business. You must conquer your fears. Change the values that limit your success. Your perception controls your commitment, enthusiasm, flexibility, persistence, happiness, and confidence. Be aware of them, decide which ones are unproductive, and then make a commitment to change. With time and effort, you can become the person you want to be.

5. Sell on purpose.

As an entrepreneur you must know both what to do and why you're doing it at every step along the way. Who are you targeting and why? What are you going to tell them and why? What are you going to ask them and why? What is your proposal going to look like and why? When are you going to ask for the order? If you don't feel sure of yourself at every step of the selling process, get some training or guidance.