STRATEGIES FOR SUCCESSFUL BUSINESS

 Business is a commercial activity people engaged in as a source of Livelihood.

 It is the big word that covers Enterpreuership. A lot of people gain confidence in Saying I run my own business than saying I am an entrepreneur.

 Now, as sweet as the word owning a business is, it requires expertise to be able to run it efficiently. And no one is ever born as an expert, we all grow in the knowledge that we have. It is one thing to start up a business but how well can you manage the business.

First of I will like to categorize business into two.

1. Products
 
2. Services

 If you are into business, your business must definitely fall into any of this categories. And you need to know that the management of the two can’t be the same. Business can either require physical or online presence and sometimes both depending on its kind.

 Strategies for a successful business

 1. Understand the type of business you are doing or you are want to do.

 A business you know nothing about will cause you stress and the probability of you succeeding in such business is very shallow

 How well do you know your business?

 Your knowledge about your business must be topnotch. It’s a sign that you know what you are doing

 Going into just any kind of business without any knowledge of it is not a good bargain to start with

 No matter how enticing it might look, you will struggle in it

 My advice: take your time to learn everything about the business before you venture into it

 Make researches, it enables you to see more into the business even before it commence

 It prepares you ahead of time

 2. Who are your audience?

 You need to know the type of people you will be dealing with as customers

 Is it feminine products or unisex

 Is it age restricted?

You can’t market an adult item to a teen and you expect them to buy

 They are not the type of customers you need. When you know who your customers should be, there won’t be difficulties in making sales.

 3. What type of business: there are some business that are in and out of season. There are some that are always in seasons.

 There are also some business that does not require a repurchasing. That is customers don’t use it twice.

You need to weigh this options from the beginning before you venture. How will you manage when the business is out of season?

 What will you do when sales are not coming in with this type of business?

4. Point Of Sales: where is your Channel of sales?

 Who are your competitors?

 Understand that whatever business you are doing, you won’t be the first neither will you be the last. So you need to prepare yourself ahead for competitors

 How will you handle them when they come?

 How will you sustain your business when they show and also retain your customers?

 I remembered in 2021, I had my 2 biggest competitors around me

 They brought their products to my customers in a very cheaper price

 I was really disturbed, Infact my customers started telling me it’s either I bring my price down or they will stop patronizing me

 This people offer was too sweet for them to resist

 But I had to think about the aftermath of reducing my price. So I made up my mind not to change it for anything.

 I told them anyone that wants to go should go with them. The truth is no matter how expensive you are, there will always be those that can afford you.

 Few months after, those that left came back. The other company couldn’t sustain the business.

 I don’t even see them again

 Now assuming I followed my customers threat, I might have also folded up like the others.

 So don’t dance to every tune of your customers if after weighing your options it’s not favorable.

 

 Some people begins a business and immediately starts employing people

 It’s a good thing to do? But can the salary deductions sustains the running of business for long

 I always say it ooo, if you don’t have double means of income don’t employ staffs but it also depends on the type

When I wanted to start my business God told me I must not employ any one until after 2yrs of my business, I didn’t understand the reason when I heard him say it but 2yrs after I understood very well

 I can’t imagine having staffs and this cashless policy is now playing, business is very good😂😂, how will I pay staffs?

 You will want to manage business and also satisfy staffs

 But the business has taken a new turn and Yoruba will say Oga ta, Oga o ta, owo alaru a pe

 But as the only staff of the business I can shuffle everything together and still keep it going

 Even if you want to employ 1 or 2 is okay

 Slow and steady wins the race

 Is better to start with 1 and grow to 100 than come from top to bottom. Give it time

 Rome wasn’t built in a day, don’t rush yourself

 Give your business all of you without drawing back

 No one can grow your business for you except you

 Put your all in your business

 Show up in your business

 Don’t be a 1day on, 5days off business person

 Those days are still coming ahead

 Engage massively in your business

 Any business that can withstand the first 2-5yrs, can last 15yrs and above

 The beginning is always the hardest

You will have many reasons not to continue

 Your energy will be drained

 You will feel like the end has come

 But never give up

 Now it’s also important that whatever business you are doing, you must be passionate about it

 It is your passion that will keep you going when your strength is zero

 In the last 6yrs I have done over 10 business, but this one I am fully into is still standing because I found passion in it

 And it is the only business that I have done for more than 2yrs

 Even when profits are not coming in, I am always happy doing it and my love for it has helped me handle difficult moments well

 Finally, let God guide you in whatever business you want to venture into. He knows it more than you do

 Seek his counsel and he will guide your path into greatness

 He will make everything easier than you ever imagined

You won’t need to run with strength but grace will run it for you