Topic: Running a successful business in most developing countries - page 3. (Read 468 times)

No matter how small the business I have, then I am the boss, but no matter how big the position I get in other people's companies, then I am their subordinate.

I know that it is not easy to be the boss of our own business without being equipped with the skills, knowledge and capital. It is difficult to get success in a small business without maximum effort and other things that support its progress. Partners are another way to make this business grow, I think it should be in the development plan.

With all the saids been acceptable as an advise, it must not be forgotten that every business that is just starting need time to grow up and during this period you're not expected to be eager for more profits it at all and not until it got established, you're expected to have a continuous flow of money into it so as to help maintain the business for long until it starts generating it's own consistent profits, these are part of the requirements needed as well but most business entrepreneurs don't have a financial backup for incase of emergencies and expect the business to boom at the start, and this is why many ended up into closedown because they went either bankrupt or can't maintain handling the business because of low income or profits realize from the start.

What do you mean by pocket friendly? If you are making any product that will be used in mass then it will be low in price but the main points here will be in how low you can deliver your product to your customers. This should be equal to or lower than your competitor companies.

If your product will be used for some specific purpose then the price will not matter if you can maintain a high-quality product. There is some product that we use occasionally. For those products, people typically try to find a better quality product at the lowest price available. If your product is far better than your competitors but high in price people will still buy your product.

To be a successful businessman or woman, there is a need for you to equip yourself with the dos and don’ts of running a business. Judging from the rate of unemployment in most developing countries using Nigeria as an example, a lot of people venture into entrepreneurship and business. Every business has its challenges and of course the sweet and smooth running flow. So, you need to work on the following dos and don’ts that can guide you for the success of the business.

Dos of Running a Business
👉Do an In-depth Research
Doing in-depth research is the first thing you should do before starting any form of business. One of the numerous mistakes many people make is starting a business without adequate research. Good research will expose you to the strength, weaknesses, opportunities, and threats (SWOT) of the business.You would know what it requires for you to run it successfully without having to pack up or run into depth.

👉Let your Product Be Pocket Friendly
I understand the end goal for every business is profit, but you should avoid prices that tend to chase your customers away. As a start-up, your first assignment is to drive traffic to your business and store. And to achieve this, you might have to sideline making so much profit at the start of the business. After gaining your customers’ trust and loyalty, you might consider adding up to the price that won’t look outrageous to your clients or customers.

👉Give Discount Prices
Giving discounts during festive periods or at intervals is a good marketing strategy to retain and regain your customers’ loyalty. Everyone wants at least a reduction in price for whatever goods or services they want. So giving a discount price may help in winning and attracting new customers.

👉Have a Good Customer Relationship and Service
The way you relate and interact with customers can help boost your business. Have you ever considered why most companies or businesses employ beautiful and attractive employers to serve as the sales representative or marketer? The aim is to capture the attention of the customers and have them come back for more. A kind and welcoming gesture to customers can make your customers loyal to you.

👉Avoid Sale of Fake Goods
One of the reasons why most Nigerians will go to stores with names is because of the mindset that whatever they buy is original. Well, I won’t say they are not but that doesn’t mean start-up businesses don’t sell quality products. One harm you would cause yourself is to sell fake goods. Once a customer realizes your goods or products are fake and of less quality, you stand the chance of having a bad review. And if you agree with me, bad reviews are quick ways to lose customers and run at a loss.

👉Have a Record of Your Business
Keeping record of your business helps you in giving accurate accounts on how well the business is doing. You have the knowledge of how much is coming in and how much you are spending. It gives you an insight of the goods in high demand and areas that need improvement. Poor record is one of the reasons why most businesses in Nigeria fold up.

👉Advertise Your Business
One cannot neglect the power of Advertisement to publicize your business and make it known to a large audience. Advertising your business is a good way to let your customers know what you have for them. Good advertisement can help in improving your sells in double fold.

👉Plan Ahead
We all know the economy is not stable. So, don’t be caught unaware. Always make plans for unforeseen circumstances or events that might likely happen. Consider having some money aside for the future. Perhaps you want to expand your business or in the case of an economic crash. This will help reduce the effect on your business.

Don’ts of Running a Business
👉Avoid Debt
Running into debt will end your business. Instead of saving your profits and taking out your capital to restock, you will end up paying for debt. To avoid debt, you must avoid taking huge loans to start a business. Especially loan where payment made every week.
Undoubtedly, it is almost natural to ask for financial assistance for the growth of your business but avoid taking a huge loan that could choke you.

👉Don’t Underestimate Professional Advice
You can be a finger in every pie but you can’t know it all. Do yourself the favor by getting a professional business analyst and hands to help your business grow and be on top of your game.

👉Avoid taking Long Break
Taking a business break can either help or distrust the business. Some business owners take a break to re-strategies to get better. But on the contrary, it is a journey to end the business if not well done. One of the disadvantages of taking a long break is, you would lose your customers and it might be difficult getting them back.

👉Don’t Entertain Unhealthy Competition
In business, competition cannot be overridden. This can be in two ways: healthy and unhealthy competition.
Healthy competition: This is a form of disagreement that doesn’t disrespect or disregard the other person’s opinion. It might even be an opinion or discussion from your customers. You should always welcome healthy competition.
Unhealthy competition: This often destroys the business and may cause conflict. Trying to talk down another person’s business down to gain more customers to yourself is a good example of this. Trust me you won’t like the outcome.

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Conclusion
Establishing a business will make you the boss of yourself and will also save you from the risk of unemployment but this doesn't come easy as alot of challenges may surface doing the process. Government policies and some other factors may want to kill the business but with passion, hardworking and keeping the above dos and don’ts can help you in sustaining on your new business.