HOW TO BUILD A PROFITABLE BUSINESS IN NIGERIA
By Charles E. Eromosele
It is one thing to start a business and another thing to GROW a business.
‘Profit’ will only make sense where an understanding of the business processes, customer acquisition process is known.
I see this everyday in my quest as a business consultant to help business people out.
Trying different ‘methods’ and ignoring key ‘principles’ it’s a complete waste of time in business.
What are some very important steps you must consider to build a profitable business?
1. Develop a good business plan for your business
Many a time the mistake a lot of people make is to rush into implementing a business project that has not been properly planned out on paper.
Often times, others depend on experience, forgetting that a business plan is suppose to be a guide for them to build according to a progressive pattern.
A business plan is not just a document required by a bank or lender in order to help you with funding.
It is your primary guide on how the business should look, what structure it should take, what systems are primary to its sustainability and growth.
As a business person or one planning to own one, it is important that you have a business plan whether you are asked to present it or not. It shows that you are serious about the growth of your business.
It also doesn’t need to be bulky.
Different fund agencies have there designated style for how a business plan should be. So it is important to follow the laid down pattern except where there are none.
It is important that you talk to a business consultant that can help you create a winning business plan.
2. Listen to materials that will help you with information on how to build a profitable business.
If you have been a regular listener of my radio programme, you would know one of my key phrases, ‘finances move in the direction of value’.
Get this business audio series on BUILDING PROFITABLE SYSTEMS (How to Build a Successful Business).
BUILDING PROFITABLE SYSTEMS has specially crafted to help you understand critical areas in business that are vital to the success to any business.
You didn’t go into business to lose money.
For those of you that haven’t started yet, you equally don’t want to make the mistake many have made.
Other materials that would help you in your quest to understand not just how to build a profitable business, but be the leader that attacts great business success and how to be knowledgeable about how money works, you need to consider these materials.