Smart Business Advice and Financial Tips For Running a Profitable Business in Nigeria
Business and Financial Advice For People Starting a New Business in Nigeria
I am going to give you some business advice and financial tips you need as a business owner or aspiring business owner in Nigeria. If you want to start a profitable business in Nigeria that is going to stand the test of time or if you have a business running already and would want to make it very lucrative, some of these business tips in this article will help you achieve that.
To survive in this country due to the harsh economic situation we are facing, you must have at least three sources of income:
1. The Business that pays you daily
2. The Business that pays you monthly
3. The Business that pays you quarterly or yearly
You must also create your economy running around your area of residence. Before you buy land and build your house, think of your business first, to have a seamless business operation, you must build all your business around you. This is one tip you should never neglect if you want to grow very faster in your business.
When growing up as a businessman, You should also factor retirement into your plan. If you do this, your business will outlive you.
One of the major headaches of running a business in Nigeria is putting the right organizational structure in place. If you have a good team around you, your business will flourish like the palm tree beside the river. You’ll hardly believe there is no job in Nigeria until you’re looking for a worker. Most Nigerian youths are not employable, they’re only for quick gains, and none cares about working for long.
The ones that know what they’re doing won’t stay long once they’re able to pick your brain within 2/3 months of working with you.
The energy won’t be there forever, so, if you’re building a business you want to outlive, you must build it around where you stay to limit the wahala that comes with management issues. Business Management is one of the factors affecting businesses in Nigeria; from insincerity to lackadaisical attitudes and to the seriousness of your employees.
Getting smart people to work with you is a big challenge in Nigeria, especially in the agricultural industry, many youths are only cut for shiny things; they do not want to stain their hands or labour under the sun. They just want to be pampered and taken care of, especially the females while the Males want to do soft work (Yahoo Yahoo Business)
Aside from this, Nigerians like to own everything they have 100%, the reason why we have lots of mushroom business entities here and there. I repeat, Nigerians like to own everything they have 100% which is a very bad approach to business. This mentality is limiting many smart dudes in this country from scaling their businesses.
When people come around me to see what I’m controlling within a space of 2years, I quickly tell them, I don’t owe any of my business entities 100%. I prefer to own 20% and be on a board of a company worth N500m than owning 100% of a struggling business.
We only have many hardworking dudes in Nigeria, smart people are not so much.
If you study all great companies, different people come together to pull resources together before it can become one solid company.
While you’re looking for a great team/partners that’ll help bring the best out of you, kindly start building whatever you’re building and ensure you factor seamless management affairs into the system, this can only be possible by building your business around where you chose as home.