Economy
Top 6 Tips for Growing a Successful Small Business
Launching and sustaining a business idea is not all flowers and roses, as many think, but with the right mindset and strategies, you can be part of the success rate.
How to Make Your Small Business Successful
While the idea of starting and growing your own business can be thrilling and super exciting, you must understand that it is a challenging endeavour. Practically anyone can set up a business; all you need is to fill out some paperwork, create a logo and some banners, and offer a legit service or product. However, making your business successful is another ball game entirely. Sustaining a successful small business depends on many factors and requires you to possess a specific mindset. You must be able to apply the right strategies and ideas to specific situations at the appropriate time.
According to the U.S. Bureau of Labor Statistics, only 25 per cent of startups sustain for up to 15 years, while the remaining 25 per cent collapse before the first 5 years. This statistic shows that most entrepreneurs fail to understand what it takes to sustain a business before starting one. Do you want to stand above the fierce competition in the business world and be among the success rate? I bet the answer is yes! Well, this article will explore helpful tips and strategies to make your small business successful.
Conduct in-depth research on your product or service
One common error most people make is starting a business on the product or service they have in mind without researching how well it’ll sell. As you are planning to start up your business, you must understand that your love for an idea of a product or service doesn’t mean people want to buy it.
To avoid failure in your startup, you must conduct in-depth research on the service or product you want to offer with respect to how many people want it in the market. Talking to several of your target customers about your product and analyzing how they feel about it instead of guesswork will give you a clear picture of your business’s likelihood of success. Also, ensure to check out how existing businesses with similar models are doing in the market.
Know Your target customer
Running a business based solely on your personal values and ideas is why many startups fail today. Yes, you have chosen to offer a product or service with a good prospect; however, a critical factor for your success is to know who your target customers are. Even established businesses that get this wrong usually end up sliding down the slope.
To sustain a successful small business, you must gather enough information about how big your target audience base is and what their features are. For instance, you must know their age range, demographics, and personas. Also, you must know what influences their buying decisions. This will not only help you reach and convert them effectively but retain them even after they become your customers. Remember, a thriving business is one that understands what its customers want.
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Offer great service
While it’s great to consider several other factors, you must understand that the core element of your business is the quality of the product or service you offer. It is one thing to get customers to patronize your business; it is another to offer them outstanding service and a great customer experience. The latter will help convert your one-time visitors into loyal customers.
An essential ingredient to a successful small business in this highly competitive environment is generating enough positive word of mouth. A sure way to achieve this is by offering professional service to your customers. More than brand promotion, your customers singing your praises and turning into your brand ambassadors is one of the most effective ways to grow as a small business.
Study your competitors
Every business has competitors, and you should be worried if you don’t find any around you. A lack of competitors in a market may mean a lack of demand for the product or service it offers. Since your primary goal is to ensure that your target customers choose your small business over your competitors, it’s imperative that you stand above them by researching the competition around you.
When you find your competitors, you must find out who they are, their strengths and weaknesses, their customer reviews, and their results. You must also ask yourself which of them stands out and which of them are out of business. This information will enable you to make informed decisions that will keep you above the competition in your market, no matter how fierce it is. You’ll easily be the first choice of your target audience when they find that your business offers more value where others are lagging.
Cut unnecessary costs
Another common mistake many small businesses make is the lack of proper cash management by spending on unnecessary things. This has sent many small businesses packing in their early days. Cash management is vital, especially when you have just launched your business and have a lot to spend on. Hence, it is important to have a budget for each of your expenditures and stick to it to avoid running into debt.
Here are some helpful financial tips for your small business:
- Cut unnecessary subscriptions
- Get a cheaper supplier for your products
- Downsize to a smaller space if necessary
- Charge late-payment fees from customers
- Review your expenses regularly
Be focused and passionate
Finally, the most important personal traits vital to the success of your small business are your focus and passion. These will drive you towards achieving your goals no matter what challenges arise. Before reaching your big goals, you need to be satisfied with short-term goals and milestones. Know that sustaining a business is not a sprint but a marathon, so you must be patient.
Also, you must be passionate about your business to make it a success story. You must not for once be distracted from why you started the venture in the first place. Passion will always keep you on your feet. It may take you more time than you might spend working for someone else, and you might even sacrifice fun weekends and vacations, but it will be worth it in the end.
Conclusion
Rome wasn’t built in a day is a saying that applies to your small business. Launching and sustaining a business idea is not all flowers and roses, but with the right mindset and strategies, you can be part of the success rate. Don’t forget to visit Parimatch for a fantastic betting experience.
By Adedapo Adesanya
The Federal Ministry of Finance has directed the National Insurance Commission (NAICOM) to suspend enforcement of disputed recapitalisation fees and a directive requiring NICON Insurance Limited and the Nigeria Reinsurance Corporation to transfer their entire fresh capital into an escrow account with the Central Bank of Nigeria (CBN).
The ministry also demanded a detailed response and legal justification from NAICOM over assessments of N305 million against NICON and N375 million against Nigeria Re as part of the ongoing insurance industry recapitalisation exercise.
The directive was contained in a letter dated August 6, 2026, signed by the Permanent Secretary, Finance, Mr Raymond Omachi, on behalf of the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
The letter followed a July 27 petition by NICON and Nigeria Re over the implementation of the Nigerian Insurance Industry Reform Act, 2025. The companies challenged NAICOM’s demand for a one per cent capital injection fee, alongside processing and verification charges under the commission’s Minimum Capital Requirement Guidelines.
They also disputed a directive requiring existing insurance companies to transfer their entire recapitalisation funds into a CBN escrow account, arguing that Section 16(3) of NIIRA 2025 provides for a statutory deposit of only 10 per cent.
According to the Finance Ministry, NICON and Nigeria Re had injected N20 billion and N30 billion respectively into Mudaraba Term Deposit accounts with Lotus Bank, exceeding their adjusted capital requirements of N16 billion and N28 billion.
The companies also deposited N2.5 billion and N3.5 billion respectively with the CBN as statutory deposits and paid initial fees of N80 million and N75 million.
The ministry said the companies therefore considered themselves compliant with the July 31, 2026 recapitalisation deadline.
“Pending the determination of the petition, the Commission should suspend the enforcement of the contested processing fees, 1 per cent capital injection fee demands, and full-capital escrow transfer directives against NICON Insurance Limited and Nigeria Reinsurance Corporation,” the letter stated.
The ministry consequently asked NAICOM to explain the basis and legal justification for the disputed charges and escrow requirement.
The intervention comes amid the Federal Government’s efforts to strengthen the capital base of insurance companies and reinsurers, improve their capacity to underwrite larger risks and enhance the sector’s contribution to economic development.
The dispute, however, has raised questions over the extent of NAICOM’s authority to impose additional fees and require existing insurers to place their entire recapitalisation funds in escrow.
The Finance Ministry’s letter did not disclose whether NAICOM had responded to the issues raised. It also referenced an alleged N500 million demand and an additional N180 million capitalisation charge in its subject, although the substantive section specifically put the disputed assessments at N305 million for NICON and N375 million for Nigeria Re.
For now, enforcement of the contested fees and full-capital escrow directive against the two state-owned insurers has been suspended pending NAICOM’s response and legal clarification.
By Adedapo Adesanya
Four price decliners overpowered the two price gainers recorded at the NASD Over-the-Counter (OTC) Securities Exchange on Monday, August 10, weakening it by 0.32 per cent at the close of transactions.
The advancers were led by Food Concepts Plc, which chalked up 25 Kobo to sell at N2.75 per unit versus the previous price of N2.50 per unit, and Mass Telecoms Innovation Plc appreciated by 3 Kobo to 35 Kobo per share from 32 Kobo per share.
However, 11 Plc lost N24.75 to close at N222.75 per unit versus N247.50 per unit, FrieslandCampina Wamco Nigeria Plc declined by N3.09 to N145.00 per share from N148.09 per share, Industrial and General Insurance (IGI) Plc went down by 5 Kobo to 50 Kobo per unit from 55 Kobo per unit, and Geo-Fluids Plc slid by 1 Kobo to N2.27 per share from N2.28 per share.
As a result, the market capitalisation contracted by N8.94 billion to N2.798 trillion from the previous session’s N2.807 trillion, and the NASD Security Index (NSI) retreated by 14.9 points to 4,663.18 points from 4,678.08 points.
The trading data showed that the volume of securities exchanged by investors rose by 108.9 per cent to 1.1 million units from 535,7560 units, and the value of securities jumped by 69.5 per cent to N10.2 million from N6.0 million, while the number of deals executed receded by 2.8 per cent to 35 deals from 36 deals.
Great Nigeria Insurance (GNI) Plc closed the trading session as the most traded stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 77.0 million units transacted for N5.5 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
The Naira opened the week on a positive note, appreciating against the US Dollar by N5.55 or 0.41 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, August 10, to N1,360.14/$1 from N1,365.69/$1.
The domestic currency also improved its exchange rate against the Pound Sterling in the official market during the session by 67 Kobo to sell at N1,838.50/£1 compared with the preceding session’s N1,839.17/£1, and gained N4.64 against the Euro to quote at N1,571.09/€1, in contrast to last Friday’s N1,575.73/€1.
However, the Naira maintained stability against the Dollar in the black market and the GTBank forex counter on Monday at N1,400/$1 and N1,371/$1, respectively.
Data from the Central Bank of Nigeria (CBN) showed that interbank FX turnover fell by 46 per cent yesterday to $213.845 million from the $393.477 million recorded at the close of trading on Friday.
The decline came despite a sharp increase in the volume of foreign exchange transactions executed during the session, indicating weaker participation by high-ticket FX customers and other major market participants.
The lower turnover suggests reduced demand for FX among large-scale buyers, even as market makers continued to facilitate transactions through the NAFEM window, with the number of FX traded rising to 182 from 102.
In the cryptocurrency market, traders and investors took profit as broader markets’ focus shifted to rising bond yields, higher oil prices and upcoming US inflation data.
Cardano (ADA) depreciated by 5.2 per cent to $0.1873, Ethereum (ETH) slipped by 2.6 per cent to $1,873.43, Ripple (XRP) slumped by 2.3 per cent to $1.01, Bitcoin (BTC) fell by 1.8 per cent to $63,949.22, Solana (SOL) crashed by 1.3 per cent to $75.81, and Binance Coin (BNB) tumbled by 0.6 per cent to $599.49.
But TRON (TRX) gained 0.5 per cent to trade at $0.3314, and Dogecoin (DOGE) grew by 0.2 per cent to $0.0700, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
