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 NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.22 per cent decline on Monday, January 20, with the market capitalisation shedding N2.35 billion to close at N1.073 trillion compared with the preceding session’s N1.075 trillion and the NASD Unlisted Security Index (NSI) going down by 6.79 points to wrap the session at 3,105.12 points compared with 3,111.91 points recorded in the previous session.
It was observed that the loss recorded on the first trading day of the week was triggered by UBN Property Plc, which crashed by 20 Kobo to trade at N2.00 per share versus last Friday’s N2.20 per share.
However, the share price of Industrial and General Insurance (IGI) Plc went up by 4 Kobo to 40 Kobo per unit from 36 Kobo per unit, it could not stop the bourse from going down at the close of transactions.
The activity chart showed that on Monday, the volume of securities traded by investors increased by 57.9 per cent to 767,610 units from the 486,215 units traded in the preceding session, while the value of shares traded yesterday slumped by 17.7 per cent to N2.3 million from the N2.8 million recorded in the preceding trading day, as the number of deals declined by 14.3 per cent to 12 deals from the 14 deals carried out in the previous trading day.
At the close of transactions, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value on a year-to-date basis with the sale of 4.1 million units worth N162.9 million, followed by Geo-Fluids Plc with a turnover of 9.1 million units valued at N44.0 million, and 11 Plc with the sale of 55,358 for N14.5 million.
Also, Industrial and General Insurance (IGI) Plc closed the day as the most active stock by volume on a year-to-date basis with 25.3 million units sold for N5.9 million, Geo-Fluids Plc came next with 9.1 million units valued at N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units worth N162.9 million.
By Adedapo Adesanya
The value of the Naira weakened against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, January 20 amid FX pressures associated with this period.
Most people who came into the country for Christmas and New Year holidays are already going back and are in need of forex, putting pressure on the local currency.
Also, the poor performance of the domestic currency could be attributed to end to the 42-day access granted by the Central Bank of Nigeria (CBN) to Bureaux de Change (BDC) operators to buy forex at official price.
According to data from the FMDQ Securities Exchange, the Nigerian Naira lost 0.16 per cent or N2.47 on the greeback yesterday to sell at N1,550.05/$1, in contrast to last Friday’s rate of N1,547.58/$1.
Similarly, the Naira slumped against the Pound Sterling in the spot market on Monday by N23.39 to trade at N1,906.98/£1 versus N1,883.59/£1 and depreciated against the Euro by N23.14 to sell for N1,613.48/€1 compared with last Friday’s N1,590.34/€1.
However, in the parallel market, the Nigerian currency improved its value against the Dollar during the session by N5 to quote at N1,665/$1 compared with the previous session’s N1,670/$1.
As for the cryptocurrency market, it turned red yesterday as the US President, Mr Donald Trump, didn’t bring up the much-expected subject of crypto in his inauguration speech on Monday afternoon.
Mr Trump had promised a far more friendly crypto policy stance than the previous administration but in the long speech that announced his plans in the coming days, he didn’t make mention of Bitcoin or crypto.
Just over the weekend, the President ignited a speculative frenzy with the Friday evening launch of the Trump meme coin, which was shortly followed by a meme coin associated with his wife, Melania.
Dogecoin (DOGE) crumbled yesterday by 6.3 per cent to $0.3419, Solana (SOL) slumped by 4.7 per cent to $235.32, Cardano (ADA) fell by 3.6 per cent to $0.9777, and Litecoin (LTC) moderated by 1.9 per cent to $114.98.
Further, Ethereum (ETH) went down by 1.7 per cent to $3,241.36, Binance Coin (BNB) retreated by 1.4 per cent to $693.30, Ripple (XRP) depreciated by 1.2 per cent to $3.06, and Bitcoin (BTC) tumbled by 0.8 per cent to $101,746.99, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Oil prices settled lower on Monday after Mr Donald Trump was sworn in for a second time as President of the United States.
On assumption of office, Mr Trump declared a national energy emergency immediately, promising to replenish strategic reserves and export American energy worldwide.
Consequently, Brent crude futures went down by 64 cents or 0.8 per cent to settle at $80.15 per barrel and the US West Texas Intermediate crude futures depreciated by $1.30 or 1.7 per cent to trade at $76.58 per barrel.
Mr Trump and his allies have signalled they would use the authority to rapidly approve new oil, gas, and electricity projects that typically take years to permit, and during his speech said he plans to unleash new oil and gas development on federal lands while reversing the Biden-Harris administration’s de-growth climate regulations.
Market analysts noted that while many of the executive actions will simply kick off a lengthy regulatory process, they extend by a large degree to the US energy industry, from oil fields to car dealerships.
These also underscore Mr Trump’s determination to reorient federal government policy behind oil and gas production, a sharp pivot from Biden’s efforts to curb fossil fuels.
He also said in his inaugural speech that he would impose tariffs and tax countries and promised an overhaul of the trade system.
Last week, prices rose for a fourth-consecutive weekly gain after the Biden administration imposed sanctions on more than 100 tankers and two Russian oil producers. This led to a scramble by top buyers China and India for prompt oil cargoes and a rush for ship supply.
Meanwhile, dealers of Russian and Iranian oil sought tankers not under sanctions for oil shipment.
While the new sanctions could cut supply from Russia by nearly 1 million barrels per day, market analysts noted that recent price gains could be short-lived depending on Trump’s actions as the new American president promised to help end the Russia-Ukraine war quickly.
Russian President Vladimir Putin congratulated Mr Trump on taking office hours, saying he was open to dialogue with the new US administration on Ukraine and nuclear arms.
Pressure was reduced based on easing tension in the Middle East after Hamas and Israel exchanged hostages and prisoners on Sunday which marked the first day of a ceasefire after 15 months of war.
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