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 Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
By Aduragbemi Omiyale
Lagos State is currently agog because of the high-profile guests in the city for the Invest in Lagos Summit 3.0 commencing today, Monday, June 8, 2026.
The programme, which ends tomorrow, is themed Lagos: Business Gateway to Africa. It will feature a line-up of sessions focused on Lagos as Africa’s Global Gateway, the Future of Technology and Innovation, Unlocking Investment, Building the Cities of the Future, Global Partnerships for Growth, Talent, Creativity and Culture, and Energy and Sustainability.
The event is being put together by the Lagos State government and Commonwealth Enterprise and Investment Council (CWEIC).
The venue of the summit, Eko Hotel and Suites, is already lively, with the Lagos State Governor, Mr Babajide Sanwo-Olu; the Minister of Finance and Coordinating Minister for the Economy, Mr Taiwo Oyedele; the co-chair of the Lagos Finance and Investment Council (LFIC), Aigboje Aig-Imoukhuede; and the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, amongst others expected to speak.
The workshop is designed to position Lagos as Africa’s premier destination for investment, trade, innovation, infrastructure development, and economic partnerships.
It is focused on unlocking investment opportunities and accelerating sustainable economic growth. It will bring together high-level participants from across the public and private sectors to explore opportunities in technology, infrastructure, energy, manufacturing, finance, creative industries, and urban development.
According to the Lagos Commissioner for Information and Strategy, Mr Gbenga Omotoso, the programme has been carefully structured to move beyond conversations and focus on actionable outcomes that can stimulate investment inflows into Lagos State.
He said the conference will provide a platform to showcase the state’s investments in transportation, technology, energy, manufacturing, tourism, and urban development, while also highlighting opportunities for local and international investors.
“Invest in Lagos 3.0 is more than a conference; it is a strategic platform designed to connect investors with opportunities, facilitate meaningful partnerships, and showcase Lagos as Africa’s most attractive investment destination.
“Through this summit, we are bringing together government leaders, global investors, development institutions, and business executives to explore opportunities that will unlock growth, create jobs, and accelerate economic development across Lagos and Nigeria,” the Commissioner, who doubles as the Head of the Media Subcommittee, stated.
The gathering will also feature investment pitches by governors, exhibitions by participating organisations, networking opportunities, a gala dinner, and site visits to major infrastructure and industrial projects, including the Dangote Petroleum Refinery, Lagos Free Zone, Lagos Port, and RusselSmith’s advanced manufacturing facility.
By Adedapo Adesanya
The federal government has expressed readiness to leverage the €59 million West Africa Sustainable Ocean Programme (WASOP) as part of intensified efforts to combat illegal, unreported and unregulated (IUU) fishing while strengthening sustainable management of its marine resources.
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, made this known in Abuja during a meeting with the European Union Ambassador to Nigeria, Mr Gautier Mignot, where both sides reaffirmed their commitment to deepening cooperation on maritime security and sustainable ocean governance.
Welcoming the EU Ambassador, Mr Oyetola commended the group for its longstanding partnership with Nigeria, particularly its support for maritime stability in the Gulf of Guinea, a region critical to global shipping and regional economic development.
He noted that the West Africa Sustainable Ocean Programme (WASOP) presents a timely opportunity to strengthen coordinated action against illegal fishing, improve ocean governance, and promote sustainable exploitation of marine resources across West Africa.
He said Nigeria is keen to fully engage with the programme to attract technical and financial support that will enhance enforcement capacity and boost the country’s blue economy ambitions.
The Minister stressed that illegal fishing remains a major threat to the marine ecosystem and coastal livelihoods, warning that IUU fishing continues to deplete fish stocks, undermine food security, and erode the economic well-being of coastal communities.
He said: “Illegal, unreported, and unregulated (IUU) fishing is a direct threat to national security, food sovereignty, and the survival of our coastal communities. We cannot afford to stand by and watch our marine ecosystems be depleted and economic livelihoods eroded.
“We are calling for an era of stronger international collaboration, backed by aggressive monitoring and uncompromised enforcement systems, to permanently dismantle these illicit operations and safeguard our waters.”
Mr Oyetola also highlighted ongoing reforms in Nigeria’s maritime sector under the National Policy on Marine and Blue Economy, which prioritises innovation, private sector investment, and sustainable development of ocean resources.
He referenced key milestones in the sector, including improvements in port operations and logistics, as well as enhanced maritime security.
He further noted that Nigeria is strengthening initiatives aimed at expanding its maritime infrastructure and improving competitiveness in global trade.
The Minister also reiterated the need for broader cooperation beyond piracy control, urging development partners to support Nigeria in addressing environmental crimes, human trafficking, and illegal fishing in a more integrated and coordinated manner.
He sought increased technical assistance from the European Union, particularly in surveillance systems, fisheries monitoring, and enforcement capacity to strengthen Nigeria’s ability to curb IUU fishing across the Gulf of Guinea.
On his part, Mr Mignot reaffirmed the European Union’s commitment to strengthening maritime cooperation with Nigeria and supporting regional efforts to ensure safer and more sustainable oceans.
He highlighted the West Africa Sustainable Ocean Programme (WASOP), a major EU-funded initiative designed to promote integrated ocean governance, sustainable fisheries management, and protection of coastal and marine ecosystems across West African countries.
According to him, the programme will support improved coordination among coastal states, strengthen enforcement mechanisms, and promote a more inclusive and sustainable blue economy in the region.
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