4 Principles In Business Nigerian Politics Cannot Hold

                            

Looking to delve into a new business and don’t know how to go about it? Not to worry, we will be discussing some of the rudiments required in every business leaving out the peripherals like Nigerian politics.

Starting a new business is not an easy task. The amount of time spent planning is so exhaustive that one can easily give up before even starting the process.

Failed businesses are so easy to find these days than successful ones in Nigeria. As the environment of business keep changing the core elements of business stays the same. For one hoping to find a niche in any business, one of the most important elements to consider is the cash flow into the business. A business without cash flow is like a stream without water. But before we go into more detail about that, let us take a look at the core elements of every successful business.

Feasibility Study

Before going into any business please do your feasibility study, it is important to do your SWOT analysis before venturing into one, to avoid providing low-quality goods and services or going out of business in a not projected time. Do not go into any business because everybody is doing it. It is important to follow trends but it is more important to maintain a name with quality goods and services. If you cannot do it don’t go into it hoping to hit a gold mine or trying to find a light at the end of the tunnel. It is better to improve yourself before thinking about going into it.

Market Research

One of the sales pitches of a not too long ago adage says "know your market and know your customer” No matter the quality of the product if it does not have a market it will fail woefully. The reason Facebook is big today is that there was a market in social media and it clung on to it. Conduct research if possible to be clear on what the locality where you are to run your business feel about your product and if it is something they can patronize from time to time. Find out if starting as a new brand will be good for such a business or if you might as well partner with a franchise. There is a reason why most IT firms are in Silicon Valley.

Capital and Cash Flow

We all know how important this element is, without these we cannot move forward. For someone venturing into a new business, it is pertinent that they have this aspect well covered. They will have to determine what funding sources would be best for the type of business it is hoping to run and what is the backup plan if a particular source is coming up short. For the smooth running of the business, a working capital should also be made available at all times to avoid unforeseen circumstances and whenever there is a shortage. Before venturing into any business you must do a capital budgeting analysis in a realistic manner so you can know the amount of cash flow you are to expect.

Customer service

 The ability to treat your customers as kings and Queens only goes a long way to enhance sales. Recently a Harvard study proposed that “a happy customer increases revenue by 37%.”  If you want to start your business and grow it, you need customer’s feedback to be able to access the direction your business is taking, if you are actually adding value to your customer’s life through your service.