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Factors Affecting Your Business Success
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Factors Affecting Your Business Success 

There are some critical areas to watch for in getting your business to succeed (or fail). You need to be very clear about these areas so you can get results on your business.

I don’t have a multi-million Naira business, but I do love to share what I learn along my journey as an entrepreneur. I learn lessons from both my experience and other people’s businesses, so I can make the adjustments soon enough.
Here are some of the areas I believe you need to focus on:
1. Confirm the purpose of your business – Business is not for earning profit, as many might believe. A long time ago, I learnt from a mentor that the real purpose of a business is to ‘create and keep a customer’. You therefore need to ensure a lot of your efforts are focused on creating and keeping customers.
2. Are Your Customers Satisfied? – This is so key for me. I love customer satisfaction. You have to learn to satisfy your customers so much so that they’d always prefer to buy from you repeatedly, or at the very least, refer you. This leads to increased growth for your business, and better profits.
3. What VALUE are you adding? – It’s not your product you’re selling, it’s what your product can do for the customer. Every business must be adding value in some way. Stay innovative each day in your strategies for adding value to customers.
4. Have a customer-centric focus – Without customers, you have no business. Focus on them. Customers can be all kinds of things, but you have to ensure you keep finding ways to retain them.
5. What is your contribution to the scheme of things? – Life rewards us in direct proportion to the value of our contribution to others. People perceive you as more valuable when they see your contribution to life, work, or society.
6. Are you continuously improving? – The world is changing, and very fast too. Competition is aggressive. You can’t stick to a singular way of doing things. Constantly make improvements on how you do things and serve customers. The common saying in business goes, “Innovate or die!”
7. Make sure you’re always selling – A large reason for business failure is down to low sales. On the flip side, a major reason for business success is high sales. Keep selling, whatever you do!
8. Make sure you always have CASH FLOW – It’s a popular saying in business that “Cash flow is king”‎. It’s the life-blood of your business. A business can die abruptly without cash flow, even when everything else seems to be working fine. Use effective strategies to ensure cash flow within your business.
9. Is your business growing? – Do you have a growth plan? Where do you want your business to be in 3 years or 5 years or 10 years from now? Make sure you’re able to measure your growth each year. No successful business grows by accident. And I’m not talking about ‘expansion’ like new office buildings, etc. I’m talking PROFITS. It’s your profits that should grow each year – by 10, 20, 30, 50 or even 100 percent annually.
Create and monitor your growth plan for your business. Find ways to attract new customers. Create strategies to retain old customers.
You have to be deliberate about the growth of your business, otherwise you will automatically stagnate…as I realised with one or two of my businesses and started making amendments.
Map out your growth plan today – for customers, sales, revenue, and profits. You won’t regret it.
I hope this helps someone’s journey. I wish you every success in your business.

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