6 Proven Steps to Avoid these Pitfalls

Don’t be like Kachi, who started her provisions small business, couldn’t maintain it and collapsed after 12 months. Kachi woke up one morning in the 2nd week of the 9th month she had been in business to find out that the money she had been saving was all gone. Kachi has been saving some money inside a piggy bank popularly referred to in Nigeria as “kolo”, a wooden box that has a tiny opening. She saved everyday she made a sale. Unknowing to her, her employees have been removing money from the Kolo gradually by opening the box and nailing it back without any suspicion.

What do you think would have been Kachi’s problem?

Clearly, she had a STAFFING problem. If only she had known that staffs can make or break a business.

Staffing

You always want to have and keep “rock-stars” in your business. However, if you do not hire the right people or motivate them, you would always have a problem like Kachi on your hands. If your strength is not in recognizing skills and talents, find a recruiter to help you do so.

Finding Customers

Every small business have the challenge of finding prospective customers. If your product/service adds value to people’s life, you do not need to spend a huge amount of money on advertising in the initial stages.  A great campaign tool is “Facebook Ads”. This online tool has been created to target and re-target potential customers.

Time Management

You should create a list of goals. What do you want or need to accomplish this year, this month, this week, or today?

Also, be sure to assess yourself regularly. In what ways are you not using your time wisely? How can you better schedule your day or week to make your life easier? Ask yourself these questions and plan.

Fast Growth

Yes, you want to make profit as fast as you can. You want to have clients trooping in and out of your business. Yes, you can get there, but the dangers of rapid growth can cause lack of fulfilment of your service/product, cash flow, and poor customer service.

You find out that you are not nurturing customers as you used to because you are now POPULAR. Having a stable structure and delegation in place will help you manage your business effectively even when you start becoming successful.

Dipping Hand Inside Business Money

As tempting as it can be, avoid taking your business money for your personal wants and needs. “I will transfer it back, you say, but it never happens. Create a separate account for your business without ATM. Be stringent with your business money as this will yield more profits for you.

Ignoring Marketing

Yes, you are a people person, you sell value, you know people, but do you know there are millions of people out there who are unaware of your product/service? With the rise in technology, marketing has become so cheap, easy and accessible. As part of your laid down business structures, marketing should be a top priority.