By Kizito Okorowu
One very important element that is responsible for the success of a business is the working knowledge of its founder or owner. We’ve seen how promising businesses have died prematurely due to the knowledge gap of their founders.
Your business can completely avoid being one of many businesses that don’t get to celebrate more 10 years of relevance and impact. Dear entrepreneur, don’t let your business die a premature death.
At #TheIncubators Africa project, we’re committed to ensuring that more African businesses attain economic and social relevance not just momentarily but for a long time. This article is what every entrepreneur needs to read to grow a successful business. Read on!
When To Sell Or Buy
Every entrepreneur needs to know when to sell his business or products or when to buy an existing business or product. Dr. Strive Masiyiwa mentioned in his post that buying and selling a business concern is in fact a business in itself.
There’s no use keeping a firm grip on a business that is bleeding cash no matter how much promise it may have. Many entrepreneurs have allowed themselves to be a tad too emotional about their baby (business).
You must learn quickly the art of being objective in navigating business waters. This will help you make business decisions based on the hard-truth facts available.
Scale Your Products
Victor Asemota, a renowned African entrepreneur was clairvoyant as ever here when he spoke about how startups need to focus more on scaling their products.
What’s common in the entrepreneurial space these days is the wanton scaling of marketing and promotion with little or no attention given to scaling of products.
Your customer doesn’t buy your marketing or your ads, they buy products. If you don’t have viable products to sell, on what premise are you then advertising?
There is a tendency for entrepreneurs to fall head over heels for the glitz and glamour of entrepreneurship (that’s if there’s any at all). The entrepreneurs that will succeed well above their peers in business are those who have a laser focus for the products that they bring to the market place and how they can scale those products to deliver more value.
Beware Of Customer Complaints
Customers usually have a grouse when their expectations are not met. They believe that spending their hard earned money is like casting a vote for a political office holder. They are that serious.
They will therefore hold the entrepreneur by the collar if for some reason they are not satisfied with the service or product delivered. Many entrepreneurs who don’t know how to handle and manage such complaints end up paying dearly sometimes with their business.
Customer complaints are the perfect method of gathering information and insight into the degree of satiety a customer experiences from a product.
The good thing about customer complaint is that it’s relatively cheap and doesn’t require much hassle to curate. When a customer makes a complaint, you’re immediately directed to aspects of your business that need urgent attention.
These complaints should be acted on in good time and your personnel should be made aware of them to avoid a repeat or be in a position to handle future occurrence.
This is the most critical of the lot. When I question small business owners during consulting sessions on their growth parameters, I’m in shock as to their feedback. Many feel that growing a business and succeeding at it will occur by some miraculous happenstance. Really?
How come you measure how healthy your child is as they grow up by certain parameters like when he starts to sit or crawl or take baby steps and yet when it comes to your business you’re reluctant to measure growth.
Here are some growth parameters that you can start measuring today:
- Sales conversion rates
- Lead generation rates
- Performance and mileage of ads
- Lost sales rate.
Finally, if you don’t know how your current resources, assets and systems are faring, you CAN’T correctly identify and zero in on your priorities.
Knowing these cardinal points will certainly guarantee your success in business. We look forward to reading your thoughts in the comments.
Sourced from theincubatorsafrica.org.