5 quick ways to move your business from struggling to profiting

Business Tips - June 14, 2022

“To be successful, you have to have your heart in your business, and your business in your heart.”

Thomas Watson

Running a business isn’t the easiest thing to do. It takes a never-giving-up attitude and a thick skin to survive the business terrain especially if your business is operational in this part of the world. 

We know what it takes to start a business and succeed at it, and this is why we would like to share some tips with the hope that you can move your business from its current struggling phase to one where you can finally hammer.

So, how do you make this transition in 5 quick ways?

1. Work on your mindset

No one said becoming the next Dangote was going to be a piece of cake. If you want to become Dangote, you’ve got to think like Dangote. 

Think big even though the picture looks blurry right now. Picture yourself in that 2-acre shopping mall from your small kiosk.

In the long run, your thoughts about your business will determine how far you will go in business.

2. Set realistic goals

It is not enough to want to become a successful business owner, you need to set realistic goals on how to become a successful business owner.

Setting a goal will give you a clear pathway on what to do and when to do it.

If you sell shoes, you can set a goal to sell 30 pairs a month. This way, it is easier for you to draw out a plan.

Don’t just sit there and imagine your business earning N10m in a week.

3. Find out why customers aren’t patronizing your business

Get to the root of the problem. Find out what is stopping your customers from patronizing your business. Is it price, a bad location, or is your competition offering your customers mouth-watering deals?

Find out why real quick.

Or maybe your business is not well marketed. Think about all the possible reasons and address them one after the other.

4. Understand your customer

If you understand your customers, it will be easy for you to know what they want. Customers may not want leather shoes in June because of the rainy season, but you would only know this if you truly know and understand your customers. 

Share a survey form, or ask customers one-on-one about their needs. Find out what their needs are and design your business to accommodate them.

5. Get business help

Your business is probably struggling because you are traveling this journey alone.

To succeed, you must get some form of business help. This help might come in the form of a business loan, resources, or even mentorship.

Whatever it is, do not walk and work alone.

Did you find this post helpful? Please share your thoughts or questions with us in the comments section below.

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