Providing leadership is essential for progress. Entrepreneurs must embrace basic leadership and management principles. Assigning responsibilities and authority and establishing feedback process to ensure accountability and good governance
By Nwokolo Charles Ike
Running a business in a Country like Nigeria with macro-economic instability, infrastructural and security challenges can be hectic. Doing business to be profitable can be daunting and it requires engaging a number of processes in order to stay afloat. Such processes that can be undertaken to be profitable are as stated below:
Setting Objectives of the Business
Setting clearly defined objectives of the business. This involves developing plans and budget to enable achieve the set targets. How much Income or Revenue to earn or generate, how many clients to acquire in order to be profitable. Capital investments, Manpower requirements, marketing programs and activities need to be planned and reviewed as appropriate.
Automating Business Processes
This involves setting and implementing organization and financial structures. Automate your Bookkeeping and Accounting processes for real time information generation and financial reporting. It requires budget preparation and monitoring of financial activities and performance maximum result. It also requires outlining the operational needs and the process of managing production and distribution processes of the business.
Building strong Leadership Team
Providing leadership is essential for progress. Entrepreneurs must embrace basic leadership and management principles. Assigning responsibilities and authority and establishing feedback process to ensure accountability and good governance.
Introducing multiple Sources of Revenue
Identifying and highlighting source of Revenue and embrace multiple revenue stream. Adopt measures to track Revenue and ensure steady flows of Income to improve liquidity.
Sales and Marketing Programs
Set Sales target and marketing strategy. Develop a brand identity and marketing plans to reach target audience and increase Sales.
Administration Task
Operate within the Law. Know the Law and how it affects your business. Comply with all relevant regulations and Standards to avoid unnecessary risk. Knowing the Labour Law and Industry Standards and Data security can be a success factor in running a successful business.
•Nwokolo Charles is a Consultant. He helps individuals and Entrepreneurs to plan and set financial goals that fit their needs. He can be reached at cinwokolo@gmail.com, 08030599774.
