Results for Business

Modern Entrepreneurial Advice to all by Aliko Dangote, the African richest man

April 15, 2019


Alike Dangote

Africa’s richest man, Aliko Dangote, had declared that he had no personal house outside Nigeria.

The business magnate said this at the 2019 Mo Ibrahim Forum.

Dangote hinted that he avoids luxury things “because they distract and take time”.

Dangote said: “I don’t have any holiday home anywhere. I don’t have a house anywhere in abroad but I know people who are working for me have houses in London.”

“But you see", he continued, "a lot of people, even the younger ones need to be very careful because one of the biggest issues with us as Africans is that we spend our projected incomes."
“Once you start doing business [and] it starts doing well, but rather than for you to invest more in the business, you start spending thinking that profit will continue to come forever."

“There are ups and downs in business so you need to be very focused.”

Asked of his opinion on areas young entrepreneurs should invest in, Dangote replied: “The sectors to focus on now are ICT and agriculture. These are the 2 promising sectors.”

Even in the just concluded 2019 Tony Elumelu Foundation program, the sectors that had the majority of selected entrepreneurs were Agriculture and ICT, followed by Education/Training and others. This was because of the fact that the sectors looked more promising and profitable in this era. This is shown in the graph below:


Extracted graph from the Foundation page 

If you have any idea of entrepreneurship and business that is viable and that looks profitable, do drop your comments in the comment box below.
Modern Entrepreneurial Advice to all by Aliko Dangote, the African richest man Modern Entrepreneurial Advice to all by Aliko Dangote, the African richest man Reviewed by worldforummedia on April 15, 2019 Rating: 5

8 Important Sales Skills That Are Essential For Business

December 11, 2018
Understanding how to make a good sale is very much important. The most basic is knowing how to productively, effectively, and efficiently communicate. Without doubt,  communication skills are critical to everyone. After all, we are all marketing something.



Below are  8 basic sales skills that are believed to be contributory and relevant to growing one’s business.

Asking relevant questions

To become a successful marketer, it’s essential to discover customers, asking the right question will surely help in knowing exactly what your buyer needs. The more you understand what they are looking for, the better you will know if your product is the best for them and the easier it will be for them to make an appropriate and suitable choice. If you fail to ask the required questions, you won’t be able to know your buyer needs, and you may find it difficult to help them satisfactorily.

Listening attentively 

You have asked reasonable and relevant questions, Nice! The next thing is to pay attention to the answers. Always remember the ratio of two ears to one mouth. Talk less and listen more, this is essential so that you can digest what is being said by opening your mind and perhaps realizing new methods in which you can make a beneficial connection. This will surely help in becoming a successful marketer.

Developing a connection

In doing business, everyone is interested in connecting with reasonable and serious people. In other to develop a connection, you need to pay keen attention to some small stuff, such as: sending them birthday messages, and some other related stuff you may come up with. Just put their interests in mind and make use of it, this will go a long way in building an everlasting relationship and connection

Concise communications


Average buyers are busy with many other things; the best sales skill is to be brief in every communication. What buyers value most is how information is presented, they value it more than the information you present. Today, the preferred form of presentation is conciseness. The point is that, try not to communicate more than two or three significant points in one-time dialogue with a customer.

Telling an exciting story

Telling a memorable story, whether yours or someone else’s, helps make your sales page a pleasurable and memorable one. Successful marketers understand this and weave the goods or services they are marketing into an interesting longer story that has an end with the customer receiving what they want. Stories that provoke an expressive response of any kind have the tendency of staying with people. In order for a buyer to accept what you sell, they have to stay with you.

Establishing trust with the buyer

Everyone likes dealing with people they can trust, so try to build trust between you and your clients. Good marketer view his or her ability in establishing trust with every buyer as a principal sales skill. Dealing with the buyer goes a long way in this sense, and the primary point is to understand what the buyer needs.

Time Management

Professionals marketers are able to make the most of their time, with more dials and more connects than other markets. The key to being highly productive is to understand time management skills. It’s also advisable to train each sales representative in order to sort through leads to fish out the most promising ones and waste no time on a deal that isn’t going anywhere. You can make use of analytics to classify the industry, business size, and other features of ideal leads, and share the information with your team. It’s essential to make use of the most of the hours in the day to bring in more deals per rep.

Providing solutions

Every business must provide a solution to a particular problem. Nothing is established for the sake of business or the owner but for the sake of providing lasting solutions to problems and needs of the customers. A bank is established to provide the solution of keeping money for people. A school is established to cure the ignorance of the 21st century.., Many such examples go in such way 

Therefore, let your business provide a solution to a problem in particular community. Don't let profiteering swerve your business from providing the relevant services as most businesses now do. 

With my best wishes to see you succeed at the highest level.

Let me know if you have questions or comments by leaving them below. I would be glad to hear from you.

8 Important Sales Skills That Are Essential For Business 8 Important Sales Skills That Are Essential For Business Reviewed by worldforummedia on December 11, 2018 Rating: 5

How To Start Your E-Commerce (On-line Business)

February 28, 2018
More and more are catching the fever. Dream of a mansion in the hills, early retirements or just being able to supplement their regular income. Everybody wants to sell on the internet. Every economic indicator, independent report and government statics points the fact the Ecommerce is getting bigger and bigger everyday.

This is a good thing for me and you. The huge in Ecommerce are in part the result of small, home-based internet business carving our own chunk of the multi-million Ecommerce pie. Ecommerce Is riding a wave that won’t break. It’s getting bigger. There is money to be made, and plenty to go around
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Ecommerce is a very profitable online business like I said earlier, the business is rising and the chain can never break. If you have the intension of investing into this business I will advise you deviate from anything that will distract you from reading and understanding every part of this article. What is to be shared with you in this article is stated below

Choose Your Ecommerce niche:


Choosing your niche is the most important step in opening your online business. Start this process by identifying successful companies already working in this space. Make sure that the area is competitive – an absence of competition usually indicates that there’s no market, either. Don’t pick an overly crowded niche, however, and skip anything dominated by major brands.

 If you’re having trouble with this, drill down further on what you want to do – the more specific you are, the less competition you are likely to face. Niche-ing down also gives you the benefit of having a lot of “shoulder” niches, related to what you do, but not identical. You can work together with business owners in those niches to cross-promote, become (or acquire) an affiliate, and grow your customer base.

Finding A Product:


If you’re totally new to the world of ecommerce you might be wondering just what on earth you should even try to sell in your store. In fact, getting stuck on this is a big reason why people never take the plunge in starting their own ecommerce businesses. Indeed, choosing what to sell in your ecommerce store isn’t as simple as buying a bulk supply of products you like, posting them on your website, and watch your inventory clear out. In actuality, you have to be strategic in identifying a set of products or product niche that are currently trendy and not so easy to find in stores or on popular ecommerce websites like Amazon. That’s why going the generic route and opting to sell books or jewelry will likely lead to a dead end. There are already of major players out there meeting those demands. Instead, you’ll want to go with more specific items that appeal to a particular audience.

We suggest starting by making a list of potential products you might like to sell in your store. Think about things that you or your friends, coworkers, and family would be interested in. Yet, don’t limit yourself to these. Also explore social sharing sites like Pinterest, Etsy, or even Instagram for more input on what to sell. There really is inspiration everywhere once you start looking, and you can always verify whether your product ideas are any good by searching them on Google trends.


Build Your Ecommerce Website


you need to register your domain name and any redirect URLs that might be relevant. You’re going to need the design info you settled on in the last step now, when you finally build your store. Whatever design you chose needs to be compatible with your ecommerce software, too.

There are literally hundreds of ecommerce shopping cart platforms. Choosing the right ecommerce software is not easy. You need to carefully evaluate things like loading speed, features, compatibility with different payment gateways, compatibility with your business structure, your web developer skills, SEO-friendly features, and more. I’m putting together reviews and comparisons to help you pick the right one.


Attracting Customers To Your Ecommerce Store:


When you chose your cart, I told you to think about SEO-friendly features. They are NOT all the same. The keyword-stuffing days of the early 2000s are long gone, but SEO is alive and well. You need to keep keywords and search terms in mind on each page of your site, in your URLS, and in your ad campaigns. You also need to think about driving traffic to your site. The best ecommerce sites invest heavily in online marketing. If you don’t have the funds, you better have the elbow grease. Subscribe to marketing newsletters or listen to digital marketing podcasts to keep a pulse on the digital marketing industry and get your fill of marketing tips.

Will you use sponsored content, social media, pay-per-click ads, or a combination of strategies? How will you monitor what campaigns are driving traffic to your store? If marketing your site seems overwhelming, will you hire help? I guess
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READ: The secrets of billionaires


Marketing Your Product Online:


Your site isn’t the only thing you need to drive traffic to. The product(s) you choose also need to be included in your marketing budget. Your mission is to sell products, not drive traffic. To sell products, you have to think beyond your site and look for expansion areas.

Providing consumers with coupons and content via email helps to keep your brand on their mind, boost sales, and establish credibility. Keep your emails interesting – ask for your customers’ input often, including reviews. Respond quickly to customer service and product quality issues, and work on building relationships. No sales interaction is about the first sale; focus on the next one always.


On your site, look at how and where traffic flows. Are you losing would-be customers in the same place? If you’re driving traffic to your store but nothing is selling, fix the leaks in your sales funnel by carefully optimizing each page and taking a close look at your product listings. Use analytics to help with this task. There are tools that can help you monitor and optimize every step of the sales process. Make use of them.

READY TO START YOUR ONLINE BUSINES?


Your success is important to us. If you take the time to read through the resources above, you’ll save hundreds of hours of work and you’ll know where you’re more likely to get your money’s worth in ecommerce.


READ: 21 ways to boost your business bank account
How To Start Your E-Commerce (On-line Business) How To Start Your E-Commerce (On-line Business) Reviewed by worldforummedia on February 28, 2018 Rating: 5

Twenty one ways to boost your business bank account

November 21, 2017


When cash is tight and bills need to be paid, your first instinct may be to try to get a small business loan of some kind—any kind.
But depending on the type of small business financing you’re seeking, you may need strong personal or business credit scores, or sufficient revenues or cash flow. Without them a loan may be out of reach, according to www.forbes.com.

What else can you do? Here are some alternative strategies for improving cash flow quickly and getting more money into your bank account.
Getting paid quickly means you can get money in your account faster—and in turn pay your bills on time. Here are some ways to do that:

1) Collect outstanding invoices
If you’ve been too busy running your business (or drumming up business), you may have any number of clients that owe you money. Set aside some time to dial for naira. If clients are significantly late and won’t commit to a schedule to catch up, you may want to check their business credit reports to see whether they appear to be having financial problems. If there are red flags, you may also need to contact a collection agency or attorney with collections experience.

2) Factor invoices:
Sometimes clients have great credit, but they simply pay slowly; usually because they can. If you do business with reputable clients that take months to pay, you may want to consider factoring some of those invoices. The factoring firm will pay you part of the money you’re owed right away, and you’ll get the rest (minus their fee) when the invoice is paid. In most cases, your client’s business credit history is more important than yours, since they are the ones that will have to make good on the money they owe.

3) Get to the bank instantly:
If you find yourself sitting on cheques because you haven’t had time to get to the bank to deposit them, ask your financial institution about remote deposit. Another option: Request electronic or online payment of invoices so the payment will be directly deposited into your business bank account.

Related: The secrets of a Billionaire

4) Ask for a bigger deposit: 
If you provide goods or services before your clients pay for them, consider asking for larger upfront deposits. As an added precaution, check your client’s business credit to make sure they are a good credit risk before you offer them longer to pay. 

5) Tap your business credit card: 
While paying your credit card bill in full is a great way to avoid interest, there are times when you may need to carry a balance. Credit cards can be a flexible, fast way to borrow in a pinch. Just make sure you factor in the cost of interest, and try to use this strategy only when the cash crunch isn’t likely to drag on too long.

6) Get terms with vendors/suppliers
The companies you buy your supplies from may be willing to extend terms of 30, 60, 90 days, or even longer. This gives you additional time to pay, and it may be interest-free. (Many times companies will check your business credit before agreeing to extend terms.)

7) Refinance debt:
Do you currently have outstanding debt? Can you negotiate more favourable terms? Perhaps use a zero per cent balance transfer to consolidate credit card debt. Lower payments can give you some breathing room, but be careful you don’t dig the hole deeper with a more expensive longer-term loan.

8) Pay strategically
Consider setting up automatic payment on important bills so the bills get paid when they are due, but not too far in advance. Keep cash in your pocket as long as possible.

9) Crowd-fund a new project:
If you are trying to launch something new, consider crowd-funding as a way to raise additional funds. You don’t need good credit for most types of crowd-funding, but you do need to be able to tell a compelling story.

10) Renegotiate your lease:
If you are leasing office space that’s simply too expensive, look into renegotiating the lease or subleasing all or some of your space. Depending on the needs of your business, perhaps you can even look into letting some members of your staff work remotely or move into a co-working space temporarily until things improve.

11) Leaseback equipment:
If your business owns valuable equipment free and clear, you may be able to lease it back. This provides you with cash upfront, though you’ll have a lease payment.

12) Deliver faster: '
If you get paid on delivery, then perhaps you can find a way to deliver faster. For non-physical products (like services) you may need to build better systems. If you are shipping physical products, a logistics expert—or even your shipper—may be able to offer help for speeding up delivery without significantly increasing costs.

13) Hold a sales contest:
Can you offer a special incentive to your sales staff to bring in sales quickly? (Again, with an eye to margins and how those sales may impact your organisation overall.) Maybe other members of your staff who aren’t directly in sales have good ideas too. Consider a company-wide sales sprint with rewards for those who participate if they meet their target.

14) Offer a referral bonus:
Enlist your customers to help you sell your product or service by offering a limited-time referral bonus of some kind if they send new business your way. It could be as simple as a refer-a-friend coupon or as elaborate as a special appreciation event for those who participate.

15) Raise prices:
Sometimes a cash-flow crunch is a sign you are not charging enough. Though raising prices may feel uncomfortable, sometimes it’s the best way to get on financial solid footing. Consider offering your current customers or clients the chance to “stock up” at current prices—another way to bring in some extra cash.

16) Bundle your product or service
Up-sell to a more expensive price point by bundling products or services into an irresistible deal. If your customers like what you offer, they may be more than happy to spend more, as long as your value proposition is strong.

17) Do an expense audit:
Review your spending carefully, and if you’re not seeing any areas where you can cut back, consider asking an objective third party to take a look.

18) Tighten the belt temporarily
You don’t want to scare your staff by suddenly cutting out all travel or company-sponsored meals, for example. But at the same time, they would no doubt prefer to keep their jobs and get a paycheque. Be transparent about the situation and ask them for advice on ways you can tighten the belt for a bit. You can even run a contest for the best ideas and acknowledge staff contributions. Sometimes you just need to bring in money as quickly as possible, and that may mean getting creative in your sales strategy.
19) Offer a discount:
If your margins won’t suffer too much, consider offering customers a discount if they pay quickly (or even upfront). You can extend that offer to current customers, new clients, or both.

20) Hold a sale
A sale may allow you to move more products quickly. Again, be careful though—you don’t want to lose money on each sale or get your customers in the habit of thinking that they should always expect a discount, unless that is your normal strategy.

21) Sell old, excess equipment or inventory:
Sometimes you need to hold the business equivalent of a garage sale; get rid of old inventory or equipment you don’t need any more. With this strategy you may not be profitable, but it may be the best way to drum up cash while you offload something that wasn’t going to bring you top dollar in the first place.

Related: Expenses reduction as a start-up
Do you really know where your money is going? If you’ve been under pressure lately, you may not realise there are holes in your budget that are leaking money.

Twenty one ways to boost your business bank account Twenty one ways to boost your business bank account Reviewed by worldforummedia on November 21, 2017 Rating: 5

Guiding New Businesses through the Pitfalls in the Business World

October 17, 2017

The menace of Growth hacking for new startups is oftentimes a difficult reality to new entrepreneurs. The joy of birthing the enterprise of their dreams most times die off when the stark realities of the tough dog-eat-dog business world stares them in the eyes. The National Bureau of Statistics states that in Nigeria, 3 out of 5 new small and medium enterprises die in the first three years of existence. That said, the few surviving ones may also be facing a hard time scaling through the growth challenge as well.
Advanced city

It is pertinent to examine some few growth strategies for new startups to guide them through the pitfalls in the business world. In the business world, you don’t loiter, or park or procrastinate– You must keep moving! More reason why stagnation in business is tantamount to gradual death. Even big corporations like cocacola harbour this fear, hence they don’t stop advertising, they strive to make people aware of their products.


Define your services

Whether your enterprise is an online news/sales firm or a physical business to business entity (like a supply chain), definition of what makes you strong is key. Startups must think about and understand the right growth strategy for their company. The most effective growth strategy for your startup will depend on the market in which you operate and the stage of your business.

Know your competitors

There is no island of ideas in the corporate world. You must keep learning! Be it from your team members or from your cut-throat competitors. There must be something they are doing right to get a larger market share that you are not doing. Be open to siphoning their ideas, even if this mean corporate espionage. The reality is: the end justifies the means.

Build your team

Your business model determines the level and amount of hires you can shoulder as a startup. In a bid to build the best team, many startups load their ‘ship’ with too many captains. Everyone independent of the other’s idea and instructions. This is why it is very important you hire people who are innovative, intelligent and understand the business vision and mission to work for you. A person who is willing to do anything necessary for the business to grow is the right person for your team. You can’t do it alone. “The myth of the entrepreneur who goes into a garage and pops out two years later with a $1 billion company is just that: a myth. You need a community.” – Matthew Porter, Co-founder, Contegix

RELATED: The secrets of Billionaires

Leverage on your selling point

The fact that all businesses make use of social media nowadays, does not mean yours too is dependent on it. It is a good thing, notwithstanding, but knowing what works for you best is the thing. StemSignatures, a startup make up artistry firm in Lagos, does not need to concern herself with email newsletters to prospects abroad, when she can conveniently channel all her social marketing energies into Instagram and Facebook, and save a lot of stress and man hours. You will need to consider expanding your tracking of analytics, as well as your contact management, email and customer-service capacity, to know which works best for your services.

Push the brand

In the business world, if you don’t blow your trumpet, others will collect it and break it before your eyes. At every instance, in every gathering, strive to push out your outfit and tell people about it. Identify with your brand. Create a catchy phrase, a fancy logo or a unique way of doing things differently. Effectively use of social media for Brand recognition has now become critically vital to small business growth.

RELATED: Expenses reduction as a start-up


Diversification

The sad truth is, not all plans work out in business, and be ready to experience failed plans as you run your startup. Be ready for that. Try out something new. Be adaptable to anything that comes up in the running of your startup. By allowing yourself to adapt and change quickly, you’re able to test different approaches to business and find out what works best. Divert the fear of failing to reach your goal into something positive. As Sir Richard Branson, Founder, Virgin, puts it – “A touch of the jitters sharpens the mind, gets the adrenaline flowing and helps you focus. It is important not to fear, but to harness it—use it as fuel to take your business to the next level. After all, fear is energy.”

Our list may not be exhaustive, as your growth strategy is that defined by your own self, maybe due to the peculiarity of your business enterprise. But one common denominator all businesses have is – to make profit. One cannot be too extra-ordinarily careful, especially in a fast paced business world. Experiment with something new, figure it out and stay dedicated to what works for your business
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Guiding New Businesses through the Pitfalls in the Business World Guiding New Businesses through the Pitfalls in the Business World Reviewed by worldforummedia on October 17, 2017 Rating: 5

Expenses Reduction as a Start-up

October 17, 2017




Reducing expenses is as crucial to businesses just as oxygen is to man. Exorbitantly high cost of doing business is the surest way of killing the enterprise, even though it may be making some measure of profit.

While we may not be talking about profit making here. We however, will be considering a number of ways through which a startup entrepreneur may reduce the cost of doing business and waddle through the muddy terrains of entrepreneurship
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Stay Virtual

The excitement of making some profit off your first sales or getting massive referrals and recommendations may be so overwhelming that you actually don’t get to sit and decide if your startup is ripe enough for an office space. The image and ambience of a formal office may be enticing too but is adding any kobo to the revenue? Not to forget that renting or leasing an office space doesn’t come cheap and may pay a huge hole in the purse of a young entrepreneur. Nobody is saying that getting an office space isn’t a wonderful idea, but the big question is: is the cost equal to the expected revenue? If the office space and location go to the very root of the business, then why not give it a try? For a startup, it is more advisable to share an office space with another startup or other business, so as to save more money which can be further used to employ more hand for better productivity.

The new trend is for startups to remain virtual and hover around the cyberspace until they are financially strong enough to own an office space. Irrespective of what aspect of entrepreneurship one may be into. A number of businesses even remain online and still carry on business, thereby saving costs on office space, electric bills and even taxes
.

RELATED: The secrets of Billionaires

 Wholesale purchase

Another way a startup entrepreneur incurs costs is by buying things needed for the enterprise in little quantities. The idea is to reduce spending, but in the long run it does the opposite, as more monies are expended for less. Take for example; office stationeries, the more the cheaper. Same thing applies for almost all things needed for running the business. It even affords you the right to ask for a discount from the seller. That way, you reduce cost of transport and also it covers for an unforeseen inflation, should the price increase later.

Buying in bulk makes you a significant customer or client to your suppliers. The merits are numerous, as you may ask for supplies and pay later or that you may ask for up to three different quotations from different suppliers so as to get the real market price and thus avoid overspending.


Automation of your Processes


There are a number of specialized services that a new entrepreneur will be needing in his business as soon as the enterprise moves up the growth chart. For example, you’ll need the services of an accountant or a personal assistant. This comes at considerable cost to the purse of the entrepreneur. There are a number of software or apps that can effectively do the job(s) required and would only need an administrator, (which may be the entrepreneur himself). Also, only employ for your weakness, for things you can’t do yourself. If you can handle an extra position, do it. Chances are, you’ll do it with more passion that an employee
.

RELATED: 21 ways to boost your business bank account


 Cheap hiring

Getting the right and qualified workers for startup could be of immense benefit to the enterprise but may be drilling a hole in the pockets of the enterprise, if they are yet to get a financial breakthrough. You may want to get the free services of friends and family on specific tasks or even employ freelance or casual workers who may be cheaper than the usual employee, and still provide the same service. A sure way of getting cheap labour in Nigeria is to employ the services of interns or Youth Corpers of the NYSC. With a little stipend or salary, you are sure of getting an almost equal service as a full time employee would give. A startup should not be burdened down with crazy overhead costs as salaries.

 Costs Priority and Review


There are some high level of expenditure , yet very necessary. The young entrepreneur, interested in reducing cost, must find a way to set aside the things that are not immediately or directly beneficial to the profit making of the organisation. Some expenses should be pruned down or outrightly dispensed with. For instance, expensive swivel chairs, air-conditioning systems, vacation tours, luxury personal car(s) etc. Pay attention to little details. Little things matter in finances.

You may want to also review all telephone, internet and other subscriptions. Discover how they add to the business and pay accordingly. You may consider delaying payments also for supplies that are not immediately needed for the enterprise.


The good thing about cutting expenses is that it puts you in a better position to assess the progress or otherwise of your enterprise. The more you spend on important things, the more you get eager to make the money back
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Expenses Reduction as a Start-up Expenses Reduction as a Start-up Reviewed by worldforummedia on October 17, 2017 Rating: 5

How to manage efficiently a start-up business expansion

September 30, 2017




lt is commonly known that the larger a company gets the slower it becomes. Common decision making takes a longer process to actualise. The upward scale of an enterprise signifies a certain level of achievement for the founder(s), but not everybody can manage these exposures. Some enterprenuers are best suited for their small cubicle businesses without overstretching their qualities.

Naturally, every startup enterprise is designed for growth, but when it comes many find it unable to cope with or manage. Expansion for a startup is multidimensional. It could mean an increase in sales or demand for products and services, increase in clienteles or even scaling - which is an upward review of organizational and managerial changes.
 

Here are some of the facets of business that witnesses changes due to expansion:

Team Members

The good thing about expansions in business is that it takes more duties off the entrepreneur. As the business begins to expand into specialised departments, more and more hands are required to man several duties. The leader will have to start entrusting some things into the hands of some new faces.

On the flip side, the leader gets the opportunity to interview more qualified candidates into new openings, unlike what obtained before.

 As the company expands, you spend more time trying to coordinate the activities of the expanding members than actually doing the service your organization sets out to do. Managing interpersonal problems is also a challenge that comes with expansions and growth in business, and the startup leader must be prepared for such eventuality.
A business enterprise looking forward to scale, needs to find experienced senior executives to guide the business forward, particularly when product-market is found and the startup is ready for serious growth.

RELATED: Expenses reduction as a start-up


Clients/Customers

Production is never complete until the goods get to the final consumer(s). Expansion in business means the traditional ways of delivering services to the earlier clients and customers would begin to experience the dynamics of business. There would be need to reach out to a larger people in a faster and simpler way.


It is pertinent at this stage to always keep the feedback line open and never ignore the suggestions and opinions of your customers. In them lie the keys to the management of your enterprise' new status. Exerienced entrepreneurs define clear key performance indicators (KPIs) for each department and sometimes each employee at the company so they always have a view on what is working and what should be improved upon, with a view to how it affects service delivery to the end clients/customers.

Office Space/ Equipment

The most physical change noticeable with an upward growth in an enterprise is the need to acquire more space for office duties or equipment. Most startup firms can conveniently remain virtual and work from anywhere where there's internet access, but as soon as the investment goes upward, there's always the next level step. Linda Ikeji had this challenge too when she had to get more hands to help out with her blogging and acquire more office space for the new recruits. It went behind what she can handle alone!


As sales begin to pour in and demands for products and service are becoming overwhelming, more and more equipment would be needed to cater to that need. When the founders of Printivo found it hard to match demands with the little equipment and space they had, it was time they moved to where the demands came from! Timing is key here, as many entrepreneurs mistake the first boom in sales as the pointer to expansion of business and purchase of more equipment, thereby further putting a strain of the company's purse. There should be careful analysis of what necessitated the growth and how sustainable it is to warrant an expansion. Leadership here is key!

RELATED: 21 ways to boost your business bank account

Legal

When a Venture Capitalist invested $1.2 million into the startup firm of Toilet.com.ng it became apparent that they would be needing a new way of doing business, and to be better protected, they need a legal department or a good law firm to help iron out the grey areas of the establishment.

According to Section 572 of the Companies and Allied Matters Act, Where a person carries on business as a Sole Proprietor in his natural name, the law does not require such a person to register , but where the person carries on business under a pseudonym, he is by the provision of the law required to register such.

Also, in the event of an expansion as a result of growth, necessitating mergers, acquisitions or partnerships like jobberman, closer attention to details is required by the startup entrepreneur so as to avoid the kind of legal pitfall that befell Yarnable in its quest for mergers and took if off the Nigerian cyberspace.

In conclusion, when the firm is moving up the organizational chart is the right moment to seek out a mentor, who has been through that stage of the business. Pride and ego is the only challenge here as most young entrepreneurs ignore this step and come crashing soon after.


LESSON TO LEARN: 'no matter how extraordinarily smart you think you are, or how brilliant, disruptive or plain off-the-wall your new idea might be, every start-up team needs at least one good mentor.” - Richard Branson
How to manage efficiently a start-up business expansion How to manage efficiently a start-up business expansion Reviewed by worldforummedia on September 30, 2017 Rating: 5

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