06/02/2020
SOME CRITICAL FACTOR THAT CAN HELP YOU POSITION YOUR BUSINESS.
1.MARKET: A lot of people are ignorant of Market dynamics and this is a major reason why a lot of businesses fail. It is important you understand your target market and have good industry knowledge and also know what you can do better than your competitors. And then carve a niche for your business.
2. INFRASTRUCTURE: one of the reasons why most businesses in Africa don't experience growth is as a result of inadequate infrastructures or unavailability of infrastructures.
3. SUPPORT SERVICES: Most small businesses fail because they don't leverage of professionals and mentors who can support them to grow.
4. FUNDING: This is one critical factor that makes inhibits the growth of so many businesses, especially SMEs. For some businesses, it is lack of funding that stalls their growth, for some others, it is poor management of their funds that also makes them fail. You must have good record keeping and also be a person of integrity for you to be able to access funds for your business.
5. INFORMATION: Information is key for your business to grow. Information makes you know the WHAT? WHERE? HOW? WHEN? And WHY? if you must grow your business, you must develop a hunger for knowledge.
6. TECHNOLOGY: Take advantage of technology. Advertise your business, products, services, etc on Social Media. You don't need to travel a long distance when you can send and receive EMAILs.
7. TIME: Time is a very essential resource that you must maximize to get the best out of your business. Don't waste time, rather invest time.
8: PEST ANALYSIS: you must have a good understanding of your POLITICAL, ECONOMIC, SOCIAL And TECHNOLOGICAL environment. especially when you live in a developing country where government policies change at short notice.
9. DEVELOP RELATIONSHIPS: a lot of businesses fail because they only go to their customers when they need their money.... it is very wrong.... you must build relationships and reach out to your customer's hearts, that is the best way to get them to open their hands for you. Stay in touch with your customers and prospects always.
10. Continue to demonstrate your expertise and knowledge in your field to your prospects.