10+ Top tips on how to run a successful business


October 22, 2017 Facebook Twitter LinkedIn Google+ Business,Business Ideas,How to,Nigeria


How to run a successful business in Nigeria, Keys to a successful business, successful business tips

Call it business success or successful business, this should be the goal of every entrepreneur and business owners. Regardless of the type of business ideas, business venture or enterprise you may have, that business success is your main goal. All around the world, we have seen many businesses come and go; as a matter of fact, most of them could not stand the test of time.

Hey! wait a minute, what is it that is not allowing these business to stand the test of time? In this article, we will be looking at various tips on how to run a successful business in Nigeria and anywhere around the world.

Some great people called this – successful business strategies while some call it successful business factors; in fact, some even use the term best tips for business success. Whatever it called, the aim and objectives is to give you an insight into business success.



What you are about to learn in this article are things I have used to run a successful business in Nigeria and in the United Kingdom; In fact, it can be use by any business owner anywhere in the world. Regardless of where your business is located, they are useful guide and best tips for business succeed.

As a serial investor and entrepreneur, I have been involved in a handful of businesses. For this reason, I have come up with over 10 successful business tips that will help individuals and organization to run their business successfully.

Over the last ten years, I’ve had more than enough share of seeing many businesses spring up; some startup failed drastically after one or two years of operation while others become successful. Looking at those successful businesses, I have learn the secret to running a successful business; this I am willing to share with you today.

Related: Why businesses fail in Nigeria

Keys to running a Successful Business

With my experience in running businesses, many people have come to me on the question on – How to make your business successful. Most times, I have replied them to fully the basic principles of this article.

In fact, while all entrepreneur work hard to create a successful business, only a handful of their ideas will see the day light.

Why is this?

Quite simple, not all business ideas will be successful. Not only because they don’t know how to run and manage a business, but also for the fact that they failed to put some best practice into play. On the positive side, the successful ones go on to become great businesses.

In order to help many others not to make similar mistakes, below are 10+ good tips you need to know when it comes to running a successful business. Use the tips as a guide to make sure your business is on the right direction.

For the purpose of those that do not like reading long articles, here is the list for you.

  • Be as passionate as ever
  • Write a business plan, research and do your homework
  • Let demand be your driving force
  • How profitable is the business?
  • Protect yourself and the business
  • Sales and Marketing is essential
  • Keep you overheads as low as possible
  • Your focus should be on results
  • Re-engineer your business process
  • Be competitive and focus on adding value
  • Fund injection is key to successful business
  • Get a good mentor and network

Before going into more about the list above, here is a video on tips for running a successful business.

Your business, your life – Make it a successful one

Phew! Let us get started.

Now, let me shed more lights into the list above. This is to give us more understanding and build on the above tips. Like I said earlier on, it does not depend on your business location (Nigeria, United State, United Kingdom, or any continent) neither does it depend on the business type; they are are tried and tested tips for business success.

I am please to present to you valuable tips for growing a successful business –

1. Be as passionate as ever

In short, how passionate are your with this business? By all means, your passion for the business is the first step in accomplishing your desired result. This is the first golden rule to a successful business.

You have to be passionate about what you do because this passion is your drive; it provides you with the zeal to keep going. At the same time, it gives you the mental and physical strength needed when thing look daunting.

By the same token, passion to make your business successful makes you see things others do not see. For example, Larry Page and Sergey Brin were passionate to create an entity that will provide solutions to searches. Similarly, Mark Zuckerberg founded facebooce because of his passion and obsession for internet. According to Business insider, he created facebook for you to be able to learn about other people. Read the successful story here.

Even though I am from Nigeria, I have seen the like of Aliko Dangote (richest man in Africa) and Femi Otedola use their passion to excel in their business.

2. Write a business plan, Research and do your Homework

In reality, a good written business plan will guide you through both thick and thin. It is like mapping out your future. A well written business plan will have the essential ingredient needed for a successful business in this modern age.



Although you are passionate about your business, it it unlikely to be successful if you do not have a good plan in place. The plane will guide you and at the same time, provide you an insight into the business performance.

As mention above (in the video), you need to research; know who your competitors are; check out how many people are selling their products and services and most importantly, find out how best to present your business to prospects.

Equally important to the success of your business is the way an many in which you do your homework. What do I mean by this? All am simply saying here is, by all mean, make sure you know your market better than anybody else.

For example, Amazon did not become the biggest online store by accident, the founder of the business did their homework well. To emulate such success, every business owners should take time to know their market well.

3. Let demand be your driving force

First thing to remember in running a successful venture is to look at the business objectively. That is to say, do not allow your opinion or personal feeling influence your action. You will need to base your decisions on demand and supply.

What do I mean by this?

What I am trying to tell you here is to look inward and see that your product and services will provide solutions to some problems. By doing this, you will be fulfilling some market gaps; in other words, you will be providing products and services that is in demand by prospective users.

In order to run a successful business, there need to be a demand for your products and services. If there is no demand, there will be know sales. Likewise, high demand for the solution you are providing, there is possibility of achieving your accomplishments.

Inasmuch as you know what is in demand within your market sector and at the same time you know how to provide a solution to this, your venture is on the right path. In other words, you need to offer prospects what they are willing to buy (at the right price); not just what you want to sell.

4. How profitable is the business?

Every entrepreneur worldwide start their business to make profit. Yes, this is the main reason you are in business to. If business success is what your aim is, then, projecting and working towards your business profitability should be one of your priority.

Who can you achieve this?

Using what we know in the business world as “the top drivers of profitability”, you can work out how profitable your business venture is. Techserve Alliance, an IT & Engineering company made mentioned of what they referred to as the three drivers of profitability in one of their articles. Read more about it on their website.

As long as you can figure out how to make profit in your business, then, you will discover that the key to successful business is within your reach.

5. Protect yourself and the business

How do you protect yourself and your business? You can protect yourself with your business against business creditors; and against all forms of business dept. If you do not, some creditors can come after you if anything goes wrong.

What type of business structure do you have? Sole proprietorship or limited liability company, partnership or corporation?

The type of protection you will need depend on the type of business structure you have. For the purpose of this article, we will just not go deeply into the mentioned types of business structure.

In general, insurance is what most business owners use to protect themselves to reduce business liability. While taking out an insurance is good, the type of insurance that will cover you and your business will depend mainly on your type of business structure.

6. Sales and Marketing is essential

Successful Business, How to run a successful Business, Tips to be successful in business

To begin with, it is good to point out the role of marketing in a business. Marketing is essential to the success of a business; in fact, most aspect of a successful business depend largely on marketing. By and large, a business success rate will depend on how actively the business marketing strategy is.

Without marketing, prospects may not be aware of the products and services your business is into; in that case, you will be missing out on lot of sales. Not only will good marketing give you a good market coverage, but also showcase your brand to potential customers.

In the long run, marketing your brand properly bring about leads, converting these leads make sales. How you convert these leads into sales depend largely on the mode and manner in which your business is presented to your potential customers.

To enumerate, a good marketing strategy will cover all aspect of both online and offline marketing. These are –

Online marketing:

  • Internet Marketing
  • Email Marketing
  • Social Media Marketing
  • Affiliate Marketing and few others

while,

Offline marketing area of the business are:

  • Radio advertisement
  • TV advertisement
  • Use of billboards
  • Newspaper adverts and other forms of promotions.

Read more: Best Marketing Strategy

7. Keep you overheads as low as possible

Point always overlooked in business is overheads. While all form of business have one form of cost or the other, it is absolutely important to keep a tap on the expenses; this is key for business success, and these overhead costs play an important role for business to make profit.

In business, what do we refer to as overhead expense?

These are expenses that are not directly associated to the goods and services a business offer; but, they are expenses that are necessary to provide support to the business. In other words, overhead cost do not directly generate revenue for a business.

For example, expense such as insurance to protect your business (mentioned above), rent, repairs and few others.

Since overhead is referred to as ongoing expense of operating a business, then, you should put a check on it. By doing so, you are giving your business a chance to survive. Not only that, but also a better chance to be highly profitable.

Inasmuch as a company can keep her overheads low, the better chance it has to be highly competitive.

8. Your focus should be on results

Accordingly, businesses that are result driven are more likely to be more successful than those that are not.

One of the greatest lessons I learned as an entrepreneur is to focus on result. In business, there are different elements of the business (such as accounting, marketing, operation e.t.c) coming together to provide an output. These elements are to be at there best in order to keep the business going. Not only to keep it going, but also to make it a profitable venture.

As a business owner and a leader, all I understand is the word GO. This gives me the ability to focus more on the outcome, not the process. By focusing on what I want to achieve, I have eliminated all unnecessary doubt on the way.

For example, Google founders, Larry page and Sergey Brin are more concern about creating a platform that will house information and data; the motivation behind the establishment of google.

Similarly,

Steve Jobs was more interested in revolutionary technology so he (with Steve Wozniak) created a company whose main business is in electronics and technology – iPhone and iPad.

In both examples above, you could clearly see that the companies founders are more interested in result. By focusing on what the outcome will be, they were able to create a successful business.

9. Re-engineer your business process

Business Process Reengineering, How to run a successful business in Nigeria, How to succed in Business in Nigeria

As shown above (point 8), a successful business owner focus on achieving profitable results. In order to achieve this, you will need to constantly rethink and redesign your business processes until you attain a your desired results. In the business world, this is known as Business Process Reengineering (BPR).

In general, the beauty of Business Process Re-engineering (BPR) is that it help organizations (big or small) to rethink, redesign and most importantly, help in pinpointing where operational expenses can be cut down.

In addition, it gives organizations an insight on how to improve customer service and customer satisfaction. This is key to business success.

10. Be competitive and focus on adding value

While competitions make some organizations to be stronger, it affect others in a negative way. The truth is, competition is good and healthy for business success. Why is this? Well… let me explain this in more details below

Successful Business like competition because:

  • It bring about innovation
  • Better quality service
  • Remind you to be more focus
  • Bring about motivation
  • Help identify potential threats

As long as you recognize the importance of competition, you can use it to your advantage. By all means, I will encourage you to get yourself familiarize with the Porter’s five forces model; it gives and insight into the advantages of competition in business and at the same time, it will allow you to intensify your organization’s competitive advantage.

In real life, the only sort of organization that do not really have competitors are government agencies and government parastatals. Inasmuch as your organization or business does not fall under the government agency, you should expect stiff competition. On the positive side, always remember that competition bring about business success.

Read more: Porter’s five forces for business success.

Other tips to achieve success in business are:

11. Fund injection is key to successful business

When talking about business success, we need to mention cash injection. With my experience in business, I have seen many business die before they even get to their first year anniversary. Some may even struggle to get pass that date but die shortly after that.

Lack of cash or fund injection has contributed to the failure of many businesses. In fact, it is one of the major causes of business failure all around the world.

Fund injection does not necessarily mean you should look for investors to invest in your business neither does it mean that you should go get a loan in the bank. Sometimes, loans and investors’ fund are bad. I am not saying that they are not good; but, I used the word sometimes.

For the purpose of this article, we will not go too deeply on the advantages of loans and investors’ fund. Meanwhile, let us talk more on funding the business.

Cashflow, the lifeblood of a business

Understanding cashflow and the role it play help keep your business alive. You business is like a car; to start the car, you need fuel and at the same time, to get the car going as far as you want it to, you also need fuel. This is the role in which cash play in your business.

For example, your cashflow can be deposits paid by a customers for some work to be done.

12. Get a good mentor and network

Have you heard about this proverb? – No man is an island.

Yes it is true. For this reason, you need mentors to guide you and business owners to motivate and encourage you.

It is important to realize that every business go through highs and lows; at the same time, you got to understand that it is one of the challenges of building a successful business.

So long as this is part of we experience in business, then, how do you intent to overcome when the road is rough?

Well…. the simple solution that have worked for me is to find a mentor and also mingle with people that gives me the sort of encouragement needed when the going get tough. Your mentor is there to encourage encourage and guide you while the network you keep are to motivate you.

I will encourage anyone reading this article, in particular those of you that want business success to hangout with other business owners; this is a process know as networking in business. In other words, you must learn to network.

Conclusion

Too often, many business owners believe they know it all. In fact, there is no limit to knowledge. While you are looking to have a sustainable and successful business, there are basic tips that can guide you to attain that business success you crave for.

As shown above, it can be seen from the tips that the success of a business depend on some basics called “successful business factors“; in fact, if practice by your organization religiously, you should experience business success withing the shortest possible time.

Thank you for reading our article on “How to how to run a successful business”. Please feel free to leave us a comment below. Helping us to share this will be a form of encouragement to us. Once again, thank you and I wish you good luck in your future endeavors.

 

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