Many people go into a business thinking they will start making money immediately they opened their doors only to find out that making money in a business is much more difficult than they thought. You can avoid this in your business venture by taking your time and planning all the necessary steps you need to reach to attain success.
Having been in business for the past 30 years, Mrs Angela Ajala, National President, Business and Professional Women, and Deputy National President, African Women Entrepreneurship programme, Nigeria, explains how women can grow successful businesses.
“Nigerian women by nature are very hardworking and very entrepreneurial and so on individual basis, they are doing their best. But the government’s enabling environment will make them do better. You can imagine if infrastructure is there, women will go above what they are doing now,” Ajala said.
“A good way to do this is to create a to-do list each day – as you complete each item, check it off your list. This will ensure that you are not forgetting anything and you’re completing all the tasks that are essential to the survival of your business,” Ajala explains.
Amina Ibrahim Yusuf, the Managing Director, Dija Travels and Tours, speaks about how she has been able to grow a successful business.
Keep detailed records
Experts say keeping detailed records is another key to growing a successful business.
All successful businesses keep detailed records. By keeping detailed records, you will know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome the obstacles that can prevent you from being successful and growing your business.
Understand the risks and rewards
Another key to being successful is taking calculated risks to help your business grow. A good question to ask is “what’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards for your business.
Just because you have started a business does not mean that you are going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals and give the rest time to come together on its own.