KEEPING YOUR BUSINESS AFLOAT

People don’t ponder why a lot of businesses don’t endure for a long time before they fizzle into oblivion. Before now, the Nigerian Airways and the Nigerian Telecommunications agencies were ruling the aviation and telecom industries respectively in Nigeria. Nigerians never got quality services from them.

But all that have become history. Since the introduction of privatization in Nigeria, consumers now have choices. As a matter of fact, consumers are somehow dictating the pace. That is one lesson business organisations must learn. It is important that they understand that, it will not be business as usual all the time, because the business environment is dynamic and not static.

There are companies that have been on for over 100 years and they are waxing stronger by the day; when Coca Cola started for instance; investigations showed that the company committed a lot of resources on advertisement even when the sales were not commensurate with the money spent on adverts. Another classical example of a company that has made positive mark is Emirates Airlines. This organisation was created over two decades ago, but today; Emirates rampant growth is threatening the dominance of the world’s major airlines.

TIPS FOR ESSENTIAL BUSINESS GROWTH

1.       Employ the right people: Business is about people. The challenge is to get the right quality of people in place that puts together packages that meet the needs of the customers. It is important that when you recruit the right set of people, train and empower them; they will be able catch up with the vision of the business beyond where you could have taken it to.

2.       Quality Products/Services: It is an act of brutality to package a badly produced product in a well-designed packaged. You must be careful of what goes into your product. If the product is bad, sooner than later, consumers will abandon the product and look for alternatives. Consumers want to associate your product with quality.

3.       Advertise your Goods and Services: Companies have come to face the realities of advertising in the attainment of their goals; these are also shared by government worldwide, to preach again social ills. You can never imagine the mileage you get from advertising; it goes where you cannot go. Look for a particular media that reaches your target audience, this is highly essential.

4.       Customer Service: Any business should have a plan in place, so that every employee knows how to respond when their company makes a mistake. Many firms train their managers on how to handle these situations; but their frontline employers have no clue on how to handle customers. Many times you will hear ‘I just work here’. Great customer service firms see an opportunity whenever a mistake occurs, regardless of whose fault it is; it allows for a more personal contact with the customer. Approximately 70% of customers who stop doing business with a company choose to take their business elsewhere, because of an attitude of indifference.

5.       Be Innovative: You must be ready to change your style. Don’t be too traditional and always be willing to learn. Think of new ways of promoting your business, because the business environment is not static; consumers are very sensitive, and ready to try new things, an example is the mobile phone makers, such as IPhone and Samsung. Every firm must strive to understand the market/industry.

Staying afloat in a business is very critical in today’s world, if not companies will vanish into extinction; understanding the needs of your consumers, is a major key in staying afloat and not sinking; most especially in our every changing business world.