4 Things Every Business Must Pay Attention To

Business by definition is an economic system where goods and services are exchanged for one another (trade by barter), or for money. It entails the ability to produce desired goods and render requested services respectively with the aim of satisfying a customer. By this definition, it’s possible to say that it is easy to handle a business. However, with a deeper understanding comes the realization that running a business and successfully managing it effectively are two ways apart.

The problems of managing a business in Nigeria are complex and highly demanding. The more attempts you make to keep those problems to the minimum, the more other problems crop up. Business comprises of both the human and non-human resources that could possibly turn out to be basic issues affecting the growth of a business. It places a pressing burden on your management skills to keep them at bay, and still make desirable profit.

The first goal of any business setup is to make a profit while incurring minimum cost. It is imperative to recognize that a large percentage of businesses crumble along the way because they have taken with levity the necessary instruments to keep growing. Therefore, we have to think beyond having enough capital, time, structure and skills, and start extending our focus towards the inevitable in business.

Hopefully these crucial aspects of business would help you attain your envisaged global height, for both existing and newly established firms.

EMPLOYEE MOTIVATION

The question of what propels a worker to put in his utmost best in the achievement of an organization’s goals and objective has become a dominant theme in management circles. It is recognized that just as an organization has its pre-determined goals, so does an individual has his personal goals. As an organization, you must take note of the effect motivation has on your employees. Motivation is that thing that gives the worker the urge or driving force to work for the organization, what would make them want to see to the greater achievement of its goals and objective. As a business owner, you must with all essentiality affect the driving force of your workers. You must consistently put the human resources of your firm above your non-human resources as they are responsible for putting those internal resources into external values. We would advise you try out Abraham Maslow’s Theory of Motivation and John Stacey’s Equity Theory to give you an insight on what motivation is about.

MARKETING STRATEGY

Marketing is a solid backing for every growing business. Every organization must be able to sell themselves beyond the existing circles. Marketing information is a vital resource in business for marketing decision, if an organization is equipped with latest market information, risk of loss can be reduced. Apparently, any business aiming for total market control and customer submission must be able to get their products out there with an unbeatable marketing strategy to ensure a long lasting existence.

COMPETITIVE ENVIRONMENT

This is a collection of firms with similar resources capabilities, goals and services that satisfy common consumer needs and that have relationships that can restrain the growth and profitability of one another. This is a critical segment in the operation of any organization and has to be strategically handled; it can either hinder business growth or be used as a tool for business growth. As a (prospective) business owner, you must assess your environment and identify your competitors or rivals. Penetrate the market with eye-catching products and ideas and constantly improve in your domain.

Also, make advertising and rebranding a lifestyle. Consumers always want to be thrilled by new products idea, so you can’t let your competitors have that.

ECONOMIC ENVIRONMENT

This can either affect business operation favorably or adversely. In view of this, business concerns should be aware of them and prepare sufficiently for their impact. Owing to the present state of Nigeria’s economy, business owners have to keep abreast to every detail of its plummet or increase. This is the more reason why economic environment has to be momentarily considered, you have to be current on every upward and downward movement in the graphical representation of the country’s financial state in order to help you plan ahead of uncertainties.

You can’t predict or avoid the shocking disasters that might affect the economy of a nation, but you can prevent it from totally crushing your business.