5 Solutions to Business Failure are given herein. In a country where unemployment is at a high rate, there is a need for businesses to thrive.
How to recover from business failure
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In Nigeria, over 10,000 new businesses are created every year both on a large, medium, and small scale. Before the year ends, 80 percent of the 10,000 new business closes down. After 4 more years, 80 percent of the remaining surviving businesses face death.
Why is this so? Do people start businesses to fail? The answer is simple. Everyone who starts a business wants the business to grow to the highest possible level.
Everyone wants to own a company that is far bigger than Dangote group. The business owners start the business with such zeal that cannot be measured by any man until reality sets on him, maybe he didn’t get enough clients as he estimated or the money he expected, or any other irregularities.
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Running a business is not as easy as you may think. The business that must work requires a lot of mental, physical, emotional, and financial work and on it.
Businesses do not just grow they are nourished to growth. In Nigeria, the Igbos serve as a good mentors when it comes to business success because they build their ventures out of nothing, and with everything they’ve got, they make them succeed. These are what you should do to make your business stand the test of time.
Solutions to Business Failure:
1. Have a business plan
With this, you can see the present and future of your business at a glance. A business without a business plan is just a mere operation that will shut down soon. Get a business plan for your business, if you cannot write one, get someone to do it for you.
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2. Have a vision for your business
Whatever has no future does not deserve to live. Nature helps eradicate such people or things which includes businesses.
Write out what your business will have achieved in 1, 2, 5, 10, and 20 years from now. Be sure to include how to get to where you went to get to.
3. Getting adequate funding is one of the Solutions to Business Failure in Nigeria
Primarily, the businesses that run out of the business world lacked money. A new business should not be expected to start fending for itself rather, it should be nourished by funding from external.
It is wrong as far as business is concerned to remove money from a new business for personal reasons. Every money gotten from it should be reinvested into the business.
4. Market well and right
No matter how much you have, if you fail to take care of your business, you’ll soon grow weary of putting money into the business. Market your business to the right sets of people and get referrals from them. At the end of the day, every business must make sales. If you are not making sales, you’ll soon be out of business.
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5. Get a mentor for your business
You’ll need to ask questions a lot to sustain your business. You cannot operate in isolation. There is safety for your business when you seek counsel. You should avoid avoidable mistakes without losing so many funds.
The government also has a part to play for businesses to thrive, they need to create business-friendly infrastructure, good roads, water projects, stable power supply, and a reduced and minimal cost of things especially transportation. When the government does not provide all the basic things that businesses need, no business can thrive.