A MESSAGE FOR BUSINESS OWNERS AND ENTREPRENEURS:

People complain a lot that Business is not moving, Customers' patronage is low compared to former times. Have you considered that you have more competitors that are scouting for same Customers in your business?

The truth is that if you are in a Business that has easy entry barrier, there will ALWAYS be stiff competition and Customers will have plenty of options...there will be those that will do it cheaper, better or faster than you!

This will influence your customers to consider doing business with your competitors ....and it will definitely take a chunk off your own customer base.

WHAT CAN YOU DO?

- Firstly, you need to know clearly if your industry is growing, matured, saturated or declining, then try to understand and articulate clearly the opportunities in your Business.

This will take time but it's worthwhile as the year is still very early. It will help you know if it makes 'sense' to invest time, energy and resources in implementing any strategy so as not to keep beating a dead horse!

So, there are times you just don't do anything! Because any further investment you make with your existing model would translate to you digging a hole further when your intention is to come out of the hole.

THERE SHOULD NOT BE UNNECESSARY EMOTIONS TO YOUR BUSINESS!

You need to be Brutal in assessing yourself and Business.

Please understand that there is no Shame if you stop your Business and Close shop! The Shame is in doing the same thing, getting same poor return on investment and time, and with growing debts and inability to pay yourself or your workers. The Same is not being able to put food on the Table!

If you are on the wrong path, no matter of effort with the same model will make it right....you just FRUSTRATE YOURSELF AND YOUR EMPLOYEES!

U understand the operations in your Business is NOT same as U understand how to run it successfully and make quality decisions in it!

The questions you must sit down to answer are:

- Can your Business make Profit?

- Will it Make Profit?

- Do U have the Capacity to ensure it Makes the needed Profit?

- Can the 'Profit' pay all needed bills, wages and sustain your Lifestyle

- Can u clearly spot opportunity in your Business?

- CONSIDER IMPLEMENTING STRATEGIC DIFFERENTIATION:

you make your business unique and distinct from Competitors: it can be in your Product, Service, Distribution, Price, Reputation or Relationship

Analyze your own strong and weak points in the Business and also that of other people (companies) offering same thing you do (your competitors), try to understand the value they provide and how they provide it, and the customer needs. Focus on the market research data to determine the market niche and customer expectations and analyze the competitors.

The information you gather will be used to develop your own Unique Selling Propostion (USP); Think about giving people A REASON to choose you over others!

- You can go deeper and implement the Kenichi Ohmae 3Cs STRATEGY which helps you to integrate the insights from your Customers, Competition and Company and allows you to look at the factors that can contribute towards your company's growth and get rid of disruptions on the path of success long term.

- BE CLEARLY KNOWN FOR WHAT U DO!

Stop Winking in the Dark!

A while ago, I facilitated a retreat for the Senior Management of an Insurance Company. In one of my presentations, I showed them where the insurance industry was at that time in Nigeria and the opportunities for strategic positioning. During the wrap up, the MD asked me what was my view of the company. I told them, they are like a guy who sat in a dark area in a club and was trying to wink at a lady. He would still be there till someone that knows how to woo a lady comes for her and he misses out!

They have got lots of innovative products but they weren't communicating effectively the Public.

Same thing I tell you this 2024, stand on the mountain top and blow your own trumpet, dont assume your clients will find you, go after them, announce yourself and what you do, be your own salesperson, don't be shy of your trade.

Blow your trumpet! Tell them consistently. Learn how to use story telling, take advantage of every opportunity to show yourself!

Any good platform you see people discussing issues related to what you do, make yourself available to say something that reflects your expertise. Be strategic and intentional with your comments and posts on Social Media, let everything u do be with the purpose of reinforcing your brand in the minds of people.

Make yourself available, say something, do something, show something, sponsor a post or an advert about your products and services. Don't allow nervousness to steal your shine (the truth is all of us are nervous, some of us have just been able to manage it better than others). Go for that event or talkshow to showcase your products and services, offer to discuss in public on issues along your expertise, make that video on SM, ask for testimonials from your satisfied clients and get their permission to post them.

Don't Be Ashamed of your Hustle!

Your goal should be that whenever people think about you, they should easily connect with your products and services. And if they should ever think or talk about products and services that you offer, let it be that it is your name/brand that will come to their minds!

LASTLY BE FLEXIBLE:

If your Customers are not buying what you are selling, you might need to consider selling what your Customers want to buy! So your job might change from looking for Customers to buy your products /services to looking for Products/Services to get for your Customers!

My name is abiodun adetula, I help people and businesses to think and work smart!