THE POCKET BUSINESS GUIDE FOR YOUR SMALL BUSINESS
The goal of every small business enterprise is to break even and then grow bigger. As a small business owner in an emerging market, you can make your business bigger and more popular with careful planning and careful leverage of your resources . Ibadan over the last few years has witnessed an increase in population and therefore there is an increased demand for goods and services. so no matter what business you are in or the startup you are raising, You will always have a demand for your product. However, to get the desired results, you must understand the Dos and Don’ts of success in business in an emerging market like Ibadan. Here are some important DOs and DONTs that you might want to keep in mind as you start your Ibadan-based business.
1. Start a business venture you know more about.
2. Separate business income from personal income
3. Always save and spend less than the income generated.
4. Pay the tithe of your business.
5. Buy when people sell; sell when people buy.
6. Learn and gain more experience from your business.
7. Think before you buy!
8. Make discoveries; find out more about your business.
9. Give more time and attention to your business.
10. Hire the best staff for your business. No sentiments.
11. Always keep a daily record of income and expenditure.
12. Be a time manager; be punctual always.
13. Be courteous and show care and love to your customers.
14. Add more value to your products; give more.
15. Induce buyers with tempting offers.
16. Offer after sales service; the customer is a king.
17. Offer a money back guarantee for your products.
18. Use the feedback to correct the mistakes. Listen more!
19. Set a standard for your business.
20. Get branded. Be known for your unique offers.
21. Train and re-train your employees.
22. Motivate your staff daily (reward progress & achievement)
23. Shower more praise and be economical with criticism of staff.
24. Be a leader by example, not a “bullying” boss.
25. Think positively, believe in yourself and your team.
26. Show more love and attention to your workers.
27. Develop work ethics, use official lines of communication.
28. Make your work your hobby; enjoy yourself.
29. Learn to delegate authorities; create time to think.
30. Register your business, pay tax and operate legally.
1. Don’t your business all about only you; solicit staff ideas.
2. Don’t overwork yourself ; create time for play and leisure .
3. Avoid gossip, backbiting, and undue favoritism to staff.
4. Avoid compulsive purchases; plan and budget for the things to buy.
5. Don’t buy everything you think you need, if you only need it for a while; rent it or lease it.
6. Don’t be too bureaucratic in your operations.
7. Don’t abuse business goodwill; pay off creditors.
8. Don’t build castles in the air; don’t spend unearned profit.
9. Don’t kill the goose that lays the golden egg; encourage growth.
10. Don’t be afraid of competition; be innovative and add more value to your own products.
11. Don’t be afraid to expand or diversify when necessary.
12. Avoid taking loans or overdrafts; always look inwards.
13. Don’t offer or take bribes; be professional and stand out.
14. Don’t rush into signing agreements, contracts, etc until you are satisfied or seek expert legal advice.
15. Don’t give out postdated cheques; it’s risky.
16. Don’t be too tight fisted; reward excellence in your staff.
17. Don’t be too rigid; encourage advertisement, publicity and training.
18. Don’t encourage family members’ interference with your business.
19. Don’t employ too many staff; avoid duplication of activities.
20. Don’t create room for staff dispute over work roles; have clearly spelt out organizational structure.