10 Effective Ways to Tackle Business Challenges in Nigeria

10 Effective Ways to Tackle Business Challenges in Nigeria

There is no success without failure, no victory without challenge. Everyone has a battle to fight, likewise does every business. There is more to business than the layman sees it. There are challenges which entrepreneurs face, some overcome, while some never did. Eighty percent of businesses fail before the end of their second year, while only about five percent make it up to twenty five years and more. Business challenges range from finance to management, to administration amongst many more points to consider, but what defines a successful businessman is not how well he started but how well he is able to pull through thick and thorns and stand tall, bold and strong. As entrepreneurs, when we face challenges, sometimes, getting over them might not be easy, which is why I am going to show you some effective ways through which you can tackle business challenges.

1. Prepare for bad times; always have bad times in mind. It is through no one prays to go through bad times, but in life there are good times and there are bad times. Having bad times at the back of your mind helps you to attack instantly and not get caught by surprise. For instance, you might want to save a particular percentage of your profit on a weekly or monthly basis, for the unseen times( the savings should be different from your bank savings), and then something might happen, God forbid you run into bankruptcy, that savings would help you stand back to your feet. Preparing for the bad times helps you stay aware when challenges come, and this helps you to easily tackle them.
2. Perseverance: perseverance and determination are one of the ways to tackle challenges. Running a business, especially in a country like Nigeria is not easy, but what has kept successful entrepreneurs successful is their perseverance and determination to succeed. When it looks like you are not making sales, or you might run into bankruptcy, do not quit, be determined. Have success registered at the back of your mind. “I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance. It is so hard and you pour so much of your life into this thing, there are such rough moments in time that most people give up. And I don’t blame them, it’s really tough.” – Steve Jobs, Apple co-founder
3. Analyze your strength and weaknesses: everyone who has strengths has weaknesses, Samson in all of his might was entrapped by a woman (she was his weakness). Analyzing your strengths and weaknesses will help you come up with strategies to overcome your challenges. Once you are able to recognize your strengths and weaknesses, outline them both and see how you can work your strengths towards empowering your weakness. It will go a long way in helping you
4. Have a vision: great men have visions, likewise does successful men. Vision is what keeps you going. When you have your eyes fixed on your visions, it will help you retain your stance when challenges come. Having a vision helps you draw out a well detailed business plan for your business and help you work towards achievement.

Read Also: No Goal without Goalpost: The Importance of Planning Your Business

 

5. Embrace your customers: take it or leave it, customers are what makes your business. Your business is nothing but just a cubicle or store without your customers, this is why you must put your customers to heart. Do not take their feedbacks for granted, you never know, a feedback from your customer might just be what you need to tackle that challenge. So endeavor to give your customers the best experience always. Give them opportunities to give reviews to your product, either good or bad, both will be useful in the long run. Never neglect your customers’ point of view. You are into business because of them.

6. Set goals for yourself: setting goals literarily mandates you to hit s target, and this will help you to work harder. Put this at the back of your mind that no goal is unattainable, so while setting goals, do not be afraid to attain them because all goals are attainable and they will only help you get better. You could adopt the SMAT formula in setting your goals

Specific: State what you want to accomplish.

Measurable: What results do you want to see? Break them down into easy steps.

Achievable: Are your goals realistic? Make sure you have the time and resources to make them a reality. Your objectives should line up with what you’re trying to accomplish for your business.

Timely: Set a deadline and stick to it.

7. Get a mentor: mentors are there to help you out in trying and challenging times. Tackling a challenge would be easier for someone who has a mentor compared to someone who doesn’t have any. Reason being that mentors help see the potentials in you, they see your strengths and weaknesses and help you utilize them in tackling your challenges. Sometimes, mentors even foresee challenges and help you prepare towards them. Get a mentor today if you don’t have one yet.
8. Step out of your comfort zone: many people get too relaxed living in their comfort zone. While living in your comfort zone might be pleasurable, you should remember that you will achieve more if you left your comfort zone. Leave your comfort zone and expand your horizon.
9. Take sensible risk. For instance, you want to make a new investment that will earn your over twenty percent more than your usual profit, and you might be tempted to want to pour a lot of money into it, but I tell you to stop! Don’t!. Invest a little amount of money first, if at the end the little investment yields your anticipated profit, then you may now go on to pour money into the investment. Sensible risks will help you avoid stories that touch.
10. Don’t lose yourself: challenges are part of the things that make men in life, never lose yourself no matter the challenges. What matters most is YOU, and even if you lost everything, what would still remain is what matters, and what matters is that you don’t lose YOU!

 

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