Most businesses that fail do so because there is no properly conceived business structure and culture. Their business is thus like a rudderless ship with broken sails being blown about on the high seas by the winds, moving where ever the wind blows.

 What do I mean by this? I am saying that most businesses are ruined without a plan. Beside lack of planning,  there are other factors that make businesses to fail.

Here at cash4naija.com we desire to help you grow and sustain your business and give you that extra thing that you are lacking to maintain a steady growth in your business. Below are some measures you can put in place to avoid failure.

1. HAVE A PLAN

What would you do if you suddenly lost 10% or 40% of your business? Knowing the answers to how you would handle your cash flow, inventories, markets, customers and your people give you the power of dealing with surprises .While your competitors are wondering what is going on, you can  respond proactively to the challenges and opportunities that such market distress causes. Your plan should not just be in your head, rather it should be documented and should be detailed .Most small business owners (especially young entrepreneurs) are victims or culprits of this. They embark on business without a documented plan. Your plan should be strategic, as a strategic plan can pay for itself quickly. If you need help on proper planning for your business you can contact us through our email or post your request on our facebook page www.facebook.com/cash4naija                                        

2. BE A PROBLEM SOLVER:  Your Product or services must solve a problem for your customers. You may not be able to solve the world’s problems or put off a down-turn or competitive challenges but you can certainly respond well if you have to. Being a problem-solver does not mean you have one of the perfect crystal ball! When problems comes, you and your team should be able to address it .I remember an encounter we had while managing a fish farm with a friend. , we suddenly encounter diseases that were causing injuries on the fishes head which could have wiped out the entire fishes in the pond. We had to quickly respond to d situation by taking appropriate control measures.

3. BE THE LOW COST PRODUCER: when you are the low cost producer of goods and services, you cannot easily fail in business. Even in tough times, when others hemorrhaging red ink due to increase in price of their goods and services and less demand to meet their production cost, you will be smiling to the bank .this may not only mean survival but also longer term prosperity as you have the opportunity to grow by acquiring market shares. A low cost program pays for itself in good times and it’s a good insurance you can have in tough time.

4. ESTABLISH A FINANCIAL RELATIONSHIP: Just as you develop a good relationship with your spouse, customers and even friends, it is also needful to establish and develop financial relationships with your banker and other financial institutions as they can be of help to you in critical times. Build a personal and trustworthy relationship with them.          

5. TREAT YOUR CUSTOMERS LIKE ROYALTY: The manner you deal with your customers will largely determine whether your customer will continue to patronize you. In a very competitive environment, superior customer service is what will differentiate your business from your competitors. This is even more important when you are offering a product or service that is not branded. For example, why should a customer by a bar of soap from your shop, when they can get it from another shop for the same price? The key is to make every customer a friend! Build a relationship with your customers and they will become your independent marketers.