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Thursday, 9 February 2017

5 things you should never do if you are a business owner

5 things you should never do if you are a business owner
There are principles governing every business or endeavor. For instance, an engineer understands that he is made for the engine which means that more often than not, he would suffer dirty stains from engine oil, as a principle he knows he should never complain of this, not while with his apprentices nor before his clients.

Doing so simply means that he is discontented with his job and this would first of all reduce the level of respect his apprentices have for him and secondly make his clients doubt his competence. This is just an instance to illustrate how principles exist in every field.

Similarly, business has got principles too. Business owners have guidelines to adhere to if they desire sustainability and growth for their businesses. Permit me to discuss 5 things you should never do as a business owner in Nigeria.


In Nigeria, this is a sensitive case and many business owners are guilty of this. Complaining of a customer's attitude before their very face. Remarks such as "I'm tired of doing business with you", or "this is what you always do" and the likes. Are very unsuitable comments, they speak volumes and funny enough we actually hear them more often than not.  Do not keep account of injuries or bear grudges on your customers, do not even suggest you do. The first remark logically suggests that you are tired and very much fed up doing business with the customer in question, what it means is the he or she should go and never return. The second complaint suggests that you've been keeping mental records of what bad the clients have been doing to you, forgetting that he or she has expressed loyalty by continuing to patronize you. Stay neutral and even if you have to complain or make remarks, make it applicable to the momemt and current situation and not as a pile up of what has been happening before.


Selling credits may not come directly as an option for everyone to see but it could be suggested directly or indirectly. Sometimes I hear dealers telling Nigerian clients, "oya take it and bring the money next week, I need money oooo". This is bad because you're suggesting to your client that you're ready and available to sell to them on credits whenever they need it and then when they come trooping in with numerous credit requests, you start thinking of them as witches and wizards. Be firm with your "No Credits" decision, allow them to request credits themselves and only give in when it is obvious as the only way you can help out, perhaps if it comes up as a contingency.


In Nigeria, it is possible to have some other engagements and perhaps because of your busy nature, you get an aid who should supervise your business for you while you're away on other endeavours, that's alright but then it would be very devastating to leave entirely all your business decisions, details and aspects to someone entirely except he or she is a sworn committed family member or close relative. Ensure to fix in yourself at the helm of affairs, somewhere where you can be able to have regular updates and views on how your business is going and is being run. Perhaps you could go through accounts and records at the close of the day, at the end of the week or at the end of every month. It keeps you closer to your business and greatly reduces any possibilities of conscious mismanagement from whoever is representing you in your Nigerian Business.


In Nigeria today, soaring costs have become the other of the day, prices of commodities and essentials are on the daily rise. Some of these increments are coming on a national scale while some are affected by geography, yet still some are intentionally hoarded by vendors who deliberately try to increase prices above what is normal,  taking advantage of the recession to improve their pockets. This is what I'm talking about, it is wrong. Usually, very wrong because when people realize that as a business owner, you're synonymous to such attitudes, they'd either run away from you or would always and always argue prices with you each time you mention a price for your goods whether they are real and actual prices or not.


Lastly, this is a test of integrity. Business men tell expert lies, it's a characteristic trait of business owners in Nigeria. I understand that business might get curvy sometimes and you'll have to sort yourself out somehow but then honesty remains the best policy. Try never to tell conscious lies whether white or black, it hurts your business and your reputation as a person. Endeavor never to promise and fail, if you promise to pay back a loan at a specified date whether loan from a friend or loan on trust, ensure to do so at the agreed time. It paves way for such future benefits as well as increases your chances of being recommended as genuine for better businesses.

Please tell me what your thoughts are...

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