Comments on: 5 Tips For Business Growth

By: UCHE PETER

UCHE PETER — Thu, 23 Jun 2011 10:36:51 +0000

i am working with chisco transport as an inventory officer and i want to start my business but i dont hv capital. i hv prepared my business description and all that for start up includin registerin my company, how do i convince my company to partner with me since they have d capital to import spare parts wich is d same biz am lookin up to. is it unlawful to use their whare house as my contact since i work there? what do i do from here?

By: lekan

lekan — Thu, 26 May 2011 12:51:04 +0000

Thanks for ur comments,i think it is a good business sugestion on diversification cos when u are not rely on one source of income we make u scape through when there is economy crunch.Then,regarding entry of new market is like u go into (untaped market) which allow u to have maximise ur profit before competitors come into the market serving.As a result of this u can become a market leader in such a market niche.

By: Chibby

Chibby — Tue, 19 Apr 2011 13:36:33 +0000

you guys are doing great work here. i love every bit of it..pls keep it up thats the spirit we need in naija.

By: donald

donald — Sun, 26 Dec 2010 10:41:31 +0000

i am a new business minded person, and i love reading business book. but at present, i am workng with WEMA BANK PLC, my business has a working capital of N 200,000. but i need a business mentor. thanks

By: NaijaEcash

NaijaEcash — Tue, 09 Nov 2010 12:14:54 +0000

I’m sorry I can’t do that because I have a lot of things on my hand. Perhaps someone will come across your request and get in touch with you. Thanks for visiting.

By: ezekiel

ezekiel — Tue, 09 Nov 2010 11:13:22 +0000

l am about to start the business,l need you to assist me how to write business proposal. thanks.

By: Prinz

Prinz — Sat, 07 Aug 2010 03:04:06 +0000

I am new in the business of bulk SMS, I need assistance in respect
of a standard sales or business proposal format on Bulk SMS which can be presented or submitted to companies or organisations.

By: NaijaEcash

NaijaEcash — Mon, 16 Nov 2009 12:12:50 +0000

@Adama
The essence of providing opportunity to comment is that readers of this blog can add their own opinion to whatever is been discussed. So, your comment is welcome even though I’ve not been convinced by you that I was wrong in what I wrote. Thanks for visiting. Cheers.

By: ADAMA J. ADAMA

ADAMA J. ADAMA — Sat, 14 Nov 2009 12:56:08 +0000

I totally disagree with you on some points.
When there is economic down turn, it is not advisable to woo your customers with price bcos when a better offer comes he will run away like a prostitute.

Don’t enter into a new market that you will be #2… Being a local champion occupying your number one position is better than struggling to find a place in a new market.

Diversification doesnt mean business growth. What matters is your profit margin. Keep enlarging your sales force. This is how you grow. If you become Dangote, you will be in a corporate battle with Otedola for intruding into other peoples’ territory rudely. Don’t dilute your brand!

I think the war here is Management Vs Marketing! Who will win?

By: NaijaEcash

NaijaEcash — Thu, 05 Nov 2009 07:04:29 +0000

You’re right Paul. I should have added that especially for our Naija brothers and sisters. I forgot that bad reputation we have of eating up all the business profit as if there is no tomorrow. Some foolish businessmen even go as far as eating into their capital just because they want to satisfy relatives or impress friends.
That is why it is rare to see businesses that are transferred from one generation to another.

For a business to enjoy steady growth, the entrepreneur must be willing to delay gratification. He must consciously plug back a significant percentage of the PROFIT into the business. This is so much necessary especially in an economy like ours where the cost of borrowing is pretty high.

You will be better off as an entrepreneur if you use your RETAINED EARNINGS to expand your business instead of using borrowed funds or bank loans.

Thanks Paul for pointing this important fact out. I appreciate your continuous contribution to discussions on this blog. Cheers

By: Paul Onwueme

Paul Onwueme — Thu, 05 Nov 2009 01:45:35 +0000

Insightful article. However let me add my point to your 5 listed. You should also remember to plough back a significant amount of your profit for your business to grow especially when borrowing from banks is expensive and cumbersome.