Running a successful business in Nigeria has never been a game of luck and can never be. For your enterprise to stand out from those of your competitors, you’ve got to have and live by certain habits.
The habits of successful entrepreneurs are what determine the kind of result they will have. But if you run your business with no clear strategies, you will ultimately end up not being able to predict your result before they happens.
These habits I’m about to show you in this blog post are what the best companies in Nigeria are implementing to keep their business growing while their competitors are packing up. Irrespective of what your business does, if you embrace these habits, they will help you to consistently double your profit.
Here they are….
Habits of Highly Successful Businesses in Nigeria
Habit 1: Hire Slow, Fire Fast
Why try to force someone into becoming what he’s not by keeping him when you would have laid him off? Or holding the entire team hostage simply because of the incompetence of one of the team members?
Does it actually cut it at all?
Well, Guy Kawasaki said, “No,” with the observation that it could result to what he called, “the bozo explosion.”
Doing so is neither “humane nor sustainable” as elucidated by Greg McKeown in Harvard Business Review.
Successful businesses in Nigeria are known for being very selective on who their hire to work with them. It will be improper to hand the destiny of an entire company to an amateur with poor relationship skills simply because you want to fill a vacant position.
Firing fast doesn’t mean you will throw away your sense of humanity through the window. But you must not condone any form of excesses which will be detrimental to the future of your business. One thing we don’t pardon in my team is betrayal; if we sense any bit of it, you are dropped. I worked with an organization some years back that once you steal, you are completely laid off even if you are the most skillful.
Entrepreneurs in Nigeria must learn this as fast as possible.
Habit 2: Add Value to Your Employees
The best companies to work in are the ones that consistently add value to their employees. At that point, they will be so indebted to your business that they won’t be comfortable to leave.
Like Stephen Covey rightly stated, “How you treat your employees will determine how they will treat your best customers.” What does that tell you? Employees who are consistently provoked by their boss are more likely to exert the same aggression on their customers than those that have good working relationship with their boss.
Some of the ways you can add value to your employees include:
? Train them
It’s an error if your company doesn’t train and re-train her staff from time to time. As new marketing strategies evolve (like this one we discussed here), it’s important that you train them on how to take advantage of them to growth hack your business.
? Share profit
Mapping out 25% of your company’s total profit for sharing among your staff annually is a great way of making them have a sense of belonging in the organization they are working for. Crunchies Fried Chicken, a leading restaurant company in south-south and southeast Nigeria is a good example of a company that practices this. Like one of the founders, Mr Ejiogu rightly stated, this simple habit went a long way in boosting their staff confidence in the business.
? Defend them
Some business owners think castigating their employees before their customers is a good attribute, little did they know that such a simple act can cripple the success of their enterprise. When you say negative things about your employees to your customers, it sends a wrong signal of a weak system. But when you defend your employee, it boosts confidence.
? Recommend them
Show your employees that you care by consistently recommending them to opportunities that will change their lives instead being a part of their limitation. Whenever an opportunity to upgrade their
Habit 3: Evolve to Meet Customers’ Needs
Status quo is one habit you cannot find among successful businesses in Nigeria. Entrepreneurs who are in control of these businesses are always evolving, changing policies and implementing new ideas just to meet their customer’s needs.
It doesn’t require rocket science to achieve this, instead, it only demands that you take a walk into the future to know what will be relevant then, and come back to the present to create it. Or look into the present, find out what’s not meeting the customers’ need and add more value to it.
The quickest way to achieving this, is to find out what customers in Nigeria complain most about and proffer a lasting solution to it. When Akin Alabi founded the first betting site, NairaBet, there was virtually nothing of such anywhere in Nigeria but he looked into the future and evolved to start up a business that as we speak has made him a billionaire.
Habit 4: Dominate Your Market
Competition is good for your business but if you can eliminate it, the better and if you can make your competitors depend on you, the best.
Think of any fast growing business around the world, they do just one thing – and what is it?
They dominate their market.
Dangote is a good example of a company that has worked round the clock to dominate her market. There’s virtually no home in Nigeria that doesn’t have one Dangote products or the other. If the house you are living in was not built with Dangote Cement, surely some of the food condiments in your kitchen contain Dangote products.
What does it take for an entrepreneur to dominate their market?
Simple. Give so much value to your employees and customers that your competitors will find very difficult to dare.
Your business is where it is today because of the level of influence you have on your customers and your employees. If your business is adding so much value to them, they will be loyal to you. This is the key secret of the best companies to work in most people don’t know.
As we speak today, Facebook that just started in 2004 has dominated the world of social media. As they grew and expanded their business, they acquired Instagram, Occulus and WhatsApp, and if care is not taken, they will soon go for SnapChat (except they consider Evan Spiegel’s utterance against Indians a bad review too hard to clean up).
Habit 5: Reinvest into Your Business
What you do with your profit is up to you. While brilliant entrepreneurs reinvest into their business, the non-brilliant ones blow it up on luxurious living.
There may not be any specific amount marked that you should reinvest into your business but doing that 50% of your profit won’t be a bad idea.
It’s true spending money is not easy (even when it was reinvested) but the truth is that there lies the growth or stagnancy of your business.