Avoid These Business Killers!

The number one killer of business is lack of focus. The saying goes that Jack of all trades is the master of none.

Pareto in his evergreen discovery said eighty per cent of all your income is a by-product of only twenty per cent of your effort, the remaining eighty per cent effort is energy wasted.

Olayinka, the young man that designs my magazine, is both skilful, hard-working and sound in his public relations. All these skills put together are enough to make him number in his field, but he ends up losing his customers the very day they come to his place due to lack of focus.

In the middle of a very important assignment, he would get a call for another unprofitable appointment. Then he would start rushing the job he is currently doing in order to get the customers off his neck. In the course of this, he would make costly mistakes. This cost me over N100,000 recently.

Lack of focus kills business faster than anything else. This was what ruined many of our biggest business tycoons in this country. No matter how small a business is, if you are able to give it all the focus needed, it would blossom into your dream.

The second killer is lack of feasibility and a business plan. Spices, not real name, is located somewhere in Yaba. When the owner started this business, he never thought that it would ever close down, not with the kind of investment that he had put into it. Standing at that point now is a shadow of that business. What an avoidable waste.

Feasibility and business plans are the businessman’s constitutions, they answer the question of where, what, why, when, and who, and in case of any challenge, “how”. This business, from my preliminary findings, closed down as a result of bad business location, and number two, management, which these two documents ought to have answered. Never enter any kind of business without them. You can get a comprehensive copy by calling 08065470051. Empower your business.

Thirdly, the habit of indiscriminate spending. Do you have a habit of picking money from your business at will? Your business capital is not your money, it starts gradually when there are no checks and balances and then it becomes an uncontrollable habit.

No matter how small your business is, you must begin to think in the line of getting an accountant, or at least, someone that can manage your cash flow. Most businesses have collapsed as a result of this.

The number four killer is underfunding your business: Feasibility and business plans will equally answer these questions. When the business is poorly funded, there is the possibility that it would stagnate and then die, because: You may be forced to settle for poor quality product which will eventually lead to low patronage.

Stocks To Watch

1. Universal Insurance

2. Mutual Benefits Insurance

3. Nem Insurance

4. Lasaco Assurance

5. Standard Alliance Insurance Plc

6. Sovereign Trust Insurance Plc

7. Eco bank

8. UBA Plc

•Nwagu David is a leading business coach, a professional stock market analyst and a motivational speaker. You can reach him on 08065470051 or e-mail: campus_companion@yahoo.co.uk.