Running a business in Nigeria can almost be regarded as an extreme sport. There are as many threats as there are opportunities, and if you’re not strategic as a business owner, then you are bound to suffer as a result. However, the biggest threat to any business is the owner’s lack of knowledge. They say knowledge is power, and so if, as a business owner, you lack knowledge regarding certain matters such as strategic planning, goal setting, and important mistakes to avoid, then you are setting yourself and your business up for failure. Thankfully, we are here to help set you on the right track for this second quarter of the year.
“7figurechick,” a business coach and consulting company, recently shared some costly mistakes to avoid when running your business in the second quarter of this year. These mistakes can either make or mar your business in the remaining weeks of this quarter, so we’re putting you on notice so you can avoid them.
If you run a business, you should know that your goals should be divided into four equal parts, one to be achieved for every quarter of the year: Q1, Q2, Q3, and Q4. The first quarter runs from January to March; the second from April to June; the third from July to September; and the fourth from October to December. This is about strategic planning to give your company a better chance of accomplishing its goals, measuring performance, and mapping out the path to get there.
As explained above, the start of the second quarter of 2022 started on April 1st. So if you haven’t already, here are a few things you should avoid doing this quarter.
1. Having no strategy
If you’ve started this quarter without any direction, it will result in you ending the quarter in the same way you started or even worse. It’s not too late to take action. Decide on exactly what you want your business to achieve in this quarter, devise a plan to get there, and be ready to follow through.
2. Focusing on Your Target Audience
Instead of focusing on a large group of people, narrow it down to 1-3 specific people you’d like to attract to your business. Concentrate on their wants and needs and build your marketing strategies around them.
3. Trying to sell
People can smell a salesman a mile away, and as soon as they do, their guards go up. People will only respond to the value you bring to the table. Take into account and communicate with them from the point where it is clear that your products or services will improve their lives.
4. Holding On To The Past
Holding on to your poor or average performance in the past will limit your potential and fill you with discouragement. Fail forward by learning from your previous experiences, and know that the success available to others is also available to you.
5. Living Above Your Means
In an economic recession like this, cutting costs as much as possible can be the wind beneath your wings that your business needs to sail through to the next phase. Your finances are the wheels that keep your company running.
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