Connectnigeria Articles

As times change, so also the way business is done keeps changing. When making choices for the benefit of business, it is imperative that owners watch out for specific signs and learn to go with the market flow. There are certain trends every prospective and active business owners need to be aware of in the line of business. 1. There is a slight difference in how people start up businesses now. Usually, we would have middle-class men who have worked in other establishments start up their own business but nowadays, we have young and recently graduated university ‘kids’ picking up the reins. Their skill level is surprisingly high and they possess a risk-taking attitude with few financial commitments. They pose tough competition to those who have been in the business for years because they know their stuff. 2. Small businesses are small empires that are run on low costs and are quite responsive to change. They are quick to make decisions and execute them. Because of this comparative advantage they have over large companies, they tend to focus on their core strengths and do not unnecessarily spread their oats wherever they think the soil might be fertile. 3. For a well-structured small business, you will find a growing percentage of young minds and talents occupying active positions with free space to explore and see if their nascent assumptions and ideas are workable. This is opposed to large companies that have an equal percentage of employees, middle-aged and young. The young ones might have limited opportunities to test their budding ideas. These ‘kids’ in small business environments possess the ability to learn new ideas fast and apply them. Learning flexibility and new ways of doing business will help companies that are stuck in their conventional ways. 4. For any small business concerned with being relevant, the greatest achievement will lie in its ability to keep creating new business ideas to supplement the very first idea that brought them into the market. Starting with a new business on one idea is not enough. The ability to continually ‘wow’ your customers through innovation which in turn results in quality products and services will go a long way to prove that your business is in the market to stay. 5. Listening to customers’ feedback has never been as crucial as it is today for small businesses. Being aware of what your customer wants and hopes for when he picks a product or requests for a service will go a long way to shape the success of your business. Businesses are established to meet needs. It is the goal of every business owner to meet that need to the satisfaction of its customers. Taking into consideration the consumer’s feedback and using it to improve products and services will help to protect the reputation of your business. 6. There is a subtle shift which might go unnoticed by some. This is the shift in focus from businesses striving to meet needs towards businesses preventing problems from occurring. Although meeting needs is still a fast-seller in the market, very soon products and services that are meant to prevent problems before they happen will be required. 7. Thankfully, Nigeria records few cases of natural disasters in comparison to some parts of the world where such seems to be a frequent occurrence. However, disasters caused by human activities such as fire outbreaks, collapsing buildings due to poor engineering, and flooding often happen. Therefore, planning against disasters such as these is a necessity for business survival.