Reality Check In Business

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REALITY CHECK IN BUSINESS — What Are Your Specific Business Expectations? Several years ago, when I started my first proper business, my main focus at that time was to build a brand. That was the driving force. Of course, just like anyone in business, I was hoping to make money someday too amidst other things; but building a brand was paramount at the time. In addition to building a brand, I desperately wanted the company to be structured like other “big” companies around. Guess what? That was exactly what I achieved – a structured brand! Now, here’s the interesting part: despite our achievement in branding, structuring and customer acquisition, we were not making much profit. Reality then dawned on me that whatever you choose to make out of your business would likely be the only thing that business will offer you; the business may not automatically add other benefits you didn’t look out for. I wanted a brand and proper structure – that was exactly what I got. Nothing more. I didn’t particularly set out to money; so, money didn’t come. It’s advisable to have specific goals & expectations in your businesses. If It’s Not Making Money, It’s Not Making Sense When reality dawned on me that, in business, you need to have specific expectations to work with; then, I began to consciously look out for financial profit. In the end, what’s the essence of being a well-structured and known brand, while the brand is not profitable? That was how I adopted a phrase – a maxim – from one of the top Nigerian rappers, Olamide’s track, that says: “if it’s not making money, it’s not making sense.” And it worked. It also became obvious that the capacity of the business as at that time could not possibly provide the projected desired income; so, I diversified into other businesses in order to increase my chances. In business, do not assume profitability will be automatic. You have to be conscious about the financial returns while being cautious of expenditure also. Now, Here Is The Koko – Reality Check! I used to run a recruitment firm which wasn’t profitable and didn’t look like it ever would. I tried so much to make it profitable, but all of my efforts proved abortive. I had to shut the business down completely and concentrated on other businesses. Thank God for that brave decision, it was the right one. Please, run a diagnosis on your business – a reality check: • are you making profit? • is the stress worth it? • is the business growing? • what is the future of the business – is it clear? If yes, then, great! Keep on improving. We shall meet at the top! If not, then, you might have to think of the possible ways to tick these boxes and take bold steps, which may include: • going for a training(s); • partial or total re-structuring; • taking a little break; • entering a partnership; • diversification or; • quitting outright. Don’t just “keep pushing it”, do a reality check and know the status of your business. Conclusion Do make sure you’re not in a business just for the sheer desire of being preoccupied. First off, as mentioned earlier, be certain you know exactly what it is you want from your business and do a reality check from time to time to see how things are faring. Make sure it’s worth it. If it’s not, do all you can to revamp the venture; weigh all your options; like the ones mentioned above, and choose what works best for you. Please, note this very importantly; quitting a challenging business should not be the first option, as almost all businesses have their own challenges; but at the same time, if you’re convinced to quit and try out something else, go ahead and do so. It doesn’t make you a failure. Do not remain in a business just for the mere reason of being a business owner, do a reality check and make sure it’s worth it. Article by 19th Feb 2021

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