Startup Basics

Investor (as well as Startups) Beware

The bright red flags most people miss Here are red flags investors should be aware of when investing in a startup and red flags startups should be aware of when accepting investors’ funding. For Investors beware of  Startups that have many members on the founding team. This implies that there are a lot of people who already have equity in the startup and too many voices Startups that have high overhead and low-profit margins because it is an indication of a lack of sustainability and scalability Founders that have full-time jobs outside of the Startup because the startup might be a hobby or an entity not receiving attention. At the same time, beware of founders who have no other source of income apart from the Startup because your investment could be used to bankroll their lifestyle Startups whose early investors have not or are not participating in additional investment rounds because it implies the Startup did not deliver on its promises or the early investors do not see a future for the Startup For Startups beware of  Investors who offer smaller ticket sizes but want larger equity. In addition to you receiving less funding, these investors devalue your Startup which will affect you in all your other funding rounds Investors who have over 1x liquidation multiplier in their term sheets. When a Startup’s exit is lower than the valuation, the investor gets their full initial investment back if you have a 1x liquidation multiplier, above 1x implies the investor wants more than their full investment back which leaves the Startup at a greater loss Investors who want Participating Preferred Stocks. When a Startup’s exit is higher than their valuation, shareholders will receive additional cash (in addition to their initial investment) which is based on the equity they have in the Startup. This means for example if the investor invests 5Million for 50% equity, and the Startup’s exit was 25Million, the investor will their 5Million back in addition to 10Million (50% of the balance from exit fund) leaving the Startup with 10Million only Investors who are non-responsive; who go AWOL during the process and come back with heightened interest. Sounds too good to be true! This ends our Investor and Investment series, you can go to our profile for more related articles www.msmehub.org/author/busola-boyle-komolafe/.    Contact Versa Research your trusted data, research & consulting partner! References https://carta.com/blog/how-to-choose-investors-for-your-startup/ https://carta.com/blog/watch-out-for-these-terms/ https://techpoint.africa/2019/11/05/red-flag-nigerian-investor/ https://www.forbes.com/sites/georgedeeb/2017/01/03/16-red-flags-for-startup-investors/?sh=2606c1e1390a

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Five Basic Customer Needs

Customers come in contact with businesses because they have a need that those businesses can cater to and make life easier for them. Their awareness of what a business does comes about through various means. It could be word of mouth, social media, newspaper, business listings and the likes so regardless of the size of your business, customers will always look out for five basic things as it plays a vital role in their purchase decision. With the pandemic, it became clear that businesses must make every effort to ensure that their activities are centered on giving customers their best if they want to remain in business. In addition, customer’s expectations are on the increase and so it is important to keep these little reminders in mind as they implement their business strategies for the year. The 5 Basic Customer Needs Value for money: Job loss is on the increase because business income lines are thinning out. This has made customers become more deliberate about how they spend their money: the focus is now on getting the essential items like food, shelter, etc. To stay topmost on the minds of your customers, you have to be a value giver at every interaction. Ensure that what they are getting measures up to the amount invested. If you exceed their expectations while at it, fantastic! Favourable pricing: In Nigeria, for instance, parting with cash is increasingly a hard thing to do. Customers are looking for businesses who will not only give them value for money spent but whose price is equally pocket friendly. Agreeably, the cost of running a business is on a daily increase so if you want to attract premium customers, it is imperative that you deliver top notch customer service and that your product is of high quality. Swift action: Customers are increasingly impatient and they want to spend as little time as possible with their transactions. This is a consequence of having within their reach ample information to inform their buying decision and a plethora of alternatives to choose from. It’s no longer enough to just be available, you’ve got to also be swift in your transactional activities. Respect: This probably ranks about 75% of the reasons why a customer would continue their patronage of a business. Remember repeat purchases is what keeps your business going. Each customer you let go is you letting money go to your competitor. Respect for customers and staff should be entrenched as one of your core values within your business. Appreciation: Customers will keep flocking to businesses who appreciate them and make them feel special. Your customer shouldn’t be just another addition to the number. Appreciate them for choosing to spend their money on your business and this can be done in various ways and may not always require you spending money. Conclusion Regardless of the size of your business or organization, all customers tend to want the same things: your attention. When customers get to receive these basic human considerations from you, it becomes easier to align with customers needs and can even raise the bar in your service delivery. If you want premium profits, you’ve got to give premium value. Found this useful? Please leave a comment.

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A Start-up Guide to Tax

Tax is a compulsory contribution levied by the government. Taxation is important in any economy and its effects remain significant because it helps greatly in the redistribution of income and gives the government funds that it can use to finance public services such as the provision of adequate national security, public infrastructure, power, good road network and a host of other social amenities. So, it’s important for you to pay your taxes. Whilst there are different types of taxes, we will focus on those you should know and pay as a small business. Companies Income Tax: The Companies Income Tax (CIT) is a tax imposed in Nigeria on the profits of registered businesses. It also includes the tax on profits earned by foreign corporations doing business in Nigeria. Limited Liability Companies, including public limited liability companies, pay the CIT. Non-residents are subject to CIT on their Nigeria-sourced income, while resident companies are subject to CIT on their worldwide income. Corporate income tax is calculated using accounting profits that have been taxed. For companies with a turnover of more than N100 million naira, the CIT is currently charged at a rate of 30%. For companies with a turnover of between N25 million and N100 million, it is also charged at a 20 percent rate. The tax is calculated using data from the previous year (i.e. tax is charged on profits for the accounting year ending in the year preceding assessment). According to the Finance Act 2019, companies with a turnover of less than N25 million are exempt from paying company income tax. A non-resident company with a fixed base or a permanent establishment (PE) is taxable on the profits attributable to the fixed base in terms of business profits. As a result, it must register for CIT and file tax returns. Value Added Tax: It is a consumption tax that is levied on a product or services whenever value is added at each stage in the chain of production to the point of sale. It can also be said to be an indirect tax placed on the domestic consumption of goods and services, except for those that are zero-rated (not liable to tax), such as food and essential drugs, or goods or services generally exempted by law. This means that any person or individual, corporate or sole organizations that consumes or buys any taxable any taxable product or service will have to pay VAT. In Nigeria, the average VAT rate charged on the purchase price of certain goods and services is 7.5%. As soon as you register your business, whether as a company or a business name in Nigeria, you are expected to start filing VAT returns. VAT is paid by your customers on whatever money they pay you for your goods or services. Where a business does not earn revenue in a month, or hasn’t started operations, the business is expected to file a NIL return, i.e., you go to the FIRS office nearest to you and fill a VAT returns stating that you made no earnings that month. Stamp Duties: Under the Stamp Duty Act, stamp duty is payable on any agreement executed in Nigeria which includes those relating to any property situated in Nigeria. It is chargeable either at fixed rates or in proportion to the value of a transaction or a property, depending on the class of instrument. Where you prepare documents bordering on deed of assignment of a property, memorandum and articles of association of a company, and legal mortgage, ensure that you have them stamped. It is important to do so because it ensures that these documents are admissible when they are tendered before any law court in Nigeria. There are agencies in the 3 tiers of government who collect and enforce taxes. At the Federal level, there is the Federal Inland Revenue Service (FIRS), at the State Government level, there are the respective State Boards of Internal Revenue (SBIRs) of the thirty- six states of the Federation, one of which is the Lagos Inland Revenue Service (LIRS). Local Governments also administer rates and levies collectible by them through their various councils. Tax is a very crucial component of business that every start-up should be aware of, which is why it’s fine to seek professional advice from a tax expert who can them through the process. We advise you do the same too. Read Also: Registration of Micro, Small and Medium Enterprises (MSMEs) for tax purposes Read Also: Key things to know about the Nigerian Tax System  

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The Benefits of Standard Operating Procedures

“Organizations cannot experience sustained growth until they develop a set of standards to guide their operations”. Standard Operating Procedure (SOP) is a detailed and systemized instruction that is expressed in a step-by-step sequence on how the roles of employees should be carried out. A standard operating procedure is usually created by the employer in order to create a company culture that transcends individual differences in carrying out activities related to business and office management. The Need For A Standard Operating Procedure? A standard operating procedure ensures that a business can be successful since it operates with precision, accuracy and uniformity while working across different stakeholder segments of the business. When regulatory agencies visit an organization and realize there is a standard operating procedure at work, it sends a positive image of control and proper management of activities. It serves as the foundation of a good quality management system, such that an organization can become responsive when an error occurs, therefore making the ability to get back on track feasible. Most small businesses are run in an informal manner regardless of the number of years or the number of resources invested in them. The desire of most organizations is to become №1 in their industry and grow their businesses through the ranks from a brick and mortar business to a medium sized organization or conglomerate. However, it should be considered that only systems make organizations to serve the different the kind of people that come into it, and this is not to resent individuals with great talent who make immense contribution to delivering value in these organizations but that the organization takes the discipline to put a system in place and refine it as they grow. A standard operating system compels team members to share in this generally accepted standard that the organization is trying to put in place. A number of processes are examined to fine tune what is expected in an ideal organization   Areas Standard Operating Procedures Are Applied Cloud Storage of Electronic Documents While different organizations have procedures for saving electronic documents. An easy to use general procedure is to create a folder that holds electronic documents for a month, this monthly folder is then embedded with weekly folders to save activities done for the week and the weekly folder has daily folders to save activities done for the day. Each folder will contain a set of specific documents, images or visuals saved with the name of the document or client’s name and date. This allows for easy referencing. The folder is then uploaded to the cloud or saved in a hard disk. Receiving and Answering Calls Imagine an organization where there is no procedure for answering and receiving calls, without initiative on the part of the handler of the device, it appears to anyone like a chit chat which from a distance can be observed by the person at the other end. A recommendation that provides flexibility is as follows Good afternoon Sir/Ma, I am XYZ, the customer center head How may I help you? The outline here for calls is to accord the client or prospect with the level of respect regardless of their age and only call them by their name if they only ask to be called by their nomenclature. While all the information that is being requested by a customer may not be available at hand while the call is ongoing, it is important to let them know that you would return the call when you gathered further information, in order to prevent informing the customer wrongly and misrepresenting the organization. Choosing a font style and size in every document An organization has to be seen as one with whoever it is having business dealings with and one way to show uniformity is in the preparation of documents that are either for use within the organization or one to be sent out Font Size: Georgia Font size: 12 Line spacing: Double line spacing Document format Some documents are sent out in an editable format and because these can easily get exposed to viruses, might make the client go through the stress of getting to open the said file. A PDF (Portable Digital Format) document is what is recommended as it doesn’t lose its authenticity from whichever platform it is sent online. These sets of operating procedures as simple as they are can save an organization from acting randomly and bring about cohesion and a sense of accountability in following such principles. Procurement For an organization to make procurements especially private organizations, it is necessary that the store manager communicates a depletion in the specific item by sending a notification through the procurement officer to the manager, the manager then passes same to the accounts officer to verify the duration for the depletion of the item is as specified before requesting for a list of eligible vendors to generate an invoice for the items requested. Funds will be transferred to the vendor and upon confirmation by the vendor; the item is released with a receipt as evidence of payment. The procurement manager then upon delivery ascertains that the item requested is exactly what was purchased; he then sends it to the stock through the store keeper who enters this as a new stock. An organization depending on the culture they intend to build can create procedures that work in order to ensure accuracy and avoid duplicity of procedures initiated without authorization from the management. Read Also: Guidelines to Developing a Standard Operating Procedures Manual

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How to Leverage Story Telling for Your Business Pitch

There are a number of reasons a business needs investments, these investments could be in the pre-seed, Series A or B and regardless of whatever stage the business is operating, the major reason for seeking investor’s funding is usually for expansion purposes. This expansion could be in the line of products or the need to serve more customers in their growing numbers due to exponential demands. Why Storytelling? Story telling has been found to be the underlying magic when pitching to investors. Effective story telling has to be genuine and linked to the WHY of the business i.e. the challenge the founder(s) were trying to mitigate when they set up. It also has to be told with clarity backed up with research-based statistics on prospective customers that are in need of such solutions. Highlighted below are the key elements of a Pitch Deck The Pitch Structure The pitch deck structure while different in the pieces put together as templates by different businesses, should still have the most essential ingredients and answer the potential investor’s questions. These items in a pitch deck should be on each slide Cover Page The cover page is a basic design that captures what the organization does. Usually the logo of the organization and the tag line, which serve as their value proposition to clients. The cover page should be very simple in design and text. Introduction The introduction is the executive summary of the pitch deck. All the parts in a pitch deck should follow a simple rule “less is more”. The Pitch deck should have very limited words and should be clear. Problem State the problem in a very clear and concise manner. This slide should capture in bullet points the problem your business is trying to solve. Solution The solution slides need to state the function of your product or service as it addresses the problem you have stated. Try not to get into mentioning features as what is important here is how your product will benefit customers. Product Demo If you are making a physical presentation, your product demo should be in a video of 30 seconds or less about how your product or service functions to provide the solution. If you do not have a video, then a pictorial view of images can also be used to represent this. Market Size You can adopt two approaches. You either take the top-down or bottom-up approach. The top-down approach is to find out the size of the market and estimate how much of that size you think you can capture. I think the top-down helps to be more realistic as what you hope to capture can either be expressed in years or in the lifetime of the business. Business Model What would your business model be? Are your products going to sell for a particular price? Would your customers have to subscribe to it weekly, monthly, or daily? This is what your business model represents. Some social media platform runs on a freemium model where users do not pay to use such platforms; however, the platform then makes money from advertisers wanting to gain visibility from this number of users for their products or services. Competition List your competitors whether they are direct or indirect and mention how you are better than them. For example, the indirect competitor for a carbonated drink is water and most bottling companies have succeeded in making their products a unique alternative to water by serving a refreshing taste. Mention here what makes you stand out. Go-to-Market When you launch a new product, it is necessary that a market plan exists; it helps to answer the question of how you would acquire customers. What steps are you going to take for customers to engage you? Would you have a direct market, use radio or television, social media, sponsored adverts, print, etc. to reach out to your targets. Team Your team information should display competence. Most start-ups have a product developer and a marketing officer. This can be seen in the likes of companies like Apple where Steve Jobs is the Chief Marketing Officer with communication prowess and ability to get customers to buy while Steve Wozniack was the developer. 2-3 team members can be the founder or co-founder and launch the start-up and add other team members as the organization grows. Milestones Investors only want to make a contribution because they look forward to returns on their investment (ROI), no investor is your friend. This is the section where you show your traction in the form of partnerships, number of downloads, and most importantly that you generate consistent cash flow and serve a good number of customers Fundraising Information How much funding would you need and in what ways are you going to apply the funding you get. What this funding injection would generate within a specific timeframe. These are questions you want to answer in this slide. Funding is usually needed for operational costs such as rent, staff salaries, office equipment, licenses or certifications, and many more depending on your business needs at that moment. While receiving funding for your business is a great move, it can also lead to the death of start-ups as initial exposure to huge funding without experience or the ability to manage such funding could lead to instant gratification. This is why some start-ups have raised funding but are not profitable. I suggest that a business proves through its financial statement to be profitable enough before seeking funding in order to grow a sustainable business model.   Emmanuel Otori has over 9 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot, and NITDA. He is the Chief Executive Officer at Abuja Data School.

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Ten Marketing Tips for Startups

As an entrepreneur, marketing is critical to the growth of your business. It is one of the most powerful instruments to get your company up and running as it provides the platform to introduce your brand to the world. This is what is known as marketing/promotion and though we know that it may sometimes take a huge chunk of your budget, it is important to know that the result is always worth the expenses. Here are 10 major marketing tips that are extremely useful for promoting your brand, irrespective of your financial position: The first rule, know your clientele: When you know your target audience, it is easier to devise marketing strategies that create a real connection between your brand and customers. Therefore, it is vital to know your potential clientele and the message you are trying to pass across to them so as not to lose their attention. Social media marketing: Just like it is possible to feel like you know someone after 10 minutes of scrolling through their Instagram page, so also, it is very likely that your potential clients will quickly form an opinion about your brand based on your social media posts without ever being exposed to your team, services or products. That said, engage a social media expert who understands how you want to portray your brand and who knows the best way to grow your network of customers. Do not be afraid to change strategy: Be honest about what is working or not. Not every business model has to advertise via regular social media channels. Whilst Instagram may work very well for marketing one product, radio jingles may be more useful for another product. If you have tried a strategy and it keeps failing, do not be afraid to try something different, including billboard adverts, flyers, radio/TV adverts. Remember, your target market will determine the best marketing strategy. E-mail marketing: This is an alternative marketing strategy. Your database is a gold mine and what you do with your record of phone numbers/emails can possibly skyrocket your progress into success. You can choose to send periodic updates, newsletters, discount codes, etc. to the contacts you have accumulated over the years. You must however be careful not to infringe on applicable data privacy regulations. You must ensure that the numbers/emails are only used for intended and agreed-upon purposes. Connect emotionally: Most great brands have built up their image using compelling stories to drive connection with their clients. No one is saying you should make up stories or tell untrue tales, but there is nothing wrong with giving your customers a brand that they can easily connect with. A business can use real-life day-to-day experiences as a marketing strategy to connect with its potential customers. Socialize: It is important to make out time to attend networking events, seminars, workshops, religious and political engagements that are relevant to the line of your business. You have the opportunity to market your business to every person you meet. Therefore, always be prepared for impromptu conversations. At such events be clear in terms of your outcome and act on your goal; initiate a conversation, exchange cards, target potential customers, distribute free branded gift items to attendees, etc. Follow-up: It is not enough to attend events. After interacting with a prospective client or customer, it is also very important to immediately follow up with a call, email, or text message; while the memory of your meeting and interaction is still fresh in the mind of the other person. During a follow-up interaction, use formal greetings, speak clearly, listen, be respectful, suggestive, and not imposing. Be resilient and interested in getting positive feedback. Build products that clients can trust: There is nothing greater than having returning users who recommend your products to their friends/families because they were satisfied with your product. Referrals have proven to be one of the most effective and resourceful marketing tools for businesses. It is therefore very important for a business to focus on earning the trust of its customers. Your customers will only recommend a product they trust. Build a client referral system: Word of mouth referrals have proven to be a useful key in influencing purchasing decisions especially for emerging businesses. Therefore, strategically build a system whereby existing clients trust your product and are inspired to let people in on your fantastic product/services. You can take the further step of rewarding those who recommend your product by creating a bonus/point earning system. Form strategic partnerships with other brands: This is one of the easiest ways to build your reputation as a startup. Many small businesses have sparked public interest within a few hours of announcing their partnership with bigger brands. While it may be impossible to collaborate with the biggest brands yet, there are always other brands you can strategically connect with to improve sales and visibility.  

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How to Develop an Operations Plan

A critical component of your business plan is a strategy for managing your company’s operations. A comprehensive operations plan needs to answer the following questions: Operations strategy How will operations add value? What will you emphasize – cost, quality, timeliness, flexibility? Does your process give you a competitive advantage? Scope of Operations In-house or outsource? Product and process design? Order fulfillment? Customer service/technology support? Installation? Describe how you will get off the ground running as a business Product/process development Intellectual property Rollout strategies – regions, products, channels Marketing strategy – advertising launch, activations, online Agreements with key customers/partners Strategic alliances Facilities and equipment installations Market tests or beta tests Key hires Describe the initial management team for the business Background and experience for each management team – a strong start off management is vital for investors Any holes in the management team? If so how do you plan to address it? Board of Directors or Advisory Board? Organizational chart Ownership structure Corporate Social Responsibility/Impact Investing In summary, an operations plan should describe the process for producing and delivering your product/service and is a critical element of your business planning exercise. Read Also: Key Components of a Business Plan I

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How to Leverage 360 Degrees Marketing Technique to Increase Sales

Sales are a determinant of whether a business would survive or not. The lifeblood of every business is embedded in the day-to-day activities that can generate consistent cash flow. Some organizations get caught up in trying to do many things are at a time and this affects their downline and ultimately the finances of the organization. Many organizations may not necessarily know that they are doing too much until there is a sharp drop in revenue. A sharp drop in revenue is an indication of many factors and this symptom can mean that some core activities such as staff retention, customer service, lack of repeat sales, poor product management, and unclear definitions of the target market are suffering. If there are consistent sales, a business can survive the most difficult phases as cash flow is directly linked to the overall activities. The most important question to ask then is “how can more sales be made?” Without asking this question, the business risks every other form of major distraction. The 360 degrees Marketing Technique The 360 degrees marketing technique can also be called Integrated Marketing Communications (IMC). This technique is a mix of several activities that organizations are engaged in to increase awareness about a product or service. The perception of visibility by a customer over a long period consistently makes a brand become the preferred choice of a customer whenever they need to make a purchasing decision as the brand is the first to come to mind due to the number of exposures they have had with the prospect and vice-versa. 1. Email Marketing Email is one of the easiest and fastest ways to reach a large audience and when properly deployed has the potential to create a consistent stream of customers, as it takes the form of a closed user group through the reception of newsletters by the customers and overtime a relationship is built through readership as the audience are regularly updated about the activities of the organization or products and services. Email Marketing also helps to create some form of targets as there are metrics that could show who reads a particular newsletter and how many times. Observing the behavior of the readers and the type of content they are reading could initiate a purchase decision by offering a product that compliments what they read. 2. Blogging Blogging is similar to email marketing, but while email marketing is only sent to subscribers or users generated through a third party, blogging reaches out to all possible audiences that are online and serves as a tool to consistently inform customers about the product, services, or activities of a business. Regular blogging should average up to 3-5 blog posts weekly to make conversions; this done for 6 months is a guarantee for increased sales. 3. Granting Media Interviews As much as the new media is emerging greatly, the traditional media is still the preferred option for most audiences, and the ability to use these tools such as television, radio, and print media is key to reaching a lot of people. The conversations on these platforms create a direct connection with the listeners as it is visual. These interviews, serve as a vehicle for the firm to share industry-based experiences and this ultimately makes them thought leaders in that space. Over time, such personality becomes a face and voice in their sector. 4. Search Engine Optimization (SEO) Search Engine Optimization is arguably the first on the list of all techniques as it reduces the time, effort, and energy to directly reach out to prospective customers. SEO guarantees that prospects can easily find an offer and make a purchase decision as it places a brand right where the audience is seeking answers. Sales are also made round the clock with no limitation of where the customer buys from. 5. Networking Getting exposure as a Founder for your business is necessary to build a personal brand first, as this benefit extends to a business brand as trust can easily be built when people can interact with the owner of the business. A core part of business visibility is to ensure that business owners continuously put themselves out there as many times as possible, and this consistency over time builds loyalty right from the onset and sales. While there are many other techniques in addition to the ones mentioned, engaging in one or more of these activities has the potential to increase the revenue base of the business and reachability.

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How to Write a Winning Executive Summary

There is no set structure for an executive summary, but there are guidelines you must follow to ensure your business plan or investment proposal gets the attention it deserves. A well-written executive summary needs to contain the following elements, among others: Vision – What problems are you trying to solve? What are your guiding principles? Mission statement – What’s the purpose of your venture? Business model – What’s the rationale of how you create, deliver, and capture value? How will you create value? Who will you create it for? B2B, B2C? How will you generate revenue? How capital intensive is your venture? Describe your product or service – Does it meet customers’ needs? What are its key attributes? Products – function, durability, installation, ease of use, packaging Service – function, environment, reliability, responsiveness, availability, usability Retail – product offerings, ambiance, decor, layout, location What are the benefits of the product? Quality – durability, reliability Good service – on-time delivery, maintenance, tech support Efficiency – ease of use, greater output, less waste Convenience – flexibility Cost savings When you’re trying to sell an idea to a potential investor, you’ll need to craft the pitch-perfect executive summary. The tips above will show you how to write one that will get your business plan read and get your foot in the door.

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How to Position for Sustainability

Businesses require a well-thought-out process to stay afloat and abreast with market dynamics. The importance of this basic plan is even more pronounced with the uncertainties of our time – the incidence of COVID-19, regulatory changes, economic downturn and many other disruptive factors. While some businesses have recorded massive and positive growth despite these disruptions, other businesses have wound up or struggling to stay afloat. This article will highlight the 5 (Five) important factors that entrepreneurs need to consider in their business operations if they must grow sustainably. These factors are: Finance – Capital is the lifeblood of any business; it is important for take-off, operations and growth. You can finance your business either through debt or equity (other people buying shares in your company) or you can adopt a mix of both equity and debt. You can also consider grants, commercial loans or bringing on Private Equity or Venture Capital companies. Whatever financing option you take, the growth potential of your business and the amount of risks you are willing to take now, must be keenly considered. An entrepreneur may need to seek professional advice to take on the most suitable option. Growth – Growth is a product of consistent and intentional efforts with the application of sound strategies in achieving business objectives. To grow, the business needs to create value. So, to advance in business, the entrepreneurs need to answer the WHY Question. What is the key product or service this business has created? Is it really meeting a need? What is my product fit? Who are my target customers/clients? The WHY questions will guide you in making the right decisions and the answers to them will set the stage for business growth. Talent Recruitment – A suitable workforce is crucial to furthering business objectives and attaining set goals. Hiring should be done with objectivity, excellence, purpose, and on a needs basis. Entrepreneurs should build a team that can align with the values and ethos of the business and who can key into its vision and imbibe its culture. Establishing Systems & Structures – Entrepreneurs need to initiate and institutionalize appropriate mechanisms and procedures to ensure the efficient running of their businesses even in their absence as founders or CEO. Ensure that your employees understand the business dynamics and can make valuable decisions even in your absence. Use of Technology –It is important that entrepreneurs leverage on technology as a tool to create an efficient system and improve their business service delivery. Technology keeps disrupting the norm and any entrepreneur who does not adopt technology stands the risk of losing its business to its competitors.  

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