Building a Globally Competitive Economy Through MSME (Part 4)

December 19, 2018

Emphasize on Quality
▪ The quality of your products or services will set you apart from the competition
▪ Unlike many Nigerians who focus on quantity in order to maximize profits, never compromise on quality
▪ If you don’t presently have one, ensure to set up a quality control department. Send your staff for quality control courses and also apply for quality control certifications for your business
▪ In the export market, quality will determine how far your products/services go
▪ Differentiate your products/services

▪ What catches a buyer’s attention when he/she wants to purchase a product is the package
▪ Get the best hands to work on your product design and package. I must state that there are quite a few good products with quality package out there
▪ Most enlightened consumers will want to purchase a product with a good package.

Explore Other Cheaper Sources of Power
▪ recognize that power as one of the major factors that leads to increased business costs.
▪ Rather than rely on the epileptic power or diesel generator why not look for other alternative and cheaper sources of power
▪ You can explore other renewable energies like wind, bio mass (waste, wood), geothermal heat, tidal waves etc. Who knows? When generated, you can even sell power to other businesses shoring up your bottom line in the process

Sound Financial Management
▪ Even with the best products, if your company doesn’t engage in sound financial practices, you might find yourself being out of business in no time
▪ As a business owner, separate your personal account or expenses from that of your business. Pay yourself a salary and avoid dipping your hands in the company’s accounts
▪ Render the necessary statutory remittances to government and prepare your financial accounts annually. You never know when just simply doing this can create opportunities for you

Be Current: Acquire Knowledge
▪ Send yourself and your staff to trainings/courses on various aspects of your business and industry
▪ Read business related newspapers, books on business/ entrepreneurship etc
▪ This helps you stay abreast of happenings in the economy, your industry and globally as well
▪ Engage consultants if you can afford it as they help you look at your business from both an unbiased and objective view
▪ We live in a knowledge driven age where information has become an asset and can be a source of competitive advantage

Leverage Technology
▪ We now live, work and play in an interconnected world, thanks to technology
▪ The internet has created a borderless world as business transactions can be conducted online with the click of a mouse.
▪ Take your business online- Create your own website, open a social media account. Create a twitter, Instagram account and become visible. Display your product/service offerings for the world to see
▪ The opportunity to showcase well packaged and branded products and services are therefore available
▪ You can lower costs, improve margins and boost operational efficiency using Unified Communications like Skype, Outlook 365 which have as their features instant messaging, voice calls. With the aforementioned, employees don’t have to be in the office to perform their duties. They can access the system from anywhere with an Internet connection.

Bayo Olugbemi


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