Firstly, I would like to salute all those who have run their own company or someone else' company for a period θf ten years and more! Wow! I salute you dynamic leaders.

Now, to the topic, I would like to know what you hold as your critical success factors. What are those things you do that makes your business outstanding, successful and ever increasing in success? Let me start by sharing a few θf mine.

I am in the Media industry. We proffer business solutions through Media and PR.

You would therefore be absolutely right to say that we are in a people focused business. Our critical success factors revolves around making our people feel valued. Our people in this sense are our staff and our clients.

Our staff: we ensure that the ownership mentality is instilled in our staff. Every member θf staff regardless θf the level clearly understands the vision and what is expected θf him to accomplish that vision. We have had business deals brought in by the office assistant! She went to get supplies for the office and overhead a phone conversation. Immediately after the call, she approached the prospect and told him that she couldn't help but hear his conversation as he was audible enough to be heard a mile away. Lol. Anyways, she told him we had the solution he sought and that was it! That deal was a great one. Thing is, the office assistant is a 20yr old SSCE holder!

Staff also enjoy the benefits accrued to a part owner. At the end θf the year, they get to partake in profit sharing.

Clients: we do so much to retain clients. Infact, our budget for marketing is hardly ever spent because 80percent θf our business are based on referrals. We invest on our clients. We have gone as far as sending birthday gifts to the spouse θf a client! We are very detail oriented and exceptionally attentive to clients. The birthday information was gotten when the client loosely mentioned it! He was so amazed and totally excited when we acted upon the information.

Fellow business owners and CEO's that is a few θf how we do at our end. Share yours so we all can learn. Intending business owners, you could also chip in your ideas. What would you do differently?

I think this might serve much better purpose/attract the right traction in the Business/Money section.
What do you think, or is there any particular reason why you preferred to start the thread here?

Oh my baed! Alright then, please move it to the appropriate section. Thanks.

Spicy V, you come enter my domain?

I have followed you from the career section and I must say you are an exceptionally rare gem as a lady.

Well, I don't have company yet but I do know that I will own my business in the near future.

The tips you shared above are some of the things that keep a business running and obviously, your company is doing well at that. Nothing until business owners realise that Customer is King, they will keep struggling to survive. Retaining client is the smartest way to cut cost on advertising.

The fact that your company gets referrals mean that you offer value better than your competitors.

More power to your elbow. Dominate as much as you can.

2sexy: Spicy V, you come enter my domain?

I have followed you from the career section and I must say you are an exceptionally rare gem as a lady.

You didn't miss words! absolutely right.

I will follow the thread till the end..

Oh guys thank you! You are far too generous with words! And AMEN to your prayer for me @ 2sexy. Your prayer seeeexy diiie! Lol. Wish you success in your business too o!

u're such a gifted woman and a blessing to this generation, everything here are very correct, how i wish i have my own coy,but nevertheless, one can also apply them in one's day-to-day activities and where one is working. Thumb up 4 u sister!!!!

GG2012 I am so humbled by your words. Your contribution to threads on NL makes it obvious that you are a virtuous woman! I celebrate you ma! And yes, not every one is called to own a Company so don't feel bad about it. Some people have giftings in the area θf administration or operations, they make excellent managers but not excellent pioneers. It is critical to not join in the bandwagon but focus on ones area θf giftings because that is where success lies.

I love you sis.

I find your posts interesting and I also have a fine bias for media. Please send your email maxwellisoro@gmail.com

Am absolutely impressed, no man is an island of knowledge, will try to replicate some of your points in my business. Thanks

nice job here, but it seem no one has a business experience to share here.

by the way thanks dear for your great advice, l have been unbaned.

I appreciate the op for thinking of a thread such as this. I look forward to gaining useful knowledge from this thread. I finished school in July and I've started a new business (called Touch of Bodashee) which supplies chin chin, crusted groundnuts, coconut chips, cookies at events, parties, and even to coporate organization who order for their staff) alongside the sale of clothing that I was involved in right from school days. I prefer to call myself a hustler (not a ceo). But I've noticed that for enterpreneurs that are just starting out like me, its quite a big deal breaking into the markets, especially if you don't really know people that can give you referals to their friends and family, and the small start-up capital also doesn't put one in a place where you can engage in elaborate advertisements. Pls I'd like your advise on this.
Nevertherless, I'd like to encourage others like me. NEVER give up on your dreams no matter what people tell you. Learn from your mistakes instead of getting discouraged by them. And be very very very very careful with funds. DO NOT on any account, use borrowed funds to purchase personal items. Every kobo must go into the business, to prevent premature debt and help your business grow better. God bless us all. We are the pillars of the Society.

I appreciate the op for thinking of a thread such as this. I look forward to gaining useful knowledge from this thread. I finished school in July and I've started a new business (called Touch of Bodashee) which supplies chin chin, crusted groundnuts, coconut chips, cookies at events, parties, and even to coporate organization who order for their staff) alongside the sale of clothing that I was involved in right from school days. I prefer to call myself a hustler (not a ceo). But I've noticed that for enterpreneurs that are just starting out like me, its quite a big deal breaking into the markets, especially if you don't really know people that can give you referals to their friends and family, and the small start-up capital also doesn't put one in a place where you can engage in elaborate advertisements. Pls I'd like your advise on this.
Nevertherless, I'd like to encourage others like me. NEVER give up on your dreams no matter what people tell you. Learn from your mistakes instead of getting discouraged by them. And be very very very very careful with funds. DO NOT on any account, use borrowed funds to purchase personal items. Every kobo must go into the business, to prevent premature debt and help your business grow better. God bless us all. We are the pillars of the Society.

Following.

bodashee: I appreciate the op for thinking of a thread such as this. I look forward to gaining useful knowledge from this thread. I finished school in July and I've started a new business (called Touch of Bodashee) which supplies chin chin, crusted groundnuts, coconut chips, cookies at events, parties, and even to coporate organization who order for their staff) alongside the sale of clothing that I was involved in right from school days. I prefer to call myself a hustler (not a ceo). But I've noticed that for enterpreneurs that are just starting out like me, its quite a big deal breaking into the markets, especially if you don't really know people that can give you referals to their friends and family, and the small start-up capital also doesn't put one in a place where you can engage in elaborate advertisements. Pls I'd like your advise on this.
Nevertherless, I'd like to encourage others like me. NEVER give up on your dreams no matter what people tell you. Learn from your mistakes instead of getting discouraged by them. And be very very very very careful with funds. DO NOT on any account, use borrowed funds to purchase personal items. Every kobo must go into the business, to prevent premature debt and help your business grow better. God bless us all. We are the pillars of the Society.

Bravo for the insight.

Business from my observation is all about volume. The greater the out put volume, the greater the profit made. l see this as the reason small scale and medium scale companies hardly survive beyond five years of being in operation.

For instance, if a producer makes 1 naira per product produced. He will make 1 million naira if he produces 1 million goods. What if he produces 500 goods, he only makes 500 naira. Taking all expenses out you see the one producing less number of goods will not stay long in competition let alone giving customers gift or the like.

From the above observation, a ruthless competitor can easily put the small /medium scale producers out of business by may giving incentives to buyers.

What do you think?

jdilight: Business from my observation is all about volume. The greater the out put volume, the greater the profit made. l see this as the reason small scale and medium scale companies hardly survive beyond five years of being in operation.

For instance, if a producer makes 1 naira per product produced. He will make 1 million naira if he produces 1 million goods. What if he produces 500 goods, he only makes 500 naira. Taking all expenses out you see the one producing less number of goods will not stay long in competition let alone giving customers gift or the like.

From the above observation, a ruthless competitor can easily put the small /medium scale producers out of business by may giving incentives to buyers.

What do you think?

U see my brother, any business that has to do with production is quite sensitive. If u are into production of any products, you have to be very careful to avoid running at a loss.

Though volume counts, but you have to start from small volume even when it seems everything is ok.

When your product is been appreciated in the market, you can now increase the volume of your output systematically, because in production anything can go wrong and in such situation you can lose both capital and profit.

bodashee: I appreciate the op for thinking of a thread such as this. I look forward to gaining useful knowledge from this thread. I finished school in July and I've started a new business (called Touch of Bodashee) which supplies chin chin, crusted groundnuts, coconut chips, cookies at events, parties, and even to coporate organization who order for their staff) alongside the sale of clothing that I was involved in right from school days. I prefer to call myself a hustler (not a ceo). But I've noticed that for enterpreneurs that are just starting out like me, its quite a big deal breaking into the markets, especially if you don't really know people that can give you referals to their friends and family, and the small start-up capital also doesn't put one in a place where you can engage in elaborate advertisements. Pls I'd like your advise on this.
Nevertherless, I'd like to encourage others like me. NEVER give up on your dreams no matter what people tell you. Learn from your mistakes instead of getting discouraged by them. And be very very very very careful with funds. DO NOT on any account, use borrowed funds to purchase personal items. Every kobo must go into the business, to prevent premature debt and help your business grow better. God bless us all. We are the pillars of the Society.

Don't be discouraged. I past through this phase you are in right now. I know exactly how it is. I would advise you not to worry so much about how your product will be known. Keep working on how to improve the quality of your product and give utmost attention on packaging then find a way of advertising it online, you will be shocked at the response. And also give room for others to be a part what you are doing such as marketers and distributors.

I will open a thread to share my story - the fears, the worries and the victories.

amtheone:

Don't be discouraged. I past through this phase you are in right now. I know exactly how it is. I would advise you not to worry so much about how your product will be known. Keep working on how to improve the quality of your product and give utmost attention on packaging then find a way of advertising it online, you will be shocked at the response. And also give room for others to be a part what you are doing such as marketers and distributors.

I will open a thread to share my story - the fears, the worries and the victories.

that is beautiful we are waiting.

amtheone:

U see my brother, any business that has to do with production is quite sensitive. If u are into production of any products, you have to be very careful to avoid running at a loss.

Though volume counts, but you have to start from small volume even when it seems everything is ok.

When your product is been appreciated in the market, you can now increase the volume of your output systematically, because in production anything can go wrong and in such situation you can lose both capital and profit.

thanks your insight is noted.

@ jdlight and Amethone. Thanks so much. I'm encouraged

bodashee: @ jdlight and Amethone. Thanks so much. I'm encouraged

We are learning from you my dear, the thanks goes to you and do not forget to open the thread on your business journey ooo. We are eagerly waiting.

@boda and dilight I will do that especially on the importance of packaging and quality.

Like I said don't be discouraged, there is profit in all labor. You just need that I can do spirit. There was a time I wanted to give up and take paid job, but thanks to my wife who gave me all manner of supports and encouragement. It was tough though but the story has long changed to a positive one.

Remain focused.

Jdilight, thank you for bringing me back to this thread (unfortunately there is no smiley hug).

Bodashee: thumbs up! Being entrepreneurial is an awesome gift. As for advertising, the most effective is recommendation from satisfied customers. One may spend billions on advertising budget but bad PR from one dis-satisfied customer can ruin years of hardwork. We see cases of bad PR here on NL.

On building a trusted network of referrals, focus on quality and excellence. You can also find innovative means of staying etched in the memory of your customers. Excellent customer service is far fetched in our society but a few smart entrepreneurs take advantage of that lapse and have an ever increasing chain of loyal customers.

To build you customer base, you might want to try deliveries at schools, build relationship with the head teacher and start delivering during their end of year parties and also when a student is having a birthday celebration.

Same for corporate organisations, go with some free quantity for the staff and keep in touch! You know these organizations usually also have end of year parties and other celebrations.

You must have a nice catchy business card. Also, endeavour to reward any client that lands you a worthy deal. Let them know what they stand to gain by telling someone else about you, (maybe a significant discount on their next order).

And as Amtheone rightly pointed out, stay focused!!!

All the best dear and I leave us all with this quote I learnt from a great mentor:

"The one who advances confidently in the direction of his dreams and strives to live the life he imagines will meet with unexpected success in common hours".

jdilight:

From the above observation, a ruthless competitor can easily put the small /medium scale producers out of business by may giving incentives to buyers.

What do you think?

You summed it all up in this last post. It is not necessarily in the volume of output but in the strategic ways that you devise to retain customers. Whether you are operating on a small or big scale, the customers will come back because of the incentives.

If your volume is low, it doesn't mean you aren't making profits and you can still find means of exciting your customers without cutting in on profits.

But then you are in a products focused business whilst I'm in the service(intangible products), this makes your observation worth holding to heart.

Wow. Spicy v ma'am, thanks so much. I will definitely put all that into practice. I believe with a lot of hard work, I can stabilize soon to a considerable extent. I've been inspired to start a new thread titled TOUCH OF BODASHEE: the diary of a growing business. And its right here in the business section. I'll update every night about the activities of the business in its baby steps of growth so that all you business gurus can advise and support me pls. You know I'm a rookie here. Nevertheless, this thread remains very special to me and I enjoin everyone to make useful comments here so we can all continue to grow with each other's help

spicy v:

You must have a nice catchy business card. Also, endeavour to reward any client that lands you a worthy deal. Let them know what they stand to gain by telling someone else about you, (maybe a significant discount on their next order).

This a beautiful one, will try it out.

Thanks for the advice you gave me when l got ban on this thread. A big thanks to U.

hi, guys in business there are seasons. we are into the festive season where everything sells cos theres celebration everywhere. Clothes, Shoes, drinks, u name it. I'm about to close a deal with some traders @ man dealers, this is d period they make bulk purchases. I can offer u, if u r interested a business opp of REEBOK ZIGTECH SPORTS SHOES/TRAINERS for 3,800 wholesale which i imported 3mths ago. I have about 1000pcs left. Pls research reebok zigtech and know how much u will sell or supply for ur maximum profit. Call Ify on 08029994757 or 08061197755. I need honest and business oriented guys.

jdilight:

This a beautiful one, will try it out.

Thanks for the advice you gave me when l got ban on this thread. A big thanks to U.

J.D: e don do with the thanks now, remain to go Aljazeera

Just kidding, you are welcome. You must be a really greatful person with an ever thankful heart. Thanks givers are delightful recievers you know

Yes o. Its true o. This festive season, how can someone take advantage and maximize sales.

Lol! Bodashee bebe! Business woman you should be called BodaCHI

Na to arrange hamper tinz for corporate organisations nauw

Great thread spicy V. I intend to stay glued. I'm enjoying the best of both worlds. I'm at the top end of the organisation I've been with for the past almost 15 years where we started from zero but have 100s of staff currently across the country and I'm going through same motions with my own start up.
I'd share that I've owned the knowledge that the service we deliver is an experience. So we determine the taste we leave on our customer's taste buds. If its sweet they will come back.
Then there is the daggers drawn end where you meticulously plan to beat the competition to increase market share. That's my specialty. That's why I'm called the executioner at work.

@Kolokolobi its good to hear stories like this about organizations that started from Zero and is now an employer of labour in the hundreds. In the starting out phase, what were the biggest challenges your company faced and how did you handle them