Are you an aspiring entrepreneur who dream of venturing into new business ideas come 2018 but you don’t know the simple strategic plan template for startup business in Nigeria? Truly, you are right to learn this strategy. Business environment has never been more volatile than now and from all indication, 2018 is not going to be any different. Statistic has already confirmed that 99 percent of startup business failed to survive their first five years but don’t you worry, my goal in writing this article is to make sure you don’t fall where others fall and that your business is excluded from that 99 percent failed business.
No successful entrepreneur comes into world with the understanding of business. Everyone learn it on the way through. So, I am going to share with you some simple ways through which your startup business can avoid failure in 2018 by. In case, you are stumbling on my blog for the first time and you are wondering who am i. I am Adeyeye Ayobami, an entrepreneur and a business consultant. I own one of the fastest growing business development consultancy firms in the country.
Now enough about me, let’s talk about sound survival strategies for startup entrepreneurs and the simple strategic plan template for startup business in Nigeria that you can follow to get your new business ideas off the launch pad.
Learn what’s working currently and avoid ego trip
You as a startup entrepreneur must understand that it is not all ideas that can be transformed into commercial ventures. As you invest into new business ideas in 2018, remember you must not rush into business because it seems to be trending it is bringing in streams of income. Use all the necessary evaluation methods to rate your identified business ideas and brutally screen them. Yea! Brutally screen your business ideas before investing in them so as to guaranty absolute return on investment in the long run. The fact is there are business ideas whose times have gone and there are ideas whose times have not come. Provided here are the natural ways to identify business opportunities and also 5 rules to rate your identified business opportunities.
Seek expert advice when creating your simple strategic plan template for startup business in Nigeria
Daymond John said Mentors, by far, are the most important aspect of businesses
Another thing that must be included in this simple strategic plan template for startup business in Nigeria is seeking for the expert advice. If you plan to avoid small business startup failure in 2018 you’d better learn from those who have achieved what you are trying to achieve. They understood the business terrain in Nigeria and learning from their stories will endow you with their strength and help you avoid their failures. Innovative entrepreneurs often readjust their path when constructive criticism comes from experts. Learn the working methods from the experts in the business industry and the journey will be a lot easier.
In your simple strategic plan template for startup business in Nigeria, set realistic goals to avoid small business startup failure
As a startup entrepreneur you must develop sound and achievable goals for your business. The goals are like guidepost on your journey to successful startup business. They are meant to ease your journey. But you must set a realistic and achievable goal. In fact, you must be brutally realistic about your goals so as not to set unachievable goals. When you are creating a simple strategic plan template for startup business in Nigeria, remember that unachievable goals often lead to frustration which is a precursor to business failure. Setting goals in stages preferably in small achievable stages is better. Read more on goals setting.
Adopt and refine your competitors strategies for your business success
When preparing your simple strategic plan template for startup business in Nigeria, include competitive intelligence. Spying on your competitors is not a bad idea once it is done legally. It is what experts called “competitive intelligence”. In business, once you discover your competitors given, the same circumstances are still doing better than you then it is logical to find out their magic. For example, you could try to locate your competitor’s business sponsors and see if you can win them over. Also, determine your competitors selling methods that works re-modify it and launch yours. This is exactly what Jumia does in Nigeria with Aliexpress.
Don’t start bigger than necessary
Creating simple strategic plan template for startup business in Nigeria will help you start small while keeping your focus big. Since there is no way of knowing for sure what the future holds in business, it’s better to avoid small business startup failure by not starting bigger than necessary. When you play it down little, it saves you time, energy and will improve your business operational efficiency. Besides, it will be easier for you to be flexible once you got the full grasp of the market.
Be focus and establish strategies to avoid small business startup failure
One of the things I love so much about business is that, it will definitely worth your while if you do what you have to. The world renowned entrepreneurs like Bill Gate, Warren Buffet and host of others have one thing in common. It is focus and strategy! Remember, business is like a game of Chess where the ultimate goal is to protect your most valued piece, the king. As you start your business in 2018, strategize your opening moves with the end game in mind which is to protect your business. Parts of the moves to beat your competitors are already discussed in this article: 8 winning moves for startup business to beat the competition.
Polish your customer care
Customer care should be one of the major component of your simple strategic plan template for startup business in Nigeria. Unless you plan to sell to the robots without feelings, then you must brush up the customer care for your startup business in 2018 to connect with your customers. Currently, Nigeria is facing though economic situation and we can only pray for better days ahead. But caring enough for your customers might be the only chance of survival for any business be it startup or corporations.