Do not be among the 70% of the world population who neglect the little things that could have made their business ready for the jumbo dance of the year.
Permit me to quote Thomas Jefferson, a onetime president of the U.S who said that “a small hole can sink a big ship”, and I am sure you wouldn’t want your ship to sink, would you? Of course not. I wouldn’t like such to happen to me either.
2016 witnessed a whole lot of unsuitableness in the business sector, which include the recession in different countries of the world, there was also a rapid advancement in technology, and businesses sank right under the owners’ nose, irrespective of all this odds, a whole lot of entrepreneurs gained more, with the likes of Mike Adenuga been ranked the highest business gainers of 2016.
Related Article: Top 10 Influential Entrepreneurs in Nigeria 2016
But one would ask; where did all who lost a fortune in 2016 get it all wrong? The ones who gained more, what and what did they do to be on the winning side? Well, statistically I do think that the highest gainers of 2016 got their business ready for action and more prepared for the event of 2016 or perhaps no one saw the storm coming. On that note permit me to go through some proven ways that will get your business ready for the action of 2017.
Audit your previous Financial Records:
One thing that auditing does is to save you from financial cancer. Reviewing your previous financial records will help you forecast the future state of your business. Auditing also exposes the strength and weakness of your business, providing you with a reasonable way to get your business ready. If you do not know how to audit your records, hire a professional to do that for you.
Review your Tax Record:
Lionel Messi, a popular footballer was prosecuted by the Spanish authority for tax evasion worth 4.1 million Euros from 2007 to 2009, after been found guilty of the offence; he was sentenced to 21 months in jail. Meanwhile he escaped going to prison because of the Spanish law which states that “A term sentence under 2 years for the first time under a non violent crime can be served on probation. The notable point in this case is that he was not even aware that professional handling his tax payment was not doing the needful; this landed him to 21 years and a huge fine too. When last did you personally review your tax payment order to make sure that they are up to date?
Re-Check the market you operate in for current business trending:
The Blackberry Company lost its stand in the Nigerian market because they failed to keep up with the market trend in Nigerian mobile market. The introduction of the affordable Android phones in the market knocked them out.
Update your Product:
Had the Blackberry Company updated their product and made it affordable for all, they do still be in business by now. Too bad, a company that has won the heart of many Nigerians (especially that of the ladies. *please don’t tell the ladies I said so*), was not even able keep it.
Increase Your Business Network:
You should work towards increasing your network of business connection in your niche. Show me your business network, I will tell you the business you are in”. Your business networks are like your second eyes in the market you are in.