NOVEMBER 3, 2014 BY IFE ADEDAPO
IFE ADEDAPO writes on how to manage business impediments and turn them into opportunities for growth
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ome businesses have challenges with sales and marketing of their products and services while others have difficulty in meeting the demand of customers. In most cases, access to finance has been regarded as the greatest obstacle to business success.
Some entrepreneurs may also experience challenges with communication and technology.
Experts say opportunities presented by a change in government policies are being seen by some people in business while others look on. According to them, economic crisis also offers the chance to re-evaluate how you live your life, teaches how to be mindful and strategic about how you spend money and to take stock of your values and priorities.
A layoff due to challenges in a corporate organisation, experts say can provide the opportunity to find a more meaningful job, transiting into a new career, or pursue the dream of starting your own business.
The Managing Consultant, Experiential Consult, Mrs. Aderoju Odunsi says some situations such as the Ebola outbreak which is a health challenge that has crippled some businesses provide opportunity for others to launch or expand their business into other areas.
At the NECA’s Network of Entrepreneurial Women conference, the certified trainer says short code messaging businesses boomed with entrepreneurs keying into it and requesting for subscription for short messages on ways people can protect themselves and information on personal hygiene.
Making a huge loss or losing clients to the competitors can have devastating effects but looking forward there is always a silver lining. When your business is going through tough times, it is a good time to be resolute because your mind is predisposed to finding solutions.
Business consultants have identified ways by which business managers can make success out of adverse situations.
Be committed to your goals
The Chief Executive Officer, Solvere Word Consult, Mr. Remi Dairo says recovering from challenges can be hastened by making a promise to be successful and working towards it.
The life coach says studies have confirmed that verbally committing to something, programmes the mind to hold to that obligation even if it is difficult or dangerous.
“I made a promise to make a success of my life and I am still set on that path. Recovery starts with a promise. Refuse to become a tragic replay of whatever setback interrupted your life. Make a verbal promise to yourself, to someone you respect or love but commit to moving forward,” he says.
Encourage employees to identify problems
Business consultants advise entrepreneurs to be watchful before problems reach them. They say managers must create a safe avenue for employees to reveal problems. According to them, when employees are given a free hand to identify challenges without consequences and proffer plausible solutions to them, many problems would be tackled before they have adverse effect on the business.
Find a mentor
To overcome trauma experienced from business challenges, mentorship with experienced people who have tread the path is important.
Dairo says, “When the student is ready the teacher appears. Good mentors don’t just teach; they inspire. They raise the bar not so you will fail but so you will grow, not so you cause defeat, but so you appreciate gain. They do not change who you are, they change who you believe you can become.”
Be passionate
Dairo says life challenges people in ways they cannot anticipate but in the midst of those experiences, there are secrets that make them not just better in what they do, but also better people.
According to him, when people are faced with adversity, it becomes difficult to dream big but having passion for the venture can help them to overcome the problems.
The life coach says, “Being passionate about something – anything – gives clarity to dreams, lifts our spirit, sharpens our focus and creates a vision of better times ahead. Look for something that keeps you energised. To be passionate is to be tireless, relentless and committed; passion starts where your energy fails.
“Dreams are a chassis but sweat is the fuel. A sedan car without fuel sits idle in the driveway. Success is earned by tuning out the noise and leaning on the wall,” he adds.
Build businesses around environmental problem
One of the major infrastructural problems affecting the success of businesses is electricity. However, experts say businesses can be built around such challenges.
A sustainability expert, Mr. Gbenga Adebiyi says the opportunity presented by epileptic power supply in the country is being taken up by entrepreneurs to make money for themselves.
He says if Small and Medium Enterprises can switch from the incandescent bulbs to energy saving ones, their operating costs on electricity bills would be reduced and this would enable them to save more.
In addition, he says the energy saving bulbs have a longer lifespan compared to incandescent bulb and may not require any change for several months.
According to him, managing waste materials which cause pollution in the environment are also creating jobs for people. He says recycled paper and packaging materials have been discovered to reduce production cost for manufacturing companies.
Adebiyi adds that proffering environmental friendly solutions like recycling and eco-design have a great potential to become drivers of economic growth and job creation while, at the same time, making a significant contribution to addressing environmental challenges.
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