So many Nigerian businesses are losing out on profit and looking for financial advisors to fix the situation. Hopefully, with the understanding of why your startup is not making any revenues, you will be able to make back some of that hard-earned cash.
Here are some reasons why the revenues aren’t coming in as expected.
1. You don’t think thin
Many big corporations and even small ones, don’t often tell the truth about their setup. Private offices? State of the art furniture? Functioning printers? How about the accumulating overheads – staff benefits, the electric bill, and office supplies?
Comparatively, though, nonprofit offices are downright Spartan. They have smaller budgets than their for-profit counterparts, and keep strict rules on spending.
Our tip: To increase your bottom-line as a startup, you need to present a budget with overhead not greater than 20% of the overall budget. Simple.
2. You never play nice
You’d rather bask in the excitement and immensity of goals, instead of seeing more partnership opportunities. Profitable businesses sketch out strategies that are leveraged on relationships with other individuals and organizations.
They recognize that there is no reason to reinvent the wheel or claim ownership of an idea when someone else is already doing something similar.
Our tip: Partner with organisations that are not your direct competitors. Consider ways to leverage each other’s work to reach a better customer base.
3. You don’t value accountability
Though a difficult task, but deciding who is responsible for what shouldn’t be negotiable, especially when you have multiple individuals working on accomplishing the same task. You also have to be accountable too!
When people understand that they would be called to question on job done, there would be no opportunity for misunderstandings.
Our tip: Once processes are set, they should be communicated early and respected , so that all parties involved are prepared to take on the exact responsibilities given to them.
4. You don’t support the vision
You should take your vision very seriously—they’re the only reasons that exist. Companies whose staff members do not have stakes in their visions, are usually on the fast lane to unexplained losses.
Your vision for your company should be your motivation, and this will compensate for the stresses of a smaller budget.
Our tip: It also helps to simplify your daily decisions; if a particular activity doesn’t support the vision and bring in revenue, don’t do it—end of story.
Did you find this article helpful? Let us know in the comments!