We're in this together : My business challenges

I hope everyone has been shopping local this month? If not, I challenge you to do so, show off your purchases and use the #shoplocalNigeria hashtag to get things going!

This week, I want to talk about the challenges some of us, as business owners face. So, running a business in any part of the world is not a small task, then add the enigma that is Nigeria into the mix and everything is compounded. Here are a few challenges that I have faced running business in Nigeria and some ways I've been able to mitigate then -

1 - Power

This has been the cause of death of many businesses in Nigeria and it continues to plague not just businesses but livelihood in general. I know I've had my fair share of power challenges - your back up generator needs a back up generator!! A great start is Inverters to support your power supply. Hiring Ayo Adebayo of RESTITUO RENOVO as a facilities manager has also been very impactful. Having someone who's primary function is to ensure that your facilities are in working order is a good way to free up time for you to focus on your actual business without being distracted by the tedious and mundane things.

2 - Access to funding

In order to get a loan from a bank, you need to have at least one year of audited financials, which is impossible for a new business and a new business cannot start without funding. It’s a vicious cycle! There are a few institutions however, that may be able to help with that, one of which is the Bank of Industry (BOI). BOI is happy to give entrepreneurs within a limited industry non-collateralised loans with amazing interests. The first people you should talk to, however to invest in your ideas are the three F’s (Friends, Family and Fools) - So get started on that pitch deck, show them your plan and get your business started.

3 - Trust

The cynicism is rife and it is a lot of work convincing your potential customers that they can trust you. Essentially, this is one of the biggest pros of building a business as a brand. People get a clear view of what your vision, mission and core values as a business are and are more inclined to trust and believe in what you are selling. Now, when you have their trust, do not let them down!

4 - Hiring

Finding the right staff is the most treacherous of them all! I’ve heard all kinds of stories about employees from hell, but you cannot run a business without staff. You need to be committed to training your staff - Its unlikely that you will find the perfect employee so you need to be prepared to mould them into who you need them to be . Spend time with them and get to know them. Get to know what their motivations and aspirations are and be good to them ( No matter how jaded you are, you should never compromise on your own integrity because you fear that they wont do the same for you). Alternatively, you can hire customer service and marketing training companies to help whip your team into shape. When we started MeiDei, Mr Kunle Fakeye of EFFA MANAGEMENT came in and built our staff to the hard working, efficient sales sharks that they are today.

Can you relate to these? Or do you have a completely different set of challenges? We’d love to hear from you!