One of the most important thing to do in business is to study the times. When I talk of studying the time, I mean know when the tides favours your business or when it is waging against it. It also mean understanding when to invest, expand, sell or even buy a new business.
Understanding timing has helped some business grow and has lead to the extinction of others. Take Nokia for instance, when mobile phones became a phenomena in Nigeria, Nokia has the highest sales but around 2010, Nokia started losing the market to Tecno which was producing louder, cheaper, smart and advance camera phones. Today in Nigeria, Nokia is out of the five top phone competitors.
To understand the time, market analyses must be a continuous activity, always monitor the sales statistics, know if your goods are in continuous demand or sales is declining. Many firms only stop at the point of business development but it must be a continuous activity if you must satisfy your customers and remain in business. You must also be interested in recent researches so that your competition don't outsmart you. Whatever is it that Tecno did to get cheaper phones into the Nigerian market is worth it as they dominate the market now.
If there be a need to sell off your business to survive the storm, don't be afraid to do so especially when you still have the better bargain before you become a stress seller. don't be scared of selling your business. There is a Nigerian proverb "he that fights and run away, lives to fight another," don't allow that ailling business tie up capitals. Move fast!
To conclude, just as the Bible says, "watch and pray," I say "WATCH, STUDY AND ACT FAST!"
Understanding timing has helped some business grow and has lead to the extinction of others. Take Nokia for instance, when mobile phones became a phenomena in Nigeria, Nokia has the highest sales but around 2010, Nokia started losing the market to Tecno which was producing louder, cheaper, smart and advance camera phones. Today in Nigeria, Nokia is out of the five top phone competitors.
To understand the time, market analyses must be a continuous activity, always monitor the sales statistics, know if your goods are in continuous demand or sales is declining. Many firms only stop at the point of business development but it must be a continuous activity if you must satisfy your customers and remain in business. You must also be interested in recent researches so that your competition don't outsmart you. Whatever is it that Tecno did to get cheaper phones into the Nigerian market is worth it as they dominate the market now.
If there be a need to sell off your business to survive the storm, don't be afraid to do so especially when you still have the better bargain before you become a stress seller. don't be scared of selling your business. There is a Nigerian proverb "he that fights and run away, lives to fight another," don't allow that ailling business tie up capitals. Move fast!
To conclude, just as the Bible says, "watch and pray," I say "WATCH, STUDY AND ACT FAST!"
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