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Sustainable business development in Africa
18. June 2018 at 19:58
by Benedict Chukwuemeka Osondu
This article is to expand our minds and business ideas on the importance of knowing what your values can do and how it can change things especially the use of information and data. Some business has failed not because of ideas but because of information and lack of proper information.
One of my favorite quotes of all time. I reminded of its importance. Here’s the story behind the quote: Einstein was once given a copy of a questionnaire Thomas Edison created to screen job applicants. A journalist wanted to see whether Einstein could answer the questions on the questionnaire.

As soon as he read the question: “What is the speed of sound?” he said: “I don’t know. I don’t burden my memory with such facts that I can easily find in any textbook.” He went on to say: “It is not so very important for a person to learn facts. For that he does not really need a college. He can learn them from books. The value of an education in a liberal arts college is not the learning of many facts but the training of the mind to think something that cannot be learned from textbooks.”

However, the problem isn't in the idea the problem lies in the fact. We have this culture of doing things for some people without verifying and you know sometimes all it takes to avoid crushing marketing errors is to ask a few basic questions- questions which has created sustainable business growth in most European countries and in my view most of our businesses in Nigeria lack the sustainability approach in keeping a long time and lasting business and this has nothing to do with ideas, or starting but rather the challenge of knowing why and how business should be seen.

Using expert in your business gives you successes and reduce your failures, the expert in the field will demonstrate how the good and bad decisions of some product or your product will affect other product and the business of the 21st century has gone more technical and technological than how we use to see services before. In my experience and field trip (We have had many of our clients talk about how their business has increase after consulting or using professional help to understand the values they are about to lunch) . Today close to 90% of business failures are not because they lack ideas but because they fail to evaluate the market and not just evaluations but constant survey to keep their business flowing.

You don't need any technological input without doing a qualitative analysis of your market and making use of professionals for your study both start up and existing businesses. Your company is ready to launch a new product or you just launch a new business whether it is an online or offline business or your business already exist. This is an exciting time for you and everyone else involved.

Depending on your industry and brand, you’ve spent months or potentially even years developing this product or business. As you approach the final stages of development, you’re starting to get a bit anxious. I can totally relate to this feeling. You’ve spent so much time, effort, and money on this that you want to make sure it’s successful.

If your new product or business isn’t a hit and doesn’t sell, it could be a crushing blow, both financially and psychologically for your brand. Here’s what you need to realize. Your product or business may be outstanding, but if you don’t promote the release properly, nobody is going to buy it.

I had a conversation with one of my social media follower during the week, she was complaining about low sales, no customer and even about facing her competitors for her business and I just ask her one question - How are you promoting your business everyday and she replied saying I plan to start promoting my business soon but do not know how... Well, this is not unique to her alone, many people think that all they need is just a good product and business and the customers will come. The sad news is that, it doesn’t work like that, you need to promote and get people to know, like and trust you before they buy from you. You may get the occasional sale from family and friends, but that’s not enough to drastically increase your revenue.

In our customer relationship and services provided we make sure we provide these four factors attributed to our business success:
1.Meet customers our expectations
2.Exceed our customers expectations
3.Delight our customers
4.Amaze our customers .

In fact, you really do not have a business yet if your customers are family and friends.
What most people fail to understand is that a successful business or product is a business that makes sales and unfortunately you really can't make sales if you have no customers because you are not promoting. This is the reason why about 80% of business fail within 5years of establishment.

In America either in politics or Business or even making policies they employ some research company to help them understand their possibilities in making most of their decisions. I think we should also buy into such big idea and that's why you have professionals who can work on that idea and possible outcome for your business. Hence for a business to develop and grow in any country or business, a well-developed business strategy must be in place and ready to launch with an effective research study by professionals. That being said, a crucial part of it depends on marketing, as well as the customers’ acceptance of the product or services or even policies if it's in government However, the only way to verify if the corporation is on the right profitable way is by conducting market research. So, what does this mean exactly or benefit for doing it?

As the market is full of qualified competitors rising daily, companies need to be aware of the preferences and issues of their customers. Since they are the crucial part of the business success, understanding their needs and improving their satisfaction directly influences business growth. Therefore, many use the powerful tool of market research to stay ahead and elevate their performance by avoiding possible risks.

In running your business you will understand that Market research helps you understand market demands, recognize business opportunities, design the perfect marketing campaign, minimize losses, and keep track of the competition. It allows organizations to classify their objectives while following the current trends and take advantage by reaching out to their target audience.

Your business is guided by principles just like the principles of creations and life, once you understand that you will be amazed at your success. You will succeed.
Cite This Article As: Benedict Chukwuemeka Osondu. "Sustainable business development in Africa." International Youth Journal, 18. June 2018.

Link To Article: https://youth-journal.org/sustainable-business-development-the-international-business





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