Business Plan, The Foundation Of Any Chosen Venture –Says Management Consultant
By Joseph Edegbo :
A Kaduna based Business Management Consultant, Mr. Felix Ebune Inabo has said that no business can succeed without a plan, no matter how small.
The consultant stated this in a lecture on “How to Start , build and Manage Own Business” at the Christian Evangelical Fellowship of Nigeria, Church Kakuri, Kaduna, where he shared business ideas with the church members.
Plan, he said, is the foundation of one’s business as well as a roadmap for how to structure, run and grow.
It also helps one to figure out how much money needed to start and as well as taken into consideration, the business location which is an important factor.
Mr. Inabo listed businesses that needed small capital to start with, such as Roadside Fast Food Corner, Second Hand Products, Beads Making, Sports Viewing Centres , Tutoring, Petty Trading, Barbing/Hair Saloon and Laundry.
On sources of funding for small scale businesses, the Management Consultant listed using savings/selling of assets, contribution by people, friends and family, business line of credit/loan, opportunity fund as well as government grants, if any.
Mr. Inabo who stressed the need for one to start business in the morning with prayer, and end in the evening the same way, spelt out the Dos and Donts in the running of business.
According to the Consultant, “Don’t sell on credit beyond your capability, be financially disciplined , differentiate capital from profit, lowering personal spending and appetite for food, no delegation to buy or sell, accept criticisms to improve on your products,”
Other formula for improved business,
include improved customer service, innovative by initiating new ideas to products, good character. No quarreling even when you’re right saying “customer is a King”.
“Do not hate your competitors, if they are selling more than you. Take time to investigate their secret.
“Be neat all the time both at home and business area.
“Customers should be motivated by giving out gifts to them, even if is small.
“Always be in good mood regardless of any situation .
The event which was greeted with loud ovation was the second and is being held free at churches for the benefit of members.