Statistics has shown that many businesses die within the first five years of its establishment. Especially Nigerian owned businesses. This is primarily based on the mentalities of business owners and not the environment. Many business owners find it difficult to separate their businesses from their selves. Most owners do not see their businesses as an establishment or separate entity that needs to grow. They do not think they need to feed the business to grow. They mostly feed out of the business
Growing a business is not only about expansion in size, it is basically the ability to enhance the performance, speed of delivery and quality of delivery at more affordable price.
This requires investment in all processes, machineries and personnel. When competitors do this regularly, they will sooner or later take over your customers.
Business owners should not spend all their earnings on their selves by buying luxurious cars, clothes, homes and travels all for their own pleasures. In fact, you need to be placed on a salary from the business you own. It will not be wise to spend as the salary comes in.
You should be a salary earner too from your own business. You need to see and anticipate the future and prepare for a better secured future by enough investment in the business today so as to effectively weather the storms of tomorrow.
A business you refuse to feed regularly will eventually die. Times are changing, technologies improving, processes are getting refined and personnel becoming more complex yet creative. Entrepreneurs need to invest in all these to upgrade their businesses to grow and survive into the future.
If we ignore our businesses it will consequently cease to provide for us. Let us not just spend on ourselves let us spend on our businesses and be wise. Take charge of your business!