Business Lessons I learnt from Ada Osakwe - Founder, Nuli Juice on building and evaluating the value chain of your business.
I was in my office few weeks back, when I received a mail from ImpactHER, that I was selected to attend the training for women entrepreneurs, I was so glad and excited to be chosen to be a part of the training. Although because of my work schedule, I could only attend for some hours. I found the training useful and impactful to my business as the facilitators were very real and practical and shared from their own business experience plus lunch time was awesomely awesome! Thanks to Grace Okoli for the connect and I deeply respect and appreciate the founder of ImpactHER, Efe Ukala for selflessly putting this together to support a new generation of women entrepreneurs.
So here are my lessons from ImpactHER training. Hope you learn a few things that you can apply to your own business.
1 .Take time to understand the Ecosystem of your business.
What does it take to open the doors to others in your business. Do your research and do things right. Build a business to leave a lasting impact and to be the first consideration in your business category. It’s important that you understand your competition and supply chain and don’t be afraid to change paths and adjust along the way where necessary.
2 .Build an operational engine room
It’s important to start early and start well. Pay yourself a salary to avoid taking out money meant to be invested into your business to build a sound operations engine room. Don’t be afraid to connect with people and tell people you need them but can’t pay them. Having people you can count on is key as you walk your journey. Don’t be shy about taking on great talents to work with you so they can help you build your operations engine room. Be ready to bootstrap as well in order to get things done even if you don’t have the money.
3 . Focus on ultimate customer experience
You need to focus on creating a great experience for your customers in order to get them speaking for you. In your business, you need to daily find ways to make your customers happy. Learn to also accommodate customers' demands and constructive feedback. Be concerned about their feelings and how you can get them to come back to you. Never look down on one customer. Customer is king. In your customer relationship value chain, attend to customers on the platform which they connect with you whether is WhatsApp or Facebook. Don’t send them to another platform of your company e.g your website to make the same inquiry or purchase. Respond to them on the platform in which they reach out to you. In picking your calls and responding to messages, be professional and friendly and do things to nurture the relationships you have with your customers like giving them special gifts this Christmas season. If you would like to send gifts to your customers, please speak to a gifts expert at O’lavanda Signature or call +234 808 936 1981.
4 .Be consistent in your service
Represent your product right. Consistently reinforce what you believe in as a brand through what you do consistently. Pay attention to those recipes, manuals, activities that have worked for you. Create policies and Institutionalize major processes in your company for sustainability purposes.
5 .Branding and Culture
Build a brand that is consistent in standards and customer experience. Don’t focus on instant gratification. Build a financially responsible company and hire an accountant on a part-time basis to audit your business account monthly. Don’t spend all your profit. It's essential to have residual profit as investors look out for a well audited account and your residual profit before investing. Build a culture and a business that is not just profitable but leaves a lasting impact in the lives of other people and the community at large.
If you enjoyed reading these lessons, then please take out time to leave a comment below and let me know what you'll do differently in your business moving forward. Thanks and have a happy weekend in advance.
What I learnt from Mayokun Fadeyibi -Head of Business and Strategy OLX, Kunle Adeojo- MD Toyota Nigeria and Ralph Tamuni-Co-founder WAKANOW
Last week, I had a great time at the sales and profitability seminar at Harvesters International Christian Centre. I thought it was a great one and of course learnt more about starting an e-commerce business in Nigeria after I had a close up session with Mr Ralph Tamuni, the Co-founder of WAKANOW as I got to ask questions relating to my bespoke gifts business, O'lavanda Signature as we prepare to launch later in the year.
So here are some things I felt I should share with you that the speakers spoke about, which is peculiar to their business but which you can also apply to your own business. Enjoy the piece and please do leave a comment as well. Thanks.
Mayokun Fadeyibi-Head of Business and Strategy OLX
Kunle Adeojo- MD Toyota Nigeria
Ralph Tamuni-Co-founder WAKANOW
Hope you learnt something new on Business Matters With Onyinye. Please leave a comment and let me know what you learnt or your thoughts on what I shared. Nagode!
About the Author
Onyinye Etoniru is an author, lover of God and entrepreneur. She teaches life and home management from God's perspective. True Lessons With Onyinye is a mixture of true inspiration, true stories and true lessons on #WealthMatters #LifeMatters #SoulMatters #BusinessMatters #HomeMatters.
The 70 Nugget quote collection is powerful and deep. Its message is compelling; revealing relevant truth to start your day, go through your day and end your day in victory.