An Entrepreneur’s Desire
We are at an important milestone. March is the last month of the first quarter of the year 2022.
Let’s say a Tola is reading this now. He considers what new price to set as the first quarter winds down, and market prices continue to fluctuate from economic pressures.
Tola is aware of the increase in the cost of production. He wonders if he would ever have the right price.
Tola doesn’t want to lose his customers because his prices are too high, yet he cannot run at a loss. He wants to make a good profit and not just break even.
He is equally concerned about overheads. Should he stay in Yaba where he recently got a 50% notice of increment?
Should he move to a cheaper office or join other business owners working from home? What about his staff?
Stella recently discovered many hidden costs that she never foresaw in the previous months. Costs from permits, insurance, and taxes are all taking her by surprise.
She wonders if she can call the first three months a profiting first quarter.
Hassan’s question is fixed on the competition. How can his products be different, if someone else does it cheaper? Especially when he is just setting up his business and still very unknown in the market.
Finally, there is Ngozi, who is comparing last year’s first-quarter sales to this year’s.
She notices that sales for her business have dropped comparatively. She wants her business to be consistent in profit.
All these concerns are connected to people you and I can relate with as business owners.
If these concerns go unchecked, these business owners might run out of their source of income.
According to the PWC MSME survey of 2020, Nigeria’s MSMEs account for 96% of the total number of businesses in the country and contribute about 50% to the national GDP.
The innate desires of Tola, Stella, George, Hassan, and you and I is that we break all profit barriers every year.
We not only want our businesses to recover from the previous year’s economic fallout, but we want to make the Forbes list of richest people.
Maybe some dreams and desires are not as grand as making a Forbes list. I am still sure it’s more than basic survival from hand to mouth.
In this new series, we will be exploring calculated planning, effective execution, excellent follow-through, and of course, the place of favour in business.
May I ask, how well are you doing with your drive towards making a huge profit this year?
If it looks like a slow start, hang in there because there is a lifeline for you in this series.
If you are already hitting your targets, great. Who says you can’t shatter the glass and outperform your projections?
We would like to read from you. What are your business challenges in the first quarter of 2022?
You can write in the comments section, send us a DM, or send an email to feedback@streetsmartlab.com
