The year 2012 has begun and the question now is what do you intend to achieve this year? Beyond the new year resolutions which you may have decided to implement, there is need to take a moment to reflect on what your business goals are, and what your vision for the next five years will be.
Many times we have one big idea and we make a sudden change from the current course of our lives and take a wild plunge into the un-known. It is good to take a chance but it is better to make and followed through on an informed decision. In February 2009, Nigeria experienced a historic stock market melt down. It was so huge that it shook the very economic foundation of the nation, everyone was affected in one way or the other. I never invested in the stock market because I had a gut feeling not to. Besides, there was something wrong with the whole process and I just couldn't place my hands on it.
I tried very hard to understand the dynamics of the buy and sell process but my ''spider senses kept tingling''. My dad on the other hand invested a larger portion of his retirement benefits (against my repeated warnings) and almost suffered a stroke when the markets crashed.
You see, there is need to understand what it is you are about to engage in, because that business venture or project must be able to meet a need. Your profits are guaranteed when you find a need and reach out to meet that need. In essence, you must understand the dynamics of the market you are about to venture into.
Secondly, you must have long term goals for your business dreams. Its not enough to have an idea. Your dreams are as big as you can visualize it. I once worked for an Entrepreneur (an Architect). His entire business structure centered around him. He is a very shrewd and intelligent business man but his flaw is that his dream is small. He refused to expand, the recruitement process was based on sentiments, salary remitances were dolled out as cash and so on.
In my mind, things could be done better. He needed and accountant and an Admin Manager. I believed he needed to expand his vision. Its 7 years now and its still the same process that he runs. Major corporations have been born since then and grown to be billion dollar corporations while, this shrewd intelligent business man still maintains his little sole proprietorship.
There is need to see your business grow beyond your lifetime. Dream big. Open your eyes and see, then strategise on growth. Set financial return on investments. Reduce waste and save save save. Save your inflows or incomes.
As this year begins, remember to be prepared. opportunities will come and you need to be well informed to recognize these opportunities. And when they come, be bold (especially when you understand what it is you are doing) and take that chance. Double your income whenever you can. Money in the bank may be safe but it sure cant double itself.
Now, if you are working and you have a dream burning on your inside, then the first step you should take is to register your business, then get information about what you intend to do and lastly save a portion of your current income. Have a financial target and move only when you have achieved your target, put structures in place and you are convinced your product has a ready market.
In summary, dream, strategise for growth, set financial targets and study the market. Till we meet again, keep winning.
David Chiaka
Follow me on twitter @MrChiaka
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