- Market diversification by extending your business offering to new market segments not previously targeted. Your Online presence (website, social media, search engines etc). should be prioritized.
- Ensure you have a comprehensive organizational structure to ensure you are not over/under staffed.
- Design a realistic job description tied to Key Performance Indicators that will contribute to attainment of your set goals (short and long term).
- You need a desk manual that will help you build a system where transitioning and rotation can be seamlessly achieved.
- Don’t ever have a “STAR BOY” in your team. As much as possible let more than one person know how to perform a job function. This will help you build a better work life balance for staff and also not to be caught gasping when the star boy is unavailable.
- Ensure you have a recovery site with a realistic recovery time. The implication of this is that, when your present place of work is inaccessible just like what happened during the #ENDSARS, you should have an alternative that will help you to quickly bounce back and satisfy your customers.
- Optimize your opportunities especially those that comes with low cost of funds and will give you the opportunity to build network and increase your capacity. For instance, BOI just secured a $1B funding, you should position yourself well to be able to secure BOI funding which is definitely cheaper than commercial bank rates. Also getting non debt funding will help you to get much more than cash as your investors (equity) should be able to cover your areas of weakness and threats.
*IF YOU WANT TO SOLVE YOUR BUSINESS PAIN POINTS, WFH Advisory Team will help.