What You Should Know About Turnover In Business


By Obinna Uche Uzoije

The one thing a true business man believes in is turnover. Infact, the ability to believe in turnover is a major decider of how long your business will last or how momentaneous it will be.

What You Should Know About Turnover In Business

The Nigerian economy is conceived in a mentality that refuses to invest in it’s own but sponsors other people’s businesses. That’s why we hardly get a first-mover advantage. I can borrow an example from the ponzi schemes that flooded the country recently.

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If a Nigerian started it, the person will have to eat sand to bring it that afloat. But when our rich men saw it was a foreigner’s website, they didn’t mind the fact that ponzi schemes are generally fraudulent investment operations that pay returns to investors from their own money or money from subsequent investors, rather than from any actual profit earned. They invested. I reiterate; it is an issue that we see more security in investing in things introduced by a forigner than by a Nigerian.

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The prevailing trend records that 9 out of 10 startups springing up within the country will fail and it is due to poor investment. Using bank loans as an escape route is a no-go-area. Not in the now. That brings me back to turnover.

Your little capital with which you start making shawama, beads, your fish pond or what have you, can go a long way, but you must be disciplined in the art of garnering little nothings. As you create demand, you get the experience.

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Your education will cover for your experience when you now look at a wider range of consumers and device a way of reaching them. If you do, you’ll appreciate the idea of profiting little but having a huge customer/user base. You’ll know why people see entrepreneurship as philanthropy and simultaneously the business owner is never broke.

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If you’ve started up a big or small business, even as you build up the organizational direction and begin creating demand, make plans to make little profits per product while steady expanding the business.

You’ll help the economy, people that can’t afford things these days are more than people that can.

They’ll obviously choose yours. Let your business help the underprivileged. It should be a core competence in your organization.

Thank you.
Obinna Uche Uzoije.


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