A Financial strategist, Mr. Bayo Ogunnusi, has urged business start-ups and owners to spend 90 percent of their time for 90 days monitoring and understanding their businesses for optimal growth.
Ogunnusi, the Chief Executive Officer of TQM Capital, gave the advice at a webinar organized by ACCION Microfinance Bank, for Small and Medium Enterprises (SMEs) on Tuesday in Lagos.
The event tagged, “SME Clinic,” focused on diagnosing and prescribing solutions to challenges and problems business owners and start-ups faced.
According to him, the reason why some businesses failed was that the owners did not dedicate enough of their time and attention to them.
“There is something we call 9090 rule.
“It is as simple as whatever business you are doing or about to start, you have to spend 90 percent of your time, energy, and resources for 90 days non stop.
“The reason why you do that is for you to be able to bring out the challenges that your business will give you.
“When you are able to come up with the problems in 90 days, you pay extreme attention to it; then it will be easier for you to find the solutions.
“So the structure you are going to put after 90 days will be such that you have identified in the last 90 days,” he said.
He further said coronavirus had taught business owners that they needed to leverage on technology to boost and manage their businesses.
He urged them to be proactive, creative, and innovative going forward.
Ogunnusi advised such business owners to come up with mobile apps like the Uber app or websites that would enable costumers to register and transact business with them.
He further urged them to create opportunities for their businesses by ensuring that they did their homework well.
He said once these steps were taken, it would be easy for them to get banks to fund their businesses. (NAN)