Al-MOD Agro-Farms

Think Small, Think Big

Some years ago, I was undertaking a land rating valuation for Ado Odo Ota LG in Ogun State. Ota is where many industries are or were situated. By day 3, I knew which ones were Nigerian owned from the gate house and those that were Indian, Chinese or Lebanese.

The gate house of a Nigerian factory was always painted and a little elaborate. The others, stark to the bare necessities. Guess which ones were thriving? The unpainted ones.

When you are starting a business, start small. Focus on the income not the ostentation. Know your numbers. Save cost as much as possible. Until you are making money from the busines to go forward.

An average SME fails in 6 months to two years. The environment is harsh true but most make poor decisions. They invest more on non income generating assets, than the generating ones.

Ask if you really need an office. Ask if you need a lavish one. Try to save money by working from home when possible. Have a lean staff and as much as possible, outsource.

The think big is to ensure you have a business account, you undertake bookkeeping and pay appropriate taxes. You can have a book keeper and a legal adviser cheaper than hiring one permanently.

Before you approach banks for loans, do your numbers well.

Do not be in a rush to brand lavishly. Let the brand grow organically. Do not be another tried and failed one.

Ademola H Adigun

Life is a journey of many unknowns & we are not expected to understand its ups & downs straight away.

Just like anything else,we have to experience the downfall to be able to rise again, after every downfall there is relief so have Sabr, have Tawakul in الله & trust His plans