Over 80% businesses failed yearly in Nigeria within five years. Various factors have been adduced for this trend. Poor power supply and lack of access to finance remain key factors from the side of the owners, but proper research into the needs of consumers and preferred means of devouring such needs, kill business more than electricity and finance issues in the country.
Some businesses started on the premise of earning money that would cater for daily expenses, few started by imitating others. The other side of the matter is that some go on to prosper and expand, having done a lot of background research and contacted professional business advisors. Many studies have cited poor management, location, inadequate business plan and failure to implement it as crucial factors for failure of many businesses, especially startup ones.
Consulting professional advisors helps in understanding application of various technical skills needed for effective management of financial and non-financial aspects. By consulting advisors, you are knowing the best ways of turning around your business. Bill Gates, Aliko Dangote, Sir Richard Branson, Warren Buffet, Sir Freddie Laker and among others successful entrepreneurs still seeking advice despite their track records over the years.