Common mistakes that make businesses fail in Nigeria and their solutions

Most people ask this question most times. What are the common mistakes why businesses fail? It is a known fact that about 80% of SME businesses fail in Nigeria within their first sinister.

What is the reason behind this short life span for businesses and, sometimes, start-up organizations in Nigeria?

What causes the high rate of failures? We have several factors that contribute to the low span of businesses in Nigeria.

If most people want to answer this, they would say its a lack of money. Yes, money is essential if a business wants to survive. If there is no money, the survival chance of business is very slim.

Apart from money, there are other causes of why businesses don’t survive in Nigeria.

After researching, below are some of the common mistakes that make businesses fail in Nigeria and their solutions:

Incompetent team

Are your team members competent? Can they handle their roles effectively? For several SMEs, incompetent members contribute to their business collapse in Nigeria.

A team member becomes incompetent if they have inconsistent skills; they don't have the experience, and so on.

Possible solution

Employ the right set of people. Make use of your objectives and goals as a guide. Hire people that have the right technical skills and soft skills.
The people you employ must be inclined with you about the goals of your business.


Read more:https://smpreneurs.com/03/common-mistakes-that-make-businesses-fail-in-nigeria-and-their-solutions/