Lagos -------------- A Financial strategist, Mr Bayo Ogunnusi, has asked business start-ups and owners to spent 90 per cent of their time for 90 days monitoring and understanding their businesses for optimal growth.
Ogunnusi, who is the Chief Executive Officer of TQM Capital, spoke at a webinar organised by ACCION Microfinance Bank, for Small and Medium Enterprises, SMEs, Tuesday in Lagos.
The event tagged, “SME Clinic,” focused on diagnosing and prescribing solutions to challenges and problems business owners and start-ups faced.
He said, the reason why some businesses failed was because the owners did not dedicate enough of their time and attention to them.
His words, "There is something we call 9090 rule.
“It is as simple as that, whatever business you are doing or about to start, you have to spend 90 per cent 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 further said coronavirus had taught business owners that they needed to leverage on technology to boost and manage their businesses, adding that business owners must be proactive, creative and innovative going forward.
According to him, once these steps were taken, it would be easy for them to get banks to fund their businesses