Learning how to grow your business
in Nigeria matters a lot for business owners. Nigeria is a consumer driven
economy which makes it easier for companies to enter the market unlike other
developed countries. As a business owner in Nigeria who wants to grow a
business and improve its profitability has a lot of things to work on.
From experience, I will say that most business in Nigeria do not understand the
importance of key factors that made up their business and this often makes
their business to fail within 2 years. You make several decisions each day that
create a huge impact on your business financial structure and these decisions
is what shapes the future of your company. The easiest way to increase
profitability in most business in Nigeria is to reduce costs which are mainly
variable costs. Reducing these costs will increase the profits even if you
maintain your sales record.
If you own a business or want to
start a business, If you sale a product or offer services to the people, I am
going to share to you the ways of growing your business in Nigeria and maximize
your profits.
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21 Ways of Growing your Business
in Nigeria
1. Be organized
You have to organize yourself and your team and let everyone know his
particular duty always and by organizing your company, you have put everyone
to a particular task which will increase efficiency and improve
profitability.
2. Keep Detailed Records
Many businesses in Nigeria do not keep the records of their business. Keeping
the records of your sales, transactions and customers matters a lot this will
make you to understand when things changes and the demographic your most
customers are coming from. By doing this, you can easily understand the
market structure which will make it easy for you take a decision that will
increase your business growth.
3. Stay visible and connected
You have to be visible to people. Start every conversation with a hand shake
and a smile be it your customer or your employees. This will make you to stay
connected with what is actually happening around your business or your
customers’ preference.
4. Analyze Your Competition
It is important to analyze your competitors and see how their products are
much better than yours and how their service looks better than yours. Even if
you are ahead of your competitors, it is good to analyze them and see how
they position things that may directly or indirectly affect your company
growth.
5. Encourage employees
Many business owners or Managers in Nigeria do not encourage employees. They
believe that every employee must be perfect but motivating employees gives
them more courage to tackle everyday activities and by encouraging them
instead of abusing them will make them more happy to achieve the companies
objectives.
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6. Be focused
This is important, as you have to be focused on your companies’ mission. Make
sure that your company is working to achieve its mission as this will make it
is easy to achieve the vision. Set a challenging vision and don’t lost focus
no matter how things seem to be.
7. Prevent theft
This is important in every organization. Prevent theft from customers or
employees. This is will slow your business growth and most often will end
your business if you do not prevent it on time. If you are offering a
product, install machines and cameras that will detect any theft going around
and work on it to prevent it in the future. Make sure that your records are
all in tack and most often employ some chartered accountants to check on the
records from time to time. Losing cash is very costly.
8. Increase your marketing bar
Understand the importance of marketing for your business. Just like MTN , GLO
and other companies advertise their products always, learn from them and
advertise your product. It is once said that every time you advertise your
product or service, you will more customers and expose your business to many
people.
9. Provide Great Service
Even if you are selling a product or a service, it is very important to
provide good services to your customers and potential customers. If you do
that they will be addicted to your product and services and will also refer
their friends to your company.
10. Be very consistent
Consistency is very important in increasing your profits for any business.
You have to be consistent always and this will create a room for advancement
in the future and bring more customers and rewards.
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11. Increase Efficiency
Work on tasks that are very important for your company growth. Try to be cost
effective in purchasing few things that add value to your company. Make sure
that every employee are focused on the project that is aimed at achieving the
company objective and Be time conscious.
12. Reducing your costs
Reduce your variable costs always to maximize your profits. Be cost effective
when purchasing, eliminate all unnecessary financial leakages that adds no
profitable or unique value to your company. You have to choose to offer fair
prices at all time. Don’t make your product or service to be very expensive or
very cheap but rather make it fair even if some people will consider it
expensive. Make sure that your price strategy worth your product or service and
be fair.
13. Learn from the market
Make sure that your price of product or service determines its cost and observe
if your selling price fits in to the market. Always listen to the markets and
know if your company provides what the customers really want.
14: Re-invest your cash flow
When you make profits in your company, always try to re-invest a huge
percentage of it as this is important for the growth of your company. Every
business needs money to grow and re-investing in your company is a very good
step to follow. Don’t waste your profits on luxuries.
