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.
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.
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.
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.