Last Updated on: 26th April 2020, 04:47 pm
The success of a business is greatly influenced by the level of planning and organizational skills. Most people think that once they start a business, they only need to offer great products and services, then the money begins to roll in. They subsequently find out that making money in business is much more challenging than they expected.
Do not be dismayed about this fact. The truth is, no matter how tough the economy is, there’ll still be some businesses that will thrive. These businesses are the ones that take out time to plan out all the necessary steps to achieve success. We share below, 7 tips for growing a successful business in Nigeria.
You can also achieve success with your business. You can avoid the hassles in business if you take out time to plan, strategize, and follow up on the guidelines we share below.
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7 Tips for Growing a Successful Business in Nigeria
1. Get Organized
You need to be organized to grow a successful business in Nigeria. When you are organized, it becomes easy to complete tasks and remember the necessary things that need to be done. Most successful businesses use a to-do list daily or as they deem fit.
This ensures that they forget nothing and they complete all their tasks, especially those that are essential to the survival of the business.
By being organized, you can also increase productivity, save time, and improve the stream of communication between you and your work crew.
2. Keep Accurate and Detailed Records
Look around you, and what you’ll discover is that every successful business keeps accurate and detailed records. Good records facilitate accurate financial statements. These records cover things like income, expenses, credits and other important details in the business.
When you keep accurate records in your business, you’ll understand the financial stance of the business, as well as the potential pitfalls you could be facing. It also helps you to identify the strengths and weaknesses of your business.
3. Evaluate Your Competition
Most businesses don’t care about their competition. The advice here isn’t to become afraid of your competition, neither is it to copy their exact strategies. Rather, it is to learn from their strengths and weaknesses. The insights derived will provide you with a distinct advantage over them.
When you know who your competitors are, what they are offering, how they are offering, where they are offering and so on, it becomes easy to make your products, services, and marketing stand out. You’ll be guided on how to set your prices competitively.
You could implement some of their strengths in your business. You could also exploit their weaknesses and out-perform them in terms of offerings and marketing campaigns. This will bring you more customers and clients and obviously, more income.
4. Be Very Creative And Innovative
The adverb (very) is added to emphasize the bulk of creativity and innovation. These days, almost every business is creative, since they all want to stay on top of their game. Therefore, it is imperative to go the extra mile in creativity and innovation.
Creativity is one of the important tips for growing a successful business in Nigeria and the world at large. It involves seeking new and unique ideas to improve your business and make it stand out from the competition. Innovation is the implementation of that creativity.
Remember that you don’t know everything in business. It is a learn-as-you-go process. This should serve as a motivation for you to become open to new ideas and innovations.
The business sphere in Nigeria and the world at large has become global and competitive. Therefore, it becomes very crucial for businesses to be super creative and innovative. You can have an awesome business idea, but if you aren’t innovative, you will not make much money.
5. Be Focused
A major setback for most new businesses is a lack of focus. That you just launched a business with great products doesn’t mean you’ll start making money immediately.
Without a good focus on your business, your ability to think will suffer. This will impede productivity. Don’t confuse this with evaluating your competition. While it is important to know your competition, do not lose the trail of focus in your own business.
Set out time to work “on” the business rather than “in” it alone. This will allow you time to make sure that you don’t lose sight of the big picture. Do not be discouraged if there’s another player in the same niche. The market will always accommodate all who work smart.
Remember – “Focus on the possibilities for success, not on the potential for failure”.
6. Provide Great Customer Service
The world’s richest man, Jeff Bezos is the founder and CEO of Amazon. Once, he was interviewed in the ’90s and he shared one of his greatest priorities. This was to provide the best possible customer experience in the industry. This has been a sort of signature for his business, and today, this act has propelled his financial status to what it is today.
You see, when you can meet the needs of people in the most accommodating way, they’ll gladly stick to you and even go as far as referring others to you.
Humans love care and affection. This is a natural phenomenon. If you can offer a wonderful customer experience to consumers, they’ll be comfortable exchanging their hard-earned money for your product/service.
Many businesses forget the importance of providing great customer service. This has been a great hindrance to their success.
Now that you understand the value of great customer experience, incorporate this strategy into your business and you’ll never run short of customers.
7. Be Consistent
To start and nurture a business isn’t as easy as most people think. The key to growing a successful business is consistency. You may work hard, but how frequently do you give up? It is not enough to work hard. A complementary measure of working hard is being consistent.
There is a guy that built an SEO copywriting business by sending out just emails. He sent out emails every day for over three whole weeks. He hung in there with the system without making a dime for three weeks, and then in two days, he was able to snag 4 big clients. Those clients are still with him, years later, and paying him handsomely.
Consistency develops routines and builds momentum. Most restaurant businesses go out of businesses because they aren’t consistent. The customers come in expecting the same good service all the time, and if this isn’t met, they’ll go for other alternatives.
In your business, develop a means to be consistent in sales, productivity, marketing, and customer service.
There is no unique strategy for succeeding in business. There are tons of them. We have shared 7 tips for growing a successful business in Nigeria with you. We encourage you to explore the ones that resonate with you and implement the strategies accordingly. When you do so, you’ll be amazed at how quickly your business will grow.
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To your success!