15+ Tips to Grow Your Business in Nigeria

October 19, 2020

15+ tips to grow your business in Nigeria

Success, profitability and growth are among the goals that young entrepreneurs set for themselves when starting their business. Of course, these results are not instantaneous. Therefore, they cannot be obtained with the wave of a magic wand and nothing is guaranteed. However, there are steps you can take to lead your business to success. We hereby give you some tips and advice to develop and grow your business. So, here are 15+ tips to grow your business in Nigeria and globally

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1 15+ tips to grow your business in Nigeria

15+ tips to grow your business in Nigeria

If you must know, these are 15 tips to grow business that move fast in Nigeria. They are hot, profitable and untapped business growth ideas in Nigeria. They are also support such businesses that require low capital to set up in Nigeria. You have to read on, now.

1. No one has ever gotten rich by working 9 am-5pm!

To successfully manage the different facets of your life as a business owner and to set aside time for your privacy, you need to be organized and methodical.

Because you have to spend a lot of time there, especially the early years. So to succeed in your entrepreneurial project, you must passionately love what you do, but also:

Organize yourself and prioritize your priorities. Too much time is often spent tweaking details that are really unimportant, to the detriment of activities that are more urgent.. Before you start your day or when planning your activities, make a priority list of tasks.
Assess the urgency and importance of each task, then:

start by dealing with urgent and important tasks yourself,
then deal with those that are important but not urgent,
delegate those that are urgent but not important,
and leave the remaining ones for the end.

3. Eisenhower matrix:

The Eisenhower Decision Matrix is also known as the Urgent-Important Matrix. It’s a powerful tool for time management. It helps you to decide on and prioritize your tasks based on urgency and importance while sorting out less urgent and less important tasks. Organizing your work also in this manner means defining the deadlines to be respected in the same way as you did in your former life as an employee.

Manage your emails: they can quickly waste your precious time, especially in the times of the day when you are most productive. Don’t waste your time checking your emails every five minutes. Set aside one or two times during the day to answer them (for example, in the middle of the day or at the end of the day), and answer the most urgent ones as a priority.

Optimize your time and become more productive

It can be learnt. To optimize your time, use business management tools, you will be more efficient!

Go through digitalization, work dematerialized and instantaneously.

You can FINALLY spend more time on activities that generate revenue

2. Set clear goals – 15+ tips to grow your business in Nigeria

Defining goals for you and your team is a strong management act. It allows the manager:

express their will to their team and strengthen their leadership,
to orient the action in line with the strategic and operational axes of the company,
to put employees in motion by provoking action.

Set SMART goals to make sure they’re relevant.

Goal setting has a driving role for employees by promoting their personal commitment to action. They become more involved and deliver the best of themselves. It also helps to empower them.

State your goals and explain your business strategy so your team can help you implement it.

3. Assemble a great team and help them shine

Before you even think about your business growth trajectory, you need to make sure that you have a strong staff who can help you achieve it.

You must have a clear idea of what you are looking for. Above all, be as specific as possible in defining the requirements of each position.

It is true that hiring the right people will make your business grow, but that is not enough. You will have to make sure that you maintain the motivation of your team. for example, invest in their training, remain attentive to the needs. In short, try to retain them as long as possible to ensure continuity in key positions. This will enable you have experienced employees who know your business inside and out.

And if you have a talented team, make sure you show them that they are appreciated. Happy and motivated employees lead to successful businesses.

Again, assemble a great team and help them shine

4. Never neglect your confirmed customers

No one is telling you not to spend time and money finding new customers. But before you go into new business, ask yourself: “Is it worth bringing in new customers if I can’t keep the ones I have?”

Focus on your existing customers. They chose you from your competition! So learn how to retain them

Managers of VSE SMEs, the loyalty of your customers is essential to the sustainability of your business. Make an effort to satisfy them, and never let them regret their choice. After all, they’ll advertise you well, and it’s often through a loyal, satisfied customer base that you’ll acquire new customers.

5. Identify your risks

Client risk, too rapid growth, risk of insolvency, management problems, poor marketing target etc. are there. Risk is inevitable and it is part of business management. Impossible to control everything!

Entrepreneurs, learn about the most common causes of business failure. Indeed, most setbacks can be avoided, if they are recognized early enough.

Fortunately, there are many ways to limit internal and external threats.

Think of:

Identifying all of your risks in a detailed SWOT analysis,
Imagine the risk scenarios, including the causes and consequences.
Identify the constraints of the project.
Implement models for estimating the severity of consequences.
Implement models to estimate the probability of occurrence
Having a detailed policy in terms of project risk management.

6. Be flexible – 15+ tips to grow your business in Nigeria

One trait that successful start-ups often have in common is the ability to change direction quickly, in response to market trend. A fluid approach to development, both in terms of your product and your business, will help you move forward faster.

“By adapting quickly, you are able to test different business approaches and find out what works best,” Lanng told Business News Daily. “It allows you to fail, to get up and keep going.”

7. Maintain your networks

You might feel like you know your business and your industry. There are reports that tell you what’s going on. You read your customers’ comments. You talk to your managers. You’re convinced that you have a very good idea of reality. The truth is, you might be missing things!

But now, attend meetings you don’t normally attend. Answer the phone and get to know your employees and customers. In fact, be present in business operations.

And above all, plan and participate in all the networking events that concern your activity from near or far! There you will always find opportunities to learn from the experiences of other people, discover new business solutions or reach potential clients!

You can’t grow your business if you don’t grow your network at the same time. Remember, “ Your network is your Net-worth”

8. Adopt new technologies

If you are up against your competition, you need to keep up with the latest technology. In fact, new technologies keep getting better and saves time and increases efficiency.

In the age of the digital economy, new technologies can be anything from new software to digitalization and more.

The use of new technologies can improve the way you work. And allow you to stay competitive or even enter new markets etc. So make sure you take advantage of it! Once upon a time, I was writing business plans manually, but a time came I acquired a software that does a week’s job under one hour. That is what I mean.

9. Make projections – 15+ tips to grow your business in Nigeria

While flexibility is an important quality for a start-up as enumerated above, yet you need to know where to step foot when running a business. Planning your next step is the best way to anticipate risks and stay secure as your business grows!

Here are the plans that you will not escape

The Business Plan:

This is where it all starts! Your Business Plan is the document that formalizes your entire business plan, detailing your business idea, your development strategy, your commercial ambitions, your Business Model and the financial profitability analysis of your business project.

The Marketing Plan:

Making a marketing plan is planning the marketing strategies you plan to deploy to achieve your business goals.

Financial Planning:

To fully understand your room for maneuver, have at least 2 types of tables:

A clear and precise budget estimate, with reliable data.

Your forecast cash flow: this is the key tool for your solvency. By using a cash flow forecast in the form of a table or graph, you forecast your payment deadlines and ensure that you are able to meet your financial commitments.

Our financial flow analysis will help you here. It provides you with your cash flow and liquidity flows on the go. We can build more than 3 sets for you to watch your business activities. In fact, separate quarterly and half yearly analysis will help you too.

However, there are also Cash flow forecasting apps, expert in (very small enterprise SME) VSE SME accounting, helps you calculate your financial forecasts. At any time, you know the state of your real financial situation in a few clicks.

In addition, their measurement tools give you a clear view of your day-to-day operation. And they are a real daily management tool for the business leader.

10. Stay ahead of the competition

Being competitive is an obligation, not only to be viable, but also to be able to develop. And this concerns all sectors of activity.

Ideally, you can create your own competitive advantage by:

Being able to produce less expensive than the competition. So, impose yourself with attractive price offers.
Providing customers with added value other than cost thanks to detailed knowledge of their expectations.
Sometimes there is no need to innovate at all costs to gain the trust of your customers! One of the areas for making a difference is in the quality of customer service. This is a good niche to score points, because while everyone knows this advice, few companies really know how to put it into practice.
Listening, using your customers’ feedback, keeping promises, respecting deadlines, not leaving customers unanswered, showing empathy, providing adapted solutions etc.

So, there are many examples of skills that you can use in place as part of your business to provide your customers with an exceptional experience.

11. Develop your skills – 15+ tips to grow your business in Nigeria

A writer can start a publishing house. A computer expert could start a business that provides computer services. A scientist can start a research and development project.

Each of them starts their business project with their own set of skills. This set of technical skills is what enables them to offer a particular product or service.

But it may not be the same for running a business. Being an enthusiastic and passionate business leader is not everything.

You must also pay special attention to the development of other skills:

Commercial: do you listen to your customers?
Marketing: do you know how to promote your products?
Leadership: do you know how to motivate your team and manage your employees effectively?
Management: do you know how to manage your time? Prioritize your tasks? Classify your invoices?
Finance: for example, do you know how to read a balance sheet? Do you have a fair view of your real production costs?
Legal: how to switch to withholding tax? What novelties in terms of maternity leave for the self-employed?

For the most advanced skills, ask yourself how much time you have. There are a few things a leader shouldn’t ignore or leave behind. While these are not the most important things right now, if you want to avoid issues that could cost you dearly down the road, you need to pay attention to them early on.

15+ tips to grow your business in Nigeria

Very Small Enterprises (VSE / SME) managers have a great need for accounting, tax and financial advice. You have every interest in outsourcing certain services to start on a good basis.

Entrepreneurs with little or no advice most often make mistakes that they later regret. Our firm, Complete Full Marks Consultants Ltd, firm of Chartered Accountants, will manage your accounting, auditing, and tax matters. You only need to contact us.

Yes! Your accounting, legal, tax, treasury, commercial compliance certificates! We offer our clients all the expertise of management experts in order to boost their performance and economic profitability.

In fact, grow your business, we’ll take care of the rest!

12. Celebrate every success, even the smallest

Take your time to enjoy moments of success. Applaud your hard-working team. And blow out the candles for what has been accomplished. This allows you to maintain (or acquire) a winning attitude, instilling a state of mind that can inspire you until the next step.

Celebrating your successes will do you good morale as well as that of your employees who will see it as a result of their investment. You and they will be more motivated to go on to the next victory.

13. Imagine your business is a magnet

The goal is to attract customers to your business. So, to be magnetic, you have to work at it. Use old techniques such as print and radio advertising. But also the digital world. In particular social networks: website, blog, Facebook page, Twitter profile, Instagram, Snapchat etc.

Real relays for companies, the development of these social media has definitely accentuated the importance of the digital presence. Whatever the size or sector of your business, it is essential today to make your company speak on the web.

Don’t overlook any of the ways you can access customers. Be you and your employees ambassadors for your brand.

14. Ask for advice – 15+ tips to grow your business in Nigeria

You shouldn’t have the pride of thinking you know everything or the fear of sounding like a weakling when you ask for advice. The perspective of others can make a big difference to your business.

If you are having difficulty finding a mentor, call on your contact circles, the professionals who have surrounded you so far, or the experts in your market.

Be assisted here:

Complete Full Marks Consultants Ltd offers its clients all the know-how of experienced Business Coaches, in order to boost their overall performance and economic profitability.

Result: an accessible interlocutor, accounting, management, tax, legal advice etc. and easier management for the entrepreneur!

15. Create a professional website and strengthen your brand image

Choose a template for your site designed to meet the needs of all your business activities. This makes it easier to access your company’s products / services.

Also remember that your branding defines the identity of your business. It determines how customers perceive you because it conveys your message. With this in mind, it is essential to choose your colours, your fonts, your logo and make the best use of them on your site.

The 16^th Point: 15+ tips to grow your business in Nigeria

Don’t have the pride of thinking you know everything. And in fact, do away with the feeling of sounding like a weakling when you ask for professional assistance. In addition, do away with the mentality that professional services are costly or wasteful.

As a matter of fact, our firm will help manage your tax, rendering your tax annual and monthly returns for you. We will also assist you address your C.A.C returns and necessary changes in your incorporation documents. If you are a government contractor, you need us to assist in procuring all the essential compliance certificates.

Our Contacts:

For more information and assistance call +234 8034347851 or email [email protected]

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15+ tips to grow your business in Nigeria

15+ tips to grow your business in Nigeria

1. No one has ever gotten rich by working 9 am-5pm!

2. Set clear goals – 15+ tips to grow your business in Nigeria

Set SMART goals to make sure they’re relevant.

3. Assemble a great team and help them shine