Most people fail to realize that inasmuch as for a business to be successful, huge capital must be invested, in reality and as a matter of fact, this is not the only criteria for success, nor is it the major factor to consider in growing your business.
Let's discuss 5 ways to grow your business as applicable to the Nigerian scene.
1... TRADE QUALITY PRODUCTS
Quality of products is one of the basic factors that determine your trading relationship with customers. Quality products guarantee that your customers would shop and return to shop again and again and again. You can only understand the importance of quality to the growth of your business when you comprehend the extensive importance of customers to your business who are the fueling factor for your success just as kerosene is required to keep a handy lamp burning. The more kerosene consumed by the system, the more flames it produces and the more brighter the light shines. The more quality stuffs you trade, the more customers you attract and the more growth your business acquires.
2... VALUE TIME
Most grown businesses I know, have behind them, owners who are time conscious. They have entrepreneurs who value time as money and they allow this to reflect in all of their business dealings. If you are low on time management and you really intend to grow your business in Nigeria, then you must upgrade this attitude to a better one. Valuing of time comes in different forms. When you tell a client to come back on Wednesday to receive his orders, ensure that you have every necessary arrangements in place to see that he gets his placement on Wednesday because unknown to you, he may also have people to promise delivery of same goods on Wednesday, you know how the hustle is, in effect you would be failing not just him but many people if you fail him on Wednesday. This is one way of reflecting value for time. This gives you an accreditation and customers see you as competent, this also goes a long way in giving you referrals and referral sales.
3... COMPARE RETURNS WITH CAPITAL
If you intend to grow a business, consider the marginal difference between capital spent and income received. This helps you to see if you're on the right track with your type of business and cost of sales. At the very least, 30% income after expenses is good business but anything short of that is living from hand to mouth. Then if you have a business that gives you 50% income, you're rich! There are still businesses that could earn you 100% and 150% turnovers, those are "perfect businesses". However, they might be quite difficult to locate or at worse almost impossible to find. Whatever the case may be, if your current business isn't paying you enough, consider increasing your costs a little bit and also try out ways to reach more audience.
4... BE CONSERVATIVE
Be conservative with spending and expenses. The only justified spending you can have from your yet-to-grow business is reasonable comfort and spending on . Luxury is out of place for someone intending to grow their business, rather invest such luxury funds into your business and earn more and further returns. It takes discipline to be a conservative business man, it isn't stinginess but it is starving for a purpose. Look for ways to expand your business. Watch out for loop holes in your business area in terms of economics and patch them up.
5... HIRE A PROFESSIONAL
Lastly on the list is professional advice. Every business intending to be successful needs professional advise. That is why these professionals exist, if there were no need for them, they would never be in the society. Seek for expert in your field and receive guidance from them. Business consultants are the category of professionals am talking about, basically am a certified and experienced business consultant with such services available to render to you at affordable charges, write me for any related advise. So then yes, you need counseling and guidance from professionals to guide your business to impressive growth and success.
Warm Regards from Michaels
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