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.

See http://www.enterpriseboom.com/how-to-start-a-pvc-pipe-manufacturing-company-in-nigeria/

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.

Source: http://www.enterpriseboom.com/top-21-ways-to-grow-your-business-in-nigeria/

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.

See: http://www.enterpriseboom.com/how-to-start-a-bottle-water-production-in-nigeria/

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.

Source: http://www.enterpriseboom.com/top-21-ways-to-grow-your-business-in-nigeria/

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.

See: www.enterpriseboom.com/top-19-lucrative-business-you-can-start-in-nigeria-with-less-money/

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.


Source: http://www.enterpriseboom.com/top-21-ways-to-grow-your-business-in-nigeria/
Source: http://www.enterpriseboom.com/top-21-ways-to-grow-your-business-in-nigeria/

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.

See: http://www.enterpriseboom.com/how-to-start-a-manufacturing-company-in-nigeria/

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.

Source: http://www.enterpriseboom.com/top-21-ways-to-grow-your-business-in-nigeria/

Its Amazing.

Grow your business in Nigeria.

nice post

Most young men need the capital to start a biz

[quote author=jaz post=32642173]nice post[/

Thanks.

donwise1:
Most young men need the capital to start a biz

Every business needs capital to grow but the question is can they be able to manage the capital? You know it is easier to misuse someone else money than your own hard earn money.

I often advice young people to either save or start small business first to raise capital before venturing to that your dream business.

you can get loan from bank along the way or you can convince other friends to raise a particular amount of money and all of you will kick start the business.

thanks for sharing

xtopher124:
thanks for sharing

Thanks Xtopher.

thanks xtopher.really good job

wilsonl:
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.

See: http://www.enterpriseboom.com/how-to-start-a-manufacturing-company-in-nigeria/

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.

Source: http://www.enterpriseboom.com/top-21-ways-to-grow-your-business-in-nigeria/

Very Nice. I also prefer business customer relationship as most business in Nigeria does not know how to relate very well with customer.

Op can I ask you a question?

thanks

So many people go into different types of business that they don’t have ideal of and at the end the business fails, they are other that start a business after a while they lose interest and they go bankrupt. While in some cases they do not see it as a business they sees it as something they need to do to get extra cash from and that is the problem.
https://businessplanhub.com.ng/steps-on-how-to-grow-your-business-in-nigeria/

No 22 be a corporate tither. Very importanter!

zenith123:
Op can I ask you a question?

Yes am all ears

zenith123:


Very Nice. I also prefer business customer relationship as most business in Nigeria does not know how to relate very well with customer.

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