Every business owner, at some point, desires growth for their business; they desire to see their business reach its full potential. There are some secrets to consider to help with this growth, and Jumia Travel, the leading online travel agency, shares 4 secrets for turning a small business into a big one.

Consider Diversifying

You might be significantly successful while focusing on one product, but to experience the kind of growth that can take you from a small business to a big one, diversification is one of the ways that can help you achieve this. Consider companies like Coca-Cola and Apple that grew, and were able to sustain their growth, largely because of the diversity of the products they offered. However, in diversifying, it is important not to spread your resources thin too early. You should ensure your primary product is doing well and customers are satisfied with the results before dabbling into other products.

Expansion

This isn’t particularly a secret because when attempting to grow your business, this is one of the first things that comes to mind. The secret however is in the way you execute your business expansion plan. You need to be meticulous and consider every possible angle when laying down a business expansion plan. You need to be willing to take risks but in responsible and calculated ways, so the results will make rather than mar your business.

Partnerships and Mergers

You can grow your business by either partnering or merging with a larger company. This is easier said than done, but if you have a good business proposal on why it will be beneficial for these large companies to partner with you, you are more likely to be successful in getting their attention and positive response. Large companies might also be the ones to come to you asking to merge. In all, the two things you should ensure you are very meticulous with are the legal aspects of the partnership or merger, and the knowledge of who your business ‘bedfellow’ is. It is extremely important for you to have legal counsel throughout the process of a partnership or merger, and even more important for you to know who you’re partnering or merging with. There has to be a ‘fit’ between you and the parties involved, because partnerships or mergers can make or break a business.

Take Advantage of Technology

It is difficult to focus on growth when you have to deal with cumbersome processes like accounting, data entry etc. Taking advantage of technology can help automate some of the frustrating and cumbersome day-to-day tasks that can distract your growth focus. Besides, you can also end up saving a ton of money in the process by reducing some of the money you spend on labour. In addition, the time saved on these process gives you more time to focus on developing your business, and the money saved can also be re-invested into your business to promote growth.


source: http://www.opinions.ng/4-secrets-turning-small-business-big-one/

Incicive

1st secret,
is separate business from family

thanks for the write-up but the question is have you practiced this thing you have written, because you can't give somebody light when you don't have light.
thank You

Just attract investors that's the only secret

Educative

Half way

No 1 &2 is what I'm working on now

I concur wt merger, but on this be extremely careful make sure you merge wt complimentary coys....wt ur vision and at worthy offer. Don't do it of u have not diversify....so what am I saying? Am all for diversification and merger for a big dream.

1. Providing Unique Products/services to meet Global

Needs

2. Have the best team

3. Be open to investors/VCs

4. Be Revelant to the Existing Government

5. Have a Global Vision and Work tiredless to achieve it.

Why you too dey copy copy?This is not your writing bros.Give credit to the original author.Mr STRIVE MASIYIWA.If doubt me check this guy out on your facebook page.

I must say you have listed some valid point up there. However, I think one of the best way to improve and make your business grow really well is taking your business to the Internet by giving it an online presence. On of the best and efficient way to do this is through having a well designed business website . it gives prospective clients the first impression about your business, it tells them you run a reputable and high rated business. It is undoubtedly one of the best way to grow your business.

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A good writeup worth reading... I support this

chynie:
1st secret,
is separate business from family

have you ever heard of family business? Some international brands today were family businesses i.e lever brothers now unilever, the wrigth brothers that started the airplane concept. It depends on the kind of people in your family.. key thing is knowing people for who and what they stand for.

In the same breathe, keeping proper financial records and accounting can't be taken lightly as a key tool for turning a Small business into a Big one.

Figures has always been a major parameter for measuring the prowess of a business, and this cannot be assessed if a proper accounting system is not maintained.

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Cheers!

Awesome write-up

Nice write up

Well said.. I won't mind having a partner in my palm oil and vegetable oil business now.

Am a business guy, which software can u recommend for me in terms of computing data's like sales, stocks etc

[img]http:///a/img923/9519/EVsPVf.gif[/img]

Astanbaya:
My neighbour laughed and mistakenly slapped an army
officer after watching this video >>>

https://www.youtube.com/watch?v=GGepPUJhEyw&itct=CGIQpDAiEwjS2on80djVAhWai1UKHa79google&gl=NG&hl=en

your comedy is Soo dry like something I don't wanna mention. I advice u better face ur studies or u go and learn a better skills. carpentry won't be bad. Mtcheww

Oh

---

Half way

ok

.