5 Strategies to upscale business growth in Nigeria
There is no gainsaying that businesses in Nigeria face herculean challenges. Political instability, corrupt practices, and high cost of operations are common enemies. Nevertheless, Businesses must stay afloat and even thrive.
Nigeria has a lot of natural resources. With a population of more than 170 million people and a GDP of more than $500 billion, the potential for economic growth is significant.
In today’s tough economy, many businesses have fantastic business models, however, as ideas run out and competition becomes more difficult, it’s imperative to get back to the drawing board to refit the jigsaw.
“We have outlined five tested strategies to equip businesses to survive and thrive in challenging situations. They are:”
- Innovate: Constant innovation is one of the best ways to stay in business in Nigeria. In difficult times, it is more important than ever to develop new ideas and products that meet the needs of your target market, excite your customers, and set you apart from the competition. You can also make improvements to your current products or services in order to make them more appealing to your target market. Figuring out new, or rather; creative ways to market your existing products or services is also part of this.
2. Partnership: Partnering with b2b’s provides access to a broader range of expertise for various aspects of your business. A good partner may also bring knowledge and experience that you lack, as well as complementary skills to assist in growing the business. For example, you might be great at coming up with new ideas but not so good at selling them. You may be a great thinker, but not too informed when it comes to building relationships and managing operations. This is where a skilled and knowledgeable partner can step in and fill the gaps. When making a choice to start and remain in business, this may be one of your first considerations. Partnerships can take many forms, both parties must understand what is expected of them. However, it is critical to spell out the terms of the partnership in detail and agree on who will make what decisions. Here at Pertinence Group, we have been able to leverage on partnerships and succeed in the last decade.
3. Build a good relationship with your customers: Always take time to build a good relationship with your customers; this will help to build trust and make them more likely to do business with you. You can accomplish this by understanding their problems, being available to them at all times, listening to their needs and desires, and rewarding those who refer their friends and family members to your company. Good communication cannot be overstated; ensure that your team communicates on platforms that are relevant to your customers on a regular basis. Responding to emails, answering questions, and responding to social media comments/chats Keeping those communication channels open and active can make a huge difference in how your customers interact with you and how you build valuable relationships with them. HostNowNow, a customer centric company and also a subsidiary of The Pertinence Group has amassed quite a wealth of knowledge and skills in handling customer related issues. Check www.hostnownow.com to see how they achieve this.
4.Keep Your Costs Low: In business, you must spend money to make money, but there comes a point when your expenses far outweigh your income, which is a big risk. While you cannot completely eliminate expenses, there are many ways to increase profit margins, avoid fatal cash flow problems, and keep your business afloat even during economic downturns and low sales periods. This entails finding ways to reduce your overhead expenses as much as possible in order to stay in business without having to make too many sacrifices, as well as being cautious with your expenses.
5.Focus On Your Strengths: It can be tempting to try to do everything or to spend time improving skills that you believe will help you advance your business. While this is true and good, trying to turn weaknesses into strengths may not be the best or most efficient use of your time as a business owner. However, the reality is that you may be wasting valuable time and energy. Another way to stay in business is to concentrate on high-value activities that generate more revenue with fewer resources. As a result, it is critical to identify and capitalize on your strengths. This will help you stand out from the competition and attract even more customers.
Through these strategies, the Pertinence Group has been able to sustain and maintain their business(es) over the last decade. With Partnership as one of our core values, we have been able to make significant societal impacts while also gaining global relevance. Do you want to know how our partnership works? or would you like to partner with us? To learn more, please visit our website or send an email to info@pertinencegroup.com.