How Can I Achieve Steady Business Growth?
Sustaining business growth in a down economy is not a simple feat to achieve. But believe it or not, that is exactly what some businessmen in Nigeria are doing. While some Nigerian businessmen are busy lamenting the poor manner the government is handling the current economic crisis (they do have a valid point though), some wise entrepreneurs are making steady business progress and getting fantastic returns on their various investment in the different sector sof the economy.
Truly, one man’s misfortune can be another’s fortune. If you doubt ask the undertaker, the more people die as a result of epidemic or natural disaster, the more his business booms. So, it is actually possible to be celebrating while others are lamenting, it simply depends on where you position yourself.
Every entrepreneur desire that his or her business should grow. Nobody wants to have the same turnover at the end of each financial year. However, just like most things in life, it is not about wishing for result, it is about taking the right steps to achieve the desired result. So how can an entrepreneur sustain business growth during an economic crisis? I’ll share with you five proven tips for steady business growth.
5 Proven Tips For Business Growth
1. Keep Your Current Customers Happy – A bird in hand is worth more than 1million that you are dreaming of getting with your marketing gimmicks. Keep your current customers. Do everything feasible to keep them happy and loyal to you. Don’t neglect complains or ignore their suggestion. If you’ve not been doing that, it is time to overhaul your customer care service such that it truly portray that you believe that the customer is king.
Get creative and devise ways to make it seem difficult and uneconomical for your customers to switch to your competitors. Add value to your products and services at no extra cost to your customers. Some of those addons can actually be done without you eating into your profit. It just require a little brainstorming with your team to bring out ideas you never thought possible.
Give personalized services to each customer making him or her feel that he or she is the most important client you’ve got. Everyone appreciate being treated as a VIP. Give your customers that special touch of royalty. It won’t cost a dime to insist that your staff should treat each customer like a king. Just remind your team that it is the customer that pays the bills.
2. Increase Your Market Share – There is an adage that the best form of defense is attack. Go after the customers of your competitors. Woo them with better offers and customized packages. Give them sufficient reason to consider ditching your rival and pitching their tent with you.
It is business war out there, so map out strategies on how you will gain more market share at the expense of your competitors. Go brainstorming with your team on how to provide higher quality product/service at the same price or lower than your competitors.
Don’t say it can’t be done. Keep working at it and soon, you and your team will figure a way out. Then you can go full swing into raiding your competitors of their loyal customers. Be tactical though, especially when dealing with competitors that have financial muscle. If they get wind of your strategy, they may launch a counter-attack that you are not prepared for.
3. Be Proactive, Keep Current on Market Events – Knowledge is power. It is your business to know what is happening and what is likely to happen soon in the market you belong. You need to keep tap on developments in the market that can affect your position.
Your ability to spot opportunities before competitors will give you an added advantage. Don’t wait until the news is spread on the print or electronic media before taking action. Successful businessmen sniff out information before it is made public. You need to watch industry shifts, changes in buying trends, seasonal changes, technological changes etc. The world is dynamic, what worked yesterday, may be obsolete today, so keep yourself up to date on market trends.
4. Strive to Enter New Markets – Don’t be a local champion in your present market. Look for opportunity to make profitable entry into other markets. Study markets that have potential for your business and plan how you will enter without loosing money to fierce competition in such market. Identify areas where you have an advantage over an existing competitor and ensure you can match the standards of quality and value being provided.
5. Diversify Your Business – Never put all your egg in one basket. Study businesses that are related to yours. Plan on diversifying into some of the simple ones such that you are not tied to a particular channel of income. Dangote Group is a good example of a Nigerian Business that has diversified successfully.
Business Growth don’t just happen. Successful Businessmen set goals, plan and work towards realizing their dream of steady business growth. If you don’t work it out, it won’t happen by accident. So, quit complaining and whining about the poor state of the nation’s economy. It is time to take advantage of the opportunities that have been made available by the economic crises. If you’re determined to experience Business Growth, nobody can stop you, because nobody have a blueprint for stopping you. Cheers 😉