Small/Medium Scale Enterprise In Nigeria: 8 Tips On How To Grow A Profitable Venture

SMEs In Nigeria, How to grow a profitable Venture plus strategies

SMEs In Nigeria, How to grow a profitable Venture plus strategiesWhen we talk about growing a small/Medium scale business in Nigeria(commerce, SME business, family, etc.), usually we refer to a significant increase in customers or sales.

The cost of running a small/medium scale business in Nigeria has become increasingly expensive and cumbersome. Statistics have it here in Nigeria most small scale businesses go extinct within the 1st year of establishment there by keeping your business alive within the first and second year of establishment would determine the success or failure of the business.

Here we propose 8 possible strategies as these would help in ascertaining the problems attached to SMEs and thereby proffering solutions.

How to Grow A Profitable Small Scale Business In Nigeria

1. Customer Service

Providing good customer service is the most efficient way to grow a business. We refer to providing a good and quick service, friendly and personalized service, meet commitments, etc. This brings the customer back to buy your goods or services or visit us, and also to recommend your products or services to other consumers. Staff should be well trained, especially one who has to constantly interact with the client.

The idea is to look beyond the business of just selling a product. Talk to your customers, see their needs and know where to aim at the right time.

New Technologies

Embracing new technology could determine the success or failure of SMEs, not only in Nigeria but other parts of the world. The new technology will allow you to offer other products / services or produce more, have a more efficient company, but also better meet the needs of their consumers.

Advertising Your Products

This does not necessarily mean spending a lot of money. We can, for example, make use of flyers, posters, brochures, business cards, participate in fairs, create a website and advertise on the Internet, etc.

It is very important to consider the corporate identity of the company, which is the cover letter, the face in front of the public. Identity depends on the image projected by an organization.

Advertising must maintain a line drive. Thus it is achieving greater impact and a better image, with lower investment cost.

Market – Sales

It is to increase the places where we can offer or sell our products / services to final consumers.

In this way we can expand our market and reach consumers of the same type that are serving, but are in different places. To increase sales points, we can open new stores, stores, branches or franchises, we can make use of new intermediaries or distributors, or we can create new sales channels such as the creation of a website where we offer and sell our products.

Export (another variant) has to do with this, to serve new markets, but who are abroad. One way to achieve this is by promoting our products online or participating in international fairs.

Target consumer

We can target our products or services so that they are aimed at different types of consumers who are already attending, but without neglecting the latter.

For example, if our products or services are dedicated to a particular target (eg. 30-50 years, ABC1 level), we may choose to direct us also to people of other age ranges and other socioeconomic levels.

For it may be necessary to create new goods or services, or simply adapt the products we already have, so they can also meet the needs or desires of the other types of consumers.

Promotion of Your Business

You can apply certain benefits, such as discounts for a second product, or a 2 for 1 or delivery of a gift for the purchase of certain quantity of products. These benefits are highly appreciated by customers who feel the need, sometimes involuntary, of using them.

Discount

In order to gain customer’s loyalty, and make them return more frequently to your business, you can use different tools in wooing them and one of the veritable tools is giving them discounts upon their next purchase, gift-giving, loyalty cards, etc., are some of the tools used for it. Another, very simple, can be advising the client in person or electronically on upcoming developments or items that will be sold during the next few days.

Association with other companies

This means making strategic alliances with other companies not competing with customers with similar characteristics than mine, in order to make a profit for both that if not through an association, could not be obtained. The idea of partnering is to find companies the same size as us, and with similar growth aspirations, somehow, through some agreement, they can get higher returns for both, or a competitive advantage over other rival companies.

Association is not only good to capture more customers, but also to learn from the experiences and advice from other businessmen and apply them to your own business.

I hope this tips helps!!

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