Smart Growth Strategies for Your Small Businesses
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posted on May 13, 2022
Take your business to the next level
Starting a business in Nigeria is relatively easy, but running it and sustaining its existence is the hard nut to crack.
At the crux of the matter, every business owner wants to attract more clients and increase their revenue.
The major difference between a successful business and a failed business is that all successful businesses have a clear strategy that makes everything they do more effective.
When it comes to developing growth strategies, small businesses have several options to choose from, depending on various factors and circumstances.
We will look into five of the growth strategies that you can apply as a small business today to unlock a new level of growth.
Define your unique offering
This is one of the most important aspects of succeeding in business. You must know how you stand out from the rest. For your business to sustain long-term growth, you must understand what sets it apart from the competition. Identify why customers come to you for a product or service. What makes you relevant, differentiated and credible?
Use your answer to explain to other customers why they should do business with you. Figure out what special benefit only you can provide. If you stray from this proposition, you’ll only run the risk of devaluing your business.
Know your target audience
A business is an economic response that mobilize factors of production to solve a market friction. That means before you get into any business venture, a market friction must exist.
You got into business to solve a problem for a certain audience. Who is that audience? Is that audience your ideal customer? If not, who are you serving?
Nail down your ideal customer, and revert back to this audience as you adjust your business to stimulate growth.
Research your competitors
If you are the only one doing that kind of business globally, then it’s most likely that you are playing in an unfertile field. There is almost always competition for any profitable niche out there.
No matter your industry, your competition is likely excelling at something that your business is struggling with. Look toward similar businesses that are growing in new, unique ways to inform your growth strategy.
Don’t be afraid to ask for advice. Ask yourself why your competitors have made alternate choices. Are they wrong? Or are your businesses positioned differently? The assumption that you’re smarter is rarely correct.
Build leverage through collaboration
The old saying that “If all you are holding is a hammer, you treat everything like a nail” is correct even in business.
In reality, in business, you don’t always have to compete, you can leverage partnerships to unlock new levels of growth.
Leveraging partnerships is also a viable growth strategy. Small business can benefit greatly from partnerships. Aside from the stability of knowing that there are parties or entities that will have your back, the partnership may also help you cut down on costs, increase efficiencies and, ultimately, help your business grow.
Have a strong financial support
Let’s face it, money is the fuel that keeps every business alive, talk about liquidity and fast access to cash to execute ideas or take advantage of opportunities, you need a financial partner that can be trusted to come to your aid whether it’s 2pm or 2am.
Page prides in being able to assist business owners in facilitating access to financing to meet various business objectives like asset financing, IPOs, working capital and invoice discounting.
If you’d like to discuss further on your SME facility, or explore other opportunities available to you through our SME financing product, we are happy to help your business achieve its potentials.
Send an email to customer@pagefinancials.com or call 017007243 to speak to a customer success specialist.