Strategic Tips To Help Your Business Thrive In Nigeria

Strategic Tips To Help Your Business Thrive In Nigeria

From yesterday... Let’s face it, building a business in Nigeria is tough. However, there are deliberate things you can do to not just survive but thrive! Here are top 5 tips from entrepreneurs who have built successful businesses in Nigeria.
— http://www.margin.ng/blog/2017/9/7/5-strategic-tips-to-help-your-business-thrive-in-nigeria

3. Proactively seek Partnerships and Collaborations: You’ve not heard? Collaboration is the new competition! As a small and growing business, isolation will not pay your bills. The fastest way to get people to know you is by partnering with other businesses. Why? You automatically get access to their customers and contacts. Picture this, a hairdresser, makeup artist and manicure expert come together to rent a space. They meet different needs but have a similar target market. Think of collaboration as a value chain that you can benefit from. At your early stages of business, look for people in your space and engage them on mutually beneficial collaboration opportunities.

Do you know that Partnership can be barter and barter is money? Imagine this: You are about to start an online cake business but no funds for a world class website, but you know a great developer who has staff and would love to engage talented staff without breaking the bank. Why not in exchange for a great website offer to deliver the cakes and pastries for his staff birthdays for a year free! Not only will you have a great website, you would have also successfully connected with his staff such that they become referral links for your business! Think barter for partnerships, barter is a great legal tender.

4. Focus on customer retention: Too many businesses are trying to gain new customers but have failed to keep the few they already have. Branding helps to gain customers but quality service keeps them! Make each customer feel special and in short time, they will become loyalists, referring your business to friends and foe.  Good customer service in Nigeria is rare, so when customers get great customer service, they come back. Plus, do you know that you spend more money trying to gain one customer than you spend on keeping 10? The rule of great customer retention is to make them feel special. Treat every customer like he/she is the only client you have and they will reward you with staunch loyalty.

5. Be flexible and adaptable: As a leader, you must be flexible and adapt to market trends, while communicating continuously to carry your team along. Be the Oga at the top, middle and bottom because when your team see that you’re hands-on, flexible and approachable, they are more willing and eager to come up with ideas. Your willingness to listen to your employees when they talk about innovation and trends helps your business grow faster and makes your team more proactive and productive. As trends change, reevaluate your WHY and make sure you adapt and innovate consistently; learn from Nokia whose inability to adapt caused them to fade into obscurity.

You Want Your Bank to Fund Your Business? Try These Tactics.

You Want Your Bank to Fund Your Business? Try These Tactics.

5 Strategic Tips To Help Your Business Thrive In Nigeria

5 Strategic Tips To Help Your Business Thrive In Nigeria