With time, Small businesses look for ways to grow by expanding their market and increasing revenues. These businesses often implement specific growth strategies that can improve their business. In this article, we explain the importance of business growth and the challenges of growing a small business in Nigeria and we share ten secrets to growing your business quickly.

What are business growth and its importance?

Business growth is a phase that happens when business owners put in efforts to influence the success of their business. A business grows when there is an increase in products or services, revenue, or customer base. 

Tips for growing your business.

These ideas can help you expand your business;

• Know your customers: Find ways to understand your customer's preferences in buying your products or services. By doing so, you can make decisions that will improve your sales, products, and regional expansion.
• Create a vision: A business with a vision makes it easier to grow. Creating a goal will set up a clear path to accomplishing the laid down objectives.
• Strategize your brand: Build trust with your customers by connecting them to your brand using social media and other platforms that can help grow your business.

Why is business growth important? 

Growth is the goal of many small businesses. If you are not concerned about growing your business, you won't be able to achieve your business goals, you will lose customers due to your lack of innovation, your competition will grow and leave you behind, and most of all your business will remain stagnant.

Growth is good for business for many good reasons, some of these include:

• Business growth helps you to take advantage of new opportunities.
• It allows you to expand your product or services.
• It helps you to attract more customers and increase sales.
• Growth gives you greater market dominance.

Challenges of growing a business in Nigeria 

Starting a business in Nigeria comes with its risks which may hinder the growth or success of your business. Some of these challenges small businesses face are;

1. Access to Finance to expand.
2. Poor electricity.
3. Government regulations.
4. Corruption.
5. Visibility and marketing.
6. Little business knowledge.

10 secrets to growing a business quickly.

Depending on the stage of a company's development, growth and development can be viewed in a variety of ways. Many entrepreneurs only think of growth in terms of expanding their consumer base. However, business development can also be achieved by encouraging existing consumers to make further purchases.

Whatever path you take to expand, the most essential measure to focus on is revenue and finding a means to enhance profitability while reducing risk.

1. Focus on established revenue resources: This focus is important especially when you are trying to get more funds to grow your business. Instead of trying to get new customers, you can invest your time with the customers you already have by doing a referral program, customer loyalty program, and also improving marketing strategies based on customers' purchasing behaviour. This will encourage repetitive business and improve growth. 
2. Hire the right people: For your business to grow, you can't do it all alone, it is going to be hard. Hiring the right person or a group of people can help you achieve your business goals. With people who are as dedicated as you to the growth of your business, you are sure to be successful. Having people to work for you will also allow you to have time to yourself and energy to help you work well.
3. Reduce your risks: There are no businesses without risks, when starting or growing your business. This is because it is impossible to avoid risk, however, it can be limited. One way to help you is to have insurance for your business. An insurance provider will guide you on ways to limit internal and external threats that may affect your business.
4. Be adaptable: Be able to respond to changes in your business niche quickly as the market changes. Doing this helps you to test different approaches to business and know which one will work best for you. 
5. Focus on customer experience: Customers are everything, without them your business will fail. It is important to focus on customers' experiences by delivering quality products and services that will make them happy with your brand and without being told to refer you to other potential customers. Always have it in mind that you are in business to serve your customers, and small businesses have a better chance to use this approach because they are closer to their customers and know what they need. 
6. Invest in yourself: When growing a business, especially from the scratch, any profit made will go into helping your business grow. Investing in yourself (business) increases growth, and it is more beneficial to invest early and heavily to grow your business quickly. For example, you can determine the part of your business that needs attention, expand your market options, hire more workers, or get more products. Whatever area needs attention, ensure to give it your financial support.
7. Network: Attending networking events allows you to connect with people in the same business as yours, where you can acquire new business perspectives and insight that will help your business in the long run.
8. Research your competitors: Researching your competitors is one of the first steps in starting your business. Know your competition, what they are doing, what works for them, and what you can do to differentiate yourself from their business. Answers to these questions will help you build a more productive business strategy that will improve your business growth in the long run.
9. Have a business growth and development plan: A business is not feasible without a plan. A business plan will help you organize tasks that will enable you to achieve your business goals. 
10. Create an online presence: Using social media attracts customers from different places. Create content that is engaging to customers and encourages them to share your posts on their social media channels.

If you need pointers on how to effectively grow your business, there is a lot of information available on our blog page.

Go through another related article: List of 30 profitable small scale business businesses in Nigeria.

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