4 Strategies for successful business growth in Nigeria

Growing your business in Nigeria has the same requirements that every other successful venture need, which is a solid business strategy. There is no limit to how big or profitable your business can become. If you apply these strategies. However, many of these business strategies are popular but hardly practised. Brain Tracy said that “the true measure of the values of any business leader and manager is performance”. In earnest, the numbers don’t lie. The results always speak for your business. And if your business is not growing as planned, it’s important to rethink your business strategy. You can also emphasize on your business strategies to scale up your growth.

Here are a few strategies to take note of for business growth:

• Unique Product / service strategy:  This strategy is mostly seen in businesses that have much competition, it’s important to look for unique selling points of your product or service that sets you apart from every other business. It could be quality or durability in the product or being customer centric. Emphasis on this would set you apart and build customers that are loyal to you, especially for the values you chose to operate by. If your company does not have a vision, mission, or a company mantra you operate by. It’s easier for customers to believe that you are just in the business for money. Customers like to be loyal to businesses that have moral values that are beneficial to the customers.

• Referencing other companies: Business owners overlook the activities of their predecessors and their competitions. Researching the fails or successes of others would enable you to effectively market and scale your business. Feel free to copy the strategies that are successful, while improving on the ones that failed. Also use trial and error to see which marketing strategies yield the best results. You can also seek advice from professionals.

• Happy Customers, Happy life: The aim of the game is to ensure that your customers are happy. Many strategies are available to make your customer happy like giving discounts and rewarding loyalty. But the most important factor is listening to your customer. We deal with various customers everyday with different temperaments and characters. It's important to develop your strategy to making your customers happy by listening to them. Ask them what they want, ask how you can serve them better.

• Taking a Leap of faith Required: Many businesses today have the wish to scale their business and grow profits. However, they are afraid of taking risks. For example, expanding your business network would require you to task your workers more; to expand to new market segments, to expand to new geographical locations. While activities associated with business growth are risky, it's however possible to curtail these risks.

An example is to insure the health of your workers generally with the AXA Mansard business insurance plan. This will cover the wellbeing of your workers making them happy and assuring them that they can work fearlessly for you. Another example is seen where you protect your vehicle assets with the motor insurance. Protecting all the assets of your business will give you the confidence you need to expand. There is no limit to how big your business can become. Just ensure you protect it first with the AXA Mansard Business Insurance Plan.

So, the question is how big do you want your business to grow? Nationally, internationally? The BIP is available for purchase seamlessly here. Purchases can also be made through sales agents and at any of our offices nationwide or call 0700 AXA Mansard to get started.