Author: Kingsley Mayor Omenaiko
Running a business is not easy. Most times, growing a business is often challenging and difficult. Based on statistics obtained, it shows that 24% of new businesses didn’t make it in their first year.
Statistics equally showed that 32% failed in their second year. These above statistics is not meant to scare you, but rather to give you an understanding of what business is all about.
It may be easy to start a business, but to maintain and watch it grow is entirely different. In order to maintain a business, one requires motivation, capital, time and patience.
Recently, I encountered a very talented entrepreneur in a teleconference and I was marveled at the things he said.
He specifically listed out a couple of recommendation that can grow a small scale business. Below is a summary of what he said :
1) Formation of strategic alliance
Despite the fact that you might be good in what you do, but you can never do it alone. Search for partners that can bring forth good ideas that can help in growing your business.
2) Increase routine processes and customer satisfaction
You need to understand the essence of processing excellence. Processing excellence brings forth customer satisfaction.
When your customers are satisfied, it leads to more business transaction, which of course means the overall growth of the business.
3) Initiate an outside investment process
The easiest way to expand a business is by seeking out for investors. I usually define capital as money set aside for the production of more money.
Therefore, it is important you get investors. It is not recommended for you to take a debt capital because it might put untold pressure on you.
This is because it will require to service the accruing interest. Thus, I will advise you go for equity investment. Examples include: crowdfunding, venture capital, and angel investors.
4) Develop an understanding of sales and how to Initiate it
Understanding the means through which you can make sales is very important. If you are not making sales, then you are not in business.
Creation of awareness, attractive displays, branding, labelling and packaging of your business will work wonders.
5) Business promotion and advertisement
Once you are in business, you need to make potential customers to be aware of what you are doing. Try running online ads on social media. Connect your business to Google map by setting up a ” Google my business account ” . All you require is a Gmail account.
On a final note, in order to attract more customers or clients to your business, then you must let them see as an expert in your field.
This will promote the image of your business and enable customers gain confidence in you. Also, you must understand the concept of consumer sovereignty.
In other words, your customer’s satisfaction should be your topmost priority. Any business you plan to venture into must be in line with your passion in order to scale through.
I will draw the curtain to a close here. Feel free to drop your questions in the comment section. Kind regards.
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