Tips on growing a successful business

Many people start a business thinking they will be making money immediately they opened their doors only to find that making money in a business is much more difficult than they thought. Growing your business is often a necessity for your business survival and your economic well-being. Here are a few tips to grow your business beyond sustenance level.

Keep detailed records

Experts say keeping detailed records is key to growing a successful business.

All successful businesses keep detailed records. By keeping detailed records, you will know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome the obstacles that can prevent you from being successful and growing your business.

Innovate your product or service

Discovering and promoting new uses for your products or services is a great way to attract existing customers to buy more and attract new customers.

A business coach and strategist, Mr Sam Obafemi, speaking at the African Wellness Summit recently said anybody that wants to remain relevant in business must listen to clients and know what they want. Also, listen to the business environment.  Sometimes you may need to tweak the idea, but at other times, just leave it and watch it.

Participate in exhibitions and fairs

The CEO of Malabis Lingerie, makers of Nigeria-made underwear Halima Abba, says trade fairs and exhibitions are great places to showcase your product or service.

“When I go for exhibitions, I don’t go there necessarily to sell but to showcase our products to more people and to network with more people. We just give out our fliers and business cards and thereafter, people begin to call for our products. With that we have expanded our clientele and reach,” she said.

Trade shows can be a great way to grow, too. Because trade shows draw people who are already interested in the type of product or service you offer. But select the trade shows you participate in carefully, seeking the right match for your product or service.

Hard work and good time management are key

Haowa Bello, CEO Madame Coquette, a handbag manufacturing company speaks about how she is growing her business: “Over the past eight years, my experiences in business have been key lessons. I’ve always considered myself a hard worker. I put everything I have in my work. For a long time, I was working hard. It wasn’t until I started working smart did I see real growth in my business,” she explains.

Similarly, she says time management is key to growing a successful business. “In the past, I didn’t always use my time wisely. Time management is the bedrock of efficiency and productivity in business,” Bello said.

Again, as a business owner, Bello said “you must learn to be resourceful. This is especially important to small business owners. You have to learn to get the maximum use of whatever resources you have available,” she adds.