Business & Investment

12 Strategies to Grow Your Business This Year

Maybe last year’s earning wasn’t that encouraging or maybe your targeted goal was not achieved, well, that was last year, so stop worrying about it. Face the present and prepare your mind for the future. Every business mistakes and bad decisions which ended up incurring massive loss to your business should be noted and avoided immediately.

Like they say, an entrepreneur is a risk taker so every new product which never existed on your shelf before is acquired with uncertainty. The uncertainties on how much sales will be made, how useful it will be to the consumers or how much profit it will generate for you are those that normally run through the mind of an entrepreneur.

New business owners have numerous goals when they’re starting out, including rapid growth and recognition for their fledgling venture. But overnight success isn’t often the standard. There’s no specific “special sauce” to add to the recipe for instant results, and nothing is guaranteed. However, there are ways to reach growth milestones that can catapult a business to success.

12 Strategies to Grow Your Business This Year

In this article, you will find out the 12 strategies that can help skyrocket your success in business

1. Set Your Goals and Objectives

Creativity is what sets the difference between the various entrepreneurs scattered all over the world. In order to run a successful business, you must set what you ought to achieve this year. As an entrepreneur/manager of any kind of business, you have to set out some attainable goals which will serve as your targeting point in order to promote the growth of your business. For example, one might set a goal of achieving 1000 sales of a particular product every two months.

By setting this kind of goal, you will realize that manpower must be sufficient, proper awareness creation and good product delivery system.

2. Hire the Right People

In any kind of business you run or manage the categories or set of people you hire or employ all in the name of working hand in hand with them to catapult the business matters a lot. The beauty of faces of people does not determine whether a business will succeed or not, what matters is the heart the person has in working for the growth of the business.

As the Boss or Manager, you may decide to hire or employ people who will work with you to accelerate the business and as such, you should consider hard work, truthfulness, trustworthiness, reliance, time keeping etc as the major factors in hiring or employing the right person for the business and as we all know, people with the above qualities possess the ability of accelerating or fastening the growth of any business while those lacking it retard the growth of the business.

3. Reduce or Avoid Risk

Many forms of risk occur in business, pure risk which cannot be easily avoided but can be insured against and speculative risk which can be easily avoided but cannot be insured against. Poor management is a speculative risk. You can avoid risk by minimizing the rate at which new products are being introduced into the company or firm. An ice cream firm who produces vanilla and milk flavoured ice creams but latter decides to introduce banana flavour, engages in a minimal level of risk.

Irrational increase in the prices of goods which has close substitute and strong competition is also considered an act of risk taking and should be guarded against in order to ensure the continuity of the business.

4. Evaluate Your Customer’s Needs

In order for a business to accelerate, evaluation of customer’s needs is one of the strategies which have to be taken into consideration. This can be done by making evaluations on the type or quality of goods your customers are interested in and also making sure that these goods are available for supply at any time and at affordable rates (prices). By so doing, your business will flourish and expand to a greater height.

5. Low Cost Giveaways

Issuing giveaways is a means of encouraging your customers and also making them patronize you more often. A stationery shop might decide to issue books, biros or rulers as giveaways. An electronic shop might decide to issue low cost products for every high cost product purchased e.g. a customer who purchases a deep freezer worth N50,000 may decide to issue out a low cost electric iron as give-away. Giveaways should be given regularly but routinely or as need arises.

6. Embrace Advertising

Advertising as it implies simply means creating awareness about your goods or product. The kind of goods you advertise should be something enticing/eye-catching to the public. This can be done through mediums like the television, radio, magazines, posters, flyers etc. As a Manager of any business, when you advertise your product, the chances of your business to grow also increase.

You can also try online advertising through websites and forums if you run an online business too.

7. Work with Technology

In our modern society, technology is one of the strategies applied for the functioning of some business enterprises. Technological means like websites can help people to access and learn more about upcoming products produced and sold by a particular business firm in the society.

You can also issue newsletters through emails to your customers updating them with latest products, prices and uses/advantages. With this strategy, not only will your business experience growth but you will also establish a great relationship with your customers.

8. Require Discounts from Suppliers

Managers of any business firm who require discounts from their suppliers promote the chance of growing their business and avoiding bankruptcy. In the course of acquiring discounts from suppliers, extra goods are added for free and when these extra-added-goods are sold, more profits are made. With these profits obtained, it can be used to finance the business and thus accelerating the business.

9. Get Determined and be High Spirited

People who are determined and high spirited have the ability to project their business from one level to another. Determination can help to achieve aims and goals. When you are focused and serious with your business, everything will be successful and your business will upgrade.

10. Call Your Existing and Past Customers

Never let go of your customers, treat them specially and always give them a reason to trust you more. Do not lie about any product just to make sales. You can get in touch with regular customers through emails, and social media like facebook, twitter, whatsapp etc.

11. Train Your Sales Team

As the Manager of any business firm, training your sales team is one of the strategies you can execute in order to promote the growth of your business. When your sales team/partners are well trained and embedded with the knowledge on how to run and manage any business affairs, they can help/assist in business upgrade. Their functions and duties in the business should be well spelt out. The duty of a seller should not only end at offering the requested product to the customer, it should go beyond that. It can extend into awareness creation, product counseling etc.

12. Ask for Referrals.

A marketer should be able to ask their customers for referrals, this is made easy if they trust your services and products. You can make it easier by giving out fliers and pamphlets to the customer which he/she can then give to others.

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Patrick Okon

Patrick Okon is a content developer at InfoGuideNigeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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