1) Keep an eye on your competition
Any time you are considering growing your business, it is incredibly important to look at what the competition is doing, and what the industry demands are. This will help identify what the limitations are in the market and how you can carve out a niche within that. Moreover, this will also aid in understanding what financial investments are needed for growth in order to keep with the industry, and to get ahead. 2) Get organized
This may seem obvious, but it is essential for any sort of growth. Most small businesses suffer from a lack of clear and consistent bookkeeping, record maintenance or really any sort of organizational structure. While large businesses are able to spend massive amounts of money maintaining organizational structures, small businesses do not have that luxury. This means that there needs to be clear and simple reports being reviewed at regular intervals, and that data is being recorded accurately. 3) Define a growth strategy
Once you know exactly where you lie in terms of resources and finances, and you are sufficiently organized, it comes time to actually craft and define a viable growth strategy. This means identifying how you are trying to grow, and planning accordingly.
Are you trying to diversify into new markets or products?
Are you simply expanding an existing product line?
Is there more interest in ramping up marketing efforts in existing customer bases or moving to a new market with the same product offerings? 4) Ensure you have a talented team in place
No business, whether large or small, will thrive without the right team in place. And a business is only really able to grow when its employees feel like they are valued and trusted. #accounting #nigeriabusiness #nigeriabusinesswoman #gtb #uba #stanbicibtc #investment #bookkeeping